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<SEC-DOCUMENT>0000950123-10-053663.txt : 20100527
<SEC-HEADER>0000950123-10-053663.hdr.sgml : 20100527
<ACCEPTANCE-DATETIME>20100527153315
ACCESSION NUMBER:		0000950123-10-053663
CONFORMED SUBMISSION TYPE:	S-3ASR
PUBLIC DOCUMENT COUNT:		11
FILED AS OF DATE:		20100527
DATE AS OF CHANGE:		20100527
EFFECTIVENESS DATE:		20100527

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SPDR GOLD TRUST
		CENTRAL INDEX KEY:			0001222333
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				522369757
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-167132
		FILM NUMBER:		10862457

	BUSINESS ADDRESS:	
		STREET 1:		C/O WORLD GOLD TRUST SERVICES LLC
		STREET 2:		424 MADISON AVE 3RD FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2123173800

	MAIL ADDRESS:	
		STREET 1:		424 MADISON AVE 3RD FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	streetTRACKS GOLD TRUST
		DATE OF NAME CHANGE:	20041008

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUITY GOLD TRUST
		DATE OF NAME CHANGE:	20030310
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3ASR
<SEQUENCE>1
<FILENAME>y03452sv3asr.htm
<DESCRIPTION>FORM S-3ASR
<TEXT>
<HTML>
<HEAD>
<TITLE>sv3asr</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
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<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->

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<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>As filed with the Securities and Exchange Commission on
    May&#160;27, 2010</B>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><!-- /XBRL,dc -->Registration
    <FONT style="white-space: nowrap">No.&#160;333-&#160;&#160;&#160;&#160;&#160;</FONT></B>
</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">SECURITIES AND EXCHANGE
    COMMISSION</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">WASHINGTON,&#160;D.C.
    20549</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 22%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt"><FONT style="white-space: nowrap">FORM&#160;S-3</FONT><BR>
    </FONT><FONT style="font-size: 12pt">REGISTRATION STATEMENT<BR>
    UNDER THE SECURITIES ACT OF 1933</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 22%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">SPDR<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    GOLD TRUST</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">SPONSORED BY WORLD GOLD
    TRUST&#160;SERVICES, LLC<BR>
    </FONT></B><FONT style="font-size: 9pt">(Exact name of
    Registrant as specified in its charter)
    </FONT>
</DIV>



<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="34%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="center" valign="top">
    <B>New York</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B>81-6124035</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <FONT style="font-size: 8pt">(State or other jurisdiction of<BR>
    incorporation or organization)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <FONT style="font-size: 8pt">(I.R.S. Employer<BR>
    Identification No.)
    </FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>



<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>c/o World Gold Trust&#160;Services, LLC<BR>
    424 Madison Avenue,
    3<SUP style="font-size: 85%; vertical-align: top">rd</SUP>

    Floor<BR>
    New York, New York 10017<BR>
    <FONT style="white-space: nowrap">(212)&#160;317-3800</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">(Address, including zip code, and
    telephone number, including area code, of Registrant&#146;s
    principal executive offices)
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Steven J. Glusband,&#160;Esq.<BR>
    Carter Ledyard&#160;&#038; Milburn LLP<BR>
    2 Wall Street<BR>
    New York, New York 10005<BR>
    <FONT style="white-space: nowrap">(212)&#160;732-3200</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">(Name, address, including zip code,
    and telephone number, including area code, of agent for service)
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Copies to:</I></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="34%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="center" valign="top">
    <B><I>Jason Toussaint</I></B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B><I>Steven J. Glusband,&#160;Esq.</I></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B><I>John Altorelli,&#160;Esq.</I></B>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <B><I>World Gold Trust&#160;Services, LLC</I></B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B><I>Ann M. Batchelor,&#160;Esq.</I></B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B><I>Alexander G. Fraser,&#160;Esq.</I></B>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <B><I>424 Madison Avenue,
    3<SUP style="font-size: 85%; vertical-align: top">rd</SUP>

    Floor</I></B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B><I>Carter Ledyard &#038; Milburn LLP</I></B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B><I>Dewey &#038; LeBoeuf, LLP</I></B>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <B><I>New York, New York 10017</I></B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B><I>2 Wall Street</I></B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B><I>1301 Avenue of the Americas</I></B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
    <B><I>(212)
    <FONT style="white-space: nowrap">317-3800</FONT></I></B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B><I>New York, New York 10005</I></B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B><I>New York, NY 10019</I></B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B><I>(212) 732-3200</I></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B><I>212-259-7620 </I></B>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Approximate date of commencement of proposed sale to the
    public: </B>From time to time after the effective date of this
    registration statement, as determined by market conditions and
    other factors.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the only securities being registered on this Form are being
    offered pursuant to dividend or interest reinvestment plans,
    please check the following
    box.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any of the securities being registered on this Form are to be
    offered on a delayed or continuous basis pursuant to
    Rule&#160;415 under the Securities Act of 1933, other than
    securities offered only in connection with dividend or interest
    reinvestment plans, please check the following
    box.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#120;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is filed to register additional securities for an
    offering pursuant to Rule&#160;462(b) under the Securities Act,
    please check the following box and list the Securities Act
    registration statement number of the earlier effective
    registration statement for the same
    offering.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is a post-effective amendment filed pursuant to
    Rule&#160;462(c) under the Securities Act, check the following
    box and list the Securities Act registration statement number of
    the earlier effective registration statement for the same
    offering.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is a registration statement pursuant to General
    Instruction&#160;I.D. or a post-effective amendment thereto that
    shall become effective upon filing with the Commission pursuant
    to Rule&#160;462(e) under the Securities Act, check the
    following
    box.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#120;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is a post-effective amendment to a registration
    statement filed pursuant to General Instruction&#160;I.D. filed
    to register additional securities or additional classes of
    securities pursuant to Rule&#160;413(b) under the Securities
    Act, check the following
    box.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Indicate by check mark whether the registrant is a large
    accelerated filer, an accelerated filer, a non-accelerated
    filer, or a smaller reporting company. See the definitions of
    &#147;large accelerated filer,&#148; &#147;accelerated
    filer&#148; and &#147;smaller reporting company&#148; in
    <FONT style="white-space: nowrap">Rule&#160;12b-2</FONT>
    of the Exchange Act. (Check one):
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-size: 8pt; font-family: 'Times New Roman', Times">Large
    accelerated
    filer&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>
    </FONT></TD>
    <TD nowrap align="center">    <FONT style="font-size: 8pt; font-family: 'Times New Roman', Times">
    Accelerated
    filer&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    </FONT></TD>
    <TD nowrap align="center">    <FONT style="font-size: 8pt; font-family: 'Times New Roman', Times">
    Non-accelerated
    filer&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-size: 8pt; font-family: 'Times New Roman', Times">
    Smaller reporting
    company&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 46%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt">(Do not check if a smaller
    reporting company)
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 22%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">CALCULATION OF REGISTRATION
    FEE</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterright -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Proposed<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Proposed<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Amount of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Title of each class of securities<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Amount to be<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>maximum aggregate<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>maximum aggregate<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>registration<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>to be registered</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>registered<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></B>

</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>price per
    share<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></B>

</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>offering
    price<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></B>

</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>fee<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></B>

</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-top: 1px solid #000000">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    SPDR<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    Gold Shares
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    200,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    115.38
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    23,076,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    1,645,318.80
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Estimated solely for purposes of
    calculating the registration fee pursuant to Rule&#160;457(c)
    under the Securities Act of 1933 on the basis of the average of
    the high and low prices ($116.24 and $114.51, respectively) of
    the
    SPDR<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    Gold Shares (the &#147;Shares&#148;) as reported on May&#160;21,
    2010 by NYSE Arca, Inc.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to Rule&#160;429 under the Securities Act of 1933, the
    prospectus herein is being filed as a combined prospectus which
    also relates to 39,300,000&#160;unsold Shares registered under
    Registration Statement No.
    <FONT style="white-space: nowrap">333-158105,</FONT>
    under the prospectus dated March&#160;19, 2009. Accordingly,
    upon effectiveness, this Registration Statement will act as a
    post-effective amendment to such earlier Registration Statement.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>This registration statement shall become effective
    immediately upon filing, as provided in Rule&#160;462(e) under
    the Securities Act of 1933.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 17pt; font-family: Arial, Helvetica">PROSPECTUS</FONT></B>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 23pt; font-family: Arial, Helvetica">SPDR<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    Gold Trust</FONT></B>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt; font-family: Arial, Helvetica">239,300,000</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 17pt; font-family: Arial, Helvetica">SPDR<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    Gold Shares</FONT></B>
</DIV>

