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<SEC-DOCUMENT>0000950136-05-000295.txt : 20050121
<SEC-HEADER>0000950136-05-000295.hdr.sgml : 20050121
<ACCEPTANCE-DATETIME>20050121171802
ACCESSION NUMBER:		0000950136-05-000295
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20050121
DATE AS OF CHANGE:		20050121

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			streetTRACKS GOLD TRUST
		CENTRAL INDEX KEY:			0001222333
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				522369757

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-105202
		FILM NUMBER:		05542369

	BUSINESS ADDRESS:	
		STREET 1:		C/O WORLD GOLD TRUST SERVICES LLC
		STREET 2:		444 MADISON AVE 3RD FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2123173800

	MAIL ADDRESS:	
		STREET 1:		444 MADISON AVE 3RD FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUITY GOLD TRUST
		DATE OF NAME CHANGE:	20030310
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>file001.htm
<DESCRIPTION>DEFINITIVE MATERIALS
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Pursuant to Rule 424(b)(3)</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
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File No.: 333-105202</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
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<br>

<div style="clear:left; padding: 0pt; margin: 0pt; width: 456pt; padding-left: 0pt; " >
<div style="margin-top: 6pt; width: 456pt; height: 1pt; background: #000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 14pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 5pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">68,300,000
S<font style="text-transform: lowercase">hares</font>&nbsp;</p>
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</div>
</div><div align="left" style="width:  642;"><img src="html_94538goldcover.jpg" style="margin-top: 6pt;" align="left"></div><div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 14pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 5pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: normal; font-style: normal">s<font style="text-transform: lowercase">treet</font></font>TRACKS<sup>&reg;</sup>
G<font style="text-transform: lowercase">old</font> S<font style="text-transform: lowercase">hares</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 456pt; padding-left: 0pt; " >
<div style="margin-top: 6pt; width: 456pt; height: 1pt; background: #000000;">
<img src="spacer.gif" height="1" width="1"></div>
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<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
streetTRACKS<sup>&reg;</sup> Gold Trust (Trust) will issue
streetTRACKS<sup>&reg;</sup> Gold Shares (Shares) which represent units
of fractional undivided beneficial interest in and ownership of the
Trust. World Gold Trust Services, LLC is the sponsor of the Trust
(Sponsor), The Bank of New York is the trustee of the Trust (Trustee),
HSBC Bank USA, N.A. is the custodian of the Trust (Custodian) and State
Street Global Markets, LLC is the marketing agent of the Trust
(Marketing Agent). The Trust intends to issue additional Shares on a
continuous basis through its Trustee.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Shares may be
purchased from the Trust only in one or more blocks of 100,000 Shares
(a block of 100,000 Shares is called a Basket), as described in
"Creation and Redemption of Shares." The
Trust will issue Shares in Baskets to certain authorized participants
(Authorized Participants) on an ongoing basis as described in
"Plan of Distribution." Baskets will be
offered continuously at the net asset value (NAV) for 100,000 Shares on
the day that an order to create a Basket is accepted by the Trustee. It
is expected that the Shares will be sold to the public at varying
prices to be determined by reference to, among other considerations,
the price of gold and the trading price of the Shares on the NYSE at
the time of each sale.&nbsp;</p>
</div>
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<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Shares trade on the New York
Stock Exchange (NYSE) under the symbol
"GLD."&nbsp;</p>
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</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Investing in
the Shares involves significant risks. See "Risk
Factors" starting on page 7.&nbsp;</p>
</div>
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</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Neither
the Securities and Exchange Commission (SEC) nor any state securities
commission has approved or disapproved of the securities offered in
this prospectus, or determined if this prospectus is truthful or
complete. Any representation to the contrary is a criminal offense.&nbsp;</p>
</div>
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<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Shares are neither interests in nor obligations of the
Sponsor, the Trustee or the Marketing Agent.&nbsp;</p>
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<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">streetTRACKS<sup>&reg;</sup> is a registered service mark of
State Street Corporation, an affiliate of the Marketing
Agent.&nbsp;</p>
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<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">&nbsp;</p>
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<div style="clear:left; padding: 0pt; margin: 0pt; width: 456pt; padding-left: 0pt; " align="center">
<div style="margin-top: 6pt; width: 120pt; height: 1pt; background: #000000;">
<img src="spacer.gif" height="1" width="1"></div>
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<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: center;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 9pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
date of this prospectus is January 21,
2005.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
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<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 168pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
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<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
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<hr>
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<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;"></p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">This
prospectus contains information you should consider when making an
investment decision about the Shares. You may rely on the information
contained in this prospectus. The Trust and the Sponsor have not
authorized any person to provide you with different information and, if
anyone provides you with different or inconsistent information, you
should not rely on it. This prospectus is not an offer to sell the
Shares in any jurisdiction where the offer or sale of the Shares is not
permitted.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Shares are not registered for public sale in any
jurisdiction other than the United States.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">TABLE OF
CONTENTS&nbsp;</p>
</div>
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<div style="clear:left; padding: 0pt; margin: 0pt; width: 456pt; padding-left: 0pt; " >
<div style="margin-top: 6pt; width: 456pt; height: 1pt; background: #000000;">
<img src="spacer.gif" height="1" width="1"></div>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Statement
Regarding Forward-Looking Statements</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;ii</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Glossary of Defined Terms</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;iii</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Prospectus Summary</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Risk
Factors</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;7</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Use of
Proceeds</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;16</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Market Price of
Shares</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;16</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Overview of the Gold
Industry</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;17</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Operation of the Gold Bullion
Market</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;23</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Analysis of Movements in the
Price of Gold</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;26</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Business of the
Trust</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;28</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Description of the
Trust</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;33</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">The Sponsor</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;35</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">The Trustee</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;37</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">The
Custodian</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;38</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">The Marketing
Agent</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;39</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Description of the
Shares</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;42</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Custody of the Trust's
Gold</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;43</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Description of the Custody
Agreements</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;46</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Creation and Redemption of
Shares</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;50</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Description of the Trust
Indenture </td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;56</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">United States Federal Tax
Consequences</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;66</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">ERISA and Related
Considerations</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;70</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Plan of
Distribution</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;71</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Legal
Proceedings</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;72</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Legal
Matters</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;72</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Experts</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;72</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Where You Can Find More Information</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;72</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Report of Independent Registered Public Accounting
Firm</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;F-1</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Statement of Financial
Condition</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;F-2</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
</table>
<br>

<div style="clear:left; padding: 0pt; margin: 0pt; width: 456pt; padding-left: 0pt; " align="center">
<div style="margin-top: 6pt; width: 96pt; height: 1pt; background: #000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 3pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Authorized
Participants may be required to deliver a prospectus when making
transactions in the Shares. See "Plan of
Distribution."&nbsp;</p>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 456pt; padding-left: 0pt; " align="center">
<div style="margin-top: 6pt; width: 96pt; height: 1pt; background: #000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 3pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
information contained in the sections captioned "Overview
of the Gold Industry," "Operation of the Gold
Bullion Market" and "Analysis of Movements in
the Price of Gold" is based on information obtained from
sources that the Sponsor believes are reliable. This prospectus
summarizes certain documents and other information in a manner the
Sponsor believes to be accurate. In making an investment decision, you
must rely on your own examination of the Trust, the gold industry, the
operation of the gold bullion market and the terms of the offering and
the Shares, including the merits and risks involved. Although the
Sponsor believes this information to be reliable, the accuracy and
completeness of this information is not guaranteed and has not been
independently verified.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">i</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Statement Regarding Forward-Looking
Statements&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">This prospectus includes
"forward-looking statements" which generally
relate to future events or future performance. In some cases, you can
identify forward-looking statements by terminology such as
"may," "will,"
"should," "expect,"
"plan,"
"anticipate,"
"believe,"
"estimate,"
"predict,"
"potential" or the negative of these terms or
other comparable terminology. All statements (other than statements of
historical fact) included in this prospectus that address activities,
events or developments that will or may occur in the future, including
such matters as changes in commodity prices and market conditions (for
gold and the Shares), the Trust's operations, the Sponsor's
plans and references to the Trust's future success and other
similar matters are forward-looking statements. These statements are
only predictions. Actual events or results may differ materially. These
statements are based upon certain assumptions and analyses the Sponsor
made based on its perception of historical trends, current conditions
and expected future developments, as well as other factors appropriate
in the circumstances. Whether or not actual results and developments
will conform to the Sponsor's expectations and predictions,
however, is subject to a number of risks and uncertainties, including
the special considerations discussed in this prospectus, general
economic, market and business conditions, changes in laws or
regulations, including those concerning taxes, made by governmental
authorities or regulatory bodies, and other world economic and
political developments. See "Risk Factors."
Consequently, all the forward-looking statements made in this
prospectus are qualified by these cautionary statements, and there can
be no assurance that the actual results or developments the Sponsor
anticipates will be realized or, even if substantially realized, that
they will result in the expected consequences to, or have the expected
effects on, the Trust's operations or the value of the Shares.
Moreover, neither the Sponsor nor any other person assumes
responsibility for the accuracy or completeness of the forward-looking
statements. Neither the Trust nor the Sponsor is under a duty to update
any of the forward-looking statements to conform such statements to
actual results or to reflect a change in the Sponsor's
expectations or predictions.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">ii</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Glossary of Defined Terms&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">In this prospectus, each of the
following quoted terms have the meanings set forth after such term:&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Allocated Bullion Account Agreement"
&mdash; The agreement between the Trustee and the Custodian which
establishes the Trust Allocated Account. The Allocated Bullion Account
Agreement and the Unallocated Bullion Account Agreement are sometimes
referred to together as the "Custody
Agreements."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"ANAV"
&mdash; Adjusted NAV. See "Description of the Trust
Indenture &mdash; Valuation of Gold, Definition of Net Asset Value and
Adjusted Net Asset Value" for a description of how the
ANAV of the Trust is calculated. The ANAV of the Trust is used to
calculate the fees of the Trustee, the Sponsor and the Marketing
Agent.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Authorized Participant"
&mdash; A person who (1) is a registered broker-dealer or other
securities market participant such as a bank or other financial
institution which is not required to register as a broker-dealer to
engage in securities transactions, (2) is a participant in DTC, (3) has
entered into a Participant Agreement with the Trustee and (4) has
established an Authorized Participant Unallocated Account with the
Custodian. Only Authorized Participants may place orders to create or
redeem one or more Baskets.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Authorized Participant
Unallocated Account" &mdash; An unallocated gold account
established with the Custodian by an Authorized Participant. Each
Authorized Participant's Authorized Participant Unallocated
Account will be used to facilitate the transfer of gold deposits and
gold redemption distributions between the Authorized Participant and
the Trust in connection with the creation and redemption of
Baskets.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Basket" &mdash; A block of
100,000 Shares. Multiple blocks of 100,000 Shares are called
"Baskets."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"BNY" &mdash; The Bank of New York, a
banking corporation organized under the laws of the State of New York
with trust powers. BNY is the trustee of the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Book Entry System" &mdash; The Federal
Reserve Treasury Book Entry System for United States and federal agency
securities.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"CEA" &mdash; Commodity
Exchange Act of 1936, as
amended.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"CFTC" &mdash; Commodity
Futures Trading Commission, an independent agency with the mandate to
regulate commodity futures and option markets in the United States.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Clearing Agency" &mdash; Any clearing
agency or similar system other than the Book Entry System or DTC.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Code" &mdash; The United States Internal
Revenue Code of 1986, as amended.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Creation Basket
Deposit" &mdash; The total deposit required to create a
Basket. The deposit will be an amount of gold and cash, if any, that is
in the same proportion to the total assets of the Trust (net of
estimated accrued but unpaid fees, expenses and other liabilities) on
the date an order to purchase one or more Baskets is properly received
as the number of Shares comprising the number of Baskets to be created
in respect of the deposit bears to the total number of Shares
outstanding on the date such order is properly received.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Custodian" &mdash; HSBC Bank USA, N.A., a
national banking association and a market maker, clearer and approved
weigher under the rules of the LBMA.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Custody
Agreements" &mdash; The Allocated Bullion Account
Agreement together with the Unallocated Bullion Account Agreement.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Custody Rules" &mdash; The rules,
regulations, practices and customs of the LBMA, the Bank of England or
any applicable regulatory body which apply to gold made available in
physical form by the Custodian.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"DTC"
&mdash; The Depository Trust Company. DTC is a limited purpose trust
company organized under New York law, a member of the US Federal
Reserve System and a clearing agency registered with the SEC. DTC acts
as the securities depository for the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"DTC
Participant" &mdash; Participants in DTC, such as banks,
brokers, dealers and trust companies.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">iii</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Glossary of Defined Terms</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Evaluation
Time" &mdash; The time at which the Trustee evaluates the
gold held by the Trust and determines both the NAV and the ANAV of the
Trust, which is currently the time of the London PM Fix on each day
when the NYSE is open for regular trading or, if there is no London PM
Fix on such day or the London PM Fix has not been announced by 12:00 PM
New York time on such day, 12:00 PM New York time on such day.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"FSA" &mdash; The Financial Services
Authority, an independent non-governmental body which exercises
statutory regulatory power under the FSM Act and which regulates the
major participating members of the LBMA in the United Kingdom.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"FSM Act" &mdash; The Financial Services
and Markets Act 2000.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"HSBC" &mdash;
HSBC Bank USA, N.A., a national banking association and a market maker,
clearer and approved weigher under the rules of the LBMA. HSBC is the
custodian of the Trust's gold.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Indirect
Participants" &mdash; Those banks, brokers, dealers, trust
companies and others who maintain, either directly or indirectly, a
custodial relationship with a DTC Participant.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"LBMA" &mdash; The London Bullion Market
Association. The LBMA is the trade association that acts as the
coordinator for activities conducted on behalf of its members and other
participants in the London bullion market. In addition to coordinating
market activities, the LBMA acts as the principal point of contact
between the market and its regulators. A primary function of the LBMA
is its involvement in the promotion of refining standards by
maintenance of the "London Good Delivery
Lists," which are the lists of LBMA accredited melters and
assayers of gold. Further, the LBMA coordinates market clearing and
vaulting, promotes good trading practices and develops standard
documentation. The major participating members of the LBMA are
regulated by the FSA in the United Kingdom under the FSM Act.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"London Good Delivery Bar" &mdash; A bar
of gold meeting the London Good Delivery Standards.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"London Good Delivery Standards" &mdash;
The specifications for weight, dimensions, fineness (or purity),
identifying marks and appearance of gold bars as set forth in
"The Good Delivery Rules for Gold and Silver
Bars" published by the LBMA. The London Good Delivery
Standards are described in "Operation of the Gold Bullion
Market &mdash; The London Bullion Market."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"London PM Fix" &mdash; 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. See "Operation of
the Gold Bullion Market &ndash; The London Bullion Market"
for a description of the operation of the London PM Fix.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Marketing Agent Agreement" &mdash; The
agreement between the Sponsor and the Marketing Agent under which,
among other things, the Marketing Agent assists the Sponsor with
certain marketing activities.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Marketing
Agent" &mdash; State Street Global Markets, LLC, a
Delaware limited liability company and a wholly-owned subsidiary of
State Street Corporation.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"NAV"
&mdash; Net asset value. See "Description of the Trust
Indenture &mdash; Valuation of Gold, Definition of Net Asset Value and
Adjusted Net Asset Value" for a description of how the NAV
of the Trust and the NAV per Share are calculated.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"OTC" &mdash; The global Over-the-Counter
market for the trading of gold which consists of transactions in spot,
forwards, and options and other derivatives.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Participant Agreement" &mdash; An
agreement entered into by each Authorized Participant, the Sponsor and
the Trustee which provides the procedures for the creation and
redemption of Baskets and for the delivery of the gold and any cash
required for such creations and redemptions.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Participant Unallocated Bullion Account
Agreement" &mdash; The agreement between an Authorized
Participant and the Custodian which establishes the Authorized
Participant Unallocated Account.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Purchaser" &mdash; UBS Securities LLC,
solely in its capacity as Purchaser in the Trust's initial public
offering of 2,300,000
Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Shareholders" &mdash; Owners
of beneficial interests in the Shares.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">iv</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Glossary of Defined Terms</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Shares" &mdash;
Units of fractional undivided beneficial interest in and ownership of
the Trust which are issued by the Trust and named
"streetTRACKS<sup>&reg;</sup> Gold
Shares."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Sponsor"
&mdash; World Gold Trust Services, LLC, a Delaware limited liability
company wholly-owned by the WGC.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"tonne" &mdash; One metric tonne which is
equivalent to 1,000 kilograms or 32,150.7465 troy ounces.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Trust" &mdash; The
streetTRACKS<sup>&reg;</sup> Gold Trust, an investment trust, formed on
November 12, 2004 under New York law pursuant to the Trust
Indenture.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Trust Allocated Account"
&mdash; The allocated gold account of the Trust established with the
Custodian by the Allocated Bullion Account Agreement. The Trust
Allocated Account is used to hold the gold deposited with the Trust in
allocated form (i.e., as individually identified bars of gold).&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Trustee" &mdash; The Bank of New York, a
banking corporation organized under the laws of the State of New York
with trust powers.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Trust Indenture"
&mdash; The agreement entered into by the Sponsor and the Trustee under
which the Trust is formed and which sets forth the rights and duties of
the Sponsor, the Trustee and Custodian.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Trust
Unallocated Account" &mdash; The unallocated gold account
of the Trust established with the Custodian by the Unallocated Bullion
Account Agreement. The Trust Unallocated Account is used to facilitate
the transfer of gold deposits and gold redemption distributions between
Authorized Participants and the Trust in connection with the creation
and redemption of Baskets and the sales of gold made by the Trustee for
the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"Unallocated Bullion Account
Agreement" &mdash; The agreement between the Trustee and
the Custodian which establishes the Trust Unallocated Account. The
Allocated Bullion Account Agreement and the Unallocated Bullion Account
Agreement are sometimes referred to together as the
"Custody Agreements."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"US
Shareholder" &mdash; A Shareholder that is (1) an
individual who is treated as a citizen or resident of the United States
for US federal income tax purposes; (2) a corporation or partnership
created or organized in or under the laws of the United States or any
political subdivision thereof; (3) an estate, the income of which is
includible in gross income for US federal income tax purposes
regardless of its source; or (4) a trust, if a court within the United
States is able to exercise primary supervision over the administration
of the trust and one or more US persons have the authority to control
all substantial decisions of the trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"WGC" &mdash; World Gold Council, a
not-for-profit association registered under Swiss law and the sole
member of the Sponsor.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">"WGTS" &mdash;
World Gold Trust Services, LLC, a Delaware limited liability company
wholly-owned by the WGC. WGTS is the sponsor of the
Trust.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">v</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear: left; border: 1px #000000 solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Prospectus
Summary&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: normal; font-style: italic">This is only a summary of the prospectus and, while
it contains material information about the Trust and its Shares, it
does not contain or summarize all of the information about the Trust
and the Shares contained in this prospectus which is material and/or
which may be important to you. You should read this entire prospectus,
including "Risk Factors" beginning on page 7,
before making an investment decision about the Shares.</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">TRUST STRUCTURE&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust is an investment trust,
formed on November 12, 2004 under New York law pursuant to a trust
indenture (Trust Indenture). The Trust holds gold and is expected from
time to time to issue Baskets in exchange for deposits of gold and to
distribute gold in connection with redemptions of Baskets. The
investment objective of the Trust is for the Shares to reflect the
performance of the price of gold bullion, less the Trust's
expenses. The Sponsor believes that, for many investors, the Shares
represent a cost-effective investment in gold. The material
terms of the Trust Indenture are discussed in greater detail under the
section "Description of the Trust Indenture".
The Shares represent units of fractional undivided beneficial interest
in and ownership of the Trust and trade under the ticker symbol GLD on
the NYSE.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust's Sponsor is World Gold Trust
Services, LLC (WGTS), which is wholly-owned by the World Gold Council
(WGC), a not-for-profit association registered under Swiss law. The
Sponsor is a Delaware limited liability company and was formed on July
17, 2002. Under the Delaware Limited Liability Company Act and the
governing documents of the Sponsor, the WGC, the sole member of the
Sponsor, is not responsible for the debts, obligations and liabilities
of the Sponsor solely by reason of being the sole member of the
Sponsor.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor is responsible for establishing
the Trust and for the registration of the Shares. The Sponsor generally
oversees the performance of the Trustee and the Trust's principal
service providers, but does not exercise day-to-day oversight over the
Trustee and such service providers. The Sponsor may remove the Trustee
and appoint a successor (1) if the Trustee commits certain willful bad
acts in performing its duties or willfully disregards its duties,
(2) if the Trustee acts in bad faith in performing its duties,
(3) if the Trustee's creditworthiness has materially
deteriorated or (4) if the Trustee's negligent acts or
omissions have had a material adverse effect on the Trust or the
interests of Shareholders and the Trustee has not cured the material
adverse effect within a certain period of time and established that the
material adverse effect will not recur. The Sponsor will remove the
Trustee if the Trustee does not meet the qualifications for a trustee
under the Trust Indenture. See "Description of the Trust
Indenture &mdash; The Trustee &mdash; Resignation,
discharge or removal of Trustee; successor trustees" for
more information. The Sponsor may direct the Trustee to employ one or
more other custodians in addition to or in replacement of the
Custodian, provided that the Sponsor may not appoint a successor
custodian without the consent of the Trustee if the appointment has a
material adverse effect on the Trustee's ability to perform its
duties. To assist the Sponsor in marketing the Shares, the Sponsor has
entered into a marketing agent agreement with the Marketing Agent
(Marketing Agent Agreement). The Sponsor maintains a public website on
behalf of the Trust, containing information about the Trust and the
Shares. The internet address of the Trust's website is
www.streettracksgoldshares.com. This internet address is only provided
here as a convenience to you, and the information contained on or
connected to the Trust's website is not considered part of this
prospectus. The general role and responsibilities of the Sponsor are
further discussed in "The Sponsor."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee is The Bank of New York (BNY). The Trustee is
generally responsible for the day-to-day administration of the
Trust. This includes (1) selling the Trust's gold as
needed to pay the Trust's expenses (gold sales are expected to
occur approximately monthly in the ordinary course), (2) calculating
the NAV of the Trust and the NAV per Share, (3) receiving and
processing orders from Authorized Participants to create and redeem
Baskets and coordinating the processing of such orders with the
Custodian and The Depository Trust Company (DTC) and (4) monitoring the
Custodian. The general role, responsibilities and regulation of the
Trustee are further described in "The
Trustee."&nbsp;</p>
</div>
</div>
</div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">1</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear: left; border: 1px #000000 solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian is HSBC Bank USA,
N.A. (HSBC). The Custodian is responsible for the safekeeping of the
Trust's gold deposited with it by Authorized Participants in
connection with the creation of Baskets. The Custodian also facilitates
the transfer of gold in and out of the Trust through gold accounts it
maintains for Authorized Participants and the Trust. The Custodian is a
market maker, clearer and approved weigher under the rules of the
London Bullion Market Association (LBMA). The general role,
responsibilities and regulation of the Custodian are further described
in "The Custodian" and "Custody
of the Trust's Gold."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Detailed
descriptions of certain specific rights and duties of the Trustee and
the Custodian are set forth in "Description of the Trust
Indenture" and "Description of the Custody
Agreements."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Marketing Agent is
assisting the Sponsor in (1) developing a marketing plan for the Trust
on an ongoing basis, (2) preparing marketing materials regarding
the Shares, including the content of the Trust's website, (3)
executing the marketing plan for the Trust, (4) incorporating
gold into its strategic and tactical exchange-traded fund research, and
(5) licensing the
"streetTRACKS<sup>&reg;</sup>" trademark. The
general role and responsibilities of the Marketing Agent are further
described in "The Marketing Agent."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">TRUST OVERVIEW&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The investment objective of the
Trust is for the Shares to reflect the performance of the price of gold
bullion, less the expenses of the Trust's operations. The Shares
are designed for investors who want a cost-effective and convenient way
to invest in gold. Advantages of investing in the Shares
include:&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: normal; font-style: italic">Ease and Flexibility
of Investment.</font>&nbsp;&nbsp;&nbsp;&nbsp;The Shares trade on the NYSE and provide
institutional and retail investors with indirect access to the gold
bullion market. The Shares may be bought and sold on the NYSE like any
other exchange-listed securities, except that the Shares regularly
trade until 4:15 PM instead of 4:00 PM New York
time.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: normal; font-style: italic">Expenses.</font>&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor expects that, for many investors, costs associated with buying
and selling the Shares in the secondary market and the payment of the
Trust's ongoing expenses will be lower than the costs associated
with buying and selling gold bullion and storing and insuring gold
bullion in a traditional allocated gold bullion account.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Investing in the Shares does not insulate the investor from
certain risks, including price volatility. See "Risk
Factors."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">PRINCIPAL OFFICES&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Trust's office is located at 444 Madison Avenue, 3<sup>rd</sup>
Floor, New York, New York 10022 and its telephone number is (212)
317-3800. The Sponsor's office is located at 444 Madison Avenue,
3<sup>rd</sup> Floor, New York, New York 10022. The Trustee has a trust
office at 2 Hanson Place, Brooklyn, New York 11217. The Custodian is
located at 8 Canada Square, London, E14 5HQ, United Kingdom. The
Marketing Agent's office is located at State Street Financial
Center, One Lincoln Street, Boston, Massachusetts 02111.&nbsp;</p>
</div>
</div>
</div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">2</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear: left; border: 1px #000000 solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Offering&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt">
<div style="float: left; width: 180pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 180pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Offering&nbsp;</p>
</div>
</div>
<div style="float: left; width: 12pt;"></div>
<div style="float: left; width: 264pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 264pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Shares represent units of
fractional undivided beneficial interest in and ownership of the
Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt">
<div style="float: left; width: 180pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 180pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Use of proceeds&nbsp;</p>
</div>
</div>
<div style="float: left; width: 12pt;"></div>
<div style="float: left; width: 264pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 264pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Proceeds received by the
Trust from the issuance and sale of Baskets will consist of gold
deposits and, possibly from time to time, cash. Pursuant to the Trust
Indenture, during the life of the Trust such proceeds will only be (1)
held by the Trust, (2) distributed to Authorized Participants in
connection with the redemption of Baskets or (3) disbursed or sold as
needed to pay the Trust's ongoing expenses.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt">
<div style="float: left; width: 180pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 180pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">New York
Stock Exchange
symbol&nbsp;</p>
</div>
</div>
<div style="float: left; width: 12pt;"></div>
<div style="float: left; width: 264pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 264pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">GLD&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt">
<div style="float: left; width: 180pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 180pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">CUSIP&nbsp;</p>
</div>
</div>
<div style="float: left; width: 12pt;"></div>
<div style="float: left; width: 264pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 264pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">863307 10
4&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt">
<div style="float: left; width: 180pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 180pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Creation and redemption&nbsp;</p>
</div>
</div>
<div style="float: left; width: 12pt;"></div>
<div style="float: left; width: 264pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 264pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust will create
and redeem the Shares from time to time, but only in one or more
Baskets (a Basket equals a block of 100,000 Shares). The creation and
redemption of Baskets requires the delivery to the Trust or the
distribution by the Trust of the amount of gold and any cash
represented by the Baskets being created or redeemed, the amount of
which is based on the combined NAV of the number of Shares included in
the Baskets being created or redeemed. The initial amount of gold
required for deposit with the Trust to create Shares for the period
from the formation of the Trust to the first day of trading of the
Shares on the NYSE was 10,000 ounces per Basket. The number of ounces
of gold required to create a Basket or to be delivered upon the
redemption of a Basket will gradually decrease over time, due to the
accrual of the Trust's expenses and the sale of the Trust's
gold to pay the Trust's expenses. See "Business of
the Trust &mdash; Trust Expenses &mdash; Pro Forma Impact of Trust
Expenses." Baskets may be created or redeemed only by
Authorized Participants, who pay a transaction fee for each order to
create or redeem Baskets and may sell the Shares included in the
Baskets they create to other investors. See "Creation and
Redemption of Shares" for more details.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt">
<div style="float: left; width: 180pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 180pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Net
Asset Value&nbsp;</p>
</div>
</div>
<div style="float: left; width: 12pt;"></div>
<div style="float: left; width: 264pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 264pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The NAV of the Trust is the aggregate value of
the Trust's assets less its liabilities (which include estimated
accrued but unpaid fees and expenses). In determining the NAV of the
Trust, the Trustee values the gold held by the Trust on the basis of
the price of an ounce of gold as set by 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 by the five members of the
London gold fix (London PM Fix). See "Operation of the
Gold Bullion Market &mdash; The London Bullion Market" for
a description of the operation of the London gold price fix. The
Trustee determines the NAV of the Trust on each day the NYSE is open
for regular trading, at the earlier of the London PM Fix &nbsp;</p>
</div>
</div>
</div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">3</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear: left; border: 1px #000000 solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt">
<div style="float: left; width: 180pt; padding: 0pt; margin: 0pt"></div>
<div style="float: left; width: 12pt;"></div>
<div style="float: left; width: 264pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 264pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
for the day or 12:00 PM New York time. If no
London PM Fix is made on a particular evaluation day or if the London
PM Fix has not been announced by 12:00 PM New York time on a particular
evaluation day, the next most recent London gold price fix (AM or PM)
will be used in the determination of the NAV of the Trust, unless the
Trustee, in consultation with the Sponsor, determines that such price
is inappropriate to use as basis for such determination. The Trustee
also determines the NAV per Share, which equals the NAV of the Trust,
divided by the number of outstanding Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt">
<div style="float: left; width: 180pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 180pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Trust
expenses&nbsp;</p>
</div>
</div>
<div style="float: left; width: 12pt;"></div>
<div style="float: left; width: 264pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 264pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust's ordinary operating expenses are
accrued daily and are reflected in the NAV of the Trust. The
Trust's expenses include fees and expenses of the Trustee (which
include fees and expenses paid to the Custodian by the Trustee for the
custody of the Trust's gold), the fees and expenses of the
Sponsor, certain taxes, the fees of the Marketing Agent, printing and
mailing costs, legal and audit fees, registration fees and NYSE listing
fees. In order to pay the Trust's expenses, the Trustee will sell
gold held by the Trust on an as-needed basis. Each sale of gold by the
Trust is a taxable event to Shareholders. See "United
States Federal Tax Consequences &mdash; Taxation of US
Shareholders." For seven years from the date of the Trust
Indenture or until the earlier termination of the Marketing Agent
Agreement, if at the end of any month during this period the estimated
ordinary expenses of the Trust exceed an amount equal to 0.40%
per year of the daily adjusted NAV (ANAV) of the Trust for such month,
the fees payable to the Sponsor and the Marketing Agent for such month
will be reduced by the amount of such excess in equal shares up to the
amount of their fees provided that the gross assets of the Trust exceed
a certain minimum amount. See "Risk Factors &mdash; When
the fee reduction terminates or expires . . ." For details
on the calculation of the ANAV of the Trust, see
"Description of the Trust Indenture &mdash; Valuation of
Gold, Definition of Net Asset Value and Adjusted Net Asset
Value." The Trust will pay on an ongoing basis the
expenses of its operation as described in "Business of the
Trust &ndash; Trust Expenses" and
"Description of the Trust Indenture &ndash; Expenses of
the Trust."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt">
<div style="float: left; width: 180pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 180pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Sponsor's and Marketing
Agent's fees&nbsp;</p>
</div>
</div>
<div style="float: left; width: 12pt;"></div>
<div style="float: left; width: 264pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 264pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor's fee is payable
monthly in arrears and is accrued daily at an annual rate equal to
0.15% of the daily ANAV of the Trust. The Marketing
Agent's fee is payable monthly in arrears and is accrued daily at
an annual rate equal to 0.15% of the daily ANAV of the Trust. If
at the end of any month during the period ending seven years from the
date of the Trust Indenture or upon the earlier termination of the
Marketing Agent Agreement the estimated ordinary expenses of the Trust
exceed an amount equal to 0.40% per year of the daily ANAV of
the Trust for such month, the Marketing Agent's fee and the
Sponsor's fee are subject to &nbsp;</p>
</div>
</div>
</div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">4</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear: left; border: 1px #000000 solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt">
<div style="float: left; width: 180pt; padding: 0pt; margin: 0pt"></div>
<div style="float: left; width: 12pt;"></div>
<div style="float: left; width: 264pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 264pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
reduction. See "Business of the
Trust &mdash; Trust Expenses &mdash; Fee
Reduction."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt">
<div style="float: left; width: 180pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 180pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Termination events&nbsp;</p>
</div>
</div>
<div style="float: left; width: 12pt;"></div>
<div style="float: left; width: 264pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 264pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor may, and it is anticipated that the Sponsor will,
direct the Trustee to terminate and liquidate the Trust at any time
after the first anniversary of the Trust's formation when the NAV
of the Trust is less than $350 million (as adjusted for inflation). The
Sponsor may also direct the Trustee to terminate the Trust if the
Commodity Futures Trading Commission (CFTC) determines that the Trust
is a commodities pool under the Commodity Exchange Act of 1936, as
amended (CEA). The Trustee may also terminate the Trust upon the
agreement of the owners of beneficial interests in the Shares
(Shareholders) owning at least 66 2/3% of the
outstanding Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt">
<div style="float: left; width: 180pt; padding: 0pt; margin: 0pt"></div>
<div style="float: left; width: 12pt;"></div>
<div style="float: left; width: 264pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 264pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee will terminate and
liquidate the Trust if one of the following events
occurs:&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt">
<div style="float: left; width: 180pt; padding: 0pt; margin: 0pt"></div>
<div style="float: left; width: 12pt;"></div>
<div style="float: left; width: 264pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 18pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 246pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">DTC, the securities
depository for the Shares, is unwilling or unable to perform its
functions under the Trust Indenture and no suitable replacement is
available;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt">
<div style="float: left; width: 180pt; padding: 0pt; margin: 0pt"></div>
<div style="float: left; width: 12pt;"></div>
<div style="float: left; width: 264pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 18pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 246pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The Shares are
de-listed from the NYSE and are not listed for trading on another US
national securities exchange or through the Nasdaq Stock Market within
five business days from the date the Shares are
de-listed;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt">
<div style="float: left; width: 180pt; padding: 0pt; margin: 0pt"></div>
<div style="float: left; width: 12pt;"></div>
<div style="float: left; width: 264pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 18pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 246pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The NAV of the Trust
remains less than $50 million for a period of 50 consecutive business
days at any time after the first 90 days of the Shares being traded on
the NYSE;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt">
<div style="float: left; width: 180pt; padding: 0pt; margin: 0pt"></div>
<div style="float: left; width: 12pt;"></div>
<div style="float: left; width: 264pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 18pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 246pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The Sponsor resigns or
is unable to perform its duties or becomes bankrupt or insolvent and
the Trustee has not appointed a successor and has not itself agreed to
act as sponsor;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt">
<div style="float: left; width: 180pt; padding: 0pt; margin: 0pt"></div>
<div style="float: left; width: 12pt;"></div>
<div style="float: left; width: 264pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 18pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 246pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The Trustee
resigns or is removed and no successor trustee is appointed within 60
days;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt">
<div style="float: left; width: 180pt; padding: 0pt; margin: 0pt"></div>
<div style="float: left; width: 12pt;"></div>
<div style="float: left; width: 264pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 18pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 246pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The Custodian resigns and
no successor custodian is appointed within 60
days;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt">
<div style="float: left; width: 180pt; padding: 0pt; margin: 0pt"></div>
<div style="float: left; width: 12pt;"></div>
<div style="float: left; width: 264pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 18pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 246pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The sale of all of the
Trust's assets;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt">
<div style="float: left; width: 180pt; padding: 0pt; margin: 0pt"></div>
<div style="float: left; width: 12pt;"></div>
<div style="float: left; width: 264pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 18pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 246pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The Trust
fails to qualify for treatment, or ceases to be treated, for US federal
income tax purposes, as a grantor trust;
or&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt">
<div style="float: left; width: 180pt; padding: 0pt; margin: 0pt"></div>
<div style="float: left; width: 12pt;"></div>
<div style="float: left; width: 264pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 18pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 246pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The maximum period for which
the Trust is allowed to exist under New York law ends.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt">
<div style="float: left; width: 180pt; padding: 0pt; margin: 0pt"></div>
<div style="float: left; width: 12pt;"></div>
<div style="float: left; width: 264pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 264pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Upon
the termination of the Trust, the Trustee will, within a reasonable
time after the termination of the Trust, sell the Trust's gold
and, after paying or making provision for the Trust's
liabilities, distribute the proceeds to the Shareholders. See
"Description of the Trust Indenture &mdash; Termination of
the Trust."&nbsp;</p>
</div>
</div>
</div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">5</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear: left; border: 1px #000000 solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt">
<div style="float: left; width: 180pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 180pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Authorized
Participants&nbsp;</p>
</div>
</div>
<div style="float: left; width: 12pt;"></div>
<div style="float: left; width: 264pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 264pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Baskets may be created or redeemed only by
Authorized Participants. Each Authorized Participant must (1) be
a registered broker-dealer or other securities market participant such
as a bank or other financial institution which is not required to
register as a broker-dealer to engage in securities transactions,
(2) be a participant in DTC, (3) have entered into an
agreement with the Trustee and the Sponsor (Participant Agreement) and
(4) have established an unallocated gold account with the
Custodian (Authorized Participant Unallocated Account). The Participant
Agreement provides the procedures for the creation and redemption of
Baskets and for the delivery of gold and any cash required for such
creations or redemptions. A list of the current Authorized Participants
can be obtained from the Trustee or the Sponsor. See
"Creation and Redemption of Shares" for more
details.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt">
<div style="float: left; width: 180pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 180pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Clearance and settlement&nbsp;</p>
</div>
</div>
<div style="float: left; width: 12pt;"></div>
<div style="float: left; width: 264pt; padding: 0pt; margin: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 264pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Shares
are evidenced by global certificates that the Trustee issues to DTC.
The Shares are available only in book-entry form. Shareholders may hold
their Shares through DTC, if they are participants in DTC, or
indirectly through entities that are participants in
DTC.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Summary of Financial
Condition&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">As of the date of the formation of the Trust
on November 12, 2004, the NAV of the Trust, which represents the value
of the gold deposited into the Trust, was $13,081,500, and the NAV per
Share was $43.60. See "Statement of Financial
Condition" elsewhere in this prospectus. Since formation,
517 Baskets (51,700,000 Shares) have been created through January 20,
2005, including 23 Baskets (2,300,000 Shares) issued in connection with
the initial public offering of Shares on November 18, 2004. As of
January 20, 2005, 45,900,000 Shares were outstanding and the estimated
NAV per Share as determined by the Trustee for January 20, 2005 was
$42.26.&nbsp;</p>
</div>
</div>
</div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">6</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Risk
Factors&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: normal; font-style: italic">You should
consider carefully the risks described below before making an
investment decision. You should also refer to the other information
included in this prospectus, including the Trust's financial
statements and the related notes.</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The value of
the Shares relates directly to the value of the gold held by the Trust
and fluctuations in the price of gold could materially adversely
affect an investment in the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Shares are designed to
mirror as closely as possible the performance of the price of gold
bullion, and the value of the Shares relates directly to the value of
the gold held by the Trust, less the Trust's liabilities
(including estimated accrued but unpaid expenses). The price of gold
has fluctuated widely over the past several years. Several factors may
affect the price of gold, including:&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Global gold supply and demand, which
is influenced by such factors as forward selling by gold producers,
purchases made by gold producers to unwind gold hedge positions,
central bank purchases and sales, and production and cost levels in
major gold-producing countries such as South Africa, the United States
and
Australia;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
Investors' expectations with respect to the rate of
inflation;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Currency
exchange rates;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Interest
rates;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Investment and
trading activities of hedge funds and commodity funds;
and&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Global or regional
political, economic or financial events and situations.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">In
addition, investors should be aware that there is no assurance that
gold will maintain its long-term value in terms of purchasing power in
the future. In the event that the price of gold declines, the Sponsor
expects the value of an investment in the Shares to decline
proportionately.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Shares may trade at a price
which is at, above or below the NAV per Share and any discount or
premium in the trading price relative to the NAV per Share may widen as
a result of non-concurrent trading hours between the COMEX and the
NYSE.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Shares may trade at, above or below the NAV per Share.
The NAV per Share will fluctuate with changes in the market value of
the Trust's assets. The trading price of the Shares will
fluctuate in accordance with changes in the NAV per Share as well as
market supply and demand. The amount of the discount or premium in the
trading price relative to the NAV per Share may be influenced by
non-concurrent trading hours between the COMEX division of the New York
Mercantile Exchange and the NYSE. While the Shares trade on the NYSE
until 4:15 PM New York time, liquidity in the global gold market will
be reduced after the close of the COMEX division of the New York
Mercantile Exchange at 1:30 PM New York time. As a result, during this
time, trading spreads, and the resulting premium or discount, on the
Shares may widen.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The sale of gold by the Trust to
pay expenses will reduce the amount of gold represented by each Share
on an ongoing basis irrespective of whether the trading price of the
Shares rises or falls in response to changes in the price of gold.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Each outstanding Share represents a fractional, undivided interest
in the gold held by the Trust. As the Trust will not generate any
income and as the Trust will regularly sell gold over time to pay for
its ongoing expenses, the amount of gold represented by each Share will
gradually decline over time. This is true even if additional Shares are
issued in exchange for additional deposits of gold into the Trust, as
the amount of gold required to create Shares will proportionately
reflect the amount of gold represented by the Shares outstanding at the
time of creation. Assuming a constant gold price, the trading price of
the Shares is expected to gradually decline relative to the price of
gold as the amount of gold represented by the Shares gradually
declines. The Shares will only maintain their original price if the
price of gold increases.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Investors should be aware that the
gradual decline in the amount of gold represented by the Shares will
occur regardless of whether the trading price of the Shares rises or
falls in response to changes in the price &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">7</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Risk
Factors</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
of gold. The estimated ordinary operating
expenses of the Trust, which accrue daily commencing after the first
day of trading of the Shares on the NYSE, are described in
"Business of the Trust &mdash; Trust
Expenses" and "Description of the Trust
Indenture &mdash; Expenses of the Trust."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">When the fee reduction terminates or expires, the
estimated ordinary expenses payable by the Trust may increase, thus
reducing the NAV of the Trust more rapidly and adversely affecting an
investment in the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">For seven years from the date of the
Trust Indenture or until the earlier termination of the Marketing Agent
Agreement, if at the end of any month during this period the estimated
ordinary expenses of the Trust exceed an amount equal to 0.40%
per year of the daily ANAV of the Trust for such month, the fees
payable to the Sponsor and the Marketing Agent from the assets of the
Trust for such month will be reduced by the amount of such excess in
equal shares up to the amount of their fees. Investors should be aware
that if the gross value of the Trust's assets is less than
approximately $388 million, the ordinary expenses of the Trust will be
accrued at a rate greater than 0.40% per year of the daily ANAV
of the Trust, even after the Sponsor and the Marketing Agent have
completely reduced their combined fees of 0.30% per year of the
daily ANAV of the Trust. This amount is based on the estimated ordinary
expenses of the Trust described in "Business of the Trust
&mdash; Trust Expenses" and may be higher if the
Trust's actual ordinary expenses exceed those estimates.
Additionally, if the Trust incurs unforeseen expenses that cause the
total ordinary expenses of the Trust to exceed 0.70% per year of
the daily ANAV of the Trust, the ordinary expenses will accrue at a
rate greater than 0.40% per year of the daily ANAV of the Trust,
even after the Sponsor and the Marketing Agent have completely reduced
their combined fees of 0.30% per year of the daily ANAV of the
Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Upon the end of the seven year period or the earlier
termination of the Marketing Agent Agreement, the fee reduction will
expire and the estimated ordinary expenses of the Trust which are
payable from the assets of the Trust each month may be more than they
would have been during the period when the fee reduction is in effect,
thus reducing the NAV of the Trust more rapidly than if the fee
reduction was in effect and adversely affecting the value of the
Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The estimated ordinary operating expenses of the Trust,
which accrue daily, are described in "Business of the
Trust &mdash; Trust Expenses" and
"Description of the Trust Indenture &mdash; Expenses of
the Trust." For details on the calculation of the ANAV of
the Trust, see "Description of the Trust Indenture &mdash;
Valuation of Gold, Definition of Net Asset Value and Adjusted Net Asset
Value."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The sale of the Trust's
gold to pay expenses at a time of low gold prices could adversely
affect the value of the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee will sell gold held
by the Trust to pay Trust expenses on an as-needed basis irrespective
of then-current gold prices. The Trust is not actively managed and no
attempt will be made to buy or sell gold to protect against or to take
advantage of fluctuations in the price of gold. Consequently, the
Trust's gold may be sold at a time when the gold price is low,
resulting in a negative effect on the value of the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Purchasing activity in the gold market associated with
the purchase of Baskets from the Trust may cause a temporary increase
in the price of gold. This increase may adversely affect an investment
in the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Purchasing activity associated with acquiring the
gold required for deposit into the Trust in connection with the
creation of Baskets may temporarily increase the market price of gold,
which will result in higher prices for the Shares. Temporary increases
in the market price of gold may also occur as a result of the
purchasing activity of other market participants. Other market
participants may attempt to benefit from an increase in the market
price of gold that may result from increased purchasing activity of
gold connected with the issuance of Baskets. Consequently, the market
price of gold may decline immediately after Baskets are created. If the
price of gold declines, the trading price of the Shares will also
decline.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">As the Sponsor and its management have no
history of operating an investment vehicle like the Trust, their
experience may be inadequate or unsuitable to manage the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor was expressly formed to be the sponsor of the Trust and
has no history of past performance. The past performances of the
Sponsor's management in other positions are no indication of
their ability &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">8</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Risk
Factors</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
to manage an investment vehicle such as the
Trust. If the experience of the Sponsor and its management is not
adequate or suitable to manage an investment vehicle such as the Trust,
the operations of the Trust may be adversely affected.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Shares are a new securities product and their
value could decrease if unanticipated operational or trading problems
arise.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The mechanisms and procedures governing the creation,
redemption and offering of the Shares have been developed specifically
for this securities product. Consequently, there may be unanticipated
problems or issues with respect to the mechanics of the Trust's
operations and the trading of the Shares that could have a material
adverse effect on an investment in the Shares. In addition, although
the Trust is not actively "managed" by
traditional methods, to the extent that unanticipated operational or
trading problems or issues arise, the Sponsor's past experience
and qualifications may not be suitable for solving these problems or
issues.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Shareholders will not have the protections
associated with ownership of shares in an investment company registered
under the Investment Company Act of 1940 or the protections afforded by
the Commodity Exchange Act of 1936.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust is not registered
as an investment company under the Investment Company Act of 1940 and
is not required to register under such act. Consequently, Shareholders
will not have the regulatory protections provided to investors in
investment companies. The Trust will not hold or trade in commodity
futures contracts regulated by the CEA, as administered by the CFTC.
Furthermore, the Trust is not a commodity pool for purposes of the CEA,
and none of the Sponsor, the Trustee or the Marketing Agent is subject
to regulation by the CFTC as a commodity pool operator or a commodity
trading advisor in connection with the Shares. Consequently,
Shareholders will not have the regulatory protections provided to
investors in CEA-regulated instruments or commodity pools.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust may be required to terminate and liquidate
at a time that is disadvantageous to Shareholders.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">If the Trust
is required to terminate and liquidate, such termination and
liquidation could occur at a time which is disadvantageous to
Shareholders, such as when gold prices are lower than the gold prices
at the time when Shareholders purchased their Shares. In such a case,
when the Trust's gold is sold as part of the Trust's
liquidation, the resulting proceeds distributed to Shareholders will be
less than if gold prices were higher at the time of sale. See
"Description of the Trust Indenture &mdash; Termination of
the Trust" for more information about the termination of
the Trust, including when the termination of the Trust may be triggered
by events outside the direct control of the Sponsor, the Trustee or the
Shareholders.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Redemption orders are subject to postponement,
suspension or rejection by the Trustee under certain
circumstances.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee may, in its discretion, and will
when directed by the Sponsor, suspend the right of redemption or
postpone the redemption settlement date, (1) for any period during
which the NYSE is closed other than customary weekend or holiday
closings, or trading on the NYSE is suspended or restricted, (2) for
any period during which an emergency exists as a result of which the
delivery, disposal or evaluation of gold is not reasonably practicable,
or (3) for such other period as the Sponsor determines to be necessary
for the protection of Shareholders. In addition, the Trustee will
reject a redemption order if the order is not in proper form as
described in the Participant Agreement or if the fulfillment of the
order, in the opinion of its counsel, might be unlawful. Any such
postponement, suspension or rejection could adversely affect a
redeeming Shareholder. For example, the resulting delay may adversely
affect the value of the Shareholder's redemption distribution if
the price of the Shares declines during the period of the delay. See
"Creation and Redemption of Shares - Redemption Procedures
- - Suspension or rejection of redemption orders." Under the
Trust Indenture, the Sponsor and the Trustee disclaim any liability for
any loss or damage that may result from any such suspension or
postponement.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">9</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Risk
Factors</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The operations of the Trust
and the Sponsor depend on support from the WGC. This support may not be
available in the future and, if such support is not available, the
operations of the Trust may be adversely affected.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Sponsor is a subsidiary of the WGC, a not-for-profit association that
represents members of the gold mining industry through international
marketing programs directed at stimulating demand for gold in all
forms.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The ongoing operations of the Trust depend on the
financial and management support of the Sponsor. The operations of the
Sponsor, in turn, depend on the financial and management support of the
WGC. See "The Sponsor" for more information
on the funding of the Sponsor. If the WGC limits or ends its support of
the Sponsor for any reason, the operations of the Trust and an
investment in the Shares may be adversely affected. As a result, the
Trust may be required to terminate.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The WGC's
members determine the financial plan of the WGC. The WGC's
current and reasonably foreseeable operational costs and expenses are
underwritten by the WGC's members through the end of 2004. The
WGC's members have funded the estimated ordinary operating
expenses of the Sponsor through 2004, including the costs associated
with the initial registration of the Shares and the listing of the
Shares on the NYSE. The WGC has provided $3 million in funding to cover
the estimated ordinary expenses of the Sponsor for 2005 and 2006. There
is no assurance that the WGC's members will fund the WGC or the
Sponsor thereafter. The lack of such funding could adversely affect the
ability of the Sponsor to support the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Shareholders do not have the rights enjoyed by
investors in certain other vehicles.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">As interests in an
investment trust, the Shares have none of the statutory rights normally
associated with the ownership of shares of a corporation (including,
for example, the right to bring "oppression"
or "derivative" actions). In addition, the
Shares have limited voting and distribution rights (for example,
Shareholders do not have the right to elect directors and will not
receive dividends). See "Description of the
Shares" for a description of the limited rights of holders
of Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">An investment in the Shares may be
adversely affected by competition from other methods of investing in
gold.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust is a new, and thus untested, type of
investment vehicle. It competes with other financial vehicles,
including traditional debt and equity securities issued by companies in
the gold industry and other securities backed by or linked to gold,
direct investments in gold and investment vehicles similar to the
Trust. Market and financial conditions, and other conditions beyond the
Sponsor's control, may make it more attractive to invest in other
financial vehicles or to invest in gold directly, which could limit the
market for the Shares and reduce the liquidity of the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Crises may motivate large-scale sales of gold which
could decrease the price of gold and adversely affect an
investment in the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The possibility of large-scale
distress sales of gold in times of crisis may have a short-term
negative impact on the price of gold and adversely affect an investment
in the Shares. For example, the 1998 Asian financial crisis resulted in
significant sales of gold by individuals which depressed the price of
gold. Crises in the future may impair gold's price performance
which would, in turn, adversely affect an investment in the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Substantial sales of gold by the official sector could
adversely affect an investment in the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
official sector consists of central banks, other governmental agencies
and multi-lateral institutions that buy, sell and hold gold as part of
their reserve assets. The official sector holds a significant amount of
gold, most of which is static, meaning that it is held in vaults and is
not bought, sold, leased or swapped or otherwise mobilized in the open
market. A number of central banks have sold portions of their gold over
the past 10 years, with the result that the official sector, taken as a
whole, has been a net supplier to the open market. Since 1999, most
sales have been made in a coordinated manner under the terms of the
Central Bank Gold Agreement, under which 15 of the world's major
central banks (including the European Central Bank) agreed to limit the
level of their gold sales and lending to the market for the following
five years. The European Central Bank announced in March 2004 that the
agreement would be &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">10</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Risk
Factors</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
extended for a further five-year period
starting on September 27, 2004. The new agreement is similar to the
existing agreement, although the ceiling for gold sales is 25%
higher and the Bank of Greece replaces the Bank of England as a
signatory to the agreement. UK Treasury indicated at the time of the
announcement of the new agreement that the UK government had no plans
to sell gold from its reserves and therefore would not participate in
the new agreement. See "Overview of the Gold Industry
&mdash; Sources of Gold Supply" and "Analysis
of Movements in the Price of Gold" for more details. As
before, the new agreement will be reviewed after five years. It is
possible that the new agreement may not be renewed when it expires in
September 2009. In the event that future economic, political or social
conditions or pressures require members of the official sector to
liquidate their gold assets all at once or in an uncoordinated manner,
the demand for gold might not be sufficient to accommodate the sudden
increase in the supply of gold to the market. Consequently, the price
of gold could decline significantly, which would adversely affect an
investment in the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">A widening of interest rate differentials between the
cost of money and the cost of gold could negatively affect the price of
gold which, in turn, could negatively affect the price of the
Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">A combination of rising money interest rates and a
continuation of the current low cost of borrowing gold could improve
the economics of selling gold forward. This could result in an increase
in hedging by gold mining companies and short selling by speculative
interests, which would negatively affect the price of gold. Under such
circumstances, the price of the Shares would be similarly affected.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust's gold may be subject to loss, damage,
theft or restriction on access.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">There is a risk that part or all
of the Trust's gold could be lost, damaged or stolen. Access to
the Trust's gold could also be restricted by natural events (such
as an earthquake) or human actions (such as a terrorist attack). Any of
these events may adversely affect the operations of the Trust and,
consequently, an investment in the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Trust may not have adequate sources of recovery if its gold is lost,
damaged, stolen or destroyed and recovery may be limited, even in the
event of fraud, to the market value of the gold at the time the fraud
is discovered.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Shareholders' recourse against the Trust,
the Trustee and the Sponsor, under New York law, the Custodian, under
English law, and any subcustodians under the law governing their
custody operations is limited. The Trust does not insure its gold. The
Custodian maintains insurance with regard to its business on such terms
and conditions as it considers appropriate. The Trust is not a
beneficiary of any such insurance and does not have the ability to
dictate the existence, nature or amount of coverage. Therefore,
Shareholders cannot be assured that the Custodian will maintain
adequate insurance or any insurance with respect to the gold held by
the Custodian on behalf of the Trust. In addition, the Custodian and
the Trustee do not require any direct or indirect subcustodians to be
insured or bonded with respect to their custodial activities or in
respect of the gold held by them on behalf of the Trust. Consequently,
a loss may be suffered with respect to the Trust's gold which is
not covered by insurance and for which no person is liable in
damages.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The liability of the Custodian is limited under the
agreements between the Trustee and the Custodian which establish the
Trust's unallocated gold account (Unallocated Bullion Account
Agreement) and the Trust's allocated gold account (Allocated
Bullion Account Agreement) (together, the Custody Agreements). Under
the Custody Agreements, the Custodian is only liable for losses that
are the direct result of its own negligence, fraud or willful default
in the performance of its duties. Any such liability is further
limited, in the case of the Allocated Bullion Account Agreement, to the
market value of the gold held in the Trust's allocated gold
account (Trust Allocated Account) at the time such negligence, fraud or
willful default is discovered by the Custodian and, in the case of the
Unallocated Bullion Account Agreement, to the amount of gold credited
to the Trust's unallocated gold account (Trust Unallocated
Account) at the time such negligence, fraud or willful default is
discovered by the Custodian. Under each Participant Unallocated Bullion
Account Agreement (between the Custodian and an Authorized
Participant), the Custodian is not contractually or otherwise liable
for any losses suffered by any Authorized Participant or Shareholder
that are not the direct result of its own gross negligence, fraud or
willful default in the performance of its duties under such agreement,
and in no event will its liability exceed the market value of the
balance in the Authorized Participant Unallocated Account at the time
&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">11</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Risk
Factors</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
such gross negligence, fraud or willful
default is discovered by the Custodian. In addition, the Custodian will
not be liable for any delay in performance or any non-performance of
any of its obligations under the Allocated Bullion Account Agreement,
the Unallocated Bullion Account Agreement or the Participant
Unallocated Bullion Account Agreement by reason of any cause beyond its
reasonable control, including acts of God, war or terrorism. As a
result, the recourse of the Trustee or the investor, under English law,
is limited. Furthermore, under English common law, the Custodian or any
subcustodian will not be liable for any delay in the performance or any
non-performance of its custodial obligations by reason of any cause
beyond its reasonable control.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Under the Allocated Bullion
Account Agreement, except for an obligation on the part of the
Custodian to use commercially reasonable efforts to obtain delivery of
the Trust's gold from any subcustodians appointed by the
Custodian, the Custodian is not liable for the acts or omissions of its
subcustodians unless the selection of such subcustodians was made
negligently or in bad faith. There are expected to be no written
contractual arrangements between subcustodians that hold the
Trust's gold and the Trustee or the Custodian, because
traditionally such arrangements are based on the LBMA's rules and
on the customs and practices of the London bullion market. In the event
of a legal dispute with respect to or arising from such arrangements,
it may be difficult to define such customs and practices. The
LBMA's rules may be subject to change outside the control of the
Trust. Under English law, neither the Trustee, nor the Custodian would
have a supportable breach of contract claim against a subcustodian for
losses relating to the safekeeping of gold. If the Trust's gold
is lost or damaged while in the custody of a subcustodian, the Trust
may not be able to recover damages from the Custodian or the
subcustodian. Whether a subcustodian will be liable for the failure of
subcustodians appointed by it to exercise due care in the safekeeping
of the Trust's gold will depend on the facts and circumstances of
the particular situation. Shareholders cannot be assured that the
Trustee will be able to recover damages from subcustodians whether
appointed by the Custodian or by another subcustodian for any losses
relating to the safekeeping of gold by such subcustodian.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
obligations of the Custodian under the Allocated Bullion Account
Agreement, the Unallocated Bullion Account Agreement and the
Participant Unallocated Bullion Account Agreement are governed by
English law. The Custodian may enter into arrangements with English
subcustodians, which arrangements may also be governed by English law.
The Trust is a New York investment trust. Any United States, New York
or other court situated in the United States may have difficulty
interpreting English law (which, insofar as it relates to custody
arrangements, is largely derived from court rulings rather than
statute), LBMA rules or the customs and practices in the London custody
market. It may be difficult or impossible for the Trust to sue a
subcustodian in a United States, New York or other court situated in
the United States. In addition, it may be difficult, time consuming
and/or expensive for the Trust to enforce in a foreign court a judgment
rendered by a United States, New York or other court situated in the
United States.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">If the Trust's gold is lost, damaged, stolen
or destroyed under circumstances rendering a party liable to the Trust,
the responsible party may not have the financial resources sufficient
to satisfy the Trust's claim. For example, as to a particular
event of loss, the only source of recovery for the Trust might be
limited to the Custodian or one or more subcustodians or, to the extent
identifiable, other responsible third parties (e.g., a thief or
terrorist), any of which may not have the financial resources
(including liability insurance coverage) to satisfy a valid claim of
the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Neither the Shareholders nor any Authorized
Participant has a right under the Custody Agreements to assert a claim
of the Trustee against the Custodian or any subcustodian; claims under
the Custody Agreements may only be asserted by the Trustee on behalf of
the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Gold bullion
allocated to the Trust in connection with the creation of a Basket may
not meet the London Good Delivery Standards and, if a Basket is issued
against such gold, the Trust may suffer a loss.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Neither the
Trustee nor the Custodian independently confirms the fineness of the
gold allocated to the Trust in connection with the creation of a
Basket. The gold bullion allocated to the Trust by
theCustodian may be different from the reported fineness or
weight required by the LBMA's standards for gold bars delivered
in settlement of a gold trade (London Good Delivery Standards), the
standards required by the Trust. If the Trustee nevertheless issues a
Basket against such gold, and if the Custodian &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">12</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Risk
Factors</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
fails to satisfy its obligation to credit the
Trust the amount of any deficiency, the Trust may suffer a loss. The
London Good Delivery Standards are described in "Operation
of the Gold Bullion Market &mdash; The London Bullion
Market." The Custodian's responsibility for the
allocation to the Trust of gold meeting LBMA standards is described in
"Description of the Custody Agreements &mdash; Transfers
from the Trust Unallocated Account."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Because neither the Trustee nor the Custodian oversees
or monitors the activities of subcustodians who may hold the
Trust's gold, failure by the subcustodians to exercise due care
in the safekeeping of the Trust's gold could result in a loss to
the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Under the Allocated Bullion Account Agreement
described in "Description of the Custody
Agreements," the Custodian may appoint from time to time
one or more subcustodians to hold the Trust's gold. The
subcustodians which the Custodian currently uses are the Bank of
England and LBMA market-making members that provide bullion vaulting
and clearing services to third parties. The Custodian is required under
the Allocated Bullion Account Agreement to use reasonable care in
appointing its subcustodians but otherwise has no other responsibility
in relation to the subcustodians appointed by it. These subcustodians
may in turn appoint further subcustodians, but the Custodian is not
responsible for the appointment of these further subcustodians. The
Custodian does not undertake to monitor the performance by
subcustodians of their custody functions or their selection of further
subcustodians. The Trustee does not undertake to monitor the
performance of any subcustodian. Furthermore, the Trustee may have no
right to visit the premises of any subcustodian for the purposes of
examining the Trust's gold or any records maintained by the
subcustodian, and no subcustodian will be obligated to cooperate in any
review the Trustee may wish to conduct of the facilities, procedures,
records or creditworthiness of such subcustodian. In addition, the
ability of the Trustee to monitor the performance of the Custodian may
be limited because under the Custody Agreements the Trustee has only
limited rights to visit the premises of the Custodian for the purpose
of examining the Trust's gold and certain related records
maintained by the Custodian. See "Custody of the
Trust's Gold" for more information about
subcustodians that may hold the Trust's gold.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The ability of the Trustee and the Custodian to take
legal action against subcustodians may be limited, which increases the
possibility that the Trust may suffer a loss if a subcustodian does not
use due care in the safekeeping of the Trust's gold.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">If
any subcustodian does not exercise due care in the safekeeping of the
Trust's gold, the ability of the Trustee or the Custodian to
recover damages against such subcustodian may be limited to only such
recourse, if any, as may be available under applicable English law or,
if the subcustodian is not located in England, under other applicable
law. This is because there are expected to be no written contractual
arrangements between subcustodians who may hold the Trust's gold
and the Trustee or the Custodian, as the case may be. If the
Trustee's or the Custodian's recourse against the
subcustodian is so limited, the Trust may not be adequately compensated
for the loss. For more information on the Trustee's and the
Custodian's ability to seek recovery against subcustodians and
the subcustodian's duty to safekeep the Trust's gold, see
"Custody of the Trust's Gold."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Gold held in the Trust's unallocated gold
account and any Authorized Participant's unallocated gold account
will not be segregated from the Custodian's assets. If the
Custodian becomes insolvent, its assets may not be adequate to satisfy
a claim by the Trust or any Authorized Participant. In addition, in the
event of the Custodian's insolvency, there may be a delay and
costs incurred in identifying the bullion held in the Trust's
allocated gold account.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Gold which is part of a deposit for a
purchase order or part of a redemption distribution will be held for a
time in the Trust Unallocated Account and, previously or subsequently
in, the Authorized Participant Unallocated Account of the purchasing or
redeeming Authorized Participant. During those times, the Trust and the
Authorized Participant, as the case may be, will have no proprietary
rights to any specific bars of gold held by the Custodian and will each
be an unsecured creditor of the Custodian with respect to the amount of
gold held in such unallocated accounts. In addition, if the Custodian
fails to allocate the Trust's gold in a timely manner, in the
proper amounts or otherwise in accordance with the terms of the
Unallocated Bullion Account Agreement, or if a subcustodian fails to so
segregate gold held by it on behalf of the Trust, unallocated gold will
not be segregated from the Custodian's assets, and the Trust will
be an unsecured creditor of the Custodian with respect to the amount so
held in the event of the &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">13</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Risk
Factors</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
insolvency of the Custodian. In the event the
Custodian becomes insolvent, the Custodian's assets might not be
adequate to satisfy a claim by the Trust or the Authorized Participant
for the amount of gold held in their respective unallocated gold
accounts.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">In the case of the insolvency of the Custodian, a
liquidator may seek to freeze access to the gold held in all of the
accounts held by the Custodian, including the Trust Allocated Account.
Although the Trust would be able to claim ownership of properly
allocated gold, the Trust could incur expenses in connection with
asserting such claims, and the assertion of such a claim by the
liquidator could delay creations and redemptions of Baskets.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">In issuing Baskets, the Trustee relies on certain
information received from the Custodian which is subject to
confirmation after the Trustee has relied on the information. If such
information turns out to be incorrect, Baskets may be issued in
exchange for an amount of gold which is more or less than the amount of
gold which is required to be deposited with the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Custodian's definitive records are prepared after the close of
its business day. However, when issuing Baskets, the Trustee relies on
information reporting the amount of gold credited to the Trust's
accounts which it receives from the Custodian during the business day
and which is subject to correction during the preparation of the
Custodian's definitive records after the close of business. If
the information relied upon by the Trustee is incorrect, the amount of
gold actually received by the Trust may be more or less than the amount
required to be deposited for the issuance of
Baskets.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust's obligation to reimburse
the Marketing Agent, the Authorized Participants and certain parties
connected with the initial public offering of 2,300,000 Shares for
certain liabilities in the event the Sponsor fails to indemnify such
parties could adversely affect an investment in the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Sponsor has agreed to indemnify the Marketing Agent and UBS Securities
LLC, as Purchaser in the Trust's initial public offering of
2,300,000 Shares (Purchaser), their partners, directors and officers,
and any person who controls the Purchaser or the Marketing Agent, and
their respective successors and assigns, against any loss, damage,
expense, liability or claim that may be incurred by the Purchaser and
the Marketing Agent in connection with (1) any untrue statement or
alleged untrue statement of a material fact contained in the
registration statement of which this prospectus forms a part (including
this prospectus, any preliminary prospectus, any prospectus supplement
and any exhibits thereto) or any omission or alleged omission to state
a material fact required to be stated therein or necessary to make the
statements therein not misleading, (2) any untrue statement or alleged
untrue statement of a material fact made by the Sponsor with respect to
any representations and warranties or any covenants under (A) the
distribution agreement between the Sponsor and the Purchaser, dated
November 16, 2004 or (B) the Marketing Agent Agreement, or failure of
the Sponsor to perform any agreement or covenant therein, (3) any
untrue statement or alleged untrue statement of a material fact
contained in any materials used in connection with the marketing of the
Shares, (4) circumstances surrounding the third party allegations
relating to patent and contract disputes as described in
"Risk Factors&mdash;Competing claims over ownership of
intellectual property rights related to the Trust could adversely
affect the Trust and an Investment in the Shares,"
"Business of the Trust&mdash;License
Agreement" and "Legal
Proceedings," or (5) the Marketing Agent's
performance of its duties under the Marketing Agent Agreement, and to
contribute to payments that the Purchaser or the Marketing Agent may be
required to make in respect thereof. The Trustee has agreed to
reimburse the Marketing Agent, solely from and to the extent of the
Trust's assets, for indemnification and contribution amounts due
from the Sponsor under the preceding sentence and the Purchaser for
indemnification and contribution amounts due from the Sponsor in
respect of the items identified in subsections (1), (2), (3) and (4) of
the preceding sentence to the extent the Sponsor has not paid such
amounts directly when due. Under the Participant Agreement, the Sponsor
also has agreed to indemnify the Authorized Participants against
certain liabilities, including liabilities under the Securities Act of
1933, as amended (Securities Act) and to contribute to payments that
the Authorized Participants may be required to make in respect of such
liabilities. The Trustee has agreed to reimburse the Authorized
Participants, solely from and to the extent of the Trust's
assets, for indemnification and contribution amounts due from the
Sponsor in respect of such liabilities to the extent the Sponsor has
not paid such amounts when due. In the event the Trust is required to
pay any such amounts, the Trustee would be required to sell assets of
the Trust to cover the amount of any such payment and the NAV of the
Trust would be reduced accordingly, thus adversely affecting an
investment in the Shares.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">14</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Risk
Factors</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Under the Trust Indenture, the Sponsor may
be able to seek indemnification from the Trust for payments it makes in
connection with the Sponsor's activities under the Trust
Indenture to the extent its conduct does not disqualify it from
receiving such indemnification under the terms of the Trust Indenture.
The Sponsor shall also be indemnified from the Trust and held harmless
against any loss, liability or expense arising under the Distribution
Agreement, the Marketing Agent Agreement or any Participant Agreement
insofar as such loss, liability or expense arises from any untrue
statement or alleged untrue statement of a material fact contained in
any written statement provided to the Sponsor by the Trustee. See
"Description of the Trust Indenture&mdash;The
Sponsor&mdash;Liability of the Sponsor and
indemnification." For information about when the
Trust's assets may be used to indemnify (1) the Trustee, see
"Description of the Trust Indenture," and (2)
the Custodian, see "Description of the Custody
Agreements."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Competing claims over
ownership of intellectual property rights related to the Trust could
adversely affect the Trust and an investment in the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">While the Sponsor believes that all intellectual property rights
needed to operate the Trust are owned by or licensed to the Sponsor or
the WGC or have been obtained, third parties may allege or assert
ownership of intellectual property rights which may be related to the
design, structure and operations of the Trust. To the extent any claims
of such ownership are brought or any proceedings are instituted to
assert such claims, the negotiation, litigation or settlement of such
claims, or the ultimate disposition of such claims in a court of law if
a suit is brought, may adversely affect the Trust and an investment in
the Shares, for example, resulting in expenses or damages or the
termination of the Trust. See "Legal
Proceedings."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">If the Marketing Agent
and the WGC do not conclude an international marketing agent agreement
within 60 days of the effectiveness of the registration statement of
which this prospectus forms a part, the Sponsor may terminate the
Marketing Agent Agreement and the services of the Marketing Agent. This
could affect the performance of the services provided by the Marketing
Agent and would terminate the obligation of the Sponsor to reduce its
fees under certain circumstances.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Marketing Agent, the WGC
and the Sponsor have entered into an agreement obligating the WGC and
the Marketing Agent to conclude an international marketing agent
agreement providing for the distribution outside the US of
exchange-traded securities whose investment objective or investment
method is tied to gold bullion or derivatives of gold bullion. If the
WGC and the Marketing Agent do not conclude such an agreement within 60
days of the effectiveness of the registration statement of which this
prospectus forms a part, the Sponsor may exercise its option,
exercisable for 60 days commencing on the 61st day after effectiveness
of the registration statement of which this prospectus forms a part, to
terminate the Marketing Agent Agreement and the services of the
Marketing Agent. Upon any such termination, the Marketing Agent License
Agreement and the WGC/WGTS License Agreement would terminate, the
Sponsor and the Trust would be required to cease using the
"streetTRACKS<sup>&reg;</sup>" mark and the
Sponsor would be required to amend this prospectus and the registration
statement of which this prospectus forms a part to delete any reference
to the Marketing Agent, State Street Corporation or
"streetTRACKS<sup>&reg;</sup>". If the
services of the Marketing Agent under the Marketing Agent Agreement are
terminated, the services provided by the Marketing Agent would have to
be performed by the Sponsor or a replacement marketing agent. The
Sponsor may not be able to perform such services at the same
performance level as the Marketing Agent or find a replacement
marketing agent able to perform such services at the same performance
level as the Marketing Agent. A replacement marketing agent might not
be willing to perform such services for the same fees as the Marketing
Agent.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Under the terms of the Trust Indenture, for seven years
from the date of the Trust Indenture or until the earlier termination
of the Marketing Agent Agreement, if at the end of any month during
this period the estimated ordinary expenses of the Trust exceed an
amount equal to 0.40% per year of the daily ANAV of the Trust
for such month, the fees payable to the Sponsor and the Marketing Agent
from the assets of the Trust will be reduced by the amount of such
excess in equal shares up to the amount of their fees. If the Marketing
Agent Agreement is terminated pursuant to the termination right
described in the preceding paragraph, the Sponsor's obligation to
reduce its fees in accordance with the preceding sentence will
terminate.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">15</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Use
of Proceeds&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Proceeds received by the Trust from the issuance
and sale of Baskets will consist of gold deposits and, possibly from
time to time, cash. Pursuant to the Trust Indenture, during the life of
the Trust such proceeds will only be (1) held by the Trust, (2)
distributed to Authorized Participants in connection with the
redemption of Baskets or (3) disbursed or sold as needed to pay the
Trust's ongoing expenses.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Market Price of
Shares&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Our Shares have traded on the NYSE under the symbol
"GLD" since our initial public offering on
November 18, 2004. The following table sets forth, for the periods
indicated, the high and low sale prices of our Shares as reported for
NYSE
transactions.&nbsp;</p>
</div>
</div>
</div>