<DIV style="font-size: 24pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The
    SPDR<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    Gold Trust, or the Trust, issues
    SPDR<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    Gold Shares, or the Shares, which represent units of fractional
    undivided beneficial interest in and ownership of the Trust.
    World Gold Trust&#160;Services, LLC is the sponsor of the Trust,
    or the Sponsor. BNY Mellon Asset Servicing, a division of The
    Bank of New York Mellon, is the trustee of the Trust, or the
    Trustee, HSBC Bank USA, N.A. is the custodian of the Trust, or
    the Custodian, and State Street Global Markets, LLC is the
    marketing agent of the Trust, or the Marketing Agent. The Trust
    intends to issue additional Shares on a continuous basis through
    its Trustee. The Trust is not a commodity pool for purposes of
    the Commodity Exchange Act of 1936, as amended, and its sponsor
    is not subject to regulation by the Commodity Futures Trading
    Commission as a commodity pool operator, or a commodity trading
    advisor.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Shares trade on NYSE Arca, Inc., or NYSE Arca, under the
    symbol &#147;GLD.&#148; The closing price of the Shares on the
    NYSE Arca on May&#160;26, 2010 was $118.47.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Shares may be purchased from the Trust only in one or more
    blocks of 100,000&#160;Shares (a block of 100,000&#160;Shares is
    called a Basket). The Trust issues Shares in Baskets to certain
    authorized participants, or the Authorized Participants, on an
    ongoing basis. Baskets are offered continuously at the net asset
    value, or the NAV, for 100,000&#160;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 Arca at the time of each sale.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Investing in the Shares involves significant risks. See
    &#147;Risk Factors&#148; starting on page&#160;6.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Neither the Securities and Exchange Commission nor any state
    securities commissions 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.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Shares are neither interests in nor obligations of the
    Sponsor, the Trustee or the Marketing Agent. The Shares
    represent units of fractional undivided beneficial interest in
    and ownership of the Trust. A Shareholder does not have the
    statutory rights normally associated with the ownership of
    shares of a corporation. Each Share is transferable and is fully
    paid and non-assessable. The Shares do not entitle their holders
    to any conversion or pre-emptive rights. The Shares may only be
    redeemed by or through an Authorized Participant and only in
    Baskets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;SPDR&#148; is a trademark of Standard &#038; Poor&#146;s
    Financial Services, LLC and has been licensed for use by the
    SPDR<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    Gold Trust.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
</DIV>

<CENTER style="font-size: 1pt; width: 26%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 11pt">The date of this prospectus is
    May&#160;27, 2010.
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Shares are not registered for public sale in any
    jurisdiction other than the United States.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="font-size: 4pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>



<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="93%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'>Statement Regarding Forward-Looking Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>ii</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'>Prospectus Summary</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>1</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'>Risk Factors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>6</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>14</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'>Overview of the Gold Industry</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>15</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'>Creation and Redemption of Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>27</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#107'>United States Federal Tax Consequences</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>33 </B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'>ERISA and Related Considerations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>38</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#109'>Plan of Distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>39</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'>Description of the Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>40</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>41</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>41</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>Where You Can Best Find More<BR>
    Information; Incorporation of Certain<BR>
    Information by Reference</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>41 </B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y03452exv5w1.htm">EX-5.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y03452exv8w1.htm">EX-8.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y03452exv23w1.htm">EX-23.1</A></FONT></TD></TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
</DIV>

<CENTER style="font-size: 1pt; width: 19%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Authorized Participants may be required to deliver a prospectus
    when making transactions in the Shares.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
</DIV>

<CENTER style="font-size: 1pt; width: 19%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The information contained in the sections captioned
    &#147;Overview of the Gold Industry,&#148; &#147;Operation of
    the Gold Bullion Market&#148; and &#147;Analysis of Historical
    Movements in the Price of Gold&#148; 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.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
</DIV>

<CENTER style="font-size: 1pt; width: 19%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The &#147;SPDR&#148; trademark is used under license from
    Standard &#038; Poor&#146;s Financial Services, LLC
    (&#147;S&#038;P&#148;) and the
    SPDR<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    Gold Trust is permitted to use the &#147;SPDR&#148; trademark
    pursuant to a sublicense from the Marketing Agent. No financial
    product offered by
    SPDR<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    Gold Trust or its affiliates is sponsored, endorsed, sold or
    promoted by S&#038;P. S&#038;P makes no representation or
    warranty, express or implied, to the owners of any financial
    product or any member of the public regarding the advisability
    of investing in securities generally or in financial products
    particularly or the ability of the index on which financial
    products are based to track general stock market performance.
    S&#038;P is not responsible for and has not participated in any
    determination or calculation made with respect to issuance or
    redemption of financial products. S&#038;P has no obligation or
    liability in connection with the administration, marketing or
    trading of financial products.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL
    S&#038;P HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT,
    OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, LOST
    PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
</DIV>
<!-- XBRL Pagebreak Begin -->
<P>

<DIV style="font-size: -12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
<P>

<P align="right" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">i</FONT></B>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

    <A name='101'>
</DIV>

<DIV style="font-size: 7pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: Arial, Helvetica">Statement Regarding
    Forward-Looking Statements
    </FONT>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus includes &#147;forward-looking statements&#148;
    which generally relate to future events or future performance.
    In some cases, you can identify forward-looking statements by
    terminology such as &#147;may,&#148; &#147;will,&#148;
    &#147;should&#148; &#147;expect,&#148; &#147;plan,&#148;
    &#147;anticipate,&#148; &#147;believe,&#148;
    &#147;estimate,&#148; &#147;predict,&#148; &#147;potential&#148;
    &#147;it is likely&#148; 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&#146;s operations, the Sponsor&#146;s plans and references
    to the Trust&#146;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&#146;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 &#147;Risk Factors.&#148;
    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&#146;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&#146;s expectations or predictions.
</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak Begin -->
<P>

<DIV style="font-size: -12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
<P>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">ii</FONT></B>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<A name='102'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: Arial, Helvetica">Prospectus Summary
    </FONT>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>You should read this entire prospectus and the material
    incorporated by reference herein, including &#147;Risk
    Factors,&#148; before making an investment decision about the
    Shares.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">TRUST&#160;STRUCTURE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust is an investment trust, formed on November&#160;12,
    2004 under New York law pursuant to a trust indenture, or the
    Trust&#160;Indenture. The Trust&#160;Indenture was amended on
    November&#160;26, 2007 to reflect the transfer of the listing of
    the Shares to NYSE Arca. The Trust&#160;Indenture was again
    amended on May&#160;20, 2008 to reflect the change in the name
    of the Trust to
    SPDR<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    Gold Trust. The Trust holds gold bars 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&#146;s expenses. The Sponsor believes that, for many
    investors, the Shares represent a cost-effective investment in
    gold. 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 Arca.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust&#146;s Sponsor is World Gold Trust&#160;Services, LLC,
    or WGTS, which is wholly-owned by the World Gold Council, or
    WGC, a not-for-profit association registered under Swiss law.
    The Sponsor is a Delaware limited liability company and was
    formed on July&#160;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Sponsor established the Trust and generally oversees the
    performance of the Trustee and the Trust&#146;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)&#160;if the
    Trustee commits certain willful bad acts in performing its
    duties or willfully disregards its duties; (2)&#160;if the
    Trustee acts in bad faith in performing its duties; (3)&#160;if
    the Trustee&#146;s creditworthiness has materially deteriorated;
    or (4)&#160;if the Trustee&#146;s negligent acts or omissions
    have had a material adverse effect on the Trust or the interests
    of owners of beneficial interests in the Shares, or
    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&#160;Indenture. 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&#146;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, or the
    Marketing Agent Agreement. The Marketing Agent Agreement was
    amended on November&#160;26, 2007 to reflect the transfer of the
    Shares to NYSE Arca and on May&#160;20, 2008 to reflect the
    change in the name of the Trust to
    SPDR<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    Gold Trust. The Sponsor maintains a public website on behalf of
    the Trust, containing information about the Trust and the
    Shares, including a listing of the gold bars held by the Trust.
    The internet address of the Trust&#146;s website is
    www.spdrgoldshares.com. This internet address is only provided
    here as a convenience to you, and the information contained on
    or connected to the Trust&#146;s website is not considered part
    of this prospectus. The Marketing Agent has sub-licensed the use
    of the registered mark
    &#147;SPDR<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>&#148;

    to the Sponsor for use by the Trust.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trustee is BNY Mellon Asset Servicing, a division of The
    Bank of New York Mellon, or BNY Mellon. The Trustee is generally
    responsible for the day-to-day administration of the Trust. This
    includes (1)&#160;selling the Trust&#146;s gold as needed to pay
    the Trust&#146;s expenses (gold sales are expected to occur
    approximately monthly in the ordinary course),
    (2)&#160;calculating the NAV of the Trust and the NAV per Share,
    (3)&#160;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&#160;Company, or the DTC and (4)&#160;monitoring the
    Custodian.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trustee determines the NAV of the Trust on each day that
    NYSE Arca is open for regular trading, at the earlier of the
    afternoon session of the twice daily fix of the price of an
    ounce of gold which starts at 3:00&#160;PM London, England time,
    or the London PM fix, or 12:00&#160;PM New York time. The London
    PM fix is performed in London by the five members of the London
    Gold Fix. The NAV of the Trust is the aggregate value of the
    Trust&#146;s assets less its estimated accrued but unpaid
    liabilities (which include accrued expenses). In determining
</DIV>
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<P align="right" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">1</FONT></B>
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the Trust&#146;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Custodian is HSBC Bank USA, N.A., or HSBC. The Custodian is
    responsible for the safekeeping of the Trust&#146;s gold bars
    transferred to it in connection with the creation of Baskets by
    Authorized Participants. 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, or LBMA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Detailed descriptions of certain specific rights and duties of
    the Sponsor, Marketing Agent, Trustee and the Custodian are set
    forth in our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    incorporated herein by reference.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">TRUST&#160;OVERVIEW</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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&#146;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:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Webdings; font-variant: normal">&#052;</FONT>&#160;&#160;
</TD>
    <TD align="left">    <I>Ease and Flexibility of Investment.</I>&#160;&#160;The Shares
    trade on the NYSE Arca and provide institutional and retail
    investors with indirect access to the gold bullion market. The
    Shares may be bought and sold on the NYSE Arca like any other
    exchange-listed securities, and the Shares regularly trade until
    8:00&#160;PM New York time.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Webdings; font-variant: normal">&#052;</FONT>&#160;&#160;
</TD>
    <TD align="left">    <I>Expenses.</I>&#160;&#160;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&#146;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.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investing in the Shares does not insulate the investor from
    certain risks, including price volatility. See &#147;Risk
    Factors.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">TRUST&#146;S GOLD
    HOLDINGS AS OF MARCH&#160;31, 2010</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As at March&#160;31, 2010, the amount of gold owned by the Trust
    was 36,324,952 ounces with a market value of $40,520,483,790
    (cost&#160;&#150; $30,289,189,919), including gold receivable of
    166,431 ounces with a market value of $185,653,480 based on the
    London PM fix on March&#160;31, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As at March&#160;31, 2010, the Custodian held 36,158,483 ounces
    of allocated gold in the form of London Good Delivery gold bars
    in its vault and 38 ounces of unallocated gold, excluding gold
    receivables, with a market value of $40,334,830,509
    (cost&#160;&#150; $30,103,536,538). Subcustodians held nil
    ounces of gold in their vaults on behalf of the Trust and
    166,431 ounces of gold was receivable by the Trust in connection
    with the creation of Baskets (which gold was received by the
    Custodian in the normal course of business).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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. Gold held in the Trust&#146;s allocated account is the
    property of the Trust and is not traded, leased or loaned under
    any circumstances.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">PRINCIPAL
    OFFICES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust&#146;s office is located at 424 Madison Avenue,
    3<SUP style="font-size: 85%; vertical-align: top">rd</SUP>&#160;Floor,