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<td colspan="1" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: sans-serif; padding-left: 0pt; text-indent: 0pt; ">&nbsp;</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: sans-serif; ">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: sans-serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">High</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: sans-serif; ">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: sans-serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">Low</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: sans-serif; ">&nbsp;</td>
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<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; "><u><font style="font-weight: bold; font-style: normal">2004</font></u></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
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<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">November 18
- - December 31</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;46.00</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;43.20</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; "><u><font style="font-weight: bold; font-style: normal">2005</font></u></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">January 1 -
January 20</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;45.00</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;41.70</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
</table>
<br>

<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Monthly Share Price</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The following table sets
forth, for each of the most recent three months, the high and low sale
prices of our Shares, as reported for NYSE transactions.&nbsp;</p>
</div>
</div>
</div>

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<!--CT: header-->
<!--CP: 1-->
<td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: sans-serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">Month</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: sans-serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">High</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: sans-serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">Low</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;</td>
</tr>
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<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">&nbsp;</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">November 2004 (beginning
November 18)</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;45.60</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;44.07</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">December 2004</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;46.00</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;43.20</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">January 2005 (through January 20)</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;45.00</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;41.70</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
</table>
<br>

</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
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<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">16</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Overview
of the Gold Industry&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">How Gold Travels from the Mine to
the Customer</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The following is a general description of
the typical path gold takes from the mine to the customer. Individual
paths may vary at several stages in the process from the following
description.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Gold, a naturally occurring mineral element, is
found in ore deposits throughout the world. Ore containing gold is
first either dug from the surface or blasted from the rock face
underground. Mined ore is hauled to a processing plant, where it is
crushed or milled. Crushed or milled ore is then concentrated in order
to separate out the coarser gold and heavy mineral particles from the
remaining parts of the ore. Gold is extracted from these ore
concentrates by a number of processes and, once extracted, is then
smelted to a gold-rich dor&eacute; (generally a mixture of gold and
silver) and cast into bars. Smelting, in its simplest definition, is
the melting of ores or concentrates with a reagent which results in the
separation of gold from impurities.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The dor&eacute; goes through
a series of refining processes to upgrade it to a purity and format
that is acceptable in the market place. Refining can take a number of
different forms, according to the type of ore being treated. The
dor&eacute; is refined to a purity of 99.5% or higher. The most
common international standard of purity is the standard established by
the London Good Delivery Standards, described in
"Operation of the Gold Bullion Market &mdash; The London
Bullion Market."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The gold mining company pays the
refinery a fee, and then sells the bars to a bullion dealer. In some
cases, the refinery may buy the gold from the mining company, thus
effectively operating as a bullion dealer. Bullion dealers in turn sell
the gold to manufacturers of jewelry or industrial products containing
gold. Both the sale by the mine and the purchase by the manufacturer
will frequently be priced with reference to the London gold price fix,
which is widely used as the price benchmark for international gold
transactions.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Some gold mining companies sell forward their gold
to a bullion dealer in order to lock in cash-flow for revenue
management purposes. The price they receive on delivery of the gold
will be that which was agreed to at the time of the initial
transaction, equivalent to the spot price plus the interest accrued up
until the date of delivery.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Once a manufacturer of jewelry or
industrial products has taken delivery of the purchased gold, the
manufacturer fabricates it and sells the fabricated product to the
customer. This is the typical pattern in many parts of the developing
world. In some countries, especially in the industrialized world,
bullion dealers will consign gold out to a manufacturer. In these
cases, the gold will be stored in a secured vault on the premises of
the manufacturer, who will use these consignment stocks for fabrication
into products as needed. The actual sale of the gold from the bullion
dealer to the manufacturer only takes place at the time the
manufacturer sells the product, either to a distributor, a retailer or
the customer.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">In some cases, the manufacturer may, often for
cost reasons, ship the gold to another country for fabrication into
products. The fabricated products may then be returned to the
manufacturer's country of business for onward sale, or shipped to
a third country for sale to the customer.&nbsp;</p>
</div>
</div>
</div>
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<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Gold Supply
and Demand</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Gold is a physical asset that is
accumulated, rather than consumed. As a result, virtually all the gold
that has ever been mined still exists today in one form or another.
<font style="font-weight: normal; font-style: italic">Gold Survey 2004</font>, a publication of Gold Fields Mineral Services
Ltd. (GFMS), an independent precious metals research organization based
in London, estimates that existing above-ground stocks of gold amounted
to 150,500 tonnes (approximately 4.7 billion ounces) at the end of
2003. These stocks have increased by approximately 2.0% per year
on average for the 10 years ending December 2003. When used in this
prospectus, "tonne" refers to one metric
tonne, which is equivalent to 1,000 kilograms or 32,150.7465 troy
ounces.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Existing stocks may be broadly divided into two
categories based on the primary reason for the purchase or holding of
the gold:&nbsp;</p>
</div>
</div>
</div>
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<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
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<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">17</p>
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<hr>
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<page>
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<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Overview
of the Gold Industry</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Gold
purchased or held as a store of value or monetary asset; and&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Gold purchased or held as a
raw material or commodity.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The first category, gold held
as a store of value or monetary asset, includes the 33,160 tonnes of
gold that is estimated to be owned by the official sector (central
banks, other governmental agencies and multi-lateral institutions such
as the International Monetary Fund). An estimated 3,960 tonnes of this
gold has already been mobilized into the market and fabricated into
gold products. This reduces to 29,200 tonnes (19.4% of the
estimated total) the total that could theoretically become available in
the unlikely event that all official sector holdings were liquidated.
The 23,600 tonnes of gold (15.7% of the estimated total) in the
hands of private investors also falls into this first category. While
much of the gold in this category exists in bullion form and, in
theory, could be mobilized and made available to the market, there are
currently no indications that a significantly greater amount of gold
will be mobilized in the near future than has been mobilized in recent
years.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The second category, gold held as a raw material
or commodity, includes the 76,800 tonnes of gold (51.0% of the
estimated total) that has been manufactured into jewelry. As all gold
jewelry exists as fabricated products, the jewelry would need to be
remelted and transformed into bullion bars before being mobilized into
the market in an acceptable form. While adornment is the primary
motivation behind purchases of gold jewelry in the industrialized
world, much of the jewelry in the developing world has an additional
store of value element, with this jewelry being held, at least in part,
as a means of savings. As this jewelry in the developing world tends to
be of higher purity, the price of an item of jewelry is more closely
correlated with the value of the gold contained in it than is the case
in the industrialized world. As a result, this jewelry is more
susceptible to recycling. Recycled jewelry, primarily from the
developing world, is the largest single component of annual gold scrap
supply, which has averaged 733 tonnes annually over the last 10
years.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The second category also includes the 17,300
tonnes of gold (11.5% of the estimated total) that has been
manufactured or incorporated into industrial products. Similar to
jewelry, this gold would need to be recovered from the industrial
products and then remelted and recast into bars before it could be
mobilized into the market. Small quantities of remelted gold from
industrial products come onto the market each year.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Approximately 3,600 tonnes of above-ground stocks
(2.4% of the estimated total) is unaccounted
for.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">World Gold Supply and Demand (1994
&ndash; 2003)&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The following table sets forth a summary of the
world gold supply and demand for the last 10 years and is based on
information reported in the GFMS <font style="font-weight: normal; font-style: italic">Gold Survey 2004</font>.&nbsp;</p>
</div>
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<!--CT: header-->
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<td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">Supply</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">1994</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">1995</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">1996</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
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<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">1997</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
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<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">2001</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">2002</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">2003</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
</tr>
<tr>
<!--CT: header-->
<!--CP: 1-->
<td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">&nbsp;</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">&nbsp;</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">&nbsp;</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">&nbsp;</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">&nbsp;</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td>&nbsp;</td><td colspan="7" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">(tonnes)</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Mine production</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,285</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,291</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,375</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,493</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,542</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,574</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,591</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,621</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,590</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,593</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Old gold scrap</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;621</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;631</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;644</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;626</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,099</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;608</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;610</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;708</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;836</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;943</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Official sector
sales</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;130</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;167</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;279</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;326</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;363</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;477</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;479</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;527</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;545</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;606</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Net producer
hedging</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;105</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;475</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;142</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;504</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;97</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;506</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;(15</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">)&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;(151</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">)&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;(437</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">)&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;(310</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">)&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; "><font style="font-weight: bold; font-style: normal">Total Reported
Supply</font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,141</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,565</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,440</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,949</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;4,102</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;4,165</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,665</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,705</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,534</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,832</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: sans-serif; padding-left: 10pt; text-indent: -10pt; border-bottom: 1px solid #000000;"><font style="font-size: 8pt; "><font style="font-weight: bold; font-style: normal">Demand</font></font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 1px solid #000000;">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Gold
fabrication in carat jewelry</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,640</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,812</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,856</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;3,311</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;3,182</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;3,148</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;3,222</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;3,026</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,680</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;2,533</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Gold fabrication in electronics</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;187</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;204</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;207</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;235</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;226</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;248</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;282</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;200</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;209</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;238</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Gold fabrication
in dentistry</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;64</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;67</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;68</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;70</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;64</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;66</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;69</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;69</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;69</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;67</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Gold fabrication in other industrial and
decorative applications</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;104</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;110</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;113</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;115</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;104</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;99</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;99</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;97</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;82</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;80</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Retail
investment</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;349</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;465</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;298</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;492</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;336</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;446</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;335</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;359</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;373</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;314</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; "><font style="font-weight: bold; font-style: normal">Total Reported
Demand</font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,344</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,657</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,541</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;4,223</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,912</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;4,007</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;4,007</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,749</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,413</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;3,232</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; "><font style="font-weight: bold; font-style: normal">Supply Less
Demand<sup>1</sup></font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;(203</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">)&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;(93</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">)&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;(102</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">)&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;(275</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">)&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;190</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;158</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;(342</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">)&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;(44</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">)&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;122</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;600</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
</table>
<br>

<div style="clear:left; padding: 0pt; margin: 0pt; width: 456pt; padding-left: 0pt; " >
<div style="margin-top: 6pt; width: 60pt; height: 1pt; background: #000000;">
<img src="spacer.gif" height="1" width="1"></div>
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<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: italic; font-family: serif; font-size: 8pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: normal; font-style: italic">(1)</font>&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: italic; font-family: serif; font-size: 8pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: normal; font-style: italic">This is the residual from
combining all the other data in the table. This residual results from
the fact that there is no reliable methodology for measuring all
elements of gold supply and demand. It includes net institutional
investment, movements in stocks and other elements, together with any
residual error.</font>&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">18</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Overview
of the Gold Industry</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Sources of Gold
Supply</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Sources of gold supply include both mine
production and the recycling or mobilizing of existing above-ground
stocks. The largest portion of gold supplied into the market annually
is from gold mine production. The second largest source of annual gold
supply is from old scrap, which is gold that has been recovered from
jewelry and other fabricated products and converted back into
marketable gold. Official sector sales have outstripped purchases since
1989, creating additional net supply of gold into the marketplace. Net
producer hedging accelerates the sale of physical gold and can
therefore impact, positively or negatively, supply in a given year.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Mine production&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Mine production includes gold
produced from primary deposits and from secondary deposits where the
gold is recovered as a by-product metal from other mining
activities.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Mine production is derived from numerous separate
operations on all continents of the world, except Antarctica. Any
disruption to production in any one locality is unlikely to affect a
significant number of these operations simultaneously. Such potential
disruption is unlikely to have a material impact on the overall level
of global mine production, and therefore equally unlikely to have a
noticeable impact on the gold price.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">In the unlikely event of
significant disruptions to production occurring simultaneously at a
large number of individual mines, any impact on the price of gold would
likely be short-lived. Historically, any sudden and significant rise in
the price of gold has been followed by a reduction in physical demand
which lasts until the period of unusual volatility is past. Gold price
increases also tend to lead to an increase in the levels of recycled
scrap used for gold supply. Both of these factors have tended to limit
the extent and duration of upward movements in the price of gold.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Since 1984, the amount of new gold that is mined each year has been
substantially lower than the level of physical demand. For example,
during the five years from 1999 to 2003, new mine production only
satisfied 70% of the total demand for fabrication and retail
investment. The shortfall in total supply has been met by additional
supplies from existing above-ground stocks, predominantly coming from
the recycling of fabricated gold products, official sector sales and
net producer hedging.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Old gold scrap&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Gold
scrap is gold that has been recovered from fabricated products, melted,
refined and cast into bullions bars for subsequent resale into the gold
market. The predominant source of gold scrap is recycled jewelry. This
predominance is largely a function of price and economic circumstances.
The 1998 peak in gold scrap supply can be attributed to the concurrent
collapse of many of the East Asian currencies, which began with the
Thai Baht in July 1997, leading to price-driven and distress related
selling.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Official sector sales&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Historically, central banks have retained gold as a strategic
reserve asset. However, since 1989 the official sector has been a net
seller of gold to the private sector, supplying an average of 379
tonnes per year from 1989 to 2003 inclusive. This has resulted in net
movements of gold from the official to the private sector. Owing to the
prominence given by market commentators to this activity and the size
of official sector gold holdings, this area has been one of the more
visible sources of supply.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Central Bank Gold Agreement, also
known as the Washington Agreement on Gold or
"WAG," announced during the International
Monetary Fund meetings in Washington, DC on September 26, 1999, is a
voluntary agreement among key central banks to clarify their intentions
with respect to their gold holdings. The signatories to the agreement
were the European Central Bank and 14 other central banks. These
institutions agreed not to enter the gold market as sellers except for
already decided sales, which were to be achieved through a five year
program that limited annual sales to approximately 400 tonnes and total
sales over the period to 2,000 tonnes. The signatories further agreed
not to expand their use of gold lending and derivatives over the
period. The European Central Bank announced in March 2004 that the
agreement would be extended for a further five-year period starting on
September 27, &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">19</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Overview
of the Gold Industry</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
2004. The new agreement is similar to the
existing agreement, although the ceiling for gold sales is 25%
higher and the Bank of Greece replaces the Bank of England as a
signatory to the agreement. UK Treasury indicated at the time of the
announcement of the new agreement that the UK government had no plans
to sell gold from its reserves and therefore would not participate in
the new agreement. As before, the new agreement will be reviewed after
five years.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The following chart shows the reported gold holdings
in the official sector at December 2003.&nbsp;</p>
</div>
</div>
</div><div align="center" style="width:  642;"><img src="html_94538piechart080604.jpg" style="margin-top: 12pt;" align="middle"></div><div style="clear:left; padding: 0pt; margin: 0pt; width: 456pt; padding-left: 0pt; " >
<div style="margin-top: 6pt; width: 60pt; height: 1pt; background: #000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: italic; font-family: serif; font-size: 8pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">(1)&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: italic; font-family: serif; font-size: 8pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: normal; font-style: italic">The
Euro Area comprises the following countries: Austria, Belgium, Finland,
France, Germany, Greece, Ireland, Italy, Luxembourg, The Netherlands,
Portugal, and Spain, plus the European Central Bank from January 1999
when the European Economic and Monetary Union was
implemented.</font>&nbsp;</p>
</div>
</div>
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<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Net producer hedging&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Net producer hedging creates incremental supply in the market by
accelerating the timing of the sale of gold. A mining company wishing
to protect itself from the risk of a decline in the gold price may
elect to sell some or all of its anticipated production for delivery at
a future date. A bullion dealer accepting such a transaction will
finance it by borrowing an equivalent quantity of gold (typically from
a central bank), which is immediately sold into the market. The bullion
dealer then invests the cash proceeds from that sale of gold and uses
the yield on these investments to pay the gold mining company the
contango (i.e., the premium available on gold for future delivery).
When the mining company delivers the gold it has contracted to sell to
the bullion dealer, the dealer returns the gold to the central bank
that lent it, or rolls the loan forward in order to finance similar
transactions in the future. While over time hedging transactions
involve no net increase in the supply of gold to the market, they do
accelerate the timing of the sale of the gold, which has an impact on
the balance between supply and demand at the time. Since 2000, there
has been an annual net reduction in the volume of outstanding producer
hedges that has reduced supply.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">20</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Overview
of the Gold Industry</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The following illustration details a
typical hedging transaction (numbering indicates sequential
timing).&nbsp;</p>
</div>
</div>
</div><div align="center" style="width:  642;"><img src="html_94538flowchart2.jpg" style="margin-top: 6pt;" align="middle"></div><div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Sources
of Gold Demand</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">As reported by published statistics, the
demand for gold amounted to less than 3.0% of total above ground
stocks in 2003. Demand for gold is driven primarily by demand for
jewelry, which is used for adornment and, in much of the developing
world, also as an investment. Retail investment and industrial
applications represent increasingly important, though relatively small,
components of overall demand. Retail investment is measured as customer
purchases of bars and coins. Gold bonding wire and gold plated contacts
and connectors are the two most frequent uses of gold in industrial
applications.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Gold demand is widely dispersed throughout the
world. While there are seasonal fluctuations in the levels of demand
for gold (especially jewelry) in many countries, variations in the
timing of such fluctuations in different countries mean that seasonal
changes in demand do not have a significant impact on the global gold
price.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Jewelry&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The primary source of gold
demand is gold jewelry. The motivation for jewelry purchases differs in
various regions of the world. In the industrialized world, gold jewelry
tends to be purchased purely for adornment purposes, while gold's
attributes as a store of value and a means of saving provide an
additional motivation for jewelry purchases in much of the developing
world. Price and economic factors, such as available wealth and
disposable income, are the primary factors in jewelry demand. Jewelry
purchased purely for adornment purposes is generally of lower caratage
or purity, with design input and improved finishes accounting for a
substantial portion of the purchase price. In those parts of the world
where the additional motivation of savings or investment applies to the
purchase of jewelry, which are mainly in Asia, the Indian subcontinent
and the Middle East, gold jewelry is generally of higher caratage, and
the purchase price more closely reflects the value of the gold
contained in each item.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Electronics, dentistry and
other industrial and decorative applications&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Gold bonding wire
and gold plated contacts and connectors are the two most frequent uses
of gold in electronics. Other uses include high-melting point gold
alloy solders and gold thick film pastes for hybrid circuits. In
conservative and restorative dentistry, gold is generally used alloyed
with other noble metals and with base metals, for inlay and onlay
fillings, crown and bridgework and porcelain veneered restorations.
Increasingly, pure gold electroforming is being used for dental
repairs. Other industrial applications of gold include the use of thin
gold coatings on table and enamel ware for decorative purposes and on
glasses used in the construction and aerospace industries to reflect
infra-red rays. Small quantities are also used in various
pharmaceutical applications, including the treatment of arthritis, and
&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">21</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Overview
of the Gold Industry</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
in medical implants. Future applications for
gold catalysts are in pollution control, clean energy generation and
fuel cell technology. In addition, work is under way on the use of gold
in cancer treatment.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Retail investment&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Retail investment demand covers coins and bars meeting the standards
for investment gold adopted by the European Union, extended to include
medallions of no less than 99% purity, and bars or coins which
are likely to be worn as jewelry in certain countries. Retail
investment is measured as net purchases by the ultimate
customer.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">22</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Operation
of the Gold Bullion Market&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The global trade in gold consists of
Over-the-Counter (OTC) transactions in spot, forwards, and options and
other derivatives, together with exchange-traded futures and
options.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">GLOBAL OVER-THE-COUNTER MARKET&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The OTC market
trades on a 24-hour per day continuous basis and accounts for most
global gold trading.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Market makers, as well as others in the OTC
market, trade with each other and with their clients on a
principal-to-principal basis. All risks and issues of credit are
between the parties directly involved in the transaction. Market makers
include the eight market-making members of the LBMA, the trade
association that acts as the coordinator for activities conducted on
behalf of its members and other participants in the London bullion
market.The eight market-making members of the LBMA are: Barclays Bank
plc, Deutsche Bank AG, HSBC Bank USA, N.A. (through its London branch),
J. Aron and Company (UK) (a division of Goldman Sachs), JPMorgan Chase
Bank, ScotiaMocatta (a division of the Bank of Nova Scotia),
Soci&eacute;t&eacute; G&eacute;n&eacute;rale, and UBS AG. The OTC
market provides a relatively flexible market in terms of quotes, price,
size, destinations for delivery and other factors. Bullion dealers
customize transactions to meet clients' requirements. The OTC
market has no formal structure and no open-outcry meeting place.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The main centers of the OTC market are London, New York and Zurich.
Mining companies, central banks, manufacturers of jewelry and
industrial products, together with investors and speculators, tend to
transact their business through one of these market centers. Centers
such as Dubai and several cities in the Far East also transact
substantial OTC market business, typically involving jewelry and small
bars (1 kilogram or less). Bullion dealers have offices around the
world and most of the world's major bullion dealers are either
members or associate members of the LBMA. Of the eight market-making
members of the LBMA, five offer clearing services. There are a further
51 full members, plus a number of associate members around the world.
The number of LBMA market-making, clearing and full members reported in
this prospectus are as of July 23, 2004. These numbers may change from
time to time as new members are added and existing members drop
out.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">In the OTC market, the standard size of gold trades between
market makers ranges between 5,000 and 10,000 ounces. Bid-offer spreads
are typically 50 US cents per ounce. Certain dealers are willing to
offer clients competitive prices for much larger volumes, including
trades over 100,000 ounces, although this will vary according to the
dealer, the client and market conditions, as transaction costs in the
OTC market are negotiable between the parties and therefore vary
widely. Cost indicators can be obtained from various information
service providers as well as dealers.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Liquidity in the OTC
market can vary from time to time during the course of the 24-hour
trading day. Fluctuations in liquidity are reflected in adjustments to
dealing spreads &ndash; the differential between a dealer's
"buy" and "sell"
prices. The period of greatest liquidity in the gold market generally
occurs at the time of day when trading in the European time zones
overlaps with trading in the United States, which is when OTC market
trading in London, New York and other centers coincides with futures
and options trading on the COMEX division of the New York Mercantile
Exchange. This period lasts for approximately four hours each New York
business day morning.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">The London Bullion
Market</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Although the market for physical gold is
distributed globally, most OTC market trades are cleared through
London. In addition to coordinating market activities, the LBMA acts as
the principal point of contact between the market and its regulators. A
primary function of the LBMA is its involvement in the promotion of
refining standards by maintenance of the "London Good
Delivery Lists," which are the lists of LBMA accredited
melters and assayers of gold. The LBMA also coordinates market clearing
and vaulting, promotes good trading practices and develops standard
documentation.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The term "loco London"
gold refers to gold physically held in London that meets the
specifications for weight, dimensions, fineness (or purity),
identifying marks (including the assay stamp of a LBMA &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">23</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Operation
of the Gold Bullion Market</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
acceptable refiner) and appearance set forth
in "The Good Delivery Rules for Gold and Silver
Bars" published by the LBMA. Gold bars meeting these
requirements are described in this prospectus from time to time as
"London Good Delivery Bars." The unit of
trade in London is the troy ounce, whose conversion between grams is:
1,000 grams = 32.1507465 troy ounces and 1 troy ounce = 31.1034768
grams. A London Good Delivery Bar is acceptable for delivery in
settlement of a transaction on the OTC market. Typically referred to as
400-ounce bars, a London Good Delivery Bar must contain between 350 and
430 fine troy ounces of gold, with a minimum fineness (or purity) of
995 parts per 1,000 (99.5%), be of good appearance and be easy
to handle and stack. The fine gold content of a gold bar is calculated
by multiplying the gross weight of the bar (expressed in units of 0.025
troy ounces) by the fineness of the bar. A London Good Delivery Bar
must also bear the stamp of one of the melters and assayers who are on
the LBMA approved list. Unless otherwise specified, the gold spot price
always refers to that of a London Good Delivery Bar. Business is
generally conducted over the phone and through electronic dealing
systems.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Twice daily during London trading hours there is a fix
which provides reference gold prices for that day's trading. Many
long-term contracts will be priced on the basis of either the morning
(AM) or afternoon (PM) London fix, and market participants will usually
refer to one or the other of these prices when looking for a basis for
valuations. The London fix is the most widely used benchmark for daily
gold prices and is quoted by various financial information sources.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Formal participation in the London fix is traditionally limited to
five members, each of which is a bullion dealer and a member of the
LBMA. N M Rothschild &amp; Sons Limited withdrew from participation in
the London fix in April 2004 after acting as chairman since the
inception of the fix more than 80 years ago. This prompted some changes
in the process which took effect from May 2004. The chairmanship now
rotates annually among the five member firms. Under this new
arrangement, ScotiaMocatta (a division of the Bank of Nova Scotia),
assumed the chairmanship on May 5, 2004, for a period of twelve months.
With effect from the same date, the fix has taken place by telephone
and the five member firms no longer meet face-to-face as was previously
the case. The morning session of the fix starts at 10:30 AM London time
and the afternoon session starts at 3:00 PM London time. The other
members of the gold fixing are currently Deutsche Bank AG, HSBC Bank
USA, N.A., Soci&eacute;t&eacute; G&eacute;n&eacute;rale and Barclays
Bank plc. Barclays Bank plc bought the N M Rothschild Limited's
seat on the London fix for an undisclosed sum. Any other market
participant wishing to participate in the trading on the fix is
required to do so through one of the five gold fixing members.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Orders are placed either with one of the five fixing members or with
another bullion dealer who will then be in contact with a fixing member
during the fixing. The fixing members net-off all orders when
communicating their net interest at the fixing. The fix begins with the
fixing chairman suggesting a "trying price,"
reflecting the market price prevailing at the opening of the fix. This
is relayed by the fixing members to their dealing rooms which have
direct communication with all interested parties. Any market
participant may enter the fixing process at any time, or adjust or
withdraw his order. The gold price is adjusted up or down until all the
buy and sell orders are matched, at which time the price is declared
fixed. All fixing orders are transacted on the basis of this fixed
price, which is instantly relayed to the market through various media.
The London fix is widely viewed as a full and fair representation of
all market interest at the time of the fix.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Futures
Exchanges</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The most significant gold futures exchanges
are the COMEX division of the New York Mercantile Exchange and the
Tokyo Commodity Exchange (TOCOM). The COMEX division of the New York
Mercantile Exchange is the largest exchange in the world for trading
precious metals futures and options and has been trading gold since
1974. The TOCOM has been trading gold since 1982. Trading on these
exchanges is based on fixed delivery dates and transaction sizes for
the futures and options contracts traded. Trading costs are negotiable.
As a matter of practice, only a small percentage of the futures market
turnover ever comes to physical delivery of the gold represented by the
contracts traded. Both exchanges permit trading on margin. Margin
trading can add to the speculative risk involved given the potential
for margin calls if the price moves against the contract holder. The
COMEX division of the &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">24</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
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<page>
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<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Operation
of the Gold Bullion Market</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
New York Mercantile Exchange operates through
a central clearance system. On June 6, 2003, TOCOM adopted a similar
clearance system. In each case, the exchange acts as a counterparty for
each member for clearing purposes.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Other
Exchanges</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">There are other gold exchange markets, such
as the Istanbul Gold Exchange (trading gold since 1995), the Shanghai
Gold Exchange (trading gold since October 2002) and the Hong Kong
Chinese Gold &amp; Silver Exchange Society (trading gold since
1918).&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Market Regulation</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The global gold
markets are overseen and regulated by both governmental and
self-regulatory organizations. In addition, certain trade associations
have established rules and protocols for market practices and
participants. In the United Kingdom, responsibility for the regulation
of the financial market participants, including the major participating
members of the LBMA, falls under the authority of the Financial
Services Authority (FSA) as provided by the Financial Services and
Markets Act 2000 (FSM Act). Under this act, all UK-based banks,
together with other investment firms, are subject to a range of
requirements, including fitness and properness, capital adequacy,
liquidity, and systems and controls.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The FSA is responsible for
regulating investment products, including derivatives, and those who
deal in investment products. Regulation of spot, commercial forwards,
and deposits of gold and silver not covered by the FSM Act is provided
for by The London Code of Conduct for Non-Investment Products, which
was established by market participants in conjunction with the Bank of
England.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Participants in the US OTC market for gold are
generally regulated by the market regulators which regulate their
activities in the other markets in which they operate. For example,
participating banks are regulated by the banking authorities. In the
United States, Congress created the CFTC in 1974 as an independent
agency with the mandate to regulate commodity futures and option
markets in the United States. The CFTC regulates market participants
and has established rules designed to prevent market manipulation,
abusive trade practices and fraud. The CFTC requires that any trader
holding an open position of more than 200 lots (i.e. 20,000 ounces) in
any one contract month on the COMEX division of the New York Mercantile
Exchange must declare his or her identity, the nature of his or her
business (hedging, speculative, etc.) and the existence and size of his
or her positions.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The <font style="text-transform: uppercase">Tocom</font> has authority to
perform financial and operational surveillance on its members'
trading activities, scrutinize positions held by members and
large-scale customers, and monitor the price movements of futures
markets by comparing them with cash and other derivative markets'
prices. To act as a Futures Commission Merchant Broker, a broker must
obtain a license from Japan's Ministry of Economy, Trade and
Industry (METI), the regulatory authority that oversees the operations
of the TOCOM.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">25</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Analysis
of Movements in the Price of Gold&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">As movements in the price of
gold are expected to directly affect the price of the Shares, investors
should understand what the recent movements in the price of gold have
been. Investors, however, should also be aware that past movements in
the gold price are not indicators of future movements. This section of
the prospectus identifies recent trends in the movements of the gold
price and discusses some of the important events which have influenced
these movements.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The following chart provides historical
background on the price of gold. The chart illustrates movements in the
price of gold in US dollars per ounce over the period from January 1971
to September 30, 2004, and is based on the London PM Fix.&nbsp;</p>
</div>
</div>
</div><div align="center" style="width:  642;"><img src="html_94538linechart1a.jpg" style="margin-top: 4pt;" align="middle"></div><div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The following
chart illustrates the movements in the price of gold in US dollars per
ounce over the period from January 1999 to September 30, 2004, and is
based on the London PM Fix. This period corresponds to the boxed
portion of the above
chart.&nbsp;</p>
</div>
</div>
</div><div align="center" style="width:  642;"><img src="html_94538linechart2a.jpg" style="margin-top: 4pt;" align="middle"></div></div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">26</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Analysis
of Movements in the Price of Gold</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">After reaching a 20-year low of $252.80
per ounce at the London PM Fix on July 20, 1999, the gold price
gradually increased. The average gold price for 2002 was $309.68 per
ounce, with a low of $277.75 and a high of $349.30. For 2003, the
average gold price was $363.32 per ounce, with a low of $319.90 and a
high of $416.25. In the period from January 1, 2004 to December 31,
2004, the gold price ranged between a high of $454.20 on December 2,
2004 and a low of $375.00 on May 10, 2004.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The initial reason for
the market's turnaround during 1999 was the strong rise in
physical demand, notably in price sensitive markets such as China,
Egypt, India and Japan. The sharp gold price rise in September 1999 was
largely a reflection of the Central Bank Gold Agreement, which removed
an important element of uncertainty from the market and led not just to
renewed professional interest in the market but also to short-covering
purchases. The Central Bank Gold Agreement underpinned improved
sentiment in the longer term (fears over official sector sales had been
a key element to negative sentiment across the market in the latter
part of the 1990s).&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Despite the Central Bank Gold Agreement, a
number of factors led to the gold price resuming a downward trend in
2000. These included renewed strength in the dollar (gold is often
perceived as a dollar hedge), strong global economic growth, low
inflation and, for much of the year, buoyant stock markets in the
United States and other key countries. This downward price trend
persisted into the early part of 2001. At this time the gold price once
again appeared to be approaching $250 per ounce but, as before, strong
physical demand from price sensitive markets such as India again
countered the downward trend.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Sentiment in the gold market
started to change in early 2001, and the gold price has shown an upward
trend since March of that year. A rapid economic slowdown occurred in
the world economy, while stock markets in the United States and other
key countries were falling. There was an end to the significant
disinvestment in gold in Europe and North America that had affected
gold prices during 2000. In addition, the rapid sequence of interest
rate cuts in the United States reduced the risk/reward ratio that had
previously been enjoyed by speculators who had been trading in the gold
market from the short side (i.e., selling forward or futures with a
view to buying back at a lower price). Lower interest rates reduced the
contango (i.e., the premium available on gold for future delivery)
available and this, combined with steady prices, meant that such trades
became increasingly unattractive. After the first quarter of 2001, some
mining companies started to reduce their hedge books, reducing the
amount of gold coming onto the market. Political uncertainties and the
continuing economic downturn after the attacks of September 11, 2001
added to demand for gold investments.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The continuation of the
upward price trend during the years 2002, 2003 and 2004 reflected
external issues such as the decline in the US dollar relative to other
currencies, volatility in equity markets, doubts over global economic
recovery other than in China and East Asia, concern over corporate
governance issues, and growing political tension, including the rise in
terrorism. Developments internal to the gold market such as rising
investment demand, the announcement of the renewed Central Bank Gold
Agreement, and the continued reduction in forward selling by mining
companies also played an important
role.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">27</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Business
of the Trust&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The investment objective of the Trust is for the
Shares to reflect the performance of the price of gold bullion, less
the Trust's expenses. The Sponsor believes that, for many
investors, the Shares represent a cost-effective investment relative to
traditional means of investing in gold. As the value of the Shares is
tied to the value of the gold held by the Trust, it is important in
understanding the investment attributes of the Shares to first
understand the investment attributes of gold.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">The Case
for Investing in Gold</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">All forms of investment carry
some degree of risk. In addition, the Shares have certain unique risks,
as described in "Risk Factors" starting on
page 7. Holding gold directly also has risks. However, including gold
in a well-balanced portfolio can help diversify risk.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Gold's ability to serve as a portfolio diversifier is due to
its historically low-to-negative correlation with stocks and bonds. The
economic forces that determine the price of gold are different from the
forces that determine the prices of most financial assets. For example,
the price of a stock often depends on the earnings or growth potential
of the issuing company or the confidence investors have in its
management. The price of a bond depends primarily on its credit rating,
its yield and the yields of competing fixed income investments. The
price of gold, however, depends on different factors, including the
supply and demand for gold, the strength or weakness of the US dollar,
the rate of inflation and interest rates and the current political
environment. Gold does not depend on a promise to pay on the part of
any government or corporation, as is the case with investments in money
market instruments as well as in the corporate and government bond
markets. Gold is not directly affected by the economic policies of any
individual country and cannot be repudiated, as is the case with paper
assets. Gold is not subject to the risk of default or bankruptcy. Gold
cannot be created at will as can paper-backed assets.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Some of
gold's investment attributes are shared with traditional
portfolio diversifiers, which include non-US equities, emerging markets
securities, real estate investment trusts, and domestic and foreign
bonds. Gold historically has had little correlation with these
traditional diversifiers and low-to-negative correlation with the
Standard &amp; Poor's 500 Index, which is widely regarded as the
standard for measuring the stock market performance of large
capitalized US companies. In the search for effective diversification,
investors have begun to turn to a variety of non-traditional
diversifiers. These non-traditional diversifiers include hedge and
private equity funds, commodities, timber and forestry, fine art and
collectibles. Gold has one or more of the following advantages over
each of these non-traditional diversifiers: greater liquidity, lower
risk and lower management and holding costs.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Strategy
behind the Shares</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Shares are intended to offer
investors a new and different opportunity to participate in the gold
market through an investment in securities. Certain pension funds which
have not been able to participate in the gold market are expected to be
able to purchase and hold the Shares. Historically, the logistics of
buying, storing and insuring gold have constituted a barrier to entry
for some institutional and retail investors alike. The offering of the
Shares is intended to overcome these barriers to entry. The logistics
of storing and insuring gold are dealt with by the Custodian and the
related expenses are built into the price of the Shares. Therefore, the
investor does not have any additional tasks or costs over and above
those associated with dealing in any other publicly traded
security.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">28</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Business
of the Trust</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Shares are intended to provide
institutional and retail investors with a simple and cost-efficient
means of gaining investment benefits similar to those of holding gold
bullion. The Shares offer an investment that is:&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: normal; font-style: italic">Easily
Accessible.&nbsp;&nbsp;&nbsp;&nbsp;</font>Investors can access the gold market through a
traditional brokerage account. The Sponsor believes that investors will
be able to more effectively implement strategic and tactical asset
allocation strategies that use gold by using the Shares instead of
using the traditional means of purchasing, trading and holding
gold.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: normal; font-style: italic">Relatively Cost
Efficient.</font>&nbsp;&nbsp;&nbsp;&nbsp;The Sponsor believes that, for many investors,
transaction costs related to the Shares will be lower than those
associated with the purchase, storage and insurance of physical
gold.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: normal; font-style: italic">Exchange
Traded.</font>&nbsp;&nbsp;&nbsp;&nbsp;The Shares trade on the NYSE, providing investors with
an efficient means to implement various investment strategies. The
Shares are eligible for margin accounts.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: normal; font-style: italic">Transparent.</font>&nbsp;&nbsp;&nbsp;&nbsp;The Shares
are backed by the assets of the Trust and the Trust will not hold or
employ any derivative securities. Further, the value of the
Trust's holdings will be reported on the Trust's website
each business day.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Secondary Market Trading</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">While the Trust's investment objective is for the Shares to
reflect the performance of gold bullion, less the expenses of the
Trust, the Shares may trade in the secondary market on the NYSE at
prices that are lower or higher relative to their NAV per Share. The
amount of the discount or premium in the trading price relative to the
NAV per Share may be influenced by non-concurrent trading hours between
the COMEX division of the New York Mercantile Exchange and the NYSE.
While the Shares trade on the NYSE until 4:15 PM New York time,
liquidity in the global gold market will be reduced after the close of
the COMEX division of the New York Mercantile Exchange at 1:30 PM New
York time. As a result, during this time, trading spreads, and the
resulting premium or discount, on the Shares may widen.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">License Agreement</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">In connection with the
settlement of a lawsuit between the WGC, WGTS and BNY concerning the
ownership of certain intellectual property related to the Trust and
BNY's contractual entitlement to act as the trustee of the Trust,
BNY has agreed to serve as the trustee of the Trust. In addition, while
the WGC and WGTS do not agree that BNY owns any of the intellectual
property involved with the Trust, the WGC and WGTS have entered into a
license agreement with BNY under which BNY grants to the WGC and WGTS a
perpetual, world-wide, non-exclusive, non-transferable license under
BNY's patents and patent applications that cover securitized gold
products solely for the purpose of establishing, operating and
marketing any securitized gold financial product that is sold,
sponsored or issued by the WGC or WGTS. Also under the license
agreement, the WGC and WGTS grant to BNY a perpetual, world-wide,
non-exclusive, non-transferable license under their patents, patent
applications and other intellectual property rights solely for the
purpose of establishing, operating and marketing financial products
involving the securitization of any commodity, including
gold.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">TRUST EXPENSES&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee will sell gold as
needed to pay the expenses of the Trust, as described below. The
Trust's estimated ordinary operating expenses are accrued daily
commencing after the first day of the trading of the Shares on the NYSE
and are reflected in the NAV of the Trust. The ordinary operating
expenses of the Trust include (1) fees paid to the Sponsor, (2) fees
paid to the Trustee, (3) fees paid to the Custodian, (4) fees paid to
the Marketing Agent and (5) various Trust administration fees,
including printing and mailing costs, legal and audit fees,
registration fees and NYSE listing fees. The Sponsor is responsible for
the costs of the Trust's organization and the initial sale of the
Shares, including the applicable SEC registration fees. The Trustee
charged no fee and assumed the Trust's operating expenses (other
than extraordinary expenses) for the period from the Trust's
formation through the day the Shares commenced trading on the NYSE. The
Trustee and the Sponsor have entered into a separate agreement relating
to &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">29</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Business
of the Trust</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
payment by the Sponsor to the Trustee for
this period. These payments are not reimbursable to the Sponsor by the
Trust. If the Sponsor fails to pay the Trustee under such agreement,
the Trustee may recover the unpaid amounts from the assets of the
Trust, and may sell the Trust's gold as necessary to provide
funds for such unpaid amounts.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Fees are paid to the Sponsor as
compensation for services performed under the Trust Indenture and for
services performed in connection with maintaining the Trust's
website and marketing the Shares. The Sponsor's fee is payable
monthly in arrears and is accrued daily at an annual rate equal to
0.15% of the ANAV of the Trust, subject to reduction as
described below. The Sponsor will receive reimbursement from the Trust
for all of its disbursements and expenses incurred in connection with
the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Fees are paid to the Trustee as compensation for
services performed under the Trust Indenture. The Trustee's fee
is payable monthly in arrears and is accrued daily at an annual rate
equal to 0.02% of the ANAV of the Trust, subject to a minimum
fee of $500,000 and a maximum fee of $2 million per year. The
Trustee's fee is subject to modification as determined by the
Trustee and the Sponsor in good faith to account for significant
changes in the Trust's administration or the Trustee's
duties. The Trustee charges the Trust for its expenses and
disbursements incurred in connection with the Trust (including the
expenses of the Custodian paid by the Trustee), exclusive of fees of
agents for services to be performed by the Trustee, and for any
extraordinary services performed by the Trustee for the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Fees are paid to the Custodian under the Allocated Bullion Account
Agreement as compensation for its custody services. Under the Allocated
Bullion Account Agreement, the Custodian is entitled to a fee that is
accrued daily at an annual rate equal to 0.10% of the average
daily aggregate value of the gold held in the Trust Allocated Account
and the Trust Unallocated Account, payable in quarterly installments in
arrears. Beginning January 1, 2005, the Custodian's fee will be
payable monthly in arrears. The Custodian does not receive a fee under
the Unallocated Bullion Account Agreement.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Fees are paid to the
Marketing Agent by the Trustee from the assets of the Trust as
compensation for services performed pursuant to the Marketing Agent
Agreement. The Marketing Agent's fee is payable monthly in
arrears and is accrued daily at an annual rate equal to 0.15% of
the ANAV of the Trust, subject to reduction as described below.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The administration fees of the Trust are currently estimated to be
approximately $663,000 per year. These estimated fees include the
following (1) legal fees of approximately $175,000 per year,
(2) audit and quarterly review fees of approximately $268,000
per year, (3) market data fees of approximately $15,000 per
year, (4) NYSE fees of $5,000 in the first year and $2,000 per
year afterwards, and (5) printing fees of approximately $200,000 per
year. In addition, administration fees will include the SEC and
National Association of Securities Dealers, Inc. (NASD) registration
fees applicable to any future registration of additional Shares.
Investors should be aware that administration fees are likely to
increase over time due to increases in the fees of service providers to
the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee will sell gold held by the Trust on an
as-needed basis to pay the Trust's expenses. As a result, the
amount of gold to be sold will vary from time to time depending on the
level of the Trust's expenses and the market price of gold. Cash
held by the Trustee will not bear any interest.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Shareholders do
not have the option of choosing to pay their proportionate share of the
Trust's expenses in lieu of having their share of expenses paid
by the sale of the Trust's gold. Each sale of gold by the Trust
will be a taxable event to Shareholders. See "United
States Federal Tax Consequences &mdash; Taxation of US
Shareholders."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Fee Reduction&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">For
seven years from the date of the Trust Indenture or until the earlier
termination of the Marketing Agent Agreement, if at the end of any
month during this period the estimated ordinary expenses of the Trust
exceed an amount equal to 0.40% per year of the daily ANAV of
the Trust for such month, the fees payable to the Sponsor and the
Marketing Agent from the assets of the Trust for such month will be
reduced by the amount of such excess in equal shares up to the amount
of their fees. Investors should be aware that if the gross value of the
Trust assets is less than approximately $388 million, the ordinary
expenses of the Trust will be accrued at a rate greater than
0.40% per year of the daily ANAV of the &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">30</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Business
of the Trust</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
Trust, even after the Sponsor and the
Marketing Agent have completely reduced their combined fees of
0.30% per year of the daily ANAV of the Trust. This amount is
based on the estimated ordinary expenses of the Trust described in
"Business of the Trust &mdash; Trust
Expenses" and may be higher if the Trust's actual
ordinary expenses exceed those estimates. Upon the end of the seven
year period or the earlier termination of the Marketing Agent
Agreement, the fee reduction will expire. See "Risk
Factors &mdash; When the fee reduction terminates or expires . .
.."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Pro Forma Impact of Trust
Expenses&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Each time the Trust's gold is sold to pay the
Trust's expenses, the amount of gold represented by each
outstanding Share will be reduced. This is true even if additional
Shares are issued in exchange for additional deposits of gold into the
Trust, as the amount of gold required to create Shares will
proportionately reflect the amount of gold represented by the Shares
outstanding at the time an order to create Shares is placed.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
following table demonstrates the impact of the Trust's
anticipated ordinary operating expenses on the NAV of the Trust over a
five-year period, based on the following assumptions (1) a beginning
NAV of $1,453 million, based on 40 million Shares issued in exchange
for 4 million ounces of gold at a price of $363.23 per ounce, the
average London PM Fix price in calendar year 2003, (2) no creations or
redemptions of Baskets over the five-year period, (3) constant annual
administrative expenses of $663,000 for the periods presented below,
and (4) all expenses accrued during the periods presented below have
been paid as of the end of such periods. The Trust may incur costs of
extraordinary services and other expenses not reflected in this table.
See "Description of the Trust Indenture &mdash; Expenses
of the Trust &mdash; Other expenses." These extraordinary
expenses include amounts required to be paid from the Trust for certain
indemnifications to the extent such indemnifications are not made by
the Sponsor as described under "Risk Factors &mdash; The
Trust's obligation to reimburse the Marketing Agent, the
Authorized Participants and certain parties
..&nbsp;.&nbsp;." See also "Risk Factors
&mdash; When the fee reduction terminates or expires
..&nbsp;.&nbsp;."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor will not as a
matter of course make public projections as to future results of the
Trust. However, as the Trust currently has a very limited operating
history, the Sponsor has prepared the pro forma information set forth
below to illustrate the impact of the Trust's anticipated
ordinary operating expenses on the NAV of the Trust and the impact of
increases and decreases in the gold price on the NAV of the Trust,
based on the identified assumptions and qualifications. The below pro
forma information was not prepared with a view toward complying with
the guidelines established by the American Institute of Certified
Public Accountants with respect to prospective financial information,
but, in the Sponsor's view, was prepared on a reasonable basis.
This pro forma information is not fact and should not be relied upon as
being necessarily indicative of future results, and you are cautioned
not to place undue reliance on this information.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: normal; font-style: italic">Neither the
Trust's independent auditors, nor any other independent
accountants, have compiled, examined, or performed any procedures with
respect to the pro forma information contained in this prospectus, nor
have they expressed any opinion or any other form of assurance on this
information or its achievability, and assume no responsibility for, and
disclaim any association with, this information.</font>&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">31</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Business
of the Trust</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Calculation of NAV: Assuming
a Constant Gold
Price&nbsp;</p>
</div>
</div>
</div>

<table cellpadding="0" cellspacing="0" border="0" width="642">
<tr>
<td>
<div style="width: 114.1525pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 26.42375pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.975pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 6.975pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 29.05pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 6.975pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.975pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 11.975pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 6.975pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 27.05pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 6.975pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.975pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.725pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 6.725pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 27.55pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 6.725pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.725pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.725pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 6.725pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 27.55pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 6.725pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.725pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.17625pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 6.17625pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 27.6475pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 6.17625pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td>
</tr>
<tr>
<!--CT: header-->
<!--CP: 1-->
<td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">&nbsp;</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td>&nbsp;</td><td colspan="22" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">Year</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: header-->
<!--CP: 1-->
<td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">1</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">2</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">3</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">4</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">5</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
</tr>
<tr>
<!--CT: header-->
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<td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">&nbsp;</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td>&nbsp;</td><td colspan="22" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; "><font style="font-weight: normal; font-style: normal">(thousands, except per share and
per ounce)</font></td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; "><font style="font-weight: bold; font-style: normal">Beginning
Statistics:</font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Gold
price per ounce<sup>1</sup></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;363.23</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;363.23</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;363.23</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;363.23</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;363.23</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Shares</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;40,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;40,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;40,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;40,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;40,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Ounces</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;4,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;3,984</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;3,968</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;3,952</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;3,936</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 20pt; text-indent: -10pt;">Ounces per
Share</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.1000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.0996</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.0992</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.0988</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.0984</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">NAV<sup>2</sup></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,452,920</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,447,111</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,441,325</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,435,563</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,429,823</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 20pt; text-indent: -10pt;">NAV per Share<sup>2</sup></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;36.32</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;36.18</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;36.03</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;35.89</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;35.75</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Adjusted NAV<sup>3</sup></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,452,257</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,446,448</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,440,662</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,434,900</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,429,160</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">&nbsp;</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; "><font style="font-weight: bold; font-style: normal">Annual
Expenses:</font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Ordinary
operating expenses</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;5,809</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;5,786</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;5,763</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;5,740</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;5,717</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 20pt; text-indent: -10pt;"><font style="font-weight: normal; font-style: italic">% Daily
ANAV</font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.40</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.40</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.40</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.40</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.40</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Ounces of gold sold</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;15.99</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;15.93</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;15.87</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;15.80</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;15.74</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">&nbsp;</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; "><font style="font-weight: bold; font-style: normal">Ending
Statistics:</font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Gold
price per ounce<sup>1</sup></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;363.23</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;363.23</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;363.23</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;363.23</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;363.23</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Shares</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;40,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;40,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;40,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;40,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;40,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Ounces</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;3,984</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;3,968</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;3,952</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;3,936</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;3,921</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 20pt; text-indent: -10pt;">Ounces per
Share</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.0996</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.0992</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.0988</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.0984</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;0.0980</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">NAV<sup>2</sup></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,447,111</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,441,325</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,435,563</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,429,823</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;1,424,106</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 20pt; text-indent: -10pt;">NAV per Share<sup>2</sup></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;36.18</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;36.03</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;35.89</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;35.75</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;35.60</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
</table>
<br>

<div style="clear:left; padding: 0pt; margin: 0pt; width: 456pt; padding-left: 0pt; " >
<div style="margin-top: 6pt; width: 60pt; height: 1pt; background: #000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 10pt; color: #000000; font-weight: normal; font-style: italic; font-family: serif; font-size: 8pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">(1)&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 10pt; color: #000000; font-weight: normal; font-style: italic; font-family: serif; font-size: 8pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Average London PM Fix
price in calendar-year
2003.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 10pt; color: #000000; font-weight: normal; font-style: italic; font-family: serif; font-size: 8pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">(2)&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 10pt; color: #000000; font-weight: normal; font-style: italic; font-family: serif; font-size: 8pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Assumes no accrued
but unpaid expenses.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 10pt; color: #000000; font-weight: normal; font-style: italic; font-family: serif; font-size: 8pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">(3)&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 10pt; color: #000000; font-weight: normal; font-style: italic; font-family: serif; font-size: 8pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Adjusted NAV = NAV less $663,000
of estimated annual administrative expenses.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The following
table demonstrates the impact that increases and decreases in the price
of gold will have on the NAV of the Trust. The table is based on the
same assumptions and qualifications as the preceding table and on the
additional assumption that the initial gold price of $363.23 per ounce
increases or decreases by 5.0% per year over the identified
five-year period. The NAV per Share figures in the below table include
the impact of the sales of gold identified in the preceding
table.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Calculation of NAV: Assuming an Increasing
and Decreasing Gold Price&nbsp;</p>
</div>
</div>
</div>

<table cellpadding="0" cellspacing="0" border="0" width="642">
<tr>
<td>
<div style="width: 116.965pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 27.0175pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.975pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 6.975pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 29.05pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 6.975pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.975pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 11.975pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 6.975pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 27.05pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 6.975pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.975pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.725pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 6.725pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 27.55pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 6.725pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.725pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.725pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 6.725pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 27.55pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 6.725pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.725pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 8.58125pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 5.58125pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 24.8375pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 5.58125pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td>
</tr>
<tr>
<!--CT: header-->
<!--CP: 1-->
<td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; ">&nbsp;</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td>&nbsp;</td><td colspan="22" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">Year</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: header-->
<!--CP: 1-->
<td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">Ending Statistics</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">1</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">2</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">3</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">4</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td style="border-bottom: 1px solid #000000;">&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">5</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; "><font style="font-weight: bold; font-style: normal">Increasing Price
Scenario:</font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Gold
price per ounce</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;381.39</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;400.46</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;420.48</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;441.51</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;463.58</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 20pt; text-indent: -10pt;"><font style="font-weight: normal; font-style: italic">Year-on-year
change</font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;5.0</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;5.0</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;5.0</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;5.0</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;5.0</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">NAV per share</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;37.99</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;39.73</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;41.56</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;43.47</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;45.46</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">&nbsp;</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; "><font style="font-weight: bold; font-style: normal">Decreasing
Price
Scenario:</font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Gold
price per ounce</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;345.07</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;327.82</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;311.42</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;295.85</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;281.06</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 20pt; text-indent: -10pt;"><font style="font-weight: normal; font-style: italic">Year-on-year
change</font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;(5.0</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%)&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;(5.0</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%)&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;(5.0</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%)&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;(5.0</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%)&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;(5.0</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">%)&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">NAV per share</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;34.37</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;32.51</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;30.76</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;29.10</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt;  vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;27.53</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
</table>
<br>