    New York, New York 10017 and its telephone number is
    <FONT style="white-space: nowrap">212-317-3800.</FONT>
    The Sponsor&#146;s office is located at 424 Madison Avenue,
    3<SUP style="font-size: 85%; vertical-align: top">rd</SUP>&#160;Floor,

    New York, New York 10017. The Trustee has a trust office at 2
    Hanson Place, Brooklyn, New York 11217. The Custodian&#146;s
    office is located at 8 Canada Square, London, E14 5HQ, United
    Kingdom. The Marketing Agent&#146;s office is located at State
    Street Financial Center, One Lincoln Street, Boston,
    Massachusetts 02111.
</DIV>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">2</FONT></B>
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt"><!-- Begin box 1 -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: Arial, Helvetica">The Offering
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="37%"></TD>
    <TD width="1%"></TD>
    <TD width="62%"></TD>
</TR>

<TR>
    <TD valign="top">
    Offering</TD>
    <TD></TD>
    <TD valign="bottom">
    The Shares represent units of fractional undivided beneficial
    interest in and ownership of the Trust.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Shares outstanding and NAV per share</TD>
    <TD></TD>
    <TD valign="bottom">
    As of May&#160;26, 2010, 390,400,000&#160;Shares were
    outstanding and the estimated NAV per Share as determined by the
    Trust for May&#160;26, 2010, was $118.58.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Use of proceeds</TD>
    <TD></TD>
    <TD valign="bottom">
    Proceeds received by the Trust from the issuance and sale of
    Baskets consist of gold and, possibly from time to time, cash.
    Pursuant to the Trust&#160;Indenture, during the life of the
    Trust the gold and any cash will only be (1)&#160;held by the
    Trust, (2)&#160;distributed to Authorized Participants in
    connection with the redemption of Baskets or (3)&#160;sold or
    disbursed as needed to pay the Trust&#146;s ongoing expenses.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    NYSE Arca symbol</TD>
    <TD></TD>
    <TD valign="bottom">
    GLD</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    CUSIP</TD>
    <TD></TD>
    <TD valign="bottom">
    78463V 107</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Creation and redemption</TD>
    <TD></TD>
    <TD valign="bottom">
    The Trust creates and redeems the Shares from time to time, but
    only in one or more Baskets (a Basket equals a block of
    100,000&#160;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 gradually decreases
    over time, due to the accrual of the Trust&#146;s expenses and
    the sale of the Trust&#146;s gold to pay the Trust&#146;s
    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.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Net Asset Value</TD>
    <TD></TD>
    <TD valign="bottom">
    The NAV of the Trust is the aggregate value of the Trust&#146;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&#160;PM London, England time and is performed by
    the five members of the London gold fix. The Trustee determines
    the NAV of the Trust on each day the NYSE Arca is open for
    regular trading, at the earlier of the London PM fix for the day
    or 12:00&#160;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&#160;PM New York time on a particular
    evaluation day, the next most recent London gold price fix (AM
    or PM) is 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 the basis for such
    determination. The Trustee also determines the NAV per </TD>
</TR>
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</TABLE>
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    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">3</FONT></B>
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt"><!-- Begin box 1 -->
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="37%"></TD>
    <TD width="1%"></TD>
    <TD width="62%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Share, which equals the NAV of the Trust, divided by the number
    of outstanding Shares.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Trust expenses</TD>
    <TD></TD>
    <TD valign="bottom">
    The Trust&#146;s ordinary operating expenses have accrued daily
    and are reflected in the NAV of the Trust. The Trust&#146;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&#146;s gold bars), 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, NYSE Arca listing fees and other marketing costs and
    expenses. In order to pay the Trust&#146;s expenses, the Trustee
    sells gold held by the Trust on an as-needed basis. Each sale of
    gold by the Trust is a taxable event to Shareholders. Until the
    earlier of November&#160;11, 2011, or until the 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, or
    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 &#147;Risk Factors&#160;&#151; When
    the fee reduction terminates or expires . . .&#148; For details
    on the calculation of the ANAV of the Trust, see the
    Trust&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K,</FONT>
    incorporated herein by reference. The Trust pays on an ongoing
    basis the expenses of its operation.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Sponsor&#146;s and Marketing Agent&#146;s fees</TD>
    <TD></TD>
    <TD valign="bottom">
    The Sponsor&#146;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&#146;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 on the earlier of November&#160;11,
    2011 or upon the 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&#146;s fee and the Sponsor&#146;s fee
    are subject to reduction.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Voting rights</TD>
    <TD></TD>
    <TD valign="bottom">
    Shareholders have no voting rights except in limited
    circumstances. Shareholders holding at least 66-2/3%&#160;of the
    Shares outstanding may vote to remove the Trustee. The Trustee,
    in turn, may terminate the Trust with 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.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Termination events</TD>
    <TD></TD>
    <TD valign="bottom">
    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&#146;s formation
    when the NAV of the Trust is less than $350&#160;million (as
    adjusted for inflation). The Sponsor may also direct the Trustee
    to terminate the Trust if the Commodity Futures Trading
    Commission, or the CFTC, determines that the Trust is a
    commodity pool under the Commodity Exchange Act of 1936, as
    amended, or the CEA. The Trustee may also terminate the Trust
    upon the agreement of Shareholders owning at least
    66-<FONT style="vertical-align: text-top; font-size: 70%;">2</FONT>/<FONT style="font-size: 70%;">3</FONT>%
    of the outstanding Shares.</TD>
</TR>

</TABLE>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">4</FONT></B>
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 0pt; border-right: 1px solid #000000; padding-right: 0pt; border-bottom: 1px solid #000000; padding-bottom: 0pt; border-left: 1px solid #000000; padding-left: 0pt"><!-- Begin box 1 -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="37%"></TD>
    <TD width="1%"></TD>
    <TD width="62%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The Trustee will terminate and liquidate the Trust if one of the
    following events occurs:</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -19pt; margin-left: 19pt">
    <FONT style="font-family: Webdings; font-variant: normal">&#052;</FONT>&#160;&#160;DTC,
    the securities depository for the Shares, is unwilling or unable
    to perform its functions under the Trust&#160;Indenture and no
    suitable replacement is available;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -19pt; margin-left: 19pt">
    <FONT style="font-family: Webdings; font-variant: normal">&#052;</FONT>&#160;&#160;The
    Shares are de-listed from the NYSE Arca 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;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -19pt; margin-left: 19pt">
    <FONT style="font-family: Webdings; font-variant: normal">&#052;</FONT>&#160;&#160;The
    NAV of the Trust remains less than $50&#160;million for a period
    of 50 consecutive business days;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -19pt; margin-left: 19pt">
    <FONT style="font-family: Webdings; font-variant: normal">&#052;</FONT>&#160;&#160;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;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -19pt; margin-left: 19pt">
    <FONT style="font-family: Webdings; font-variant: normal">&#052;</FONT>&#160;&#160;The
    Trustee resigns or is removed and no successor trustee is
    appointed within 60&#160;days;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -19pt; margin-left: 19pt">
    <FONT style="font-family: Webdings; font-variant: normal">&#052;</FONT>&#160;&#160;The
    Custodian resigns and no successor custodian is appointed within
    60&#160;days;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -19pt; margin-left: 19pt">
    <FONT style="font-family: Webdings; font-variant: normal">&#052;</FONT>&#160;&#160;The
    sale of all of the Trust&#146;s assets;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -19pt; margin-left: 19pt">
    <FONT style="font-family: Webdings; font-variant: normal">&#052;</FONT>&#160;&#160;The
    Trust fails to qualify for treatment, or ceases to be treated,
    for US federal income tax purposes, as a grantor trust; or</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -19pt; margin-left: 19pt">
    <FONT style="font-family: Webdings; font-variant: normal">&#052;</FONT>&#160;&#160;The
    maximum period for which the Trust is allowed to exist under New
    York law ends.</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Upon the termination of the Trust, the Trustee will, within a
    reasonable time after the termination of the Trust, sell the
    Trust&#146;s gold bars and, after paying or making provision for
    the Trust&#146;s liabilities, distribute the proceeds to the
    Shareholders.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Authorized Participants</TD>
    <TD></TD>
    <TD valign="bottom">
    Baskets may be created or redeemed only by Authorized
    Participants. Each Authorized Participant must (1)&#160;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)&#160;be a participant in DTC&#160;or DTC
    Participant, (3)&#160;have entered into an agreement with the
    Trustee and the Sponsor, or the Participant Agreement, and
    (4)&#160;have established an unallocated gold account with the
    Custodian, or the 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.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Clearance and settlement</TD>
    <TD></TD>
    <TD valign="bottom">
    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 DTC
    Participants, or indirectly through entities that are DTC
    Participants.</TD>
</TR>

</TABLE>
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    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">5</FONT></B>
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    <A name='103'>
</DIV>

<DIV style="font-size: 7pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: Arial, Helvetica">Risk Factors
    </FONT>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>You should consider carefully the risks described below
    before making an investment decision. You should also refer to
    the other information included or incorporated by reference in
    this prospectus, including the Trust&#146;s financial statements
    and the related notes.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">The value of the
    Shares relates directly to the value of the gold held by the
    Trust&#160;and fluctuations in the price of gold could
    materially adversely affect an investment in the
    Shares.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Shares are designed to mirror as closely as possible the
    performance of the price of gold, and the value of the Shares
    relates directly to the value of the gold held by the Trust,
    less the Trust&#146;s liabilities (including estimated accrued
    but unpaid expenses). The price of gold has fluctuated widely
    over the past several years.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Several factors may affect the price of gold, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Webdings; font-variant: normal">&#052;</FONT>&#160;&#160;
</TD>
    <TD align="left">    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;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Webdings; font-variant: normal">&#052;</FONT>&#160;&#160;
</TD>
    <TD align="left">    Global or regional political, economic or financial events and
    situations;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Webdings; font-variant: normal">&#052;</FONT>&#160;&#160;
</TD>
    <TD align="left">    Investors&#146; expectations with respect to the rate of
    inflation;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Webdings; font-variant: normal">&#052;</FONT>&#160;&#160;
</TD>
    <TD align="left">    Currency exchange rates;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Webdings; font-variant: normal">&#052;</FONT>&#160;&#160;
</TD>
    <TD align="left">    Interest rates; and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Webdings; font-variant: normal">&#052;</FONT>&#160;&#160;
</TD>
    <TD align="left">    Investment and trading activities of hedge funds and commodity
    funds.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Shares have experienced significant price fluctuations. If
    gold markets continue to be subject to sharp fluctuations, this
    may result in potential losses if you need to sell your Shares
    at a time when the price of gold is lower than it was when you
    made your investment. Even if you are able to hold Shares for
    the long-term, you may never experience a profit, since gold
    markets have historically experienced extended periods of flat
    or declining prices, in addition to sharp fluctuations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">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 division of the New York Mercantile
    Exchange, or the COMEX, and the NYSE Arca.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Shares may trade at, above or below the NAV per Share. The
    NAV per Share fluctuates with changes in the market value of the
    Trust&#146;s assets. The trading price of the Shares fluctuates
    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 and
    the NYSE Arca. While the Shares trade on the NYSE Arca until
    8:00&#160;PM New York time, liquidity in the global gold market
    may be reduced after the close of the COMEX at 1:30&#160;PM New
    York time. As a result, during this time, trading spreads, and
    the resulting premium or discount, on the Shares may widen.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">The sale of gold
    by the Trust&#160;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.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each outstanding Share represents a fractional, undivided
    interest in the gold held by the Trust. The Trust does not
    generate any income and as the Trust regularly sells gold to pay
    for its ongoing expenses, the amount of
</DIV>
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    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">6</FONT></B>
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<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Risk
    Factors</FONT></B>
</DIV>

<DIV style="font-size: 4pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    gold represented by each Share has gradually declined over time.
    This is also true with respect to Shares that are issued in
    exchange for additional deposits of gold into the Trust, as the
    amount of gold required to create Shares proportionately
    reflects 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 continue
    to gradually decline relative to the price of gold as the amount
    of gold represented by the Shares gradually declines.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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 of gold. The estimated ordinary
    operating expenses of the Trust, which accrue daily, are
    described in the Trust&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K,</FONT>
    incorporated herein by reference.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">The sale of the
    Trust&#146;s gold to pay expenses at a time of low gold prices
    could adversely affect the value of the Shares.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trustee sells 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&#146;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Crises may
    motivate large-scale sales of gold which could decrease the
    price of gold and adversely affect an investment in the
    Shares.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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&#146;s price performance
    which would, in turn, adversely affect an investment in the
    Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Purchasing
    activity in the gold market associated with the delivery of gold
    bullion to the Trust in exchange for Baskets may cause a
    temporary increase in the price of gold. This increase may
    adversely affect an investment in the Shares.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Purchasing activity associated with acquiring the gold bullion
    bars that are transferred 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Shareholders do
    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 CEA.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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 do 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 Commodity
    Futures Trading Commission, or 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 do not have the regulatory
    protections provided to investors in CEA-regulated instruments
    or commodity pools.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">The
    Trust&#160;may be required to terminate and liquidate at a time
    that is disadvantageous to Shareholders.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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&#146;s
    gold is sold as part of the Trust&#146;s
</DIV>
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<P>

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    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">7</FONT></B>
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<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Risk
    Factors</FONT></B>
</DIV>

<DIV style="font-size: 4pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    liquidation, the resulting proceeds distributed to Shareholders
    will be less than if gold prices were higher at the time of
    sale. See the section of the Trust&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K,</FONT>
    incorporated herein by reference, captioned &#147;Description of
    the Trust&#160;Indenture&#160;&#151; Termination of the
    Trust&#148; 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Redemption&#160;orders
    are subject to postponement, suspension or rejection by the
    Trustee under certain circumstances.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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)&#160;for any period during which
    the NYSE Arca is closed other than customary weekend or holiday
    closings, or trading on the NYSE Arca is suspended or
    restricted, (2)&#160;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)&#160;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&#146;s
    redemption distribution if the price of the Shares declines
    during the period of the delay. See the Trust&#146;s Annual
    Report on
    <FONT style="white-space: nowrap">Form&#160;10-K,</FONT>
    incorporated herein by reference. Under the
    Trust&#160;Indenture, the Sponsor and the Trustee disclaim any
    liability for any loss or damage that may result from any such
    suspension or postponement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Shareholders do
    not have the rights enjoyed by investors in certain other
    vehicles.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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 &#147;oppression&#148; or &#147;derivative&#148; 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 &#147;Description
    of the Shares&#148; for a description of the limited rights of
    holders of Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">An investment in
    the Shares may be adversely affected by competition from other
    methods of investing in gold.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust 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&#146;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Substantial sales
    of gold by the official sector could adversely affect an
    investment in the Shares.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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&#160;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, or CBGA, under which 18 of the world&#146;s major
    central banks (including the European Central Bank) agree to
    limit the level of their gold sales and lending to the market.
    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.
</DIV>
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<P>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">8</FONT></B>
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Risk
    Factors</FONT></B>
</DIV>

<DIV style="font-size: 4pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">When the seven
    year fee reduction period terminates or expires, the estimated
    ordinary expenses payable by the Trust&#160;may increase, thus
    reducing the NAV of the Trust&#160;more rapidly and adversely
    affecting an investment in the Shares.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Until the earlier of November&#160;11, 2011, or until the
    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, based on current level of expenses, if the gross value of
    the Trust&#146;s assets is less than approximately
    $600&#160;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, which are described in
    the Trust&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    and incorporated herein by reference, and may be higher if the
    Trust&#146;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the earlier of November&#160;11, 2011 or the 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The estimated ordinary operating expenses of the Trust, which
    accrue daily, and details on the calculation of the ANAV of the
    Trust are provided in our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K,</FONT>
    incorporated herein by reference.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">The Trust&#146;s
    gold may be subject to loss, damage, theft or restriction on
    access.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There is a risk that some or all of the Trust&#146;s gold bars
    held by the Custodian or any subcustodian on behalf of the Trust
    could be lost, damaged or stolen. Access to the Trust&#146;s
    gold bars 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">The
    Trust&#160;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.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholders&#146; 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, the Custodian may not 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&#146;s gold which is not covered by insurance and for
    which no person is liable in damages.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The liability of the Custodian is limited under the agreements
    between the Trustee and the Custodian which establish the
    Trust&#146;s custody arrangements, or 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 bars
    held in the Trust&#146;s allocated gold account with the
    Custodian,
</DIV>
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<P>

<P align="right" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">9</FONT></B>
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<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Risk
    Factors</FONT></B>
</DIV>

<DIV style="font-size: 4pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    or the Trust&#160;Allocated Account, at the time such
    negligence, fraud or willful default is discovered by the
    Custodian in the case of the Unallocated Bullion Account
    Agreement, to the amount of gold credited to the Trust&#146;s
    unallocated gold account with the Custodian, or the
    Trust&#160;Unallocated Gold Account, at the time such
    negligence, fraud or willful default is discovered by the
    Custodian. Under each Participant Unallocated Bullion Account
    Agreement, 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 such gross
    negligence, fraud or willful default is discovered by the
    Custodian.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Gold bars may be held by one or more subcustodians appointed by
    the Custodian, or employed by the subcustodians appointed by the
    Custodian, until it is transported to the Custodian&#146;s
    London vault premises. 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&#146;s gold bars 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&#146;s gold bars and the Trustee or the
    Custodian, because traditionally such arrangements are based on
    the LBMA&#146;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&#146;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&#146;s gold bars are 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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 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
    <FONT style="white-space: nowrap">and/or</FONT>
    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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the Trust&#146;s gold bars are 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&#146;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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.
</DIV>
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<P>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">10</FONT></B>
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<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Risk
    Factors</FONT></B>
</DIV>