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<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">32</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
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<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Description
of the Trust&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust is an
investment trust, formed on November 12, 2004 under New York law
pursuant to the Trust Indenture. The Trust holds gold and is expected
from time to time to issue Baskets in exchange for deposits of gold and
to distribute gold in connection with redemptions of Baskets. The
investment objective of the Trust is for the Shares to reflect the
performance of the price of gold bullion, less the Trust's
expenses. The Sponsor believes that, for many investors, the Shares
represent a cost-effective investment relative to traditional means of
investing in gold. The material terms of the Trust Indenture are
discussed under "Description of the Trust
Indenture." The Shares represent units of fractional
undivided beneficial interest in and ownership of the Trust. The Trust
is not managed like a corporation or an active investment vehicle. The
gold held by the Trust will only be sold (1) on an as-needed basis to
pay Trust expenses, (2) in the event the Trust terminates and
liquidates its assets, or (3) as otherwise required by law or
regulation. The sale of gold by the Trust is a taxable event to
Shareholders. See "United States Federal Tax Consequences
&mdash; Taxation of US Shareholders."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust is
not registered as an investment company under the Investment Company
Act of 1940 and is not required to register under such act. The Trust
will not hold or trade in commodity futures contracts regulated by the
CEA, as administered by the CFTC. The Trust is not a commodity pool for
purposes of the CEA, and none of the Sponsor, the Trustee or the
Marketing Agent is subject to regulation as a commodity pool operator
or a commodity trading adviser in connection with the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Trust will create and redeem Shares from time to time but only in
Baskets (a Basket equals a block of 100,000 Shares). The number of
outstanding Shares is expected to increase and decrease from time to
time as a result of the creation and redemption of Baskets. The
creation and redemption of Baskets requires the delivery to the Trust
or the distribution by the Trust of the amount of gold and any cash
represented by the Baskets being created or redeemed. The total amount
of gold and any cash required for the creation of Baskets is based on
the combined NAV of the number of Baskets being created or redeemed.
The initial amount of gold required for deposit with the Trust to
create Shares for the period from the formation of the Trust to the
first day of trading of the Shares on the NYSE was 10,000 ounces per
Basket. The number of ounces of gold required to create a Basket or to
be delivered upon a redemption of a Basket will gradually decrease over
time. This is because the Shares comprising a Basket will represent a
decreasing amount of gold due to the sale of the Trust's gold to
pay the Trust's expenses. Baskets may be created or redeemed only
by Authorized Participants, who pay a transaction fee of $2,000 for
each order to create or redeem Baskets. Authorized Participants may
sell to other investors all or part of the Shares included in the
Baskets they purchase from the Trust. See "Plan of
Distribution."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee determines the NAV of
the Trust on each day that the NYSE is open for regular trading, at the
earlier of the London PM Fix for such day or 12:00 PM New York time.
The NAV of the Trust is the aggregate value of the Trust's assets
less its estimated accrued but unpaid liabilities (which include
accrued expenses). In determining the Trust's NAV, the Trustee
values the gold held by the Trust based on the London PM Fix price for
an ounce of gold. The Trustee also determines the NAV per Share. If on
a day when the Trust's NAV is being calculated the London PM Fix
is not available or has not been announced by 12:00 PM New York
time, the gold price from the next most recent London fix (AM or PM)
will be used, unless the Trustee determines that such price is
inappropriate to use.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust's assets will only consist
of allocated gold bullion, gold credited to an unallocated gold account
and, from time to time, cash, which will be used to pay expenses.
Except for the transfer of gold in or out of the Trust Unallocated
Account in connection with the creation or redemption of Baskets or
upon a sale of gold to pay the Trust's expenses, it is
anticipated that only a small amount of unallocated gold will be held
in the Trust Unallocated Account. Cash held by the Trust will not
generate any income. The Trust will not hold any derivative
instruments. Each Share represents a proportional interest, based on
the total number of Shares outstanding, in the gold and any cash held
by the Trust, less the Trust's liabilities (which include accrued
but unpaid fees and expenses). The Sponsor expects that the secondary
market trading price of the Shares will fluctuate over time in response
to the price of gold. In addition, the Sponsor expects that the trading
price of the Shares will reflect the estimated accrued but unpaid
expenses of the Trust.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">33</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Description
of the Trust</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Investors may obtain on a 24-hour basis
gold pricing information based on the spot price for an ounce of gold
from various financial information service providers. Current spot
prices are also generally available with bid/ask spreads from gold
bullion dealers. In addition, the Trust's website will provide
ongoing pricing information for gold spot prices and the Shares. Market
prices for the Shares will be available from a variety of sources
including brokerage firms, information websites and other information
service providers. The NAV of the Trust will be published by the
Sponsor on each day that the NYSE is open for regular trading and will
be posted on the Trust's website.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust has no fixed
termination date and will terminate upon the occurence of a termination
event listed in the Trust Indenture. See "Description of
the Trust Indenture &mdash; Termination of the
Trust."&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">34</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Sponsor&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor is a Delaware limited liability company and
was formed on July 17, 2002. The Sponsor's office is located at
444 Madison Avenue, 3<sup>rd</sup> Floor, New York, New York 10022.
Under the Delaware Limited Liability Company Act and the governing
documents of the Sponsor, the WGC, the sole member of the Sponsor, is
not responsible for the debts, obligations and liabilities of the
Sponsor solely by reason of being the sole member of the Sponsor. The
WGC's members have funded the estimated ordinary operating
expenses of the Sponsor through 2004, including the costs associated
with the initial registration of the Shares and the listing of the
Shares on the NYSE. The WGC has provided $3 million in funding
to cover the estimated ordinary expenses of the Sponsor for 2005 and
2006.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">the sponsor's role</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Sponsor is responsible for establishing the Trust and for the
registration of the Shares. The Sponsor generally oversees the
performance of the Trustee and the Trust's principal service
providers, but does not exercise day-to-day oversight over the Trustee
or such service providers. The Sponsor will regularly communicate with
the Trustee to monitor the overall performance of the Trust. The
Sponsor, with assistance and support from the Trustee, is responsible
for preparing and filing periodic reports on behalf of the Trust with
the SEC and will provide any required certification for such reports.
The Sponsor will designate the independent certified public accountants
of the Trust and may from time to time employ legal counsel for the
Trust. In accordance with the Trust Indenture, to assist the Sponsor in
marketing the Shares the Sponsor has entered into the Marketing Agent
Agreement with the Marketing Agent and the Trust. The Sponsor may also
from time to time employ other additional or successor marketing agents
after such time as when the Marketing Agent Agreement is no longer in
effect. The fees and expenses of the Marketing Agent and any additional
or successor marketing agent will be paid by the Trustee from the
assets of the Trust. See "The Marketing
Agent" for more information about the Marketing Agent. The
Sponsor maintains a public website on behalf of the Trust, which
contains information about the Trust and the Shares, and oversees
certain Shareholder services, such as a call center and prospectus
fulfillment.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor may direct the Trustee, but only as
provided in the Trust Indenture. For example, the Sponsor may direct
the Trustee to sell the Trust's gold to pay expenses, to suspend
a redemption order or postpone a redemption settlement date or to
terminate the Trust if certain criteria are met. The Sponsor
anticipates that if the NAV of the Trust is less than $350 million (as
adjusted for inflation) at any time after the first anniversary of the
Trust's inception that the Sponsor will, in accordance with the
Trust Indenture, direct the Trustee to terminate and liquidate the
Trust. The Sponsor may remove the Trustee and appoint a successor (1)
if the Trustee commits certain willful bad acts in performing its
duties or willfully disregards its duties, (2) if the Trustee acts in
bad faith in performing its duties, (3) if the Trustee's
creditworthiness has materially deteriorated or (4) if the
Trustee's negligent acts or omissions have had a material adverse
effect on the Trust or the interests of Shareholders and the Trustee
has not cured the material adverse effect within a certain period of
time and established that the material adverse effect will not recur.
The Sponsor will remove the Trustee if the Trustee does not meet the
qualifications for a trustee under the Trust Indenture. See
"Description of the Trust Indenture &mdash; The Trustee
&mdash; Resignation, discharge or removal of Trustee; successor
trustees" for more information.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor may
direct the Trustee to employ one or more other custodians in addition
to or in replacement of the Custodian, provided that the Sponsor
may not direct the employment of an additional or successor custodian
without the Trustee's consent if the employment would have
a material adverse effect on the Trustee's ability to
perform its duties. The Sponsor's approval is required for the
Trustee to employ one or more other custodians selected by the Trustee
for the safekeeping of gold and for services in connection with
the deposit and delivery of gold. The Sponsor may permit the Trustee to
enter into the custody agreements applicable to an additional or
successor custodian without satisfaction of the requirements for such
custody agreements set forth in the Trust Indenture.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Fees are
paid to the Sponsor as compensation for services performed under the
Trust Indenture and for services performed in connection with
maintaining the Trust's website and marketing the Shares. The
Sponsor's fee is payable monthly in arrears and is accrued daily
at an annual rate equal to 0.15% of the &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">35</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">The
Sponsor</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
ANAV of the Trust. The Sponsor will receive
reimbursement from the Trust for all of its disbursements and expenses
incurred in connection with the Trust. If at the end of any month
during the period ending seven years from the date of the Trust
Indenture or upon the earlier termination of the Marketing Agent
Agreement the estimated ordinary expenses of the Trust exceed an amount
equal to 0.40% per year of the daily ANAV of the Trust for such
month, the Sponsor's fee is subject to reduction. See
"Business of the Trust &mdash; Trust Expenses &mdash; Fee
Reduction."&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">36</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Trustee&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">BNY, a banking corporation organized under the laws of
the State of New York with trust powers, serves as the Trustee. BNY has
a trust office at 2 Hanson Place, Brooklyn, New York 11217. BNY is
subject to supervision by the New York State Banking Department and the
Board of Governors of the Federal Reserve System. Information regarding
creation and redemption Basket composition, NAV of the Trust,
transaction fees and the names of the parties that have each executed a
Participant Agreement may be obtained from BNY. A copy of the Trust
Indenture is available for inspection at BNY's trust office
identified above. Under the Trust Indenture, the Trustee is required to
maintain capital, surplus and undivided profits of $500 million.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">The Trustee's Role</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee is
generally responsible for the day-to-day administration of the Trust,
including keeping the Trust's operational records.  The
Trustee's principal responsibilities include (1) selling the
Trust's gold as needed to pay the Trust's expenses (gold
sales are expected to occur approximately monthly in the ordinary
course), (2) calculating the NAV of the Trust and the NAV per Share,
(3) receiving and processing orders from Authorized Participants to
create and redeem Baskets and coordinating the processing of such
orders with the Custodian and DTC, and (4) monitoring the
Custodian. If the Trustee determines that maintaining gold with the
Custodian is not in the best interest of the Trust, the Trustee must so
advise the Sponsor, who may direct the Trustee to take certain actions
in respect of the Custodian. In the absence of such instructions, the
Trustee may initiate action to remove the gold from the Custodian. The
ability of the Trustee to monitor the performance of the Custodian may
be limited because under the Custody Agreements the Trustee may, only
up to twice a year, visit the premises of the Custodian for the purpose
of examining the Trust's gold and certain related records
maintained by the Custodian. In addition, the Trustee has no right to
visit the premises of any subcustodian for the purposes of examining
the Trust's gold or any records maintained by the subcustodian,
and no subcustodian is obligated to cooperate in any review the Trustee
may wish to conduct of the facilities, procedures, records or
creditworthiness of such subcustodian.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee intends to
regularly communicate with the Sponsor to monitor the overall
performance of the Trust. The Trustee, along with the Sponsor,
will liaise with the Trust's legal, accounting and other
professional service providers as needed. The Trustee will assist and
support the Sponsor with the preparation of all periodic reports
required to be filed with the SEC on behalf of the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Fees
are paid to the Trustee as compensation for services performed under
the Trust Indenture. The Trustee's fee is payable monthly in
arrears and is accrued daily at an annual rate equal to 0.02% of
the ANAV of the Trust, subject to a minimum fee of $500,000 and a
maximum fee of $2 million per year. The Trustee's fee is subject
to modification by the Trustee and the Sponsor in good faith to account
for significant changes in the Trust's administration or the
Trustee's duties. The Trustee will charge the Trust for its
expenses and disbursements incurred in connection with the Trust
(including the expenses of the Custodian paid by the Trustee),
exclusive of fees of agents for services to be performed by the
Trustee, and for any extraordinary services performed by the Trustee
for the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Affiliates of the Trustee may from time to time
act as Authorized Participants or purchase or sell gold or Shares for
their own account, as agent for their customers and for accounts over
which they exercise investment discretion.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">37</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">HSBC serves as the
Custodian of the Trust's gold. HSBC is a national banking
association organized under the laws of the United States of America.
HSBC is subject to supervision by the Federal Reserve Bank of New York
and the Federal Deposit Insurance Corporation. HSBC's London
custodian office is located at 8 Canada Square, London, E14 5HQ, United
Kingdom. In addition to supervision and examination by the US federal
banking authorities, HSBC's London custodian operations are
subject to supervision by the FSA.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The global parent company of
HSBC is HSBC Holdings plc (HSBC Group), a public limited company
incorporated in England. HSBC Group had over $81 billion in capital as
of June 30, 2004.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">The Custodian's
Role</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian is responsible for safekeeping for
the Trust gold deposited with it by Authorized Participants in
connection with the creation of Baskets. The Custodian is also
responsible for selecting its direct subcustodians, if any. The
Custodian facilitates the transfer of gold in and out of the Trust
through the unallocated gold accounts it maintains for each Authorized
Participant and the unallocated and allocated gold accounts it
maintains for the Trust. The Custodian is responsible for allocating
specific bars of gold bullion to the Trust Allocated Account. The
Custodian will provide the Trustee with regular reports detailing the
gold transfers in and out of the Trust Unallocated Account and the
Trust Allocated Account and identifying the gold bars held in the Trust
Allocated Account.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Fees are paid to the Custodian under the
Allocated Bullion Account Agreement as compensation for its custody
services. Under the Allocated Bullion Account Agreement, the Custodian
is entitled to a fee that is accrued daily at an annual rate equal to
0.10% of the average daily aggregate value of the gold held in
the Trust Allocated Account and the Trust Unallocated Account, payable
in quarterly installments in arrears. Beginning January 1, 2005, the
Custodian's fee is payable monthly in arrears. The Custodian does
not receive a fee under the Unallocated Bullion Account Agreement.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian and its affiliates may from time to time act as
Authorized Participants or purchase or sell gold or Shares for their
own account, as agent for their customers and for accounts over which
they exercise investment discretion.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">38</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Marketing Agent&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">State Street Global Markets, LLC, a
wholly-owned subsidiary of State Street Corporation, acts as the
Marketing Agent. The Marketing Agent is a registered
broker-dealer with the SEC, and is a member of NASD, the Municipal
Securities Rulemaking Board, the National Futures Association and the
Boston Stock Exchange. The Marketing Agent's office is located at
State Street Financial Center, One Lincoln Street, Boston,
Massachusetts 02111.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">The Marketing Agent's
Role</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Marketing Agent is assisting the Sponsor in
(1) developing a marketing plan for the Trust on an ongoing basis, (2)
preparing marketing materials regarding the Shares, including the
content of the Trust's website, (3) executing the marketing plan
for the Trust, (4) incorporating gold into its strategic and tactical
exchange-traded fund research, and (5) licensing the
"streetTRACKS<sup>&reg;</sup>" trademark.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Under the Marketing Agent Agreement, the Marketing Agent is paid a
fee for its services from the assets of the Trust in an amount equal to
0.15% per year of the daily ANAV of the Trust, payable monthly
in arrears. If at the end of any month during the period ending seven
years from the date of the Trust Indenture or upon the earlier
termination of the Marketing Agent Agreement the estimated ordinary
expenses of the Trust exceed an amount equal to 0.40% per year
of the daily ANAV of the Trust for such month, the Marketing
Agent's fee is subject to reduction. See "Business
of the Trust &ndash; Trust Expenses &mdash; Fee
Reduction."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">If the amount expended or allocated by
either the Sponsor or the Marketing Agent in any one year period on
promoting and marketing the Trust in the US is 25% less than the
yearly average of such amount over the preceding two year period and
the amount of the shortfall of any such party is not spent during the
following 12 month period, the unspent amount will be paid over to the
other party who will add such unspent amount to the amount the other
party spends during the next 12 month period.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Marketing
Agent Agreement provides that the Marketing Agent and the Sponsor will
work together to develop similar and related gold based exchange-traded
funds in the US. In addition, the Sponsor, the WGC and the Marketing
Agent have entered into an agreement obligating the WGC and the
Marketing Agent to conclude an international marketing agent agreement
providing for the distribution of exchange-traded securities whose
investment objective or investment method is tied to gold bullion or
derivatives of gold bullion outside the US. If the WGC and the
Marketing Agent do not conclude an international marketing agent
agreement within 60 days of the effectiveness of the registration
statement of which this prospectus forms a part, the Sponsor may
exercise its option, exercisable for 60 days commencing on the 61st day
after effectiveness of the registration statement of which this
prospectus forms a part, to terminate the Marketing Agent Agreement and
the services of the Marketing Agent. Upon such termination, the
Marketing Agent License Agreement and the WGC/WGTS License Agreement
would terminate, the Sponsor and the Trust would be required to cease
using the "streetTRACKS<sup>&reg;</sup>"
mark, and the Sponsor would be required to amend this prospectus and
the registration statement of which this prospectus forms a part to
delete any reference to the Marketing Agent, State Street Corporation
or "streetTRACKS<sup>&reg;</sup>". The
Marketing Agent Agreement also provides that the Marketing Agent and
the Sponsor will jointly negotiate and share equally in any revenue
from the development of unlisted trading privileges and dual listing
rights relating to the Trust and any similar or related gold based
exchange-traded fund, as well as licensing rights to list option
contracts and other exchange-traded derivatives that are specific to
the Trust and any similar or related gold based exchange-traded
fund.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Marketing Agent Agreement contains customary
representations, warranties and covenants. In addition, the Sponsor has
agreed to indemnify the Marketing Agent from and against certain
liabilities, including liabilities under the Securities Act, and to
contribute to payments that the Marketing Agent may be required to make
in respect thereof. The Trustee has agreed to reimburse the Marketing
Agent, solely from and to the extent of the Trust's assets, for
indemnification and contribution amounts due from the Sponsor in
respect of such liabilities to the extent the Sponsor has not paid such
amounts when due.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">39</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">The
Marketing Agent</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Marketing Agent Agreement has a term
of seven years and is automatically renewed for successive three year
periods, unless terminated in accordance with the Marketing Agent
Agreement by either party prior to any such successive term. The
Marketing Agent Agreement may also be terminated by either party if the
Trust is terminated pursuant to the Trust Indenture or either party
becomes insolvent or enters into bankruptcy proceedings. If the
Marketing Agent Agreement is terminated by the Sponsor, the Sponsor is
required to pay the Marketing Agent an amount equal to the present
market value of the future payments the Marketing Agent would otherwise
receive under the Marketing Agent Agreement over the subsequent 10 year
period.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
The Sponsor can elect to exercise its buy-out option
which will terminate the Marketing Agent Agreement and remove the
Marketing Agent by paying an amount equal to the present fair market
value of the future payments the Marketing Agent would otherwise
receive from the Trust under the Marketing Agent Agreement over the
subsequent 10 year period,
plus:&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 36pt;text-indent: 20pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&bull;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 450pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">10% of such
value, but such payment will be made only if the Trust's average
assets under management do not exceed $1.25 billion for the 30 day
period prior to the end of the first year of the Trust's
operations;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 36pt;text-indent: 20pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&bull;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 450pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">20% of such
value, but such payment will be made only if the Trust's average
assets under management do not exceed $2.25 billion for the 30 day
period prior to the end of the third year of the Trust's
operations; and&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 36pt;text-indent: 20pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&bull;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 450pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">30% of
such value, but such payment will be made only if the Trust's
average assets under management do not exceed $3.0 billion for the 30
day period prior to the end of the fifth year of the Trust's
operations.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">However, the Sponsor shall not have such right if,
at the time of such election, any competing exchange-traded fund has
been listed on an exchange in the US for more than a year and the
competing exchange-traded fund is not controlled or sponsored by either
of the Sponsor or the Marketing Agent (or its affiliates).
Notwithstanding the foregoing, even if the Trust's average assets
under management do not meet either the $1.25 billion, $2.25 billion or
$3.0 billion benchmarks described above in the time periods described
above, if the percentage growth in the Trust's assets for the
relevant year is equal to or greater than the percentage growth in the
assets of any competing exchange-traded fund described in the
preceeding sentence for the comparable 12 month period of operations,
the Sponsor will not have the right to terminate the Marketing Agent
Agreement and remove the Marketing Agent.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">WGC/WGTS
License Agreement</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">In connection with the Marketing
Agent Agreement, the Sponsor and the WGC have entered into a license
agreement, dated as of November 16, 2004, with the Marketing Agent.
Under the license agreement, the Sponsor and the WGC have granted the
Marketing Agent, a royalty-free, worldwide, non-exclusive,
non-transferable (i) sublicense under the license agreement among the
Sponsor, the WGC and BNY, which is described in "Business
of the Trust &ndash; License Agreement," to BNY's
patents and patent applications that cover securitized gold products in
connection with the Marketing Agent's performance of its services
under the Marketing Agent Agreement; and (ii) a license to the
Sponsor's and the WGC's patents, patent applications and
intellectual property and trade name and trademark rights in connection
with the Marketing Agent's performance of its services under the
Marketing Agent Agreement and for the purpose of establishing,
operating and marketing financial products involving the securitization
of gold.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The license agreement will expire upon the expiration
or termination of the Marketing Agent Agreement (including the
termination of the Marketing Agent Agreement by the Sponsor in the
event the WGC and the Marketing Agent do not conclude an international
marketing agent agreement within 60 days of the effectiveness of the
registration statement of which this prospectus forms a part). Either
party may terminate the license agreement prior to such term if the
other party materially breaches the license agreement and fails to cure
such breach within 30 days following written notice of such breach from
the non-breaching party. The license agreement contains customary
representations, warranties and covenants. In addition, the Sponsor,
the WGC and the Marketing Agent have agreed to indemnify each other for
breaches of their respective representations and warranties and the
Sponsor and the WGC have &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">40</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">The
Marketing Agent</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
agreed to indemnify the Marketing Agent for
violations of the intellectual property rights of others as a result of
the Marketing Agent's use of the licensed intellectual
property.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Marketing Agent License
Agreement</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor, the WGC and the Marketing
Agent have also entered into a marketing license agreement, dated as of
November 16, 2004, pursuant to which the Marketing Agent granted the
Sponsor and WGC a royalty-free, worldwide, non-exclusive,
non-transferable license to use the
"streetTRACKS<sup>&reg;</sup>" trademark, for
the purpose of establishing and operating the Trust, issuing and
distributing the Shares and listing the Shares on the NYSE.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The marketing license agreement will expire upon the
expiration or termination of the Marketing Agent Agreement (including
the termination of the Marketing Agent Agreement by the Sponsor in the
event the WGC and the Marketing Agent do not conclude an international
marketing agent agreement within 60 days of the effectiveness of the
registration statement of which this prospectus forms a part). Either
party may terminate the marketing license agreement prior to such term
if the other party materially breaches the license agreement and fails
to cure such breach within 30 days following written notice of such
breach from the non-breaching party. The license agreement contains
customary representations, warranties and covenants. In addition, the
Sponsor, the WGC and the Marketing Agent have agreed to indemnify each
other for breaches of their respective representations and
warranties.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Marketing Agent and its affiliates may from time
to time become Authorized Participants or purchase or sell gold or
Shares for their own account, as agent for their customers and for
accounts over which they exercise investment
discretion.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">41</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Description
of the Shares&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">GENERAL&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee is authorized under
the Trust Indenture to create and issue an unlimited number of Shares.
The Trustee will create Shares only in Baskets (a Basket equals a block
of 100,000 Shares) and only upon the order of an Authorized
Participant. The Shares represent units of fractional undivided
beneficial interest in and ownership of the Trust and have no par
value. Any creation and issuance of Shares above the amount registered
on the registration statement of which this prospectus is a part will
require the registration of such additional Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">DESCRIPTION
OF LIMITED RIGHTS&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Shares do not represent a traditional
investment and you should not view them as similar to
"shares" of a corporation operating a
business enterprise with management and a board of directors. As a
Shareholder, you do not have the statutory rights normally associated
with the ownership of shares of a corporation, including, for example,
the right to bring "oppression" or
"derivative" actions. All Shares are of the
same class with equal rights and privileges. Each Share is
transferable, is fully paid and non-assessable and entitles the holder
to vote on the limited matters upon which Shareholders may vote under
the Trust Indenture. The Shares do not entitle their holders to any
conversion or pre-emptive rights, or, except as provided below, any
redemption rights or rights to distributions.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Distributions&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust Indenture provides for
distributions to Shareholders in only two circumstances. First, if the
Trustee and the Sponsor determine that the Trust's cash account
balance exceeds the anticipated expenses of the Trust for the next 12
months and the excess amount is more than $0.01 per Share outstanding,
they shall direct the excess amount to be distributed to the
Shareholders. Second, if the Trust is terminated and liquidated, the
Trustee will distribute to the Shareholders any amounts remaining after
the satisfaction of all outstanding liabilities of the Trust and the
establishment of such reserves for applicable taxes, other governmental
charges and contingent or future liabilities as the Trustee shall
determine. Shareholders of record on the record date fixed by the
Trustee for a distribution will be entitled to receive their pro rata
portion of any distribution.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Voting and
Approvals&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Under the Trust Indenture, Shareholders have no voting
rights, except in limited circumstances. Shareholders holding at least
66 2/3% of the Shares outstanding may vote to
remove the Trustee. The Trustee may terminate the Trust upon the
agreement of Shareholders owning at least
66 2/3% of the outstanding Shares. In addition,
certain amendments to the Trust Indenture require 51% or
unanimous consent of the Shareholders.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Redemption
of the Shares&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Shares may only be redeemed by or through an
Authorized Participant and only in Baskets. See "Creation
and Redemption of Shares" for details on the redemption of
the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">BOOK-ENTRY FORM&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Individual certificates
will not be issued for the Shares. Instead, global certificates are
deposited by the Trustee with DTC and registered in the name of Cede
&amp; Co., as nominee for DTC. The global certificates evidence all of
the Shares outstanding at any time. Under the Trust Indenture,
Shareholders are limited to (1) participants in DTC such as banks,
brokers, dealers and trust companies (DTC Participants), (2) those who
maintain, either directly or indirectly, a custodial relationship with
a DTC Participant (Indirect Participants), and (3) those banks,
brokers, dealers, trust companies and others who hold interests in the
Shares through DTC Participants or Indirect Participants. The Shares
are only transferable through the book-entry system of DTC.
Shareholders who are not DTC Participants may transfer their Shares
through DTC by instructing the DTC Participant holding their Shares (or
by instructing the Indirect Participant or other entity through which
their Shares are held) to transfer the Shares. Transfers are made in
accordance with standard securities industry
practice.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">42</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Custody
of the Trust's Gold&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Custody of the gold bullion deposited
with and held by the Trust is provided by the Custodian at its London,
England vaults, by subcustodians selected by the Custodian and by
others acting on behalf of the subcustodians. The Custodian is a market
maker, clearer and approved weigher under the rules of the LBMA.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian, as instructed by the Trustee, is authorized to
accept, on behalf of the Trust, deposits of gold in unallocated form.
Acting on standing instructions given by the Trustee, the Custodian
allocates gold deposited in unallocated form with the Trust by
selecting bars of gold bullion for deposit to the Trust Allocated
Account. All gold bullion allocated to the Trust must conform to the
rules, regulations, practices and customs of the LBMA.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Trustee and the Custodian have entered into the Custody Agreements
which establish the Trust Unallocated Account and the Trust Allocated
Account. The Trust Unallocated Account is used to facilitate the
transfer of gold deposits and gold redemption distributions between
Authorized Participants and the Trust in connection with the creation
and redemption of Baskets and the sales of gold made by the Trustee for
the Trust. Except for when gold is transferred in and out of the Trust
or for when a small amount of gold remains credited to the Trust
Unallocated Account at the end of a business day (which is expected to
be no more than 430 ounces), the gold deposited with the Trust is held
in the Trust Allocated Account.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian is authorized to
appoint from time to time one or more subcustodians to hold the
Trust's gold. The subcustodians that the Custodian currently uses
are the Bank of England and LBMA market-making members that provide
bullion vaulting and clearing services to third parties. The Custodian
does not have written custody agreements with the subcustodians it
selects. The Custodian's selected subcustodians may appoint
further subcustodians. These further subcustodians are not expected to
have written custody agreements with the Custodian's
subcustodians that selected them. The lack of such written contracts
could affect the recourse of the Trust and the Custodian against any
subcustodian in the event a subcustodian does not use due care in the
safekeeping of the Trust's gold. See "Risk Factors
&mdash; The ability of the Trustee or the Custodian to take legal
action against subcustodians may be limited..."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Custodian is required to use reasonable care in selecting
subcustodians, but otherwise has no responsibility in relation to the
subcustodians appointed by it, and the Custodian is not responsible for
their selection of further subcustodians. The Custodian does not
undertake to monitor the performance by subcustodians of their custody
functions or their selection of additional subcustodians. The Custodian
is not responsible for the actions or inactions of subcustodians.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Under the Allocated Bullion Account Agreement entered into by the
Trustee and the Custodian, the Custodian is responsible for the
safekeeping of the gold held on behalf of the Trust in accordance with
the terms and conditions of the Allocated Bullion Account Agreement and
is required to exercise reasonable care in the performance of its
obligations under such agreement. The Custodian is only responsible for
any loss or damage suffered by the Trust as a direct result of any
negligence, fraud or willful default in the performance of its duties.
The Custodian's liability under the Allocated Bullion Account
Agreement is further limited to the market value of the gold held in
the Trust Allocated Account at the time such negligence, fraud or
willful default is discovered by the Custodian, provided that the
Custodian promptly notifies the Trustee of its discovery. The
Custodian's liability under the Unallocated Bullion Account
Agreement is further limited to the amount of the gold credited to the
Trust Unallocated Account at the time such negligence, fraud or willful
default is discovered by the Custodian, provided that the Custodian
promptly notifies the Trustee of its discovery. In the event of a loss
caused by the failure of the Custodian or a subcustodian to exercise
reasonable care, the Trustee, on behalf of the Trust, has the right to
seek recovery with respect to the loss against the Custodian or
subcustodian in breach. The Custodian is obliged under the Allocated
Bullion Account Agreement to use commercially reasonable efforts to
obtain delivery of gold from those subcustodians appointed by it.
However, the Custodian may not have the right to, and does not have the
obligation to, seek recovery of the gold from any subcustodian
appointed by a subcustodian.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">43</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Custody
of the Trust's Gold</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Under the customs and practices of the
London bullion market, allocated gold is held by custodians and, on
their behalf, by subcustodians under arrangements that permit each
entity for which gold is being held (1) to request from the
entity's custodian (and a custodian or subcustodian to request
from its subcustodian) a list identifying each gold bar being held and
the identity of the particular custodian or subcustodian holding the
gold bar and (2) to request the entity's custodian to release the
entity's gold within two business days following demand for
release. Each custodian or subcustodian is obligated under the customs
and practices of the London bullion market to provide the bar list and
the identification of custodians and subcustodians referred to in (1)
above, and each custodian is obligated to release gold as requested.
The Custodian will provide the Trustee with statements on a monthly
basis which contain sufficient information to identify each bar of gold
held in the Trust Allocated Account and the custodian or subcustodian
having possession of each bar. Under English law, unless otherwise
provided in any applicable custody agreement, a custodian generally is
liable to its customer for failing to take reasonable care of the gold
and for failing to release the customer's gold upon demand.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian and the Trustee do not require any direct or indirect
subcustodians to be insured or bonded with respect to their custodial
activities. The Custodian maintains insurance with regard to its
business on such terms and conditions as it considers appropriate. The
Trust will not be a beneficiary of any such insurance and does not have
the ability to dictate the existence, nature or amount of the coverage.
Therefore, Shareholders cannot be assured that the Custodian maintains
adequate insurance or any insurance with respect to the gold held by
the Custodian on behalf of the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">ALLOCATED
ACCOUNTS&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">An allocated account is an account with a bullion
dealer, which may also be a bank, to which individually identified gold
bars owned by the account holder are credited. The gold bars in an
allocated gold account are specific to that account and are identified
by a list which shows, for each gold bar, the refiner, assay or
fineness, serial number and gross and fine weight. The account holder
has full ownership of the gold bars and, except as instructed by the
account holder, the bullion dealer may not trade, lease or lend the
bars.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">UNALLOCATED ACCOUNTS&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">An unallocated account is an
account with a bullion dealer, which may also be a bank, to which a
fine weight amount of gold is credited. Transfers to or from an
unallocated account are made by crediting or debiting the number of
ounces of gold being deposited or withdrawn. Gold held in an
unallocated account is not segregated from the Custodian's
assets. The account holder therefore has no ownership interest in any
specific bars of gold that the bullion dealer holds or owns. The
account holder is an unsecured creditor of the bullion dealer, and
credits to an unallocated account are at risk of the bullion
dealer's insolvency, in which event it may not be possible
for a liquidator to identify any gold held in an unallocated account as
belonging to the account holder rather than to the bullion dealer. The
account holder is entitled to direct the bullion dealer to
deliver an amount of physical gold equal to the amount of gold standing
to the credit of the account holder. When delivering gold, the bullion
dealer  allocates physical gold from its general stock to the
account holder with a corresponding debit being made to the amount of
gold credited to the unallocated account.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">TRANSFERS OF
GOLD&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">For each creation of a Basket, gold is transferred to the
Trust by a debit to an Authorized Participant Unallocated Account and a
credit to the Trust Unallocated Account. After gold has been first
credited to an Authorized Participant Unallocated Account in connection
with the creation of a Basket, the Custodian transfers the credited
amount from the Authorized Participant Unallocated Account to the Trust
Unallocated Account. The Custodian then allocates specific bars of gold
from its gold stocks, and, if subcustodians are used, they are expected
to allocate specific bars of gold from their stocks, so that the
allocated gold bars represent the amount of gold credited to the Trust
Unallocated Account to the extent such amount is representable by whole
bars. The amount of gold represented by the allocated gold bars is
debited from the Trust Unallocated Account and the allocated gold bars
are credited to and held in the &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">44</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Custody
of the Trust's Gold</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
Trust Allocated Account. The bars of gold may
be held directly by the Custodian or by or for a subcustodian of the
Custodian. The Custodian updates its records at the end of each
business day to identify the specific bars of gold allocated to the
Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The process of withdrawing gold from the Trust for a
redemption of a Basket follows the same general procedure as for
depositing gold with the Trust for a creation of a Basket, only in
reverse. Each transfer of gold between the Trust Allocated Account and
the Trust Unallocated Account connected with a creation or redemption
of a Basket may result in a small amount of gold being held in the
Trust Unallocated Account after the completion of the transfer. In
making deposits and withdrawals between the Trust Allocated Account and
the Trust Unallocated Account, the Custodian will use commercially
reasonable efforts to minimize the amount of gold held in the Trust
Unallocated Account as of the close of each business day. See
"Creation and Redemption of
Shares."&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">45</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Description
of the Custody Agreements&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Allocated Bullion Account
Agreement between the Trustee and the Custodian establishes the Trust
Allocated Account. The Unallocated Bullion Account Agreement between
the Trustee and the Custodian establishes the Trust Unallocated
Account. These agreements are sometimes referred to together as the
"Custody Agreements" in this prospectus. The
following is a description of the material terms of the Custody
Agreements. As the Custody Agreements are similar in form, they are
discussed together, with material distinctions between the agreements
noted.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">REPORTS&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian provides the Trustee with
reports for each business day, no later than the following business
day, identifying the movements of gold in and out of the Trust
Allocated Account and the credits and debits of gold to the Trust
Unallocated Account. The Custodian also provides the Trustee with
monthly statements of account for the Trust Allocated Account and the
Trust Unallocated Account as of the last business day of each month.
The monthly statements contain sufficient information to identify each
bar of gold held in the Trust Allocated Account and the custodian or
subcustodian having possession of such bar. Under the Custody
Agreements, a "business day" means any day
other than a day (1) when the NYSE is closed for regular trading or
(2), if the transaction requires the receipt or delivery, or the
confirmation of receipt or delivery, of gold in the United Kingdom or
in some other jurisdiction on a particular day, (A) when banks are
authorized to close in the United Kingdom or in such other jurisdiction
or when the London gold market is closed or (B) when banks in the
United Kingdom or in such other jurisdiction are, or the London gold
market is, not open for a full business day and the transaction
requires the execution or completion of procedures which cannot be
executed or completed by the close of the business day.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Except
for withdrawals of physical gold made directly from the Trust Allocated
Account as to which transfer of ownership is determined at the time the
recipient or its agent acknowledges in writing its receipt of gold, the
Custodian's records of all deposits to and withdrawals from, and
all debits and credits to, the Trust Allocated Account and the Trust
Unallocated Account which are to occur on a business day, and all end
of business day account balances in the Trust Allocated Account and
Trust Unallocated Account, are stated as of the close of the
Custodian's business (usually 4:00 PM London time) on such
business day.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">SUBCUSTODIANS&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Under the Allocated Bullion
Account Agreement, the Custodian may select subcustodians to perform
any of its duties, including holding gold for it. These subcustodians
may in turn select other subcustodians to perform their duties,
including holding gold for them, but the Custodian is not responsible
for (and therefore has no liability in relation to) the selection of
those other subcustodians. The Allocated Bullion Account Agreement
requires the Custodian to use reasonable care in selecting any
subcustodian and provides that, except for the Custodian's
obligation to use commercially reasonable efforts to obtain delivery of
gold held by subcustodians when necessary, the Custodian will not be
liable for the acts or omissions, or for the solvency, of any
subcustodian that it selects unless the selection of that subcustodian
was made negligently or in bad faith. The subcustodians selected and
used by the Custodian as of the date of this prospectus are: the Bank
of England, The Bank of Nova Scotia (ScotiaMocatta), Deutsche Bank AG,
JPMorgan Chase Bank, and UBS AG. The Allocated Bullion Account
Agreement provides that the Custodian will notify the Trustee if it
selects any additional subcustodians or stops using any subcustodian it
has previously selected.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">LOCATION AND SEGREGATION OF GOLD;
ACCESS&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Gold held for the Trust Allocated Account by the
Custodian is held at the Custodian's London vault. Gold held by
the Custodian's currently selected subcustodians and by
subcustodians of subcustodians may be held in vaults located in England
or in other locations.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian segregates by
identification in its books and records the Trust's gold in the
Trust Allocated Account from any other gold which it owns or holds for
others and requires the subcustodians it selects &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">46</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Description
of the Custody Agreements</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
to so segregate the Trust's gold held
by them. This requirement reflects the current custody practice in the
London bullion market, and under the Allocated Bullion Account
Agreement, the Custodian is deemed to have communicated such
requirement by virtue of its participation in the London bullion
market. The Custodian's books and records identify every bar of
gold held in the Trust Allocated Account in its own vault by refiner,
assay or fineness, serial number and gross and fine weight.
Subcustodians selected by the Custodian are expected to identify in
their books and records each bar of gold held for the Custodian by
serial number and such subcustodians may use other identifying
information.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee may, upon reasonable notice, visit the
Custodian's premises up to twice a year and examine the
Trust's gold held there and the Custodian's records
concerning the Trust Allocated Account and the Trust Unallocated
Account. The Trust's independent auditors may also visit the
Custodian's premises in connection with their audit of the
financial statements of the Trust. Visits are not allowed when no gold
of the Trust is held in the Custodian's vault.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">TRANSFERS
INTO THE TRUST UNALLOCATED ACCOUNT&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian credits to the
Trust Unallocated Account the amount of gold it receives from the Trust
Allocated Account, an Authorized Participant Unallocated Account or
from other third party unallocated accounts for credit to the Trust
Unallocated Account. Unless otherwise agreed by the Custodian in
writing, the only gold the Custodian will accept in physical form for
credit to the Trust Unallocated Account is gold the Trustee has
transferred from the Trust Allocated Account.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">TRANSFERS FROM
THE TRUST UNALLOCATED ACCOUNT&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian transfers gold from
the Trust Unallocated Account only in accordance with the
Trustee's instructions to the Custodian. A transfer of gold from
the Trust Unallocated Account may only be made (1) by transferring gold
to a third party unallocated account, (2) by transferring gold to the
Trust Allocated Account, or (3) by either (A) making gold available for
collection at the Custodian's vault premises or at such other
location as the Custodian may specify or (B), if separately agreed,
delivering the gold to such location as the Custodian and the Trustee
agree at the Trust's expense and risk. Any gold made available in
physical form will be in a form which complies with the rules,
regulations, practices and customs of the LBMA, the Bank of England or
any applicable regulatory body (Custody Rules) or in such other form as
may be agreed between the Trustee and the Custodian, and in all cases
will comprise one or more whole gold bars selected by the
Custodian.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian will use commercially reasonable
efforts to transfer gold from the Trust Unallocated Account to the
Trust Allocated Account by the close of business (London time) on each
business day, such that the amount of gold that remains credited to the
Trust Unallocated Account does not exceed 430 fine ounces.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">TRANSFERS INTO THE TRUST ALLOCATED ACCOUNT&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian
receives transfers of gold into the Trust Allocated Account only at the
Trustee's instructions given pursuant to the Unallocated Bullion
Account Agreement by debiting gold from the Trust Unallocated Account
and crediting such gold to the Trust Allocated Account.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">TRANSFERS FROM THE TRUST ALLOCATED ACCOUNT&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian
transfers gold from the Trust Allocated Account only in accordance with
the Trustee's instructions. Generally, the Custodian transfers
gold from the Trust Allocated Account only by debiting gold from the
Trust Allocated Account and crediting the gold to the Trust Unallocated
Account. When the Trustee instructs the Custodian to make gold
physically available, the Custodian will transfer gold from the Trust
Allocated Account by debiting gold from the Trust Allocated Account and
making such gold available for collection or delivery as described in
the following paragraph.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">WITHDRAWALS OF GOLD DIRECTLY FROM THE
TRUST ALLOCATED ACCOUNT&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Upon the Trustee's instruction,
the Custodian debits gold from the Trust Allocated Account and make the
gold available for collection by the Trustee or, if separately agreed,
for delivery by the Custodian in &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">47</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Description
of the Custody Agreements</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
accordance with its usual practices at the
Trust's expense and risk. The Trustee and the Custodian expect
that the Trustee will withdraw gold physically from the Trust Allocated
Account (rather than by crediting it to the Trust Unallocated Account
and instructing a further transfer from that account) only in
exceptional circumstances, such as if, for some unforeseen reason, it
was not possible to transfer gold in unallocated form. The Custodian is
not obliged to effect any requested delivery if, in its reasonable
opinion, (1) this would cause the Custodian or its agents to be in
breach of the Custody Rules or other applicable law, court order or
regulation, (2) the costs incurred would be excessive or (3) delivery
is impracticable for any reason. When gold is physically withdrawn from
the Trust Allocated Account pursuant to the Trustee's
instruction, all right, title, risk and interest in and to the gold
withdrawn shall pass to the person to whom or to or for whose account
such gold is transferred, delivered or collected at the time the
recipient or its agent acknowledges in writing its receipt of gold.
Unless the Trustee specifies the bars of gold to be debited from the
Trust Allocated Account, the Custodian is entitled to select the gold
bars.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">RIGHT TO REFUSE TRANSFERS OR AMEND TRANSFER
PROCEDURES&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian may refuse to accept transfers of gold
to the Trust Unallocated Account, amend the procedures for transferring
gold to or from the Trust Unallocated Account or for the physical
withdrawal of gold from the Trust Unallocated Account or the Trust
Allocated Account or impose such additional procedures in relation to
the transfer of gold to or from the Trust Unallocated Account as the
Custodian may from time to time consider appropriate. The Custodian
will notify the Trustee within a commercially reasonable time before
the Custodian amends these procedures or imposes additional ones, and,
in doing so, the Custodian will consider the Trustee's need to
communicate any changes to Authorized Participants and others.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">FEES AND EXPENSES&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">For the Custodian's services under
the Allocated Bullion Account Agreement and in connection with the
Custodian's processing of orders to create and redeem Baskets,
the Custodian shall receive from the Trust a fee payable quarterly in
arrears that is accrued daily at an annual rate equal to 0.10%
of the average daily aggregate value of the gold held in the Trust
Allocated Account and the Trust Unallocated Account. Beginning January
1, 2005, the Custodian's fee will be payable monthly in arrears.
This fee will include any UK value added or similar tax should any such
tax apply. If the Trust uses an additional or successor custodian, the
fee paid to such custodian may not include any applicable UK value
added or similar tax.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian receives no fee under the
Unallocated Bullion Account Agreement.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust will pay on
demand all costs, charges and expenses incurred by the Custodian in
connection with the performance of its duties and obligations under the
Custody Agreements or otherwise in connection with the gold held in the
Trust Allocated Account or the Trust Unallocated Account.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">TRUST
UNALLOCATED ACCOUNT CREDIT AND DEBIT BALANCES&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">No interest will
be paid by the Custodian on any credit balance to the Trust Unallocated
Account. Unless otherwise agreed to by the Trustee and the Custodian,
the Trustee may not maintain a negative balance in the Trust
Unallocated Account.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">EXCLUSION OF LIABILITY&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Custodian will use reasonable care in the performance of its duties
under the Custody Agreements and will only be responsible for any loss
or damage suffered by the Trust as a direct result of any negligence,
fraud or willful default in the performance of its duties. The
Custodian's liability under the Allocated Bullion Account
Agreement is further limited to the market value of the gold held in
the Trust Allocated Account at the time such negligence, fraud or
willful default is discovered by the Custodian, provided that the
Custodian promptly notifies the Trustee of its discovery. The
Custodian's liability under the Unallocated Bullion Account
Agreement is further limited to the amount of the gold credited to the
Trust Unallocated Account at the time such negligence, fraud or willful
default is discovered by the Custodian, provided that the Custodian
promptly notifies the Trustee of its discovery.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">48</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Description
of the Custody Agreements</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Furthermore, the Custodian has no duty to
make or take or to require any subcustodian selected by it to make or
take any special arrangements or precautions beyond those required by
the Custody Rules or as specifically set forth in the Custody
Agreements.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">INDEMNITY&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust will, solely out of the
Trust's assets, indemnify the Custodian and each of its officers,
directors, employees and affiliates (on an after tax basis) on demand
against all costs and expenses, damages, liabilities and losses which
the Custodian or any such officer, director, employee or affiliate may
suffer or incur in connection with the Custody Agreements, except to
the extent that such sums are due directly to the Custodian's or
such officer's, director's, employer's or
affiliate's negligence, willful default or fraud.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">INSURANCE&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian will maintain such insurance for
its business, including its bullion and custody business, as it deems
appropriate. The Trustee and the Sponsor (so long as the Sponsor is
WGTS) may, subject to confidentiality restrictions, review this
insurance coverage from time to time upon reasonable prior notice.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">FORCE MAJEURE&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian is not liable for any delay in
performance or any non-performance of any of its obligations under the
Custody Agreements by reason of any cause beyond its reasonable
control, including, acts of God, war or
terrorism.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">TERMINATION&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee and the Custodian may
each terminate any Custody Agreement upon 90 business days' prior
notice, provided that the Custody Agreements may not be terminated for
the first year following the date of the formation of the Trust unless
the Trust is terminated. The Custody Agreements will also terminate 90
business days after the resignation or removal of the Trustee unless
(1) a successor trustee of the Trust is appointed prior to the end of
the 90 business day period or (2) the full liquidation of the Trust is
started within the 90 business day period and the Trustee requests that
the Custodian continue the Custody Agreements in effect until the
liquidation of the Trust is complete. If either the Allocated Bullion
Account Agreement or the Unallocated Bullion Account Agreement is
terminated, the other agreement automatically terminates.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">If
redelivery arrangements for the gold held in the Trust Allocated
Account are not made, the Custodian may continue to store the gold and
charge storage fees and expenses incurred by the Custodian, and, after
six months from the termination date, the Custodian may sell the gold
and account to the Trustee for the proceeds, less any amounts due to
the Custodian under the Allocated Bullion Account Agreement. If
arrangements for transfer or repayment, as the case may be, of the
balance in the Trust Unallocated Account are not made, the Custodian
may continue to charge expenses incurred by the Custodian, and, after
six months from the termination date, the Custodian may close the Trust
Unallocated Account and account to the Trustee for the proceeds, less
any amounts due to the Custodian under the Unallocated Account Bullion
Agreement.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">GOVERNING LAW&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custody Agreements are
governed by English law. The Trustee and the Custodian both consent to
the non-exclusive jurisdiction of the courts of the State of New York
and the federal courts located in the borough of Manhattan in New York
City. Such consent is not required for any person to assert a claim of
New York jurisdiction over the Trustee or the
Custodian.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">49</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
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<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Creation
and Redemption of Shares&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust will create and redeem
Shares from time to time, but only in one or more Baskets (a Basket
equals a block of 100,000 Shares). The creation and redemption of
Baskets will only be made in exchange for the delivery to the Trust or
the distribution by the Trust of the amount of gold and any cash
represented by the Baskets being created or redeemed, the amount of
which will be based on the combined NAV of the number of Shares
included in the Baskets being created or redeemed determined on the day
the order to create or redeem Baskets is properly received.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Authorized Participants are the only persons that may place orders
to create and redeem Baskets. Authorized Participants must be (1)
registered broker-dealers or other securities market participants, such
as banks and other financial institutions, which are not required to
register as broker-dealers to engage in securities transactions, and
(2) participants in DTC. To become an Authorized Participant, a person
must enter into a Participant Agreement with the Sponsor and the
Trustee. The Participant Agreement provides the procedures for the
creation and redemption of Baskets and for the delivery of the gold and
any cash required for such creations and redemptions. The Participant
Agreement and the related procedures attached thereto may be amended by
the Trustee and the Sponsor, without the consent of any Shareholder or
Authorized Participant. Authorized Participants pay a transaction fee
of $2,000 to the Trustee for each order they place to create or redeem
one or more Baskets. Authorized Participants who make deposits with the
Trust in exchange for Baskets receive no fees, commissions or other
form of compensation or inducement of any kind from either the
Sponsor or the Trust, and no such person has any obligation or
responsibility to the Sponsor or the Trust to effect any sale or resale
of Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Authorized Participants are cautioned that some of
their activities will result in their being deemed participants in a
distribution in a manner which would render them statutory underwriters
and subject them to the prospectus-delivery and liability provisions of
the Securities Act, as described in "Plan of
Distribution."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Prior to initiating any creation or
redemption order, an Authorized Participant must have entered into an
agreement with the Custodian to establish an Authorized Participant
Unallocated Account in London (Participant Unallocated Bullion Account
Agreement). Authorized Participant Unallocated Accounts may only be
used for transactions with the Trust. Gold held in Authorized
Participant Unallocated Accounts is not segregated from the
Custodian's assets, as a consequence of which an Authorized
Participant will have no proprietary interest in any specific bars of
gold held by the Custodian. Credits to its Authorized Participant
Unallocated Account are therefore at risk of the Custodian's
insolvency. No fees will be charged by the Custodian for the use of the
Authorized Participant Unallocated Account as long as the Authorized
Participant Unallocated Account is used solely for gold transfers to
and from the Trust Unallocated Account and the Custodian (or one of its
affiliates) receives compensation for maintaining the Trust Allocated
Account. Authorized Participants should be aware that the
Custodian's liability threshold under the Participant Unallocated
Bullion Account Agreement is gross negligence, not negligence, which is
the Custodian's liability threshold under the Trust's
Custody Agreements.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">As the terms of the Participant Unallocated
Bullion Account Agreement differ in certain respects from the terms of
the Trust's Unallocated Bullion Account Agreement, potential
Authorized Participants should review the terms of the Participant
Unallocated Bullion Account Agreement carefully. The form of
Participant Unallocated Bullion Account Agreement is attached as an
attachment to the Participant Agreement. A copy of the Participant
Agreement may be obtained by potential Authorized Participants from the
Trustee.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Certain Authorized Participants are expected to have
the facility to participate directly in the gold bullion market and the
gold futures market. In some cases, an Authorized Participant may from
time to time acquire gold from or sell gold to its affiliated gold
trading desk, which may profit in these instances. The Sponsor believes
that the size and operation of the gold bullion market make it unlikely
that an Authorized Participant's direct activities in the gold or
securities markets will impact the price of gold or the price of the
Shares. Each Authorized Participant will be registered as a
broker-dealer under the Securities Exchange Act of 1934 (Exchange Act)
and regulated by the NASD, or will be exempt from being or otherwise
will not be required to be so regulated or registered, and will be
qualified to act as a &nbsp;</p>
</div>
</div>
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<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
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<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">50</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
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<page>
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<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Creation
and Redemption of Shares</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
broker or dealer in the states or other
jurisdictions where the nature of its business so requires. Certain
Authorized Participants may be regulated under federal and state
banking laws and regulations. Each Authorized Participant will have its
own set of rules and procedures, internal controls and information
barriers as it determines is appropriate in light of its own regulatory
regime.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Authorized Participants may act for their own accounts
or as agents for broker-dealers, custodians and other securities market
participants that wish to create or redeem Baskets. An order for one or
more Baskets may be placed by an Authorized Participant on behalf of
multiple clients. As of the date of this prospectus, Bear Hunter
Structured Products LLC, Citigroup Global Markets Inc., Goldman, Sachs
&amp; Co., HSBC Securities (USA) Inc., J.P. Morgan Securities Inc.,
Lehman Brothers Inc., Merrill Lynch Professional Clearing Corp., RBC
Capital Markets Corporation and UBS Securities LLC, have each signed a
Participant Agreement with the Trust and, upon the effectiveness of
such agreement, may create and redeem Baskets as described above.
Persons interested in purchasing Baskets should contact the Sponsor or
the Trustee to obtain the contact information for the Authorized
Participants. Shareholders who are not Authorized Participants will
only be able to redeem their Shares through an Authorized
Participant.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">All gold will be delivered to the Trust and
distributed by the Trust in unallocated form through credits and debits
between Authorized Participant Unallocated Accounts and the Trust
Unallocated Account. Gold transferred from an Authorized Participant
Unallocated Account to the Trust in unallocated form is first credited
to the Trust Unallocated Account. Thereafter, the Custodian allocates
specific bars of gold representing the amount of gold credited to the
Trust Unallocated Account (to the extent such amount is representable
by whole gold bars) to the Trust Allocated Account. The movement of
gold is reversed for the distribution of gold to an Authorized
Participant in connection with the redemption of Baskets.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">All
gold bullion represented by a credit to any Authorized Participant
Unallocated Account and to the Trust Unallocated Account and all gold
bullion held in the Trust Allocated Account with the Custodian must be
of at least a minimum fineness (or purity) of 995 parts per 1,000
(99.5%) and otherwise conform to the rules, regulations
practices and customs of the LBMA, including the specifications for a
London Good Delivery Bar.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Under the Participant Agreement, the
Sponsor has agreed to indemnify the Authorized Participants against
certain liabilities, including liabilities under the Securities Act,
and to contribute to the payments the Authorized Participants may be
required to make in respect of those liabilities. The Trustee has
agreed to reimburse the Authorized Participants, solely from and to the
extent of the Trust's assets, for indemnification and
contribution amounts due from the Sponsor in respect of such
liabilities to the extent the Sponsor has not paid such amounts when
due.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The following description of the procedures for the
creation and redemption of Baskets is only a summary and an investor
should refer to the relevant provisions of the Trust Indenture and the
form of Participant Agreement for more detail, each of which is
attached as an exhibit to the registration statement of which this
prospectus is a part. The form of Participant Unallocated Bullion
Account Agreement is attached as an attachment to the form of
Participant Agreement which may be obtained from the Trustee. See
"Where You Can Find More Information" for
information about where you can obtain the registration statement.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">CREATION PROCEDURES&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">On any business day, an Authorized
Participant may place an order with the Trustee to create one or more
Baskets. For purposes of processing both purchase and redemption
orders, a "business day" means any day other
than a day (1) when the NYSE is closed for regular trading or (2), if
the order requires the receipt or delivery, or the confirmation of
receipt or delivery, of gold in the United Kingdom or in some other
jurisdiction on a particular day, (A) when banks are authorized to
close in the United Kingdom or in such other jurisdiction or when the
London gold market is closed or (B) when banks in the United Kingdom or
in such other jurisdiction are, or the London gold market is, not open
for a full business day and the transaction requires the execution or
completion of procedures which cannot be executed or completed by the
close of the business day. Purchase orders must be placed by 4:00 PM or
the close of regular trading on the NYSE, whichever is earlier. The day
on which the Trustee receives a valid purchase order is the purchase
order date.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">51</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Creation
and Redemption of Shares</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">By placing a purchase order, an Authorized
Participant agrees to deposit gold with the Trust, or a combination of
gold and cash, as described below. Prior to the delivery of Baskets for
a purchase order, the Authorized Participant must also have wired to
the Trustee the non-refundable transaction fee due for the purchase
order.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Determination of required deposits</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The total deposit required to create each Basket (Creation Basket
Deposit) is an amount of gold and cash, if any, that is in the same
proportion to the total assets of the Trust (net of estimated accrued
but unpaid fees, expenses and other liabilities) on the date the order
to purchase is properly received as the number of Shares to be created
under the purchase order is in proportion to the total number of Shares
outstanding on the date the order is received. The Sponsor anticipates
that in the ordinary course of the Trust's operations a cash
deposit will not be required for the creation of Baskets.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
amount of the required gold deposit is determined by dividing the
number of ounces of gold held by the Trust by the number of Baskets
outstanding, as adjusted for estimated accrued but unpaid fees and
expenses as described in the next paragraph.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The amount of any
required cash deposit is determined as follows. The estimated unpaid
fees, expenses and liabilities of the Trust accrued through the
purchase order date are subtracted from any cash held or receivable by
the Trust as of the purchase order date. The remaining amount is
divided by the number of Shares outstanding immediately before the
purchase order date and then multiplied by the number of Shares being
created pursuant to the purchase order. If the resulting amount is
positive, this amount is the required cash deposit. If the resulting
amount is negative, the amount of the required gold deposit is reduced
by the number of fine ounces of gold equal in value to that resulting
amount, determined at the price of gold used in calculating the NAV of
the Trust on the purchase order date. Fractions of a fine ounce of gold
smaller than 0.001 of a fine ounce which are included in the gold
deposit amount are disregarded. All questions as to the composition of
a Creation Basket Deposit are finally determined by the Trustee. The
Trustee's determination of the Creation Basket Deposit shall be
final and binding on all persons interested in the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Delivery of required deposits</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">An Authorized
Participant who places a purchase order is responsible for crediting
its Authorized Participant Unallocated Account with the required gold
deposit amount by the end of the second business day in London
following the purchase order date. Upon receipt of the gold deposit
amount, the Custodian, after receiving appropriate instructions from
the Authorized Participant and the Trustee, will transfer on the third
business day following the purchase order date the gold deposit amount
from the Authorized Participant Unallocated Account to the Trust
Unallocated Account and the Trustee will direct DTC to credit the
number of Baskets ordered to the Authorized Participant's DTC
account. The expense and risk of delivery, ownership and safekeeping of
gold until such gold has been received by the Trust shall be borne
solely by the Authorized Participant. The Trustee may accept delivery
of gold by such other means as the Sponsor, from time to time, may
determine to be acceptable for the Trust, provided that the same is
disclosed in a prospectus relating to the Trust filed with the SEC
pursuant to Rule 424 under the Securities Act. If gold is to be
delivered other than as described above, the Sponsor is authorized to
establish such procedures and to appoint such custodians and establish
such custody accounts in addition to those described in this prospectus
as the Sponsor determines to be desirable.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Acting on standing
instructions given by the Trustee, the Custodian will transfer the gold
deposit amount from the Trust Unallocated Account to the Trust
Allocated Account by transferring gold bars from its inventory to the
Trust Allocated Account. The Custodian will use commercially reasonable
efforts to complete the transfer of gold to the Trust Allocated Account
prior to the time by which the Trustee is to credit the Basket to the
Authorized Participant's DTC account; if, however, such transfers
have not been completed by such time, the number of Baskets ordered
will be delivered against receipt of the gold deposit amount in the
Trust Unallocated Account, and all Shareholders will be exposed to the
risks of unallocated gold to the extent of that gold deposit amount
until the Custodian completes the allocation process. See
"Risk Factors &mdash; Gold held in the Trust's
unallocated gold account and any Authorized Participant's
unallocated gold account will not be segregated from the
Custodian's assets..."&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">52</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Creation
and Redemption of Shares</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Because gold is allocated only in
multiples of whole bars, the amount of gold allocated from the Trust
Unallocated Account to the Trust Allocated Account may be less than the
total fine ounces of gold credited to the Trust Unallocated Account.
Any balance is held in the Trust Unallocated Account. The Custodian
will use commercially reasonable efforts to minimize the amount of gold
held in the Trust Unallocated Account; no more than 430 ounces of gold
is expected to be held in the Trust Unallocated Account at the close of
each business day.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Rejection of purchase
orders</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee may reject a purchase order or a
Creation Basket Deposit if:&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 3pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 3pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">It determines that the
purchase order or the Creation Basket Deposit is not in proper
form;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 3pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 3pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The Sponsor
believes that the purchase order or the Creation Basket Deposit would
have adverse tax consequences to the Trust or its Shareholders;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 3pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 3pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The acceptance or receipt
of the Creation Basket Deposit would, in the opinion of counsel to the
Sponsor, be unlawful; or&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 3pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 3pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Circumstances outside the
control of the Trustee, the Sponsor or the Custodian make it, for all
practical purposes, not feasible to process creations of Baskets.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">None of the Trustee, the Sponsor or the Custodian will be liable for
the rejection of any purchase order or Creation Basket Deposit.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">REDEMPTION PROCEDURES&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The procedures by which an Authorized
Participant can redeem one or more Baskets mirror the procedures for
the creation of Baskets. On any business day, an Authorized Participant
may place an order with the Trustee to redeem one or more Baskets.
Redemption orders must be placed by 4:00 PM or the close of regular
trading on the NYSE, whichever is earlier. A redemption order so
received is effective on the date it is received in satisfactory form
by the Trustee. The redemption procedures allow Authorized Participants
to redeem Baskets and do not entitle an individual Shareholder to
redeem any Shares in an amount less than a Basket, or to redeem Baskets
other than through an Authorized Participant.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">By placing a
redemption order, an Authorized Participant agrees to deliver the
Baskets to be redeemed through DTC's book-entry system to the
Trust not later than the third business day following the effective
date of the redemption order. Prior to the delivery of the redemption
distribution for a redemption order, the Authorized Participant must
also have wired to the Trustee the non-refundable transaction fee due
for the redemption order.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Determination of
redemption distribution</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The redemption distribution from
the Trust consists of (1) a credit to the redeeming Authorized
Participant's Authorized Participant Unallocated Account
representing the amount of the gold held by the Trust evidenced by the
Shares being redeemed plus or minus (2) the cash redemption amount. The
cash redemption amount is equal to the value of all assets of the Trust
other than gold less all estimated accrued but unpaid expenses and
other liabilities, divided by the number of Baskets outstanding and
multiplied by the number of Baskets included in the Authorized
Participant's redemption order. The Trustee distributes any
positive cash redemption amount through DTC to the account of the
Authorized Participant as recorded on DTC's book entry system. If
the cash redemption amount is negative, the credit to the Authorized
Participant Unallocated Account is reduced by the number of ounces of
gold equal in value to the negative cash redemption amount, determined
at the price of gold used in calculating the NAV of the Trust on the
redemption order date. The Sponsor anticipates that in the ordinary
course of the Trust's operations there will be no cash
distributions made to Authorized Participants upon redemptions.
Fractions of a fine ounce of gold included in the redemption
distribution smaller than 0.001 of a fine ounce are disregarded.
Redemption distributions are subject to the deduction of any applicable
tax or other governmental charges which may be due.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">53</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Creation
and Redemption of Shares</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Delivery of redemption
distribution</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The redemption distribution due from the Trust
is delivered to the Authorized Participant on the third business day
following the redemption order date if, by 9:00 AM New York time on
such third business day, the Trustee's DTC account has been
credited with the Baskets to be redeemed. If the Trustee's DTC
account has not been credited with all of the Baskets to be redeemed by
such time, the redemption distribution is delivered to the extent of
whole Baskets received. Any remainder of the redemption distribution is
delivered on the next business day to the extent of remaining whole
Baskets received if the Trustee receives the fee applicable to the
extension of the redemption distribution date which the Trustee may,