<DIV style="font-size: 4pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Gold bars
    allocated to the Trust&#160;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&#160;may suffer a
    loss.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither the Trustee nor the Custodian independently confirms the
    fineness of the gold bars allocated to the Trust in connection
    with the creation of a Basket. The gold bars allocated to the
    Trust by the Custodian may be different from the reported
    fineness or weight required by the LBMA&#146;s standards for
    gold bars delivered in settlement of a gold trade, or the London
    Good Delivery Standards, the standards required by the Trust. If
    the Trustee nevertheless issues a Basket against such gold, and
    if the Custodian fails to satisfy its obligation to credit the
    Trust the amount of any deficiency, the Trust may suffer a loss.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Because neither
    the Trustee nor the Custodian oversees or monitors the
    activities of subcustodians who may temporarily hold the
    Trust&#146;s gold bars until transported to the Custodian&#146;s
    London vault, failure by the subcustodians to exercise due care
    in the safekeeping of the Trust&#146;s gold bars could result in
    a loss to the Trust.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the Allocated Bullion Account Agreement described in the
    Trust&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K,</FONT>
    incorporated herein by reference, the Custodian has agreed that
    it will hold all of the Trust&#146;s gold bars in its own London
    vault premises except when the gold bars have been allocated in
    a vault other than the Custodian&#146;s London vault premises,
    and in such cases the Custodian has agreed that it will use
    commercially reasonable efforts promptly to transport the gold
    bars to the Custodian&#146;s London vault, at the
    Custodian&#146;s cost and risk. Nevertheless, there will be
    periods of time when some portion of the Trust&#146;s gold bars
    will be held by one or more subcustodians appointed by the
    Custodian or by a subcustodian of such subcustodian.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The subcustodians which the Custodian currently uses are the
    Bank of England, Brinks Ltd., Via Mat International, 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&#146;s gold bars 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. See the section of the Trust&#146;s Annual Report
    on
    <FONT style="white-space: nowrap">Form&#160;10-K,</FONT>
    incorporated herein by reference captioned &#147;Custody of the
    Trust&#146;s Gold&#148; for more information about subcustodians
    that may hold the Trust&#146;s gold bars.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#146;s gold bars and certain related records maintained by
    the Custodian.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">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&#146;s gold
    bars.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any subcustodian does not exercise due care in the
    safekeeping of the Trust&#146;s gold bars, 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&#146;s gold bars and the Trustee or the Custodian, as the
    case may be. If the Trustee&#146;s or the Custodian&#146;s
    recourse against the subcustodian is so limited, the Trust may
    not be adequately compensated for the loss. For more information
    on the Trustee&#146;s and the Custodian&#146;s ability to seek
    recovery against subcustodians and the subcustodian&#146;s duty
    to safekeep the Trust&#146;s gold bars, see the section of the
    Trust&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K,</FONT>
    incorporated by reference herein, captioned &#147;Custody of the
    Trust&#160;Gold.&#148;
</DIV>
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    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">11</FONT></B>
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<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Risk
    Factors</FONT></B>
</DIV>

<DIV style="font-size: 4pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
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    <B><FONT style="font-family: Arial, Helvetica">Gold held in the
    Trust&#146;s unallocated gold account and any Authorized
    Participant&#146;s unallocated gold account will not be
    segregated from the Custodian&#146;s assets. If the Custodian
    becomes insolvent, its assets may not be adequate to satisfy a
    claim by the Trust&#160;or any Authorized Participant. In
    addition, in the event of the Custodian&#146;s insolvency, there
    may be a delay and costs incurred in identifying the gold bars
    held in the Trust&#146;s allocated gold account.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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&#160;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&#146;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&#146;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 insolvency of the Custodian. In the event the
    Custodian becomes insolvent, the Custodian&#146;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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&#160;Allocated
    Account. Although the Trust would be able to claim ownership of
    properly allocated gold bars, 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">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.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Custodian&#146;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&#146;s accounts which it receives from the
    Custodian during the business day and which is subject to
    correction during the preparation of the Custodian&#146;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">The Trust&#146;s
    obligation to reimburse the Marketing Agent, the Authorized
    Participants and certain parties connected with its 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.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Sponsor agreed to indemnify the Marketing Agent and UBS
    Securities LLC, as Purchaser in the Trust&#146;s initial public
    offering in November 2004 of 2,300,000&#160;Shares, their
    partners, directors and officers, and any person who controls
    the Marketing Agent or the Purchaser, and their respective
    successors and assigns, against any loss, damage, expense,
    liability or claim that may be incurred by the Marketing Agent
    and/or the Purchaser in connection with (1)&#160;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)&#160;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)&#160;the distribution agreement between
    the Sponsor and the Purchaser, dated November&#160;16, 2004, or
    the Distribution Agreement, or (B)&#160;the Marketing Agent
    Agreement, or failure of the Sponsor to perform any agreement or
    covenant therein, (3)&#160;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)&#160;circumstances surrounding the third party allegations
    relating to patent and
</DIV>
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    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">12</FONT></B>
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<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Risk
    Factors</FONT></B>
</DIV>

<DIV style="font-size: 4pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    contract disputes as described in &#147;Risk Factors&#160;&#151;
    Competing claims over ownership of intellectual property rights
    related to the Trust could adversely affect the Trust and an
    investment in the Shares,&#148; or (5)&#160;the Marketing
    Agent&#146;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&#146;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)&#160;and (4)&#160;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, or the 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&#146;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the Trust&#160;Indenture, the Sponsor may be able to seek
    indemnification from the Trust for payments it makes in
    connection with the Sponsor&#146;s activities under the
    Trust&#160;Indenture to the extent its conduct does not
    disqualify it from receiving such indemnification under the
    terms of the Trust&#160;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 the Trust&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K,</FONT>
    incorporated herein by reference.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Competing claims
    over ownership of intellectual property rights related to the
    Trust&#160;could adversely affect the Trust&#160;and an
    investment in the Shares.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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.
</DIV>
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    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">13</FONT></B>
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<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
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    <A name='104'>
</DIV>

<DIV style="font-size: 7pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: Arial, Helvetica">Use of Proceeds
    </FONT>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Proceeds received by the Trust from the issuance and sale of
    Baskets will consist of gold and, possibly from time to time,
    cash. Pursuant to the Trust&#160;Indenture, during the life of
    the Trust, the gold and any cash will only be (1)&#160;held by
    the Trust, (2)&#160;distributed to Authorized Participants in
    connection with the redemption of Baskets or (3)&#160;sold or
    disbursed as needed to pay the Trust&#146;s ongoing expenses.
</DIV>
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<P>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">14</FONT></B>
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<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
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    <A name='105'>
</DIV>

<DIV style="font-size: 7pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: Arial, Helvetica">Overview of the Gold
    Industry
    </FONT>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">HOW GOLD TRAVELS
    FROM THE MINE TO THE CUSTOMER</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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 dore (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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The dore 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 dore 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 &#147;Operation of the
    Gold Bullion Market&#160;&#151; The London Bullion Market.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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&#146;s country of business for onward sale, or
    shipped to a third country for sale to the customer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">GOLD SUPPLY AND
    DEMAND</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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. Gold Survey
    2010, a publication of GFMS Limited, or GFMS, an independent
    precious metals research organization based in London, estimates
    that existing above-ground stocks of gold amounted to 165,600
    tonnes (approximately 5.3&#160;billion ounces) at the end of
    2009. These stocks have increased by approximately 2.0% per year
    on average for the 10&#160;years ending December 2009. When used
    in this prospectus, &#147;tonne&#148; refers to one metric
    tonne, which is equivalent to 1,000 kilograms or 32,150.7465
    troy ounces.
</DIV>
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<P>

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    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">15</FONT></B>
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<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Overview of the
    Gold Industry</FONT></B>
</DIV>

<DIV style="font-size: 4pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Existing stocks may be broadly divided into two categories based
    on the primary reason for the purchase or holding of the gold:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Webdings; font-variant: normal">&#052;</FONT>&#160;&#160;
</TD>
    <TD align="left">    Gold purchased or held as a store of value or monetary
    asset;&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Webdings; font-variant: normal">&#052;</FONT>&#160;&#160;
</TD>
    <TD align="left">    Gold purchased or held as a raw material or commodity.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The first category, gold held as a store of value or monetary
    asset, includes the nearly 29,820&#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, or the IMF). GFMS estimate
    that 920&#160;tonnes of this had already been mobilized into the
    market and fabricated into gold products. This reduces to
    28,900&#160;tonnes (17.5% of the estimated total) the total that
    could theoretically become available in the unlikely event that
    all official sector holdings were liquidated. The
    29,600&#160;tonnes of gold (17.9% of the estimated total) in the
    hands of private investors also falls into this first category.
    As of May&#160;26, 2010, the Trust held 1,267 tonnes of gold.
    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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The second category, gold held as a raw material or commodity,
    includes the 83,700 tonnes of gold (50.5% 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 averaged 1,010&#160;tonnes
    annually over the last 10&#160;years.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The second category also includes the 19,800&#160;tonnes of gold
    (12.0% 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Approximately 3,600 tonnes of above-ground stocks (2.2% of the
    estimated total) is unaccounted for.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">WORLD GOLD SUPPLY
    AND DEMAND (2000&#160;&#150; 2009)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth a summary of the world gold
    supply and demand for the last 10&#160;years. It is based on
    information reported in the GFMS Gold Survey 2010.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: Arial, Helvetica">World Gold
    Supply and Demand,
    <FONT style="white-space: nowrap">2000-2009</FONT></FONT></U></B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="60%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=09 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=09 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=09 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=09 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=10 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=10 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=10 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=10 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=11 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=11 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=11 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=11 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2000</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2001</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2002</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2003</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Mine production
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,620
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,646
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,618
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,623
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,494
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,550
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,485
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,473
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,409
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,572
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Official sector sales
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    479
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    520
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    547
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    620
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    479
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    663
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    365
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    484
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    232
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Old gold scrap
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    619
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    749
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    872
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    985
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    878
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    898
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,129
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    982
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,316
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,674
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Net producer hedging
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (15
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (151
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (412
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (289
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (438
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (92
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (410
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (444
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (352
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (254
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Total reported
    supply<SUP style="font-size: 85%; vertical-align: top">1</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>3,704</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>3,764</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>3,625</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>3,939</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>3,413</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>4,019</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>3,569</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>3,494</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>3,605</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>4,033</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Gold fabrication in carat jewellery
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,205
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,662
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,484
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,616
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,718
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,298
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,417
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,193
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,759
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Gold fabrication in electronics
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    283
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    197
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    206
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    233
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    262
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    282
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    308
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    311
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    293
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    246
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Gold fabrication in other industrial&#160;&#038; decorative
    applications
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    99
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    97
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    83
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    82
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    85
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    93
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    96
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    91
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Gold fabrication in dentistry
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    69
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    69
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    69
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    68
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    58
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Retail investment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    166
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    357
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    340
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    301
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    349
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    394
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    416
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    434
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    858
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    703
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Investment in Exchange Traded
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Funds and related
    products<SUP style="font-size: 85%; vertical-align: top">2</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    133
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    208
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    260
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    253
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    321
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    617
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Total identifiable
    demand<SUP style="font-size: 85%; vertical-align: top">1</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>3,822</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>3,729</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>3,363</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>3,194</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>3,512</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>3,753</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>3,436</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>3,569</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>3,811</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>3,451</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Supply less
    demand<SUP style="font-size: 85%; vertical-align: top">3</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (119
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    262
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    745
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (99
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    266
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    133
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (75
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (206
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    582
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
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<P>

<DIV style="font-size: -12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
<P>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">16</FONT></B>
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Overview of the
    Gold Industry</FONT></B>
</DIV>

<DIV style="font-size: 4pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
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<DIV style="font-size: 1pt; margin-left: 0%; width: 11%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <I><FONT style="font-size: 8pt">(1) </FONT></I></TD>
    <TD></TD>
    <TD valign="bottom">
    <I><FONT style="font-size: 8pt">Figures may not add due to
    independent rounding.</FONT></I></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <I><FONT style="font-size: 8pt">(2) </FONT></I></TD>
    <TD></TD>
    <TD valign="bottom">
    <I><FONT style="font-size: 8pt">Including Gold Bullion
    Securities (LSE and ASX), SPDR Gold Shares, NewGold Gold
    Debentures, Barclays Global Investors iShares Comex Gold Trust,
    ZKB Gold, GOLDIST, ETFS Physical Gold, Extra-Gold, Julius Baer
    Physical Gold Fund, Dubai Gold Securities, Central Fund of
    Canada and Central Gold Trust.</FONT></I></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <I><FONT style="font-size: 8pt">(3) </FONT></I></TD>
    <TD></TD>
    <TD valign="bottom">
    <I><FONT style="font-size: 8pt">This is the residual from
    combining all the other data in the table. The 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 other than that in Exchange Traded
    Funds and similar products, movements in stocks and other
    elements together with any residual error.</FONT></I></TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt">Source: <I>GFMS Gold Survey 2010</I>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">SOURCES OF GOLD
    SUPPLY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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, although the pace of these net
    sales has slowed sharply in recent years. Net producer hedging
    accelerates the sale of physical gold and can therefore impact,
    positively or negatively, on supply in a given year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">MINE
    PRODUCTION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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 2004 to 2009, new mine
    production satisfied on average 69% of total identifiable
    demand. The shortfall in total supply has been met by additional
    supplies from existing above-ground stocks, coming from the
    recycling of fabricated gold products, official sector sales and
    net producer de-hedging.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">OLD GOLD
    SCRAP</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Gold scrap is gold that has been recovered from fabricated
    products, melted, refined and cast into bullion 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. In 2009,
    recycling of old gold reached a record high of 1,674&#160;tonnes
    as a unique combination of high prices (in some currencies,
    record prices) and the deepening global economic crisis created
    ideal conditions for unprecedented levels of selling-back.
    Traditionally the domain of non-western consumers, recycling of
    old gold became a global phenomenon in the first quarter of
    2009. Consumers in western markets were forced to sell to obtain
    liquidity in times of financial hardship and sharply tighter
    credit conditions, while non-western consumers generally reacted
    to the quarter&#146;s high prices by taking profits on existing
    holdings. During the first quarter of 2009, scrap supply
    exceeded mine production for the first time on record and
    although recycling activity eased back during subsequent
    quarters, it remained high on a historical basis.
</DIV>
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<P>

<DIV style="font-size: -12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
<P>

<P align="right" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">17</FONT></B>
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Overview of the
    Gold Industry</FONT></B>
</DIV>

<DIV style="font-size: 4pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">OFFICIAL SECTOR
    SALES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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 381 tonnes per year from 1989 to 2009. This has resulted in
    net movements of gold from the official to the private sector.
    The prominence given by market commentators to this activity and
    the size of official sector gold holdings, has resulted in this
    area being one of the more visible sources of supply. During
    2009, dwindling sales from European central banks under the
    CBGA, coupled with substantial purchases on the part of several
    central banks outside the CBGA including China, Russia, and
    India, resulted in net annual sales of 41 tonnes being the
    lowest level of recorded since 1989. The current CBGA allows for
    the IMF planned sale of 403.3 tonnes of gold, of which 212
    tonnes were sold in off-market transactions to the central banks
    of India, Mauritius and Sri&#160;Lanka during the fourth quarter
    of 2009. So far in 2010, the IMF has been the only seller of
    gold under the CBGA with 24.1 tonnes being sold in the first
    quarter 2010. The IMF announced in February that the remainder
    of its gold sales program would be conducted in a phased and
    transparent manner within the terms of the CBGA and would not be
    disruptive to the gold market. Outside of the CBGA, net
    purchases were concentrated in Russia, where the central bank
    continued its program of steady accumulation, and this has
    resulted in the sector turning a net buyer for the first time in
    two decades. Other smaller purchases have followed, reducing the
    overall net supply of gold to the private sector market.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The first CBGA, announced during the International Monetary Fund
    meetings in Washington, DC on September&#160;26, 1999, was 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. The Bank of Greece replaced
    the Bank of England as a signatory to the second agreement, as
    the UK government announced that it had no further plans to sell
    gold.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In August 2009, an announcement confirmed that a third CBGA
    would run for a further five-year term, from September&#160;27,
    2009 (immediately after the second agreement expires). Under the
    third agreement, the annual ceiling for gold sales was reduced
    to 400 tonnes. The agreement also stated that proposed IMF sales
    of 403 tonnes of gold &#147;can be accommodated within the above
    ceiling.&#148; This third agreement covered the 15 original
    signatories to the second agreement (the European Central Bank
    and the national banks of Belgium, Germany, Ireland, Greece,
    Spain, France, Italy, Luxembourg, The Netherlands, Austria,
    Portugal, Finland, Sweden and Switzerland), together with the
    national banks of Slovenia, Cyprus, Malta and Slovakia, which
    all joined the second agreement when they adopted the Euro.
</DIV>
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<P>

<DIV style="font-size: -12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
<P>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">18</FONT></B>
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Overview of the
    Gold Industry</FONT></B>
</DIV>

<DIV style="font-size: 4pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following chart shows the reported gold holdings in the
    official sector at December&#160;31, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="y03452y0345209.gif" alt="(PIE CHART)">
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <I><FONT style="font-size: 8pt">(1) </FONT></I></TD>
    <TD></TD>
    <TD valign="bottom">
    <I><FONT style="font-size: 8pt">The Euro Area at the end of 2009
    comprised the following countries: Austria, Belgium, Cyprus,
    Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,
    Malta, The Netherlands, Portugal, Slovakia, Slovenia, and Spain,
    plus the European Central Bank.</FONT></I></TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Source: IMF, International Financial Statistics, May 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">NET PRODUCER
    HEDGING</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following illustration details a typical hedging transaction
    (numbering indicates sequential timing).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="y03452y0345203.gif" alt="(FLOW GRAPH)">
</DIV>
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<P>

<DIV style="font-size: -12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
<P>

<P align="right" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">19</FONT></B>
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Overview of the
    Gold Industry</FONT></B>
</DIV>

<DIV style="font-size: 4pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">SOURCES OF GOLD
    DEMAND</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As reported by published statistics, the demand for gold
    amounted to 2.1% of total above ground stocks in 2009. 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">JEWELRY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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&#146;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">ELECTRONICS,
    DENTISTRY AND OTHER INDUSTRIAL AND DECORATIVE
    APPLICATIONS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">RETAIL
    INVESTMENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Retail investment demand covers coins and bars meeting the
    standards for investment gold adopted by the European Union,
    extended to include medallions of variable purity used primarily
    for investment purposes, 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">INVESTMENT IN
    EXCHANGE TRADED FUNDS AND RELATED PRODUCTS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This line item represents the annual increase in investment in
    gold ETFs and related products. The products are listed in the
    footnote to the table of gold supply and demand in the section
    captioned &#147;Overview of the Gold Industry&#160;&#151; Gold
    Supply and Demand.&#148; The statistics in the columns under
    each calendar year are calculated by subtracting the reported
    total assets invested in the various products at the beginning
    of the year from the reported total assets invested at the close
    of the year.
</DIV>
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<DIV style="font-size: -12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
<P>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">20</FONT></B>
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<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Overview of the
    Gold Industry</FONT></B>
</DIV>