from time to time, determine and the remaining Baskets to be redeemed
are credited to the Trustee's DTC account by 9:00 AM New York
time on such next business day. Any further outstanding amount of the
the redemption order shall be cancelled. The Trustee is also authorized
to deliver the redemption distribution notwithstanding that the Baskets
to be redeemed are not credited to the Trustee's DTC account by
9:00 AM New York time on the third business day following the
redemption order date if the Authorized Participant has collateralized
its obligation to deliver the Baskets through DTC's book entry
system on such terms as the Sponsor and the Trustee may from time to
time agree upon.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian transfers the redemption gold
amount from the Trust Allocated Account to the Trust Unallocated
Account and, thereafter, to the redeeming Authorized
Participant's Authorized Participant Unallocated Account. The
Authorized Participant and the Trust are each at risk in respect of
gold credited to their respective unallocated accounts in the event of
the Custodian's insolvency. See "Risk Factors
&mdash; Gold held in the Trust's unallocated gold account and any
Authorized Participant's unallocated gold account will not be
segregated from the Custodian's assets..."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">As
with the allocation of gold to the Trust Allocated Account which occurs
upon a purchase order, if in transferring gold from the Trust Allocated
Account to the Trust Unallocated Account in connection with a
redemption order there is an excess amount of gold transferred to the
Trust Unallocated Account, the excess over the gold redemption amount
will be held in the Trust Unallocated Account. The Custodian will use
commercially reasonable efforts to minimize the amount of gold held in
the Trust Unallocated Account; no more than 430 ounces of gold is
expected to be held in the Trust Unallocated Account at the close of
each business day.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Suspension or rejection of
redemption orders</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee may, in its discretion, and
will when directed by the Sponsor, suspend the right of redemption, or
postpone the redemption settlement date, (1) for any period during
which the NYSE is closed other than customary weekend or holiday
closings, or trading on the NYSE is suspended or restricted, (2) for
any period during which an emergency exists as a result of which
delivery, disposal or evaluation of gold is not reasonably practicable,
or (3) for such other period as the Sponsor determines to be necessary
for the protection of the Shareholders. None of the Sponsor, the
Trustee or the Custodian will be liable to any person or in any way for
any loss or damages that may result from any such suspension or
postponement.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee will reject a redemption order if the
order is not in proper form as described in the Participant Agreement
or if the fulfillment of the order, in the opinion of its counsel,
might be unlawful.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">CREATION AND REDEMPTION TRANSACTION FEE&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">To compensate the Trustee for services in processing the creation
and redemption of Baskets, an Authorized Participant is required to pay
a transaction fee to the Trustee of $2,000 per order to create or
redeem Baskets. An order may include multiple Baskets. The transaction
fee may be reduced, increased or otherwise changed by the Trustee with
the consent of the Sponsor. The Trustee shall notify DTC of any
agreement to change the transaction fee and will not implement any
increase in the fee for the redemption of Baskets until 30 days after
the date of the notice. A transaction fee may not exceed 0.10%
of the value of a Basket at the time the creation and redemption order
is accepted.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Tax Responsibility</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Authorized Participants are responsible for any transfer tax, sales
or use tax, recording tax, value added tax or similar tax or
governmental charge applicable to the creation or redemption of
Baskets, regardless &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">54</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Creation
and Redemption of Shares</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
of whether or not such tax or charge is
imposed directly on the Authorized Participant, and agree to indemnify
the Sponsor, the Trustee and the Trust if they are required by law to
pay any such tax, together with any applicable penalties, additions to
tax or interest thereon.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">55</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Description
of the Trust Indenture&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust operates under the terms of
the Trust Indenture, dated as of November 12, 2004, between the Sponsor
and the Trustee. A copy of the Trust Indenture is available for
inspection at the Trustee's office. The following is a
description of the material terms of the Trust Indenture.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">THE
SPONSOR&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">This section summarizes some of the important
provisions of the Trust Indenture which apply to the Sponsor. For a
general description of the Sponsor's role concerning the Trust,
see "The Sponsor &ndash; The Sponsor's
Role."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Liability of the Sponsor and
indemnification</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor will not be liable to the
Trustee or any Shareholder for any action taken or for refraining from
taking any action in good faith, or for errors in judgment or for
depreciation or loss incurred by reason of the sale of any gold or
other assets of the Trust. However, the preceding liability exclusion
will not protect the Sponsor against any liability resulting from its
own gross negligence, bad faith, willful misconduct or willful
malfeasance in the performance of its duties or the reckless disregard
of its obligations and duties to the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor and its
shareholders, members, directors, officers, employees, affiliates and
subsidiaries are indemnified from the Trust and held harmless against
certain losses, liabilities or expenses incurred in the performance of
its duties under the Trust Indenture without gross negligence, bad
faith, willful misconduct, willful malfeasance or reckless disregard of
the indemnified party's obligations and duties under the Trust
Indenture. Such indemnity includes payment from the Trust of the costs
and expenses incurred in defending against any claim or liability under
the Trust Indenture. Under the Trust Indenture, the Sponsor may be able
to seek indemnification from the Trust for payments it makes in
connection with the Sponsor's activities under the Trust
Indenture to the extent its conduct does not disqualify it from
receiving such indemnification under the terms of the Trust Indenture.
The Sponsor shall also be indemnified from the Trust and held harmless
against any loss, liability or expense arising under the Distribution
Agreement, the Marketing Agent Agreement or any Participant Agreement
insofar as such loss, liability or expense arises from any untrue
statement or alleged untrue statement of a material fact contained in
any written statement provided to the Sponsor by the Trustee. Any
amounts payable to the Sponsor are secured by a lien on the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor has agreed to indemnify certain parties against certain
liabilities described under "Risk Factors &ndash; The
Trust's obligation to reimburse the Marketing Agent, the
Authorized Participants and certain parties
..&nbsp;.&nbsp;." and to contribute to payments that
such parties may be required to make in respect of those liabilities.
The Trustee has agreed to reimburse such parties, solely from and to
the extent of the Trust's assets, for indemnification and
contribution amounts due from the Sponsor in respect of such
liabilities to the extent the Sponsor has not paid such amounts when
due. The Sponsor has agreed that, to the extent the Trustee pays any
amount in respect of the reimbursement obligations described in the
preceding sentence, the Trustee, for the benefit of the Trust, will be
subrogated to and will succeed to the rights of the party so reimbursed
against the Sponsor.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Resignation of the Sponsor;
successor sponsors</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor may resign its position as
sponsor at any time by delivering to the Trustee an executed instrument
of resignation. The resignation will not become effective until the
earlier of the time when (1) the Trustee appoints a successor
sponsor to assume, with appropriate compensation from the Trust, the
duties and obligations of the Sponsor, (2) the Trustee agrees to act as
sponsor without appointing a successor sponsor, or (3) if a successor
sponsor has not been found within 60 days following the date the
instrument of resignation was delivered, the date the Trustee
terminates and liquidates the Trust and distributes all remaining
assets to DTC for distribution to DTC Participants who are then owners
of Shares on the records of DTC. Any successor sponsor must be
satisfactory to the Trustee. Upon effective resignation, the Sponsor
will be discharged and will no longer be liable in any manner except as
to acts or omissions occurring prior to such resignation, and the new
sponsor will then undertake and perform all duties and be entitled to
all rights and compensation as sponsor under the Trust Indenture.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">56</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Description
of the Trust Indenture</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">If the Sponsor fails to undertake or
perform or becomes incapable of undertaking or performing any of its
duties required under the Trust Indenture, and the failure is not cured
within 15 business days following receipt of notice from the Trustee of
the failure, or if the Sponsor is adjudged bankrupt or insolvent, or a
receiver of the Sponsor or of its property is appointed, or a trustee
or liquidator or any public officer takes charge or control of the
Sponsor or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation, then, in any such case,
the Trustee may do any one or more of the following (1) appoint a
successor sponsor to assume, with such compensation from the Trust as
the Trustee may deem reasonable under the circumstances, the duties and
obligations of the resigning Sponsor, (2) agree to act as sponsor
without appointing a successor sponsor, or (3) terminate and liquidate
the Trust and distribute its remaining assets. The Trustee has no
obligation to appoint a successor sponsor or to assume the duties of
the Sponsor and will have no liability to any person because the Trust
is terminated as described in the preceding sentence.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor
may transfer all or substantially all of its assets to an entity which
carries on the business of the Sponsor, if at the time of the transfer
the successor assumes all of the obligations of the Sponsor under the
Trust Indenture. In such an event, the Sponsor will then be relieved of
all further liability under the Trust Indenture.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">THE
TRUSTEE&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">This section summarizes some of the important provisions
of the Trust Indenture which apply to the Trustee. For a general
description of the Trustee's role concerning the Trust, see
"The Trustee &minus; The Trustee's
Role."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Qualifications of the
trustee</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee and any successor trustee must be (1) a
bank, trust company, corporation or national banking association
organized and doing business under the laws of the United States or any
of its states, and authorized under such laws to exercise corporate
trust powers, (2) a participant in DTC or such other securities
depository as shall then be acting and (3), unless counsel to the
Sponsor, the appointment of which is acceptable to the Trustee,
determines that such requirement is not necessary for the exception
under section 408(m)(3)(B) of the United States Internal Revenue Code
of 1986, as amended (Code), to apply, a banking institution as defined
in Code section 408(n). The Trustee and any successor trustee must
have, at all times, an aggregate capital, surplus, and undivided
profits of not less than $500 million.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">General
duty of care of trustee</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee is not under any duty to
give the property held by it under the Trust Indenture any greater
degree of care than it gives its own similar
property.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Limitation on trustee's
liability</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee is not liable for the disposition of
gold or moneys, or in respect of any evaluation which it makes under
the Trust Indenture or otherwise, or for any action taken or omitted or
for any loss or injury resulting from its actions or its performance or
lack of performance of its duties under the Trust Indenture in the
absence of gross negligence or willful misconduct on its part. In no
event will the Trustee be liable for acting in accordance with or
conclusively relying upon any instruction, notice, demand, certificate
or document from the Sponsor, an Authorized Participant or any entity
acting on their behalf which the Trustee believes is given as
authorized by the Trust Indenture. In addition, the Trustee is not
liable for any delay in performance or for the non-performance of any
of its obligations under the Trust Indenture by reason of causes beyond
its reasonable control, including acts of God, war or terrorism. The
Trustee is not liable 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 Trust's assets.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Trustee's liability for custodial services and
agents</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee is not answerable for the default of the
Custodian or any other custodian of the Trust's gold employed at
the direction of the Sponsor or selected by the Trustee with reasonable
care. The Trustee &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">57</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Description
of the Trust Indenture</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
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 of them if they were selected with reasonable care. The fees and
expenses charged by custodians for the custody of gold and related
services, agents, attorneys, accountants, auditors or other
professionals, and expenses reimbursable to any custodian under a
custody agreement authorized by the Trust Indenture, exclusive of fees
for services to be performed by the Trustee, are expenses of the Trust.
Fees paid for the custody of assets other than gold are an expense of
the Trustee.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Taxes</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee is not
personally liable for any taxes or other governmental charges imposed
upon the gold or its custody, moneys or other Trust assets, or on the
income therefrom or the sale or proceeds of the sale thereof, or upon
it as Trustee or upon or in respect of the Trust or the Shares. 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 will be reimbursed and indemnified out of the
Trust's assets and the payment of such amounts shall be secured
by a lien on the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Indemnification of the
trustee</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee and its directors, shareholders,
officers, employees, agents and affiliates will be indemnified from the
Trust's assets against any loss, liability or expense (1) in
connection with the acceptance or administration of the Trust and any
actions taken in accordance with the Trust Indenture or the
administration of the Trust or in connection with any offer or sale of
Shares incurred without (A) gross negligence, bad faith, willful
misconduct and willful malfeasance on the part of the indemnified party
and without (B) reckless disregard on the part of the indemnified party
of its obligations and duties under the Trust Indenture or (2) related
to any filings or submissions, or the failure to make any filings or
submissions, with the SEC concerning the Shares, except where the loss,
liability or expense arises out of any written information provided by
the Trustee to the Sponsor for any such filings or submissions. Such
indemnity shall include payment from the Trust of the costs and
expenses incurred by the indemnified party in investigating or
defending itself against any claim or liability. Any amounts payable to
an indemnified party may be payable in advance or will be secured by a
lien on the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Indemnity for actions taken to
protect the trust</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee is under no obligation to
appear in, prosecute or defend any action that in its opinion may
involve it in expense or liability, unless it is furnished with
reasonable security and indemnity against the expense or liability. The
Trustee's costs resulting from the Trustee's appearance in,
prosecution of or defense of any such action are deductible from and
constitute a lien against the Trust's assets. Subject to the
preceding conditions, the Trustee shall, in its discretion, undertake
such action as it may deem necessary to protect the Trust and the
rights and interests of all Shareholders pursuant to the terms of the
Trust Indenture.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Protection for amounts due to
trustee</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">If any fees or costs owed to the Trustee under the
Trust Indenture are not paid when due, the Trustee may sell or
otherwise dispose of any Trust assets (including gold) and pay itself
from the proceeds. As security for all obligations owed to the Trustee
under the Trust Indenture, the Sponsor, each Authorized Participant and
each Shareholder grants the Trustee a continuing security interest in,
and a lien on, the Trust's assets and all Trust
distributions.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Holding of trust property other than
gold</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee holds and records the ownership of the
Trust's assets in such a manner so that they are not be subject
to any right, charge, security interest, lien or claim of any kind in
favor of the Trustee or its creditors, except a claim for payment of
services, advances, indemnities and expenses by the Trustee in
providing services as trustee or, in the case of cash deposits held by
the Trustee, liens or rights in favor of creditors of the Trustee
arising under bankruptcy, insolvency or similar laws.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Trustee holds any money the Trust receives, without interest, as a
deposit for the account of the Trust in accordance with the provisions
of the Trust Indenture, until it is required to be disbursed. Any
&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">58</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Description
of the Trust Indenture</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
Trust assets other than gold or cash will be
held by the Trustee either directly or through the Federal Reserve
Treasury Book Entry System for United States and federal agency
securities (Book Entry System), DTC, or through any other clearing
agency or similar system (Clearing Agency), if available. The Trustee
has no responsibility or liability for the actions or omissions of the
Book Entry System, DTC or any Clearing Agency. The Trustee shall not be
liable for ascertaining or acting upon any calls, conversions, exchange
offers, tenders, interest rate changes, or similar matters relating to
securities held at DTC.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Resignation, discharge or
removal of trustee; successor trustees</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee may
resign by executing an instrument of resignation, filing it with the
Sponsor, and mailing a copy of a notice of its resignation to all DTC
Participants for distribution to the Shareholders not less than 60 days
before the date when the resignation is to take effect.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Sponsor may remove the Trustee and appoint a successor Trustee if it
determines that (1) the Trustee is guilty of willful misconduct or
malfeasance or willful disregard of its duties under the Trust
Indenture, (2) the Trustee has acted in bad faith in performing its
duties under the Trust Indenture, (3) there has occurred a material
deterioration in the creditworthiness of the Trustee or (4) there has
occurred one or more negligent acts or omissions on the part of the
Trustee which have a material adverse effect, either singly or
together, on the Trust or the interests of the Shareholders and the
Trustee has not, within 15 days of receipt of the Sponsor's
notice of such material adverse effect, (A) cured such material adverse
effect or responded to the notice explaining the steps it will take to
cure such material adverse effect and cures such material adverse
effect within 30 days from the date of the notice and (B) established,
to the Sponsor's satisfaction, that such act or omission (or acts
or omissions) will not recur. Shareholders representing at least
66 2/3% of the Shares then outstanding may at
any time remove the Trustee by delivery of a written instrument to the
Trustee and the Sponsor.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">If the Trustee does not meet the
qualification for a trustee under the Trust Indenture, fails to
undertake or perform or becomes incapable of undertaking or performing
any of its duties required under the Trust Indenture, and the failure
is not cured within 15 business days following receipt of notice from
the Sponsor of the failure, or is adjudged bankrupt or insolvent, or a
receiver of the Trustee or of its property is appointed, or a trustee
or liquidator or any public officer takes charge or control of the
Trustee or of its property or affairs for the purposes of
rehabilitation, conservation or liquidation, then, in any such case,
the Sponsor will remove the Trustee.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Upon receiving notice of
resignation or upon the removal of the Trustee, the Sponsor shall use
its best efforts promptly to appoint a successor trustee in the manner
and meeting the qualifications provided in the Trust Indenture, by
written instrument or instruments delivered to the resigning Trustee
and the successor trustee.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Any resignation or removal of a
trustee and appointment of a successor trustee will become effective
upon the acceptance of appointment by the successor trustee. Notice of
the appointment of a successor trustee shall be mailed promptly after
acceptance of the appointment by the successor trustee to all DTC
Participants for distribution to the Shareholders.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Upon
effective resignation or removal, the retiring trustee will be
discharged from liability under the Trust Indenture except as to acts
or omissions occurring prior to such resignation or removal.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">If
the Trustee is removed or resigns and no successor trustee is appointed
within 60 days after the date notice of removal is received by the
Trustee or the date the Trustee issues its notice of resignation, the
Trustee will terminate and liquidate the Trust and distribute its
remaining assets.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">THE CUSTODIAN AND CUSTODY OF THE
TRUST'S GOLD&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">This section summarizes some of the
important provisions of the Trust Indenture which apply to the
Custodian and the custody of the Trust's gold. For a general
description of the Custodian's role, see "The
Custodian &ndash; The Custodian's Role." For more
information on the custody of the Trust's gold, see
"Custody of the Trust's Gold" and
"Description of the Custody Agreements."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee, on behalf of the Trust, has entered into the Custody
Agreements with the Custodian under which the Custodian maintains the
Trust Allocated Account and the Trust Unallocated Account.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">59</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Description
of the Trust Indenture</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Before entering into the Custody
Agreements, the Trustee determined that, subject to the limitations and
shortcomings that are described under "Risk
Factors" and "Custody of the Trust's
Gold," the Custody Agreements establishing the Trust
Allocated Account and Trust Unallocated Account protect the Trust and
the interests of the Shareholders.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee is responsible
for monitoring the performance of the Custodian and any successor
custodian or additional custodian and for enforcing the obligations of
each such custodian as is necessary to protect the Trust and the rights
and interests of the Shareholders. In the event that the Trustee
determines that the maintenance of gold with a particular custodian is
not in the best interests of the Shareholders, the Trustee will so
advise the Sponsor and take such reasonable action as the Sponsor will
direct, or, if the Sponsor has not given direction within one business
day, the Trustee will initiate action to remove the gold from the
custody of such custodian or take such other action as the Trustee
determines appropriate to safeguard the interests of the Shareholders.
However, see "The Trustee &ndash; The Trustee's
Role" for a description of limitations on the ability of
the Trustee to monitor the performance of the Custodian. The Trustee
shall have no liability for any such action taken at the direction of
the Sponsor or, in the absence of such direction, any action taken by
it in good faith.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Appointment and removal of
custodians</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor may direct the Trustee to employ one
or more other custodians in addition to or in replacement of the
Custodian, provided that the Sponsor may not direct the employment of a
successor custodian or an additional custodian without the
Trustee's consent if the employment would have a material adverse
effect on the Trustee's ability to perform its duties. The
Trustee may, with the prior approval of the Sponsor, also employ one or
more successor or additional custodians selected by the Trustee for the
safekeeping of gold and services in connection with the deposit and
delivery of gold. Before gold may be placed with any additional or
successor custodian, the Trustee will determine that the custody
agreements and any related custody arrangements applicable to the
additional or successor custodian substantially satisfy certain
specified requirements set forth in the Trust Indenture, unless the
Sponsor has permitted the Trustee to enter into such custody agreements
without satisfaction of one or more of these requirements. Investors
should be aware that these requirements are different in certain
respect than the requirements set forth in the Custody Agreements.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">VALUATION OF GOLD, DEFINITION OF NET ASSET VALUE AND ADJUSTED NET
ASSET VALUE&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">As of the London PM Fix on each day that the NYSE
is open for regular trading or, if there is no London PM Fix on such
day or the London PM Fix has not been announced by 12:00 PM New York
time on such day, as of 12:00 PM New York time on such day
(Evaluation Time), the Trustee evaluates the gold held by the Trust and
determine both the ANAV and the NAV of the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">At the
Evaluation Time, the Trustee values the Trust's gold on the basis
of that day's London PM Fix or, if no London PM Fix is made on
such day or has not been announced by the Evaluation Time, the next
most recent London gold price fix (AM or PM) determined prior to the
Evaluation Time is used, unless the Trustee, in consultation with the
Sponsor, determines that such price is inappropriate as a basis for
evaluation. In the event the Trustee and the Sponsor determine that the
London PM Fix or last prior London fix is not an appropriate basis for
evaluation of the Trust's gold, they shall identify an
alternative basis for such evaluation to be employed by the Trustee.
Neither the Trustee nor the Sponsor shall be liable to any person for
the determination that the London PM Fix or last prior London gold
price fix is not appropriate as a basis for evaluation of the
Trust's gold or for any determination as to the alternative basis
for such evaluation provided that such determination is made in good
faith. See "Operation of the Gold Bullion Market &ndash;
The London Bullion Market" for a description of the London
PM Fix.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Once the value of the gold has been determined, the
Trustee subtracts all estimated accrued but unpaid fees (other than the
fees accruing for the evaluation day which are computed by reference to
the ANAV of the Trust or the custody fees accruing for the evaluation
day which are based on the value of the gold held by the Trust),
expenses and other liabilities of the Trust from the total value of the
gold and all other assets of the Trust (other than any amounts credited
to the Trust's reserve account, if established). The resulting
figure is the ANAV of the Trust. The ANAV of the Trust is used to
compute the fees of the Sponsor, the Trustee and the Marketing
Agent.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">60</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Description
of the Trust Indenture</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">To determine the Trust's NAV, the
Trustee subtracts the amount of estimated accrued but unpaid fees
accruing for the evaluation day which are computed by reference to the
ANAV of the Trust and to the value of the gold held by the Trust from
the ANAV of the Trust. The resulting figure is the NAV of the Trust.
The Trustee also determines the NAV per Share by dividing the NAV of
the Trust by the number of the Shares outstanding as of the close of
trading on the NYSE (which includes the net number of any Shares
created or redeemed on such evaluation day).&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee's
estimation of accrued but unpaid fees, expenses and liabilities is
conclusive upon all persons interested in the Trust and no revision or
correction in any computation made under the Trust Indenture is
required by reason of any difference in amounts estimated from those
actually paid.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor and the Shareholders may rely on any
evaluation furnished by the Trustee, and the Sponsor has no
responsibility for the evaluation's accuracy. The determinations
the Trustee makes will be made in good faith upon the basis of, and the
Trustee will not be liable for any errors contained in, information
reasonably available to it. The Trustee will not be liable to the
Sponsor, DTC, the Shareholders or any other person for errors in
judgment. However, the preceding liability exclusion will not protect
the Trustee against any liability resulting from willful misfeasance,
willful misconduct, bad faith or gross negligence in the performance of
its duties or the reckless disregard of its obligations and duties.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">EXPENSES OF THE TRUST&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">All expenses of the Trust are paid by
the Trust through the sale of the Trust's gold by the Trustee.
The Trustee charged no fee and assumed the Trust's operating
expenses (other than extraordinary expenses) for the period from the
Trust's formation through the day the Shares commenced trading on
the NYSE. The Trustee and the Sponsor have entered into a separate
agreement relating to payment by the Sponsor to the Trustee for this
period. These payments are not reimbursable to the Sponsor by the
Trust. If the Sponsor fails to pay the Trustee under such agreement,
the Trustee may recover the unpaid amounts from the assets of the
Trust, and may sell the Trust's gold as necessary to provide
funds for such unpaid amounts.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Trustee's fee
and expenses</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Fees are paid to the Trustee as compensation
for services performed under the Trust Indenture. The Trustee's
fee is payable monthly in arrears and is accrued daily at an annual
rate equal to 0.02% of the ANAV of the Trust, subject to a
minimum fee of $500,000 and a maximum fee of $2 million per year. The
Trustee charges the Trust for its expenses and disbursements incurred
in connection with the Trust (including the expenses of the Custodian
paid by the Trustee), exclusive of fees of agents for services to be
performed by the Trustee, and for any extraordinary services performed
by the Trustee for the Trust. The Trustee's fee may be changed by
the Trustee and Sponsor in good faith to account for significant
changes in the Trust's administration or the Trustee's
duties.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Sponsor's fee and expenses</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Fees are paid to the Sponsor as compensation for services performed
under the Trust Indenture and services in connection with maintaining a
website for the Trust, including licensing costs, and with the
marketing of the Shares. The Sponsor's fee is payable monthly in
arrears and is accrued daily at an annual rate equal to 0.15% of
the ANAV of the Trust. The Sponsor is reimbursed from the Trust for all
of its disbursements and expenses incurred in connection with the
Trust. For seven years from the date of the Trust Indenture or until
the earlier termination of the Marketing Agent Agreement, if at the end
of any month during this period the estimated ordinary expenses of the
Trust exceed an amount equal to 0.40% per year of the daily ANAV
of the Trust for such month, the Sponsor's fee is subject to
reduction. See "Business of the Trust &ndash; Trust
Expenses &ndash; Fee Reduction."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Other
expenses</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">In addition, the following expenses are or may be
charged to the Trust:&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Expenses of custody,
deposit or delivery of gold (other than expenses borne by Authorized
Participants) and disbursements charged by and indemnification due any
Custodian;&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">61</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Description
of the Trust Indenture</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Fees
of the Trustee for extraordinary services;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Various taxes and
governmental charges and any taxes, fees and charges payable by the
Trustee with respect to the creation or redemption of
Baskets;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Expenses and
costs of any action taken by the Trustee or the Sponsor to protect the
Trust and the rights and interests of Shareholders;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Amounts for indemnification
of the Trustee or the Sponsor as permitted under the Trust
Indenture;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Amounts for
reimbursement in respect of certain claims described under
"Risk Factors &ndash; The Trust's obligation to
reimburse the Marketing Agent, the Authorized Participants and certain
parties .&nbsp;.&nbsp;."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Expenses incurred in
contacting Shareholders;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Legal and auditing
expenses, and the compensation paid to agents properly employed by or
on behalf of the
Trustee;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Fees paid to
DTC for custody of the
Shares;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Federal and
state annual fees in keeping the registration of the Shares on a
current basis for the issuance of
Baskets;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Expenses of the
Sponsor relating to the printing and distribution of marketing
materials describing the Trust and the Shares;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Fees and expenses of the
Marketing Agent; and&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 1pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">Stationery, postage and all
other out-of-pocket expenses of the Trust not otherwise stated above
incurred by the Trustee, the Sponsor or the Custodian or any additional
or successor custodian pursuant to actions permitted or required under
the Trust Indenture.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">SALES OF GOLD&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee at the
direction of the Sponsor or in its own discretion sells the
Trust's gold as necessary to pay the Trust's expenses. When
selling gold to pay expenses, the Trustee endeavors to sell the
smallest amounts of gold needed to pay expenses in order to minimize
the Trust's holdings of assets other than gold. Unless otherwise
directed by the Sponsor, when selling gold the Trustee endeavors to
sell at the price established by the London PM Fix. The Trustee places
orders with dealers (which may include the Custodian) through which the
Trustee expects to receive the most favorable price and execution of
orders. The Custodian may be the purchaser of such gold only if the
sale transaction is made at the next London gold price fix (either AM
or PM) following the sale order. Neither the Trustee nor the Sponsor is
liable for depreciation or loss incurred by reason of any sale. See
"United States Federal Tax Consequences &ndash; Taxation
of US Shareholders" for information on the tax treatment
of gold sales.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee also sells the Trust's gold if
the Sponsor notifies the Trustee that the sale of gold is required by
applicable law or regulation or in connection with the termination and
liquidation of the Trust. The Trustee will not be liable or responsible
in any way for depreciation or loss incurred by reason of any sale of
gold directed by the Sponsor.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Any property received by the Trust
other than gold, cash or an amount receivable in cash (such as, for
example, an insurance claim) will be promptly sold or otherwise
disposed of by the Trustee at the direction of the Sponsor and the
resulting proceeds will be credited to the Trust's cash
account.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="font-weight: bold; font-style: normal">Cash account and reserve account</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee maintains a cash account for the Trust in which proceeds
of gold sales and other cash received by the Trustee on behalf of the
Trust are held. On each business day, the Trustee reports the balance
of the cash account to the Sponsor. The Trustee may withdraw funds from
the cash account to establish a reserve account for any taxes, other
governmental charges and contingent or future liabilities.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Trustee deducts its fee from the cash account monthly in arrears. The
Trustee charges the cash account its disbursements for payment of
expenses at such times as the Trustee determines convenient in its
administration of the Trust.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">62</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Description
of the Trust Indenture</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">THE SECURITIES DEPOSITORY;
BOOK-ENTRY-ONLY SYSTEM; GLOBAL SECURITY&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">DTC acts as securities
depository for the Shares. DTC is a limited-purpose trust company
organized under the laws of the State of New York, a member of the
Federal Reserve System, a "clearing
corporation" within the meaning of the New York Uniform
Commercial Code, and a "clearing agency"
registered pursuant to the provisions of section 17A of the Exchange
Act. DTC was created to hold securities of DTC Participants and to
facilitate the clearance and settlement of transactions in such
securities among the DTC Participants through electronic book-entry
changes. This eliminates the need for physical movement of securities
certificates. DTC Participants include securities brokers and dealers,
banks, trust companies, clearing corporations, and certain other
organizations, some of whom (and/or their representatives) own DTC.
Access to the DTC system is also available to others such as banks,
brokers, dealers and trust companies that clear through or maintain a
custodial relationship with a DTC Participant, either directly or
indirectly. DTC has agreed to administer its book-entry system in
accordance with its rules and by-laws and the requirements of law.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Individual certificates will not be issued for the Shares. Instead,
global certificates are signed by the Trustee and the Sponsor on behalf
of the Trust, registered in the name of Cede &amp; Co., as nominee for
DTC, and deposited with the Trustee on behalf of DTC. The global
certificates evidence all of the Shares outstanding at any time. The
representations, undertakings and agreements made on the part of the
Trust in the global certificates are made and intended for the purpose
of binding only the Trust and not the Trustee or the Sponsor
individually.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Upon the settlement date of any creation, transfer
or redemption of Shares, DTC credits or debits, on its book-entry
registration and transfer system, the amount of the Shares so created,
transferred or redeemed to the accounts of the appropriate DTC
Participants. The Trustee and the Authorized Participants designate the
accounts to be credited and charged in the case of creation or
redemption of Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Beneficial ownership of the Shares is
limited to DTC Participants, Indirect Participants and persons holding
interests through DTC Participants and Indirect Participants. Owners of
beneficial interests in the Shares is shown on, and the transfer of
ownership is effected only through, records maintained by DTC (with
respect to DTC Participants), the records of DTC Participants (with
respect to Indirect Participants), and the records of Indirect
Participants (with respect to Shareholders that are not DTC
Participants or Indirect Participants). Shareholders are expected to
receive from or through the DTC Participant maintaining the account
through which the Shareholder has purchased their Shares a written
confirmation relating to such purchase.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Shareholders that are
not DTC Participants may transfer the Shares through DTC by instructing
the DTC Participant or Indirect Participant through which the
Shareholders hold their Shares to transfer the Shares. Shareholders
that are DTC Participants may transfer the Shares by instructing DTC in
accordance with the rules of DTC. Transfers are made in accordance with
standard securities industry practice.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">DTC may decide to
discontinue providing its service with respect to Baskets and/or the
Shares by giving notice to the Trustee and the Sponsor. Under such
circumstances, the Trustee and the Sponsor will either find a
replacement for DTC to perform its functions at a comparable cost or,
if a replacement is unavailable, terminate the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The rights
of the Shareholders generally must be exercised by DTC Participants
acting on their behalf in accordance with the rules and procedures of
DTC. Because the Shares can only be held in book-entry form through DTC
and DTC Participants, investors must rely on DTC, DTC Participants and
any other financial intermediary through which they hold the Shares to
receive the benefits and exercise the rights described in this section.
Investors should consult with their broker or financial institution to
find out about procedures and requirements for securities held in
book-entry form through DTC.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">SHARE SPLITS&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">If the
Sponsor believes that the per Share price in the secondary market for
Shares has fallen outside a desirable trading price range, the Sponsor
may direct the Trustee to declare a split or reverse split in the
number of Shares outstanding and to make a corresponding change in the
number of Shares constituting a Basket.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">63</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Description
of the Trust Indenture</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">BOOKS AND RECORDS&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee
keeps proper books of record and account of the Trust at its office
located in New York or such office as it may subsequently designate
upon notice. These books and records are open to inspection by any
person who establishes to the Trustee's satisfaction that such
person is a Shareholder upon reasonable advance notice at all
reasonable times during the usual business hours of the Trustee.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee keeps a copy of the Trust Indenture on file in its
office which is available for inspection on reasonable advance notice
at all reasonable times during its usual business hours by any
Shareholder.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">STATEMENTS, FILINGS AND REPORTS&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">After the
end of each fiscal year, the Sponsor will cause to be prepared an
annual report for the Trust containing audited financial statements.
The annual report will be in such form and contain such information as
is then required by applicable laws, rules and regulations and may
contain such additional information which the Sponsor determines shall
be included. The annual report shall be filed with the SEC and the NYSE
and shall be distributed to such persons and in such manner, as shall
be required by applicable laws, rules and regulations.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Sponsor is responsible for the registration and qualification of the
Shares under the federal securities laws and any other securities and
blue sky laws of the US or any other jurisdiction as the Sponsor may
select. The Sponsor will also prepare, or cause to be prepared, and
file any periodic reports or updates required under the Exchange Act.
The Trustee will assist and support the Sponsor in the preparation of
such reports.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The accounts of the Trust will be audited, as
required by law and as may be directed by the Sponsor, by independent
certified public accountants designated from time to time by the
Sponsor. The accountants report will be furnished by the Trustee to
Shareholders upon request.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee will make such elections,
file such tax returns, and prepare, disseminate and file such tax
reports, as it is advised by its counsel or accountants are from time
to time required by any applicable statute, rule or
regulation.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The costs incurred in connection with such
statements, filings and reports are expenses of the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">FISCAL YEAR&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The fiscal year of the Trust is the period
ending September 30 of each year. The Sponsor may select an alternate
fiscal year.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">TERMINATION OF THE TRUST&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor may,
and it is anticipated that the Sponsor will, direct the Trustee to
terminate and liquidate the Trust at any time after the first
anniversary of the Trust's inception when the NAV of the Trust is
less than $350 million (as adjusted for inflation by reference to the
National Consumer Price Index as described in the Trust Indenture). The
Sponsor may direct the Trustee to terminate the Trust if the CFTC
determines that the Trust is a commodities pool under the CEA. The
Trustee may also terminate the Trust upon the agreement of Shareholders
owning at least 66 2/3% of the outstanding
Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee will terminate and liquidate the Trust if
any of the following events occurs:&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">DTC is unwilling or unable
to perform its functions under the Trust Indenture and the Sponsor
determines that no suitable replacement is
available;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The Shares
are de-listed from the NYSE and are not listed for trading on another
US national securities exchange or through the Nasdaq Stock Market
within five business days from the date the Shares are
de-listed;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The NAV of
the Trust remains less than $50 million for a period of 50 consecutive
business days at any time after the first 90 days of the Shares being
traded on the NYSE;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The
Sponsor is unable to perform its duties or becomes bankrupt or
insolvent and the Trustee has not appointed a successor and has not
itself agreed to act as sponsor of the Trust;&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">64</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">Description
of the Trust Indenture</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The
Sponsor resigns and the Trustee has not appointed a successor and has
not itself agreed to act as sponsor of the Trust within 60 days from
the resignation notification date;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The Trustee resigns or is
removed and no successor trustee is appointed by the Sponsor within 60
days from the resignation or removal notification date;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The Custodian resigns and
no successor custodian is employed within 60 days from the resignation
notification date;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The
sale of all of the Trust's
assets;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The Trust fails
to qualify for treatment, or ceases to be treated, for US federal
income tax purposes, as a grantor trust;
or&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 0pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">The maximum period
for which the Trust is allowed to exist under New York law
ends.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee will give written notice of the termination of
the Trust, specifying the date of termination, upon which DTC will no
longer permit transfers, to DTC Participants for distribution to the
Shareholders at least 20 days prior to the termination of the Trust.
The Trustee will, within a reasonable time after the termination of the
Trust, sell the Trust's gold and, after payment of outstanding
accrued fees, expenses and liabilities and establishment of any
reserves deemed appropriate by the Trustee for applicable taxes, other
governmental charges or contingent or future liabilities, distribute
the proceeds to Shareholders. The Trustee is not required to invest any
proceeds it holds for distribution to the Shareholders, unless the
Sponsor directs that the proceeds will be invested pending
distribution.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">AMENDMENTS&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust Indenture can be
amended by the Sponsor and the Trustee without the Shareholders'
consent in order to (1) correct any ambiguities, defects or
inconsistencies in the Trust Indenture or to address other matters or
questions arising under the Trust Indenture in a manner that will not
materially adversely affect the interests of Shareholders as determined
in good faith by the Sponsor, and (2) make any change required by the
SEC. The Trust Indenture may also be amended by the Sponsor and the
Trustee with the consent of Shareholders representing at least
51% of the Shares outstanding. However, the Trust Indenture may
not be amended without the consent of all of the Shareholders if the
amendment would (1) permit the acquisition of any asset other than gold
and cash acquired in accordance with the Trust Indenture, (2) reduce
the interest of any Shareholder in the Trust, or (3) reduce the
percentage of Shareholders required to consent to the amendment. The
Trustee shall provide each DTC Participant with copies of a notice of
any amendment for the DTC Participant to distribute to the Shareholders
for whom the DTC Participant holds Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">GOVERNING LAW;
CONSENT TO NEW YORK JURISDICTION&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust Indenture, and the
rights of the Sponsor, the Trustee, DTC (as registered owner of the
Trust's global certificates for Shares) and the Shareholders
under the Trust Indenture, are governed by the laws of the State of New
York. The Sponsor, the Trustee and DTC and, by accepting Shares, each
DTC Participant and each Shareholder, consents to the jurisdiction of
the courts of the State of New York and any federal courts located in
the borough of Manhattan in New York City. Such consent in not required
for any person to assert a claim of New York jurisdiction over the
Sponsor or the Trustee.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">65</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">United
States Federal Tax Consequences&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The following discussion of the
material United States federal income tax consequences that generally
apply to the purchase, ownership and disposition of Shares by a US
Shareholder (as defined below), and certain United States federal
income, gift and estate tax consequences that may apply to an
investment in Shares by a Non-US Shareholder (as defined below),
represents, insofar as it describes conclusions as to US federal tax
law and subject to the limitations and qualifications described
therein, the opinion of Carter Ledyard &amp; Milburn LLP, special
United States federal tax counsel to the Sponsor. The discussion below
is based on the Code, Treasury Regulations promulgated under the Code
and judicial and administrative interpretations of the Code, all as in
effect on the date of this prospectus and all of which are subject to
change either prospectively or retroactively. The tax treatment of
Shareholders may vary depending upon their own particular
circumstances. Certain Shareholders (including broker-dealers, traders
or other investors with special circumstances) may be subject to
special rules not discussed below. In addition, the following
discussion applies only to investors who hold Shares as
"capital assets" within the meaning of Code
section 1221. Moreover, the discussion below does not address the
effect of any state, local or foreign tax law on an owner of Shares.
Purchasers of Shares are urged to consult their own tax advisors with
respect to all federal, state, local and foreign tax law considerations
potentially applicable to their investment in Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">For
purposes of this discussion, a "US
Shareholder" is a Shareholder that is:&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">An individual who is treated as a
citizen or resident of the United States for US federal income tax
purposes;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">A corporation created
or organized in or under the laws of the United States or any political
subdivision thereof;&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">An estate,
the income of which is includible in gross income for US federal income
tax purposes regardless of its source; or&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 20pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">&rarr;&nbsp;</p>
</div>
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 466pt;padding-top: 6pt; padding-bottom: 2pt;  border-left: 0pt solid #ffffff;">A trust, if a court within the
United States is able to exercise primary supervision over the
administration of the trust and one or more US persons have the
authority to control all substantial decisions of the trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">A
Shareholder that is not a US Shareholder as defined above is generally
considered a "Non-US Shareholder" for
purposes of this discussion. For United States federal income tax
purposes, the treatment of any beneficial owner of an interest in a
partnership, including any entity treated as a partnership for United
States federal income tax purposes, will generally depend upon the
status of the partner and upon the activities of the partnership.
Partnerships and partners in partnerships should consult their tax
advisors about the United States federal income tax consequences of
purchasing, owning and disposing of Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Taxation of
the Trust</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust will be classified as a
"grantor trust" for US federal income tax
purposes. As a result, the Trust itself will not be subject to US
federal income tax. Instead, the Trust's income and expenses will
"flow through" to the Shareholders, and the
Trustee will report the Trust's income, gains, losses and
deductions to the Internal Revenue Service (IRS) on that basis.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Taxation of US Shareholders</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Shareholders
generally will be treated, for US federal income tax purposes, as if
they directly owned a pro rata share of the underlying assets held in
the Trust. Shareholders also will be treated as if they directly
received their respective pro rata shares of the Trust's income,
if any, and as if they directly incurred their respective pro rata
shares of the Trust's expenses. In the case of a Shareholder that
purchases Shares for cash, its initial tax basis in its pro rata share
of the assets held in the Trust at the time it acquires its Shares will
be equal to its cost of acquiring the Shares. In the case of a
Shareholder that acquires its Shares as part of a creation, the
delivery of gold to the Trust in exchange for the underlying gold
&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">66</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">United
States Federal Tax Consequences</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
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represented by the Shares will not be a
taxable event to the Shareholder, and the Shareholder's tax basis
and holding period for the Shareholder's pro rata share of the
gold held in the Trust will be the same as its tax basis and holding
period for the gold delivered in exchange therefor. For purposes of
this discussion, it is assumed that all of a Shareholder's Shares
are acquired on the same date, at the same price per Share and, except
where otherwise noted, that the sole asset of the Trust is gold.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">When the Trust sells gold, for example to pay expenses, a
Shareholder generally will recognize gain or loss in an amount equal to
the difference between (1) the Shareholder's pro rata share of
the amount realized by the Trust upon the sale and (2) the
Shareholder's tax basis for its pro rata share of the gold that
was sold, which gain or loss will generally be long-term or short-term
capital gain or loss, depending upon whether the Shareholder has held
its Shares for more than one year. A Shareholder's tax basis for
its share of any gold sold by the Trust generally will be determined by
multiplying the Shareholder's total basis for its share of all of
the gold held in the Trust immediately prior to the sale, by a fraction
the numerator of which is the amount of gold sold, and the denominator
of which is the total amount of the gold held in the Trust immediately
prior to the sale. After any such sale, a Shareholder's tax basis
for its pro rata share of the gold remaining in the Trust will be equal
to its tax basis for its share of the total amount of the gold held in
the Trust immediately prior to the sale, less the portion of such basis
allocable to its share of the gold that was sold.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Upon a
Shareholder's sale of some or all of its Shares, the Shareholder
will be treated as having sold the portion of its pro rata share of the
gold held in the Trust at the time of the sale that is attributable to
the Shares sold. Accordingly, the Shareholder generally will recognize
gain or loss on the sale in an amount equal to the difference between
(1) the amount realized pursuant to the sale of the Shares, and (2) the
Shareholder's tax basis for the portion of its pro rata share of
the gold held in the Trust at the time of sale that is attributable to
the Shares sold, as determined in the manner described in the preceding
paragraph.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">A redemption of some or all of a Shareholder's
Shares in exchange for the underlying gold represented by the Shares
redeemed generally will not be a taxable event to the Shareholder. The
Shareholder's tax basis for the gold received in the redemption
generally will be the same as the Shareholder's tax basis for the
portion of its pro rata share of the gold held in the Trust immediately
prior to the redemption that is attributable to the Shares redeemed.
The Shareholder's holding period with respect to the gold
received should include the period during which the Shareholder held
the Shares redeemed. A subsequent sale of the gold received by the
Shareholder will be a taxable event.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">After any sale or
redemption of less than all of a Shareholder's Shares, the
Shareholder's tax basis for its pro rata share of the gold held
in the Trust immediately after such sale or redemption generally will
be equal to its tax basis for its share of the total amount of the gold
held in the Trust immediately prior to the sale or redemption, less the
portion of such basis which is taken into account in determining the
amount of gain or loss recognized by the Shareholder upon such sale or,
in the case of a redemption, which is treated as the basis of the gold
received by the Shareholder in the redemption.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">As noted above,
the foregoing discussion assumes that all of a Shareholder's
Shares were acquired on the same date and at the same price per Share.
If a Shareholder owns multiple lots of Shares (i.e., Shares acquired on
different dates and/or at different prices), it is uncertain whether
the Shareholder may use the "specific
identification" rules that apply under Treas. Reg.
&sect;1.1012-1(c) in the case of sales of shares of stock, in
determining the amount, and the long-term or short-term character, of
any gain or loss recognized by the Shareholder upon the sale of gold by
the Trust, upon the sale of any Shares by the Shareholder, or upon the
sale by the Shareholder of any gold received by it upon the redemption
of any of its Shares. The IRS could take the position that a
Shareholder has a blended tax basis and holding period for its pro rata
share of the underlying gold in the Trust. Shareholders that hold
multiple lots of Shares, or that are contemplating acquiring multiple
lots of Shares, should consult their own tax advisers as to the
determination of the tax basis and holding period for the underlying
gold related to such Shares.&nbsp;</p>
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<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Maximum 28%
Long-Term Capital Gains Tax Rate for US Shareholders who are
Individuals</font>&nbsp;</p>
</div>
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<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Under current law, gains recognized by
individuals from the sale of "collectibles,"
including gold bullion, held for more than one year are taxed at a
maximum rate of 28%, rather than the 15% rate applicable
to &nbsp;</p>
</div>
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<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">67</p>
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<hr>
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<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">United
States Federal Tax Consequences</p>
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<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
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<div style="clear: left; padding: 0pt; margin: 0pt; ">
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<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
most other long-term capital gains. For these
purposes, gain recognized by an individual upon the sale of an interest
in a trust that holds collectibles is treated as gain recognized on the
sale of collectibles, to the extent that the gain is attributable to
unrealized appreciation in value of the collectibles held by the trust.
Therefore, any gain recognized by an individual US Shareholder
attributable to a sale of Shares held for more than one year, or
attributable to the Trust's sale of any gold bullion which the
Shareholder is treated (through its ownership of Shares) as having held
for more than one year, generally will be taxed at a maximum rate of
28%. The tax rates for capital gains recognized upon the sale of
assets held by an individual US Shareholder for one year or less or by
a taxpayer other than an individual US taxpayer are generally the same
as those at which ordinary income is taxed.&nbsp;</p>
</div>
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<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Brokerage
Fees and Trust Expenses</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Any brokerage or other
transaction fee incurred by a Shareholder in purchasing Shares will be
treated as part of the Shareholder's tax basis in the underlying
assets of the Trust. Similarly, any brokerage fee incurred by a
Shareholder in selling Shares will reduce the amount realized by the
Shareholder with respect to the sale.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Shareholders will be
required to recognize gain or loss upon a sale of gold by the Trust (as
discussed above), even though some or all of the proceeds of such sale
are used by the Trustee to pay Trust expenses. Shareholders may deduct
their respective pro rata shares of each expense incurred by the Trust
to the same extent as if they directly incurred the expense.
Shareholders who are individuals, estates or trusts, however, may be
required to treat some or all of the expenses of the Trust as
miscellaneous itemized deductions. Individuals may deduct certain
miscellaneous itemized deductions only to the extent they exceed
2% of adjusted gross income. In addition, such deductions may be
subject to phase-outs and other limitations under applicable provisions
of the Code.&nbsp;</p>
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<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Investment by Regulated Investment
Companies</font>&nbsp;</p>
</div>
</div>
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<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Mutual funds and other investment vehicles
which are "regulated investment companies"
within the meaning of Code section 851 should consult with their tax
advisors concerning (1) the likelihood that an investment in Shares,
although they are a "security" within the
meaning of the Investment Company Act of 1940, may be considered an
investment in the underlying gold for purposes of Code section 851(b),
and (2) the extent to which an investment in Shares might nevertheless
be consistent with preservation of their qualification under Code
section 851.&nbsp;</p>
</div>
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<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Investment by Certain Retirement
Plans</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Code section 408(m) provides that the acquisition
of a "collectible" by an individual
retirement account (IRA) or a participant-directed account maintained
under any plan that is tax-qualified under Code section 401(a) is
treated as a taxable distribution from the account to the owner of the
IRA, or to the participant for whom the plan account is maintained, of
an amount equal to the cost to the account of acquiring the
collectible. The Sponsor has received a private letter ruling from the
IRS to the effect that a purchase of Shares by an IRA, or by a
participant-directed account under a Code section 401(a) plan, will not
be treated as resulting in a taxable distribution to the IRA owner or
plan participant under Code section 408(m). However, if any of the
Shares so purchased are distributed from the IRA or plan account to the
IRA owner or plan participant, or if any gold received by such IRA or
plan account upon the redemption of any of the Shares purchased by it
is distributed to the IRA owner or plan participant, the Shares or gold
so distributed will be subject to federal income tax in the year of
distribution, to the extent provided under the applicable provisions of
Code section 408(d) or Code section 402. See also "ERISA
and Related Considerations."&nbsp;</p>
</div>
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<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">United States
Information Reporting and Backup Withholding For us and non-US
Shareholders</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee will file certain information
returns with the IRS, and provide certain tax-related information to
Shareholders, in connection with the Trust. Proposed regulations, if
finalized in their current form, would require that each Shareholder be
provided with information regarding its allocable portion of the
&nbsp;</p>
</div>
</div>
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<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">68</p>
</div>
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<hr>
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<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">United
States Federal Tax Consequences</p>
</div>
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<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
Trust's annual income (if any) and
expenses, and sales of Trust assets, including, in the case of a sale
of gold, the amount of proceeds attributable to each Share. Each
Shareholder, however, would be required to determine for itself the
amount of gain or loss recognized with respect to such sales.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">A
US Shareholder may be subject to US backup withholding tax in certain
circumstances unless it provides its taxpayer identification number and
complies with certain certification procedures. Non-US Shareholders may
have to comply with certification procedures to establish that they are
not a US person in order to avoid the information reporting and backup
withholding tax requirements.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The amount of any backup
withholding will be allowed as a credit against a Shareholder's
US federal income tax liability and may entitle such a Shareholder to a
refund, provided that the required information is furnished to the
IRS.&nbsp;</p>
</div>
</div>
</div>
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<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Income Taxation of Non-US Shareholders</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust does not expect to generate taxable income except for gain
(if any) upon the sale of gold. A Non-US Shareholder generally will not
be subject to US federal income tax with respect to gain recognized
upon the sale or other disposition of Shares, or upon the sale of gold
by the Trust, unless (1) the Non-US Shareholder is an individual and is
present in the United States for 183 days or more during the taxable
year of the sale or other disposition, and the gain is treated as being
from United States sources; or (2) the gain is effectively connected
with the conduct by the Non-US Shareholder of a trade or business in
the United States and certain other conditions are met.&nbsp;</p>
</div>
</div>
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<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Estate and Gift Tax Considerations for Non-US
Shareholders</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Under the US federal tax law, individuals
who are neither citizens nor residents (as determined for estate and
gift tax purposes) of the United States are subject to estate tax on
all property that has a US "situs." Shares
may well be considered to have a US situs for these purposes. If they
are, then Shares would be includible in the US gross estate of a
non-resident alien Shareholder. For the year 2004, US estate tax is
imposed at rates of up to 48% of the fair market value of the
taxable estate. The US estate tax rate is subject to change in future
years. In addition, the US federal "generation-skipping
transfer tax" may apply in certain circumstances. The
estate of a non-resident alien Shareholder who was resident in a
country which has an estate tax treaty with the United States may be
entitled to benefit from such treaty.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">For non-citizens and
non-residents of the United States, the US federal gift tax generally
applies only to gifts of tangible personal property or real property
having a US situs. Tangible personal property (including gold) has a US
situs if it is physically located in the United States. Although the
matter is not settled, it appears that ownership of Shares should not
be considered ownership of the underlying gold for this purpose, even
to the extent that gold were held in custody in the United States.
Instead, Shares should be considered intangible property, and therefore
they should not be subject to US gift tax if transferred during the
holder's lifetime.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Such Shareholders are urged to consult
their tax advisers regarding the possible application of US estate,
gift and generation-skipping transfer taxes in their particular
circumstances.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left; text-transform: uppercase;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">
<font style="text-transform: uppercase">Taxation in Jurisdictions Other Than the
United States</font>&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Prospective purchasers of Shares that are
based in or acting out of a jurisdiction other than the United States
are advised to consult their own tax advisers as to the tax
consequences, under the laws of such jurisdiction (or any other
jurisdiction not being the United States to which they are subject), of
their purchase, holding, sale and redemption of or any other dealing in
Shares and, in particular, as to whether any value added tax, other
consumption tax or transfer tax is payable in relation to such
purchase, holding, sale, redemption or other
dealing.&nbsp;</p>
</div>
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<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
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<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">69</p>
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<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">ERISA
and Related Considerations&nbsp;</p>
</div>
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<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Employee Retirement Income
Security Act of 1974, as amended (ERISA), and/or Code section 4975
impose certain requirements on employee benefit plans and certain other
plans and arrangements, including individual retirement accounts and
annuities, Keogh plans, and certain collective investment funds or
insurance company general or separate accounts in which such plans or
arrangements are invested, that are subject to ERISA and/or the Code
(collectively, Plans), and on persons who are fiduciaries with respect
to the investment of assets treated as "plan
assets" of a Plan. Government plans and some church plans
are not subject to the fiduciary responsibility provisions of ERISA or
the provisions of section 4975 of the Code, but may be subject to
substantially similar rules under state or other federal law.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">In
contemplating an investment of a portion of Plan assets in Shares, the
Plan fiduciary responsible for making such investment should carefully
consider, taking into account the facts and circumstances of the Plan,
the "Risk Factors" discussed above and
whether such investment is consistent with its fiduciary
responsibilities, including, but not limited to (1) whether the
fiduciary has the authority to make the investment under the
appropriate governing plan instrument, (2) whether the investment would
constitute a direct or indirect non-exempt prohibited transaction with
a party in interest, (3) the Plan's funding objectives, and (4)
whether under the general fiduciary standards of investment prudence
and diversification such investment is appropriate for the Plan, taking
into account the overall investment policy of the Plan, the composition
of the Plan's investment portfolio and the Plan's need for
sufficient liquidity to pay benefits when due.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">It is anticipated
that the Shares will constitute "publicly-held offered
securities" as defined in Department of Labor Regulations
&sect; 2510.3-101(b)(2). Accordingly, Shares purchased by a
Plan, and not the Plan's interest in the underlying gold bullion
held in the Trust represented by the Shares, should be treated as
assets of the Plan, for purposes of applying the
"fiduciary responsibility" and
"prohibited transaction" rules of ERISA and
the Code. See also "United States Federal Tax Consequences
&mdash; Investment by Certain Retirement
Plans."&nbsp;</p>
</div>
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<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
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<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">70</p>
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<page>
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<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Plan
of Distribution&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trust issues Shares in Baskets to
Authorized Participants from time to time in exchange for deposits of
the amount of gold and any cash represented by the Baskets being
created. Because new Shares can be created and issued on an ongoing
basis, at any point during the life of the Trust, a
"distribution," as such term is used in the
Securities Act, will be occurring. Authorized Participants, other
broker-dealers and other persons are cautioned that some of their
activities will result in their being deemed participants in a
distribution in a manner which would render them statutory underwriters
and subject them to the prospectus-delivery and liability provisions of
the Securities Act. For example, an Authorized Participant, other
broker-dealer firm or its client will be deemed a statutory underwriter
if it purchases a Basket from the Trust, breaks the Basket down into
the constituent Shares and sells the Shares to its customers; or if it
chooses to couple the creation of a supply of new Shares with an active
selling effort involving solicitation of secondary market demand for
the Shares. A determination of whether one is an underwriter must take
into account all the facts and circumstances pertaining to the
activities of the broker-dealer or its client in the particular case,
and the examples mentioned above should not be considered a complete
description of all the activities that would lead to categorization as
an underwriter.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Investors who purchase Shares through a
commission/fee-based brokerage account may pay commissions/fees charged
by the brokerage account. Investors are encouraged to review the terms
of their brokerage accounts for details on applicable
charges.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Dealers who are not
"underwriters" but are participating in a
distribution (as contrasted to ordinary secondary trading
transactions), and thus dealing with Shares that are part of an
"unsold allotment" within the meaning of
section 4(3)(C) of the Securities Act, would be unable to take
advantage of the prospectus-delivery exemption provided by section 4(3)
of the Securities Act.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor intends to qualify the Shares
in states selected by the Sponsor and through broker-dealers who are
members of the NASD. Investors intending to create or redeem Baskets
through Authorized Participants in transactions not involving a
broker-dealer registered in such investor's state of domicile or
residence should consult their legal advisor regarding applicable
broker-dealer or securities regulatory requirements under the state
securities laws prior to such creation or redemption.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Marketing Agent is assisting the Sponsor in (1) developing a marketing
plan for the Trust on an ongoing basis, (2) preparing marketing
materials regarding the Shares, including the content on the
Trust's website, (3) executing the marketing plan for the Trust,
(4) incorporating gold into its exchange-traded fund research, and (5)
licensing the "streetTRACKS<sup>&reg;</sup>"
trademark. Fees are paid to the Marketing Agent by the Trustee from the
assets of the Trust as compensation for services preformed pursuant to
the Marketing Agent Agreement.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor has agreed to
indemnify certain parties against certain liabilities, including
liabilities under the Securities Act, and to contribute to payments
that such parties may be required to make in respect of those
liabilities. The Trustee has agreed to reimburse such parties, solely
from and to the extent of the Trust's assets, for indemnification
and contribution amounts due from the Sponsor in respect of such
liabilities to the extent the Sponsor has not paid such amounts when
due. See "Risk Factors &mdash; The Trust's
obligation to reimburse the Marketing Agent, the Authorized
Participants and certain parties
..&nbsp;.&nbsp;." In addition, the WGC has agreed to
indemnify certain parties against certain liabilities, as described in
"Legal Proceedings."&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Shares trade
on the NYSE under the symbol
"GLD."&nbsp;</p>
</div>
</div>
</div>
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<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
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<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">71</p>
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<page>
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<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Legal
Proceedings&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor, the WGC, the Trust and BNY, as Trustee
of the Trust, have been named as defendants in a civil lawsuit filed by
plaintiffs Gemini Diversified Holdings LLC and Dan Ascani in the
Supreme Court of the State of New York, County of New York, on November
6, 2003 (Index No. 119243/03). The complaint alleges breach of contract
and misappropriation of trade secrets under the Trade Secrets Act of
the State of Georgia, and seeks compensatory damages in excess of
$450,000, preliminary and permanent injunctive relief, costs and
attorneys fees and other relief. The lawsuit is in its discovery phase.
The Sponsor believes it has good defenses against these claims. The
Sponsor and the WGC have agreed to indemnify the Marketing Agent and
UBS Securities LLC, as Purchaser in the initial public offering of
2,300,000 Shares, against liabilities arising out of the complaint.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Legal Matters&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The validity of the Shares have been passed
upon for the Sponsor by Carter Ledyard &amp; Milburn LLP, New York, New
York, who, as special US tax counsel to the Trust, also rendered an
opinion regarding the material federal income tax consequences relating
to the Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Experts&nbsp;</p>
</div>
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<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The financial statement included
in this prospectus and included elsewhere in the registration statement
has been audited by Deloitte &amp; Touche LLP, an independent
registered public accounting firm, as stated in their report appearing
herein and elsewhere in the registration statement, and is included in
reliance upon the report of such firm given upon their authority as
experts in accounting and auditing.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Where You Can Find More
Information&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Sponsor has filed on behalf of the Trust a
registration statement on Form S-1 with the SEC under the
Securities Act. This prospectus does not contain all of the information
set forth in the registration statement (including the exhibits to the
registration statement), parts of which have been omitted in accordance
with the rules and regulations of the SEC. For further information
about the Trust or the Shares, please refer to the registration
statement, which you may inspect, without charge, at the public
reference facilities of the SEC at the below address or online at
www.sec.gov, or obtain at prescribed rates from the public reference
facilities of the SEC at the below address. Information about
the Trust and the Shares can also be obtained from the Trust's
website. The internet address of the Trust's website is
www.streettracksgoldshares.com. This internet address is only provided
here as a convenience to you to allow you to access the Trust's
website, and the information contained on or connected to the
Trust's website is not part of this prospectus or the
registration statement of which this prospectus is part.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
Trust is subject to the informational requirements of the Exchange Act
and the Sponsor, on behalf of the Trust, will file quarterly and annual
reports and other information with the SEC. The Sponsor will file an
updated prospectus annually for the Trust pursuant to the Securities
Act. The reports and other information can be inspected at the public
reference facilities of the SEC located at 450 Fifth Street, N.W.,
Washington, D.C. 20549 and online at www.sec.gov. You may also obtain
copies of such material from the public reference facilities of the SEC
at 450 Fifth Street, N.W., Washington, D.C. 20549, at prescribed rates.
You may obtain more information concerning the operation of the public
reference facilities of the SEC by calling the SEC at
1-800-SEC-0330 or visiting online at
www.sec.gov.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">72</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Report
of Independent Registered Public Accounting Firm&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 12pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">To the Sponsor, Trustee and the
Unitholders of the<br> streetTRACKS<sup>&reg;</sup> Gold
Trust&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">We have audited the accompanying Statement of
Financial Condition of the streetTRACKS<sup>&reg;</sup> Gold Trust (the
"Trust"), as of November 12, 2004. This
financial statement is the responsibility of the Trust's
management. Our responsibility is to express an opinion on this
financial statement based on our audit.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">We conducted our
audit in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">In our opinion, such financial statement
presents fairly, in all material respects, the financial position of
the Trust as of November 12, 2004 in conformity with accounting
principles generally accepted in the United States of
America.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 24pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">/s/ Deloitte &amp; Touche
LLP&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 12pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">New York, New York<br>November 12,
2004&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">F-1</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;">&nbsp;</p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 20pt; color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Statement
of Financial Condition&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: bold; font-style: normal; font-family: sans-serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 8pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">As of November 12,
2004&nbsp;</p>
</div>
</div>
</div>