<DIV style="font-size: 4pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">OPERATION OF THE
    GOLD BULLION MARKET</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The global trade in gold consists of over-the-counter, or OTC,
    transactions in spot, forwards, and options and other
    derivatives, together with exchange-traded futures and options.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">GLOBAL
    OVER-THE-COUNTER MARKET</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The OTC market trades on a
    <FONT style="white-space: nowrap">24-hour</FONT> per
    day continuous basis and accounts for most global gold trading.
    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
    nine market-making members of the LBMA, a trade association that
    acts as the coordinator for activities conducted on behalf of
    its members and other participants in the London bullion market.
    The nine market-making members of the LBMA are: the Bank of Nova
    Scotia&#160;&#150; ScotiaMocatta, Barclays Bank PLC, Deutsche
    Bank AG, Goldman Sachs International, HSBC Bank USA, National
    Association, London Branch, JPMorgan Chase Bank, N.A.,
    Mitsui&#160;&#038; Co Precious Metals Inc., London Branch,
    Soci&#233;t&#233; G&#233;n&#233;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&#146;
    requirements. The OTC market has no formal structure and no
    open-outcry meeting place.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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 of 1 kilogram or
    less. Bullion dealers have offices around the world and most of
    the world&#146;s major bullion dealers are either members or
    associate members of the LBMA. Of the nine market-making members
    of the LBMA, six offer clearing services. There are an
    additional 57 full members, plus a number of associate members
    around the world. The information about LBMA members in this
    report is as of May&#160;12, 2010. These numbers may change from
    time to time as new members are added and existing members drop
    out.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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 $0.50 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Liquidity in the OTC market can vary from time to time during
    the course of the
    <FONT style="white-space: nowrap">24-hour</FONT>
    trading day. Fluctuations in liquidity are reflected in
    adjustments to dealing spreads&#160;&#150; the differential
    between a dealer&#146;s &#147;buy&#148; and &#147;sell&#148;
    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. This
    period lasts for approximately four hours each New York business
    day morning.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">THE LONDON
    BULLION MARKET</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although the market for physical gold is global, 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 &#147;London Good
    Delivery Lists,&#148; 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The term &#147;loco London&#148; gold refers to gold bars
    physically held in London that meet the specifications for
    weight, dimensions, fineness (or purity), identifying marks
    (including the assay stamp of a LBMA acceptable refiner) and
    appearance set forth in &#147;The Good Delivery Rules for Gold
    and Silver Bars&#148; published by the LBMA. Gold bars meeting
    these requirements are described in this report from time to
    time as &#147;London Good Delivery Bars.&#148; The unit of trade
    in London is the troy ounce, whose conversion between grams is:
    1,000
</DIV>
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<P>

<P align="right" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">21</FONT></B>
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<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Overview of the
    Gold Industry</FONT></B>
</DIV>

<DIV style="font-size: 4pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Twice daily during London trading hours there is a fix which
    provides reference gold prices for that day&#146;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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. The chairmanship rotates annually among the five
    member firms. The fix takes 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&#160;AM
    London time and the afternoon session starts at 3:00&#160;PM
    London time. The current members of the gold fixing are Bank of
    Nova Scotia&#160;&#151; ScotiaMocatta, Barclays Bank plc,
    Deutsche Bank AG, HSBC Bank USA, N.A., and Soci&#233;t&#233;
    G&#233;n&#233;rale. 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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 &#147;trying
    price,&#148; 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">FUTURES
    EXCHANGES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The most significant gold futures exchanges are the COMEX, the
    Chicago Board of Trade or CBOT, and the Tokyo Commodity Exchange
    or TOCOM. The COMEX and the CBOT both began to offer trading in
    gold futures contracts in 1974. For most of the period since
    that date, the COMEX has been the largest exchange in the world
    for trading precious metals futures and options. Trading volumes
    in gold futures on the CBOT have, however, sometimes exceeded
    those on the COMEX. In July 2007, the Chicago Mercantile
    Exchange or CME merged with the CBOT to form the CME Group. On
    August&#160;22, 2008, the CME Group acquired NYMEX Holdings,
    Inc., including the COMEX. 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 operates through a central clearance
    system. On June&#160;6, 2003, TOCOM adopted a similar clearance
    system. In each case, the exchange acts as a counterparty for
    each member for clearing purposes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">OTHER
    EXCHANGES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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)&#160;and the Hong Kong Chinese
    Gold&#160;&#038; Silver Exchange Society (trading gold since
    1918).
</DIV>
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<P>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">22</FONT></B>
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<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Overview of the
    Gold Industry</FONT></B>
</DIV>

<DIV style="font-size: 4pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
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    <B><FONT style="font-family: Arial, Helvetica">MARKET
    REGULATION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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, or FSA, as provided by the Financial Services and
    Markets Act 2000, or 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Participants in the U.S. 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The TOCOM has authority to perform financial and operational
    surveillance on its members&#146; 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&#146; prices. To act as a
    Futures Commission Merchant Broker, a broker must obtain a
    license from Japan&#146;s Ministry of Economy, Trade and
    Industry, the regulatory authority that oversees the operations
    of the TOCOM.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">ANALYSIS OF
    HISTORICAL MOVEMENTS IN THE PRICE OF GOLD</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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.
</DIV>
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    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">23</FONT></B>
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<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Overview of the
    Gold Industry</FONT></B>
</DIV>

<DIV style="font-size: 4pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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&#160;1, 1971
    to March&#160;31, 2010, and is based on the London PM fix.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Daily gold
    price&#160;-&#160;January&#160;1, 1971 to March&#160;31,
    2010</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="y03452y0345210.gif" alt="(PERFORMANCE GRAPH)"><B><FONT style="font-family: Arial, Helvetica">
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following chart illustrates the movements in the price of
    gold in US dollars per ounce over the five year period from
    April&#160;1, 2005 to March&#160;31, 2010, and is based on the
    London PM fix.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Daily gold
    price&#160;-&#160;April&#160;1, 2005 to March&#160;31,
    2010</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="y03452y0345211.gif" alt="(PERFORMANCE GRAPH)"><B><FONT style="font-family: Arial, Helvetica">
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    After reaching a
    <FONT style="white-space: nowrap">20-year</FONT> low
    of $252.80 per ounce at the London PM fix on July&#160;20, 1999,
    the gold price gradually increased. The average gold price for
    2004 was $409.17 per ounce, the average for 2005 was $444.45 per
    ounce and the average for 2006 was $603.77. In 2007, the average
    gold price for the year was $695.39 per ounce. After trading
    between $608.40 (January 10)&#160;and $691.40 (April
    20)&#160;for the first eight
</DIV>
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    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">24</FONT></B>
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<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Overview of the
    Gold Industry</FONT></B>
</DIV>

<DIV style="font-size: 4pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>
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    months of 2007, the price subsequently began to move sharply
    higher. On January&#160;3, 2008 it broke through the previous
    record of $850.00 per ounce, which was set on January&#160;21,
    1980 before rising further to reach a peak of $1,011.25 on
    March&#160;17, 2008. The gold price fell back from this level to
    $853.00 on May&#160;1, 2008 and was volatile for the rest of the
    year, rising back as high as $986.00 on July 15 and falling to a
    low of $712.50 on October 24 before ending the year at $869.75.
    The average price for the year in 2008 was $871.96.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The gold price rose to a fresh record high of $989.00 in
    late-February 2009, before correcting back down to around
    $870.00 over the subsequent 8 week period. The gold price then
    entered a subdued phase during the middle of the year. Between
    June 1, 2009 and August 28, 2009, the gold price traded in a
    sideways range between a high of $981.75 and a low of $908.50.
    During the closing weeks of the third quarter, however, the
    price broke higher and set a series of successive record highs
    over the remainder of the year. The peak for 2009 of $1,212.50
    was reached on December 2, 2009. Strong inflows from western
    investors concerned about building inflation and the value of
    the U.S. dollar were the driving force behind the rising price.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the period from January 1, through March 31, 2010, the
    average price was $1,109.12 based on the London PM fix. The gold
    price reached a high of $1,153.00 on January 11, 2010 before
    correcting back to a low of $1,058.00 on February 5, 2010.
    Subsequently, the price held within a tight range around
    $1,100.00, for the most part holding above this level. The
    London PM fix on March&#160;31, 2010 was $1,115.50.
    Subsequently, the gold price reached a new all time high of
    $1,237.50 per ounce on May&#160;12, 2010 and May&#160;13, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The initial reason for the market&#146;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 CBGA, 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
    CBGA 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).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Despite the CBGA, 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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&#160;11, 2001 added to demand for gold
    investments.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The upward price trend that began in 2001 has continued for much
    of the period since the inception of the Trust on
    November&#160;12, 2004, except for a period of several months
    during which the gold price corrected between May and October
    2006. After reaching a peak of $725.00 at the London PM fix on
    May&#160;12, 2006, gold corrected down to a low of $560.75 at
    the PM Fix on October&#160;6, 2006. The reason most often cited
    for the correction was a concern among investors that monetary
    authorities, especially in the U.S., would move to counter the
    threat of rising inflation by aggressively raising interest
    rates. These concerns quickly ebbed, however, and as the dollar
    continued to fall, the gold price rallied from the October 2006
    low. In any event, beginning in August 2007, the U.S.
    authorities began to reduce interest rates in response to the
    subprime mortgage crisis. The continued reduction in the fed
    funds rate helped to drive gold to a fresh all-time high of
    $1,011.25 on March&#160;17, 2008. As the subprime mortgage
    problems escalated into a global financial crisis
</DIV>
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    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">25</FONT></B>
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<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Overview of the
    Gold Industry</FONT></B>
</DIV>