<table cellpadding="0" cellspacing="0" border="0" width="642">
<tr>
<td>
<div style="width: 241.945pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 52.0275pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 10.9725pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 7.9725pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 37.055pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 7.9725pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: sans-serif; padding-left: 10pt; text-indent: -10pt; border-bottom: 2px solid #000000;"><font style="font-weight: bold; font-style: normal">Assets</font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 2px solid #000000;">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td style="border-bottom: 2px solid #000000;">&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 2px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 2px solid #000000;">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 2px solid #000000;">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 20pt; text-indent: -10pt;">Investment
in gold</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;13,081,500</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Total
assets</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;13,081,500</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">&nbsp;</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: sans-serif; padding-left: 10pt; text-indent: -10pt; border-bottom: 2px solid #000000;"><font style="font-weight: bold; font-style: normal">Liabilities</font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 2px solid #000000;">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td style="border-bottom: 2px solid #000000;">&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 2px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 2px solid #000000;">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: sans-serif; border-bottom: 2px solid #000000;">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 20pt; text-indent: -10pt;">Total
liabilities</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;&mdash;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 20pt; text-indent: -10pt;">Commitments and
Contingencies</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&mdash;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; "><font style="font-weight: bold; font-style: normal">Redeemable
Shares:</font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 20pt; text-indent: -10pt;">Shares at redemption
value to investors (issued and outstanding as of November 12, 2004;
unlimited authorized: no par
value)</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;13,081,500</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; "><font style="font-weight: bold; font-style: normal">Shareholders'
Equity:</font></td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&nbsp;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 20pt; text-indent: -10pt;">Retained
Earnings</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;&mdash;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 10pt; text-indent: -10pt; ">Total
Liabilities, Redeemable Shares and Shareholders'
Equity</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;13,081,500</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
</table>
<br>


<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: NaNpt;text-indent: 100pt; padding-top: 100pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">See
Notes to the Financial
Statement.&nbsp;</p>
</div>

</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">F-2</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>


<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;"></p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style=" color: #000000; font-weight: normal; font-style: normal; font-family: sans-serif; font-size: 18pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Notes
to the Financial Statement&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">As of November 12, 2004&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">1.&nbsp;&nbsp;&nbsp;&nbsp;ORGANIZATION&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The streetTRACKS<sup>&reg;</sup> Gold
Trust (the "Trust") is an investment trust
formed on November 12, 2004 under New York law pursuant to a trust
indenture. The Trust holds gold and will from time to time to issue
Shares (in minimum denominations of 100,000, also referred to as
"Baskets") in exchange for deposits of gold
and to distribute gold in connection with redemption of Baskets. The
investment objective of the Trust is for the Shares to reflect the
performance of the price of gold bullion, less the Trust's
expenses.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Trustee will at the direction of the Sponsor or in
its own discretion, sell the Trust's gold as necessary to pay the
Trust's expenses. When selling gold to pay expenses, 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. Unless otherwise directed by the Sponsor, when selling
gold the Trustee will endeavor to sell at the price established by the
London PM Fix. The Trustee will place orders with dealers (which may
include the Custodian) through which the Trustee expects to receive the
most favorable price and execution of orders. The Custodian may be the
purchaser of such gold only if the sale transaction is made at the next
London gold price fix (either AM or PM) following the sale order.
Neither the Trustee nor the Sponsor is liable for depreciation or loss
incurred by reason of any sale.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">On the date of the formation of
the Trust, the Custodian received 30,000 ounces of unallocated gold on
behalf of the Trust in exchange for the issuance of three (3) Baskets
(each Basket is equivalent to 100,000 Shares). The per Share price of
each of the Shares contained in a Basket was equal to one-tenth
( 1/10) of an ounce of gold. The value of the gold
deposited with the Trust has been based on a price for an ounce of gold
of $436.05. This price is the price for an ounce of gold as set by the
London PM Fix on the date of the formation of the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The
fiscal year end of the Trust is September 30.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">2.&nbsp;&nbsp;&nbsp;&nbsp;SIGNIFICANT ACCOUNTING POLICIES&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The preparation of
financial statements in accordance with accounting principles generally
accepted in the United States requires those responsible for preparing
financial statements to make estimates and assumptions that affect the
reported amounts and disclosures. Actual results could differ from
those estimates. The following is a summary of significant accounting
policies followed by the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 20pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">2.1&nbsp;&nbsp;&nbsp;&nbsp;Valuation of
Gold&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 40pt;  border-left: 0pt solid #ffffff;">Gold acquired, or disposed of, by the Trust will be
recorded at average cost. Gold will be valued at the lower of cost or
market.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 20pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">2.2&nbsp;&nbsp;&nbsp;&nbsp;Creations &amp; Redemptions of
Shares&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 40pt;  border-left: 0pt solid #ffffff;">The Trust will create and redeem Shares from time
to time on a continuous basis, but only in one or more Baskets (a
Basket equals a block of 100,000 Shares). The creation and redemption
of Baskets will only be made in exchange for the delivery to the Trust
or the distribution by the Trust of the amount of gold and any cash
represented by the Baskets being created or redeemed, the amount of
which will be based on the combined net asset value of the number of
Shares included in the Baskets being created or redeemed determined on
the day the order to create or redeem Baskets is properly
received.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 40pt;  border-left: 0pt solid #ffffff;">As the Shares of the Trust are redeemable at
the option of the Authorized Participants only in Baskets, the Trust
has classified the Shares as Redeemable Shares on the Statement of
Financial Condition. An Authorized Participant is a person who (1) is a
registered broker-dealer or other securities market participant such as
a bank or other financial institution which is not required to register
as a broker-dealer to engage in securities transactions, (2) is a
participant in DTC, (3) has entered into a Participant Agreement with
the Trustee and (4) has established an Authorized Participant
Unallocated Account with the Custodian. Only Authorized Participants
may place &nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: right; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">F-3</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;"></p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 40pt;  border-left: 0pt solid #ffffff;">
orders to create or redeem one or more
Baskets. The Trust records the redemption value, which represents its
maximum obligation, as Redeemable Shares with the difference from
historical cost as an offsetting amount to Retained Earnings. At
November 12, 2004, there are no Shares whose redemption value exceeds
their historical value.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 40pt;  border-left: 0pt solid #ffffff;">Changes in the shares at November
12, 2004 are as
follows:&nbsp;</p>
</div>
</div>
</div>

<table cellpadding="0" cellspacing="0" border="0" width="642">
<tr>
<td>
<div style="width: 233.515pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 50.2425pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 12.7575pt">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 9.7575pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 45.485pt;">
<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 9.7575pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 40; text-indent: -10pt; ">Opening
balance</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&mdash;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 40; text-indent: -10pt; ">Creations</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;300,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 40; text-indent: -10pt; ">Redemptions</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;&mdash;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 40; text-indent: -10pt; ">Balance at November 12,
2004</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;300,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
</table>
<br>

<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 0pt; padding-bottom: 2pt; padding-left: 40pt;  border-left: 0pt solid #ffffff;">The typical settlement period for Shares is three
business days. In the event of a trade date at period end, where a
settlement is pending, a respective accounts receivable and/or payable
will be recorded.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 20pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">2.3&nbsp;&nbsp;&nbsp;&nbsp;Organization Costs&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 40pt;  border-left: 0pt solid #ffffff;">The costs of the Trust's organization and the initial
offering of the Shares, estimated at $9.45 million to $10.45 million,
will be borne directly by the Sponsor.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 20pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">2.4&nbsp;&nbsp;&nbsp;&nbsp;Income
Taxes&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 40pt;  border-left: 0pt solid #ffffff;">The Trust will be classified as a
"grantor trust" for US federal income tax
purposes. As a result, the Trust itself will not be subject to US
federal income tax. Instead, the Trust's income and expenses will
"flow through" to the Shareholders, and the
Trustee will report the Trust's income, gains, losses and
deductions to the Internal Revenue Service on that basis. At November
12, 2004, no amounts had "flowed through" to
the Shareholders.&nbsp;</p>
</div>
</div>
</div>
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<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">3.&nbsp;&nbsp;&nbsp;&nbsp;Investment in Gold&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 40pt;  border-left: 0pt solid #ffffff;">The
following represents the changes in ounces of gold and the respective
value (lower of cost or market) at November 12,
2004&nbsp;</p>
</div>
</div>
</div>

<table cellpadding="0" cellspacing="0" border="0" width="642">
<tr>
<td>
<div style="width: 211.195pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td><td>
<div style="width: 45.9025pt">
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</td><td>
<div style="width: 9.248750000000001pt">
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<div style="width: 6.24875pt;">
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</td><td>
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<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 6.24875pt;">
<img src="spacer.gif" height="1" width="1"></div>
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<img src="spacer.gif" height="10" width="1"></div>
</td><td>
<div style="width: 7.84875pt;">
<img src="spacer.gif" height="1" width="1"></div>
</td>
</tr>
<tr>
<!--CT: header-->
<!--CP: 1-->
<td colspan="1" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: sans-serif; padding-left: 0pt; text-indent: 0pt; ">&nbsp;</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: sans-serif; ">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: sans-serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">Amount<br>in
ounces</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: sans-serif; ">&nbsp;</td>
<!--CT: header-->
<!--CP: default--><td>&nbsp;</td><td colspan="3" style="font-size: 8pt; text-align: center; vertical-align: bottom;font-weight: bold; font-style: normal; font-family: sans-serif; padding-left: 0pt; text-indent: 0pt; border-bottom: 1px solid #000000;">Amount<br>in US$</td><td colspan="1" style="font-size: 8pt; text-align: left; vertical-align: bottom; font-weight: bold; font-style: normal; font-family: sans-serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 40; text-indent: -10pt; ">Opening balance</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&mdash;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&mdash;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 40; text-indent: -10pt; ">Creations</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;30,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;13,081,500</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 40; text-indent: -10pt; ">Redemption</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&mdash;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; "></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;&mdash;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
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<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 40; text-indent: -10pt; ">Sales of
Gold</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;&mdash;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 1px solid #000000;">&nbsp;&mdash;</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
<tr>
<!--CT: body-->
<!--CP: 1-->
<td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom;font-weight: normal; font-style: normal; font-family: serif; padding-left: 40; text-indent: -10pt; ">Balance as of November 12,
2004</td><td colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 3px double #000000;"></td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;30,000</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
<!--CT: body-->
<!--CP: default--><td>&nbsp;</td><td style="font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">$</td><td style=" font-size: 10pt; text-align: right; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; border-bottom: 3px double #000000;">&nbsp;13,081,500</td><td colspan="2" style="font-size: 10pt; text-align: left; vertical-align: bottom; font-weight: normal; font-style: normal; font-family: serif; ">&nbsp;</td>
</tr>
</table>
<br>

<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">4.&nbsp;&nbsp;&nbsp;&nbsp;RELATED PARTIES -
SPONSOR, TRUSTEE, CUSTODIAN AND MARKETING AGENT FEES&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Fees will
be paid to the Sponsor as compensation for services performed under the
Trust Indenture and for services performed in connection with
maintaining the Trust's website and marketing the Shares. The
Sponsor's fee is payable monthly in arrears and is accrued daily
at an annual rate equal to 0.15% of the average net asset value
("ANAV") of the Trust, subject to reduction
as described below. The Sponsor will receive reimbursement from the
Trust for all of its disbursements and expenses incurred in connection
with the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Fees will be paid to the Trustee as compensation
for services performed under the Trust Indenture. The Trustee's
fee is payable monthly in arrears and is accrued daily at an annual
rate equal to 0.02% of the ANAV of the Trust, subject to a
minimum fee of $500,000 and a maximum fee of $2 million per year. The
Trustee's fee is subject to modification as determined by the
Trustee and the Sponsor in good faith to account for significant
changes in the Trust's administration or the Trustee's
duties. The Trustee will charge the Trust for its expenses and
disbursements incurred in connection with the Trust (including the
expenses of the Custodian paid by the Trustee), exclusive of fees of
agents for services to be performed by the Trustee, and for any
extraordinary services performed by the Trustee for the Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Affiliates of the Trustee may from time to time act as Authorized
Participants or purchase or sell gold or Shares for their own account,
as agent for their customers and for accounts over which they exercise
investment discretion.&nbsp;</p>
</div>
</div>
</div>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
</div>
<div>
<p style="width: 510pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 6pt; padding-left: 12pt; padding-right: 12pt; font-weight: bold; font-family: sans-serif;">F-4</p>
</div>
<div style="width: 510pt; padding-top: 6pt; padding-bottom: 0pt;">
<hr>
</div>
<page>
<div>
<div style="padding: 0pt; margin: 0pt; padding-left: 2pt;">
<p style="margin: 0pt; width: 456pt; font-size: 10pt; text-align: left; padding-top: 0pt; padding-bottom: 0pt; padding-left: 12pt; font-weight: bold; font-family: sans-serif;"></p>
</div>
<div style="clear:left; padding: 0pt; margin: 0pt; width: 486pt; padding-left: 12pt; " align="left">
<div style="margin-top: 0pt; padding: 0pt; width: 486pt; height: 1pt; background:#000000;">
<img src="spacer.gif" height="1" width="1"></div>
</div>
<div style="clear: left; border: 1px #ffffff solid; padding-left: 12pt; width: 510pt; height: 648pt; padding-bottom: 8pt; padding-top: 8pt;">
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Fees are paid to the Custodian under the
Allocated Bullion Account Agreement as compensation for its custody
services. Under the Allocated Bullion Account Agreement, the Custodian
is entitled to a fee that is accrued daily at an annual rate equal to
0.10% of the average daily aggregate value of the gold held in
the Trust's allocated gold account (Trust Allocated Account) and
the Trust's unallocated gold account (Trust Unallocated Account),
payable in quarterly installments in arrears. The Custodian does not
receive a fee under the Unallocated Bullion Account Agreement.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Custodian and its affiliates may from time to time act as
Authorized Participants or purchase or sell gold or Shares for their
own account, as agent for their customers and for accounts over which
they exercise investment discretion.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Fees will be paid to the
Marketing Agent by the Trustee from the assets of the Trust as
compensation for services performed pursuant to the agreement among the
Sponsor, the Trustee on behalf of the Trust and the Marketing Agent
(Marketing Agent Agreement). The Marketing Agent's fee is payable
monthly in arrears and is accrued daily at an annual rate equal to
0.15% of the ANAV of the Trust, subject to reduction as
described below.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">The Marketing Agent and its affiliates may from
time to time act as Authorized Participants or purchase or sell gold or
Shares for their own account, as agent for their customers and for
accounts over which they exercise investment discretion.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">For
seven years from the date of the Trust Indenture or until the earlier
termination of the Marketing Agent Agreement, if at the end of any
month during this period the estimated ordinary expenses of the Trust
exceed an amount equal to 0.40% per year of the daily ANAV of
the Trust for such month, the fees payable to the Sponsor and the
Marketing Agent from the assets of the Trust for such month will be
reduced by the amount of such excess in equal shares up to the amount
of their fees. Investors should be aware that if the gross value of the
Trust&rsquo;s assets is less than approximately $388 million, the
ordinary expenses of the Trust will be accrued at a rate greater than
0.40% per year of the daily ANAV of the Trust, even after the
Sponsor and the Marketing Agent have completely reduced their combined
fees of 0.30% per year of the daily ANAV of the Trust. This
amount is based on the estimated ordinary expenses of the Trust
described in &lsquo;&lsquo;Business of the Trust &mdash; Trust
Expenses&rsquo;&rsquo; and may be higher if the Trust&rsquo;s actual
ordinary expenses exceed those estimates. Additionally, if the Trust
incurs unforeseen expenses that cause the total ordinary expenses of
the Trust to exceed 0.70% per year of the daily ANAV of the
Trust, the ordinary expenses will accrue at a rate greater than
0.40% per year of the daily ANAV of the Trust, even after the
Sponsor and the Marketing Agent have completely reduced their combined
fees of 0.30% per year of the daily ANAV of the
Trust.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">Upon the end of the seven year period or the earlier
termination of the Marketing Agent Agreement, the fee reduction will
expire and the estimated ordinary expenses of the Trust which are
payable from the assets of the Trust each month may be more than they
would have been during the period when the fee reduction is in effect,
thus reducing the net asset value of the Trust more rapidly than if the
fee reduction was in effect and adversely affecting the value of the
Shares.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">At the date of formation of the Trust, there were no
amounts payable to related parties.&nbsp;</p>
</div>
</div>
</div>
<div style="clear: left; padding: 0pt; margin: 0pt; ">
<div class="WhiteBorder" style="float: left; margin: 0pt; padding: 0pt">
<div style="float: left; padding: 0pt; margin: 0pt; ">
<p style="line-height: 12pt; color: #000000; font-weight: normal; font-style: normal; font-family: serif; font-size: 10pt; text-align: left;  margin: 0pt; width: 486pt;text-indent: 0pt; padding-top: 6pt; padding-bottom: 2pt; padding-left: 0pt;  border-left: 0pt solid #ffffff;">5.&nbsp;&nbsp;&nbsp;&nbsp;CONCENTRATION OF
RISK&nbsp;</p>
</div>
</div>
</div>
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in gold. Therefore, changes in the fair market value of gold will have
a material effect on the Trust's financial condition. In the
event that the price of gold declines, the Sponsor expects the value of
an investment in the Shares to decline proportionately. Several factors
could affect the price of gold: (i) global gold supply and demand,
which is influenced by such factors as forward selling by gold
producers, purchases made by gold producers to unwind gold hedge
positions, central bank purchases and sales, and production and cost
levels in major gold-producing countries such as South Africa, the
United States and Australia, (ii) investors' expectations with
respect to the rate of inflation, (iii) currency exchange rates; (iv)
interest rates, (v) investment and trading activities of hedge funds
and commodity funds, and (vi) global or regional political, economic or
financial events and situations.&nbsp;</p>
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