<DIV style="font-size: 4pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    throughout 2008, gold traded in a range from the mid-$900s down
    to the mid-$700s. The higher prices tended to coincide with
    investor buying on fresh news of distress for companies in the
    financial sector, and the lows appeared to have been triggered
    by selling from investors in the search for liquidity. The gold
    price broke out of this range in the third quarter of 2009, once
    again breaching the symbolic $1,000 per ounce level during the
    next to the last week of the quarter. The rally continued in the
    fourth quarter of 2009, with the gold price posting successive
    new records. The record for the year of $1,212.50 per ounce was
    set at the London PM fix on December&#160;2, 2009. The major
    driver appears to have been increased investment inflows
    supported by: first, stronger economic activity and actions by
    the worlds&#146; major central banks which have led to an uptick
    in inflation fears and a rise in demand for gold as a store of
    value; and second, further dollar weakness, which has increased
    demand for gold as a dollar hedge. During the first quarter of
    2010, the gold price edged up modestly ending at $1,115.50 per
    ounce on the London&#160;PM fix from $1,087.50 per ounce at the
    end of fourth quarter of 2009. Through the quarter, gold mostly
    traded in a range between $1,058.00 per ounce and $1,153.00 per
    ounce as seasonally strong jewelry demand from India and China
    was partly offset by mixed financial and economic developments
    around the globe. However, as concerns on European sovereign
    debt mounted, demand for gold increased and the gold price
    reached a new all time high of $1,237.50 on May&#160;12, 2010
    and May&#160;13, 2010.
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    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">26</FONT></B>
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    <A name='106'>
</DIV>

<DIV style="font-size: 7pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: Arial, Helvetica">Creation and
    Redemption of Shares
    </FONT>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Authorized Participants are the only persons that may place
    orders to create and redeem Baskets. Authorized Participants
    must be (1)&#160;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)&#160;DTC Participants. 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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
    &#147;Plan of Distribution.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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, or a 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&#146;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&#146;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&#160;Unallocated Account and the Custodian (or one of its
    affiliates) receives compensation for maintaining the
    Trust&#160;Allocated Account. Authorized Participants should be
    aware that the Custodian&#146;s liability threshold under the
    Participant Unallocated Bullion Account Agreement is gross
    negligence, not negligence, which is the Custodian&#146;s
    liability threshold under the Trust&#146;s Custody Agreements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As the terms of the Participant Unallocated Bullion Account
    Agreement differ in certain respects from the terms of the
    Trust&#146;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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&#146;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, or the
    Exchange Act, and regulated by the Financial Industry Regulatory
    Authority, or FINRA, 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 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.
</DIV>
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    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">27</FONT></B>
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<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Creation and
    Redemption of Shares </FONT></B>
</DIV>

<DIV style="font-size: 4pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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, BMO Capital Markets Corp., CIBC World Markets
    Corp., Citigroup Global Markets Inc., Credit Suisse Securities
    (USA) LLC, Deutsche Bank Securities Inc., EWT, LLC, Goldman,
    Sachs&#160;&#038; Co., Goldman Sachs Execution&#160;&#038;
    Clearing L.P., HSBC Securities (USA) Inc., J.P.&#160;Morgan
    Securities Inc., Merrill Lynch Professional Clearing Corp.,
    Morgan Stanley&#160;&#038; Co. Incorporated, Newedge USA LLC,
    RBC Capital Markets Corporation, Scotia Capital (USA) Inc. and
    UBS Securities LLC have each signed a Participant Agreement with
    the Trust and 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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&#160;Unallocated Account. Gold transferred from an
    Authorized Participant Unallocated Account to the Trust in
    unallocated form is first credited to the Trust&#160;Unallocated
    Account. Thereafter, the Custodian allocates specific bars of
    gold representing the amount of gold credited to the
    Trust&#160;Unallocated Account (to the extent such amount is
    representable by whole gold bars) to the Trust&#160;Allocated
    Account. The movement of gold is reversed for the distribution
    of gold to an Authorized Participant in connection with the
    redemption of Baskets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All gold bars represented by a credit to any Authorized
    Participant Unallocated Account and to the
    Trust&#160;Unallocated Account and all gold bars held in the
    Trust&#160;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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&#146;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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&#160;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 &#147;Where You Can Find More Information&#148; for
    information about where you can obtain the registration
    statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">CREATION
    PROCEDURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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
    &#147;business day&#148; means any day other than a day:
    (1)&#160;when the NYSE Arca 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)&#160;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)&#160;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&#160;PM or the close of regular
    trading on NYSE Arca, whichever is earlier. The day on which the
    Trustee receives a valid purchase order is the purchase order
    date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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.
</DIV>
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<P>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">28</FONT></B>
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Creation and
    Redemption of Shares </FONT></B>
</DIV>

<DIV style="font-size: 4pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">DETERMINATION OF
    REQUIRED DEPOSITS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The total deposit required to create each Basket, or a 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&#146;s
    operations a cash deposit will not be required for the creation
    of Baskets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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&#146;s determination of the Creation Basket Deposit
    shall be final and binding on all persons interested in the
    Trust.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">DELIVERY OF
    REQUIRED DEPOSITS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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&#160;Unallocated Account and the Trustee will direct DTC
    to credit the number of Baskets ordered to the Authorized
    Participant&#146;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&#160;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Acting on standing instructions given by the Trustee, the
    Custodian will transfer the gold deposit amount from the
    Trust&#160;Unallocated Account to the Trust&#160;Allocated
    Account by allocating to the Trust&#160;Allocated Account
    specific bars of gold from unallocated bars which the Custodian
    holds or instructing a subcustodian to allocate specific bars of
    gold from unallocated bars held by or for the subcustodian. The
    Custodian will use commercially reasonable efforts to complete
    the transfer of gold to the Trust&#160;Allocated Account prior
    to the time by which the Trustee is to credit the Basket to the
    Authorized Participant&#146;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&#160;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 &#147;Risk Factors
    &#151;&#160;Gold held in the Trust&#146;s unallocated gold
    account and any Authorized Participant&#146;s unallocated gold
    account will not be segregated from the Custodian&#146;s assets
    . . .&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Because gold is allocated only in multiples of whole bars, the
    amount of gold allocated from the Trust&#160;Unallocated Account
    to the Trust&#160;Allocated Account may be less than the total
    fine ounces of gold
</DIV>
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<P>

<P align="right" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">29</FONT></B>
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Creation and
    Redemption of Shares </FONT></B>
</DIV>

<DIV style="font-size: 4pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    credited to the Trust&#160;Unallocated Account. Any balance is
    held in the Trust&#160;Unallocated Account. The Custodian will
    use commercially reasonable efforts to minimize the amount of
    gold held in the Trust&#160;Unallocated Account; no more than
    430 ounces of gold is expected to be held in the
    Trust&#160;Unallocated Account at the close of each business day.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">REJECTION OF
    PURCHASE ORDERS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trustee may reject a purchase order or a Creation Basket
    Deposit if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Webdings; font-variant: normal">&#052;</FONT>&#160;&#160;
</TD>
    <TD align="left">    It determines that the purchase order or the Creation Basket
    Deposit is not in proper form;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Webdings; font-variant: normal">&#052;</FONT>&#160;&#160;
</TD>
    <TD align="left">    The Sponsor believes that the purchase order or the Creation
    Basket Deposit would have adverse tax consequences to the Trust
    or its Shareholders;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Webdings; font-variant: normal">&#052;</FONT>&#160;&#160;
</TD>
    <TD align="left">    The acceptance or receipt of the Creation Basket Deposit would,
    in the opinion of counsel to the Sponsor, be unlawful; or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Webdings; font-variant: normal">&#052;</FONT>&#160;&#160;
</TD>
    <TD align="left">    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.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    None of the Trustee, the Sponsor or the Custodian will be liable
    for the rejection of any purchase order or Creation Basket
    Deposit.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">REDEMPTION&#160;PROCEDURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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&#160;PM or the close of
    regular trading on NYSE Arca, 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By placing a redemption order, an Authorized Participant agrees
    to deliver the Baskets to be redeemed through DTC&#146;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">DETERMINATION OF
    REDEMPTION&#160;DISTRIBUTION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The redemption distribution from the Trust consists of a credit
    to the redeeming Authorized Participant&#146;s Authorized
    Participant Unallocated Account representing the amount of the
    gold held by the Trust evidenced by the Shares being redeemed
    plus, or minus, 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&#146;s redemption order. The Trustee
    distributes any positive cash redemption amount through DTC to
    the account of the Authorized Participant as recorded on
    DTC&#146;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&#146;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.
</DIV>
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<P>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">30</FONT></B>
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Creation and
    Redemption of Shares </FONT></B>
</DIV>

<DIV style="font-size: 4pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">DELIVERY OF
    REDEMPTION&#160;DISTRIBUTION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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&#160;AM New York time on
    such third business day, the Trustee&#146;s DTC account has been
    credited with the Baskets to be redeemed. If the Trustee&#146;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&#146;s DTC account by 9:00&#160;AM New York time
    on such next business day. Any further outstanding amount of 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&#146;s DTC account by 9:00&#160;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&#146;s book entry system on such
    terms as the Sponsor and the Trustee may from time to time agree
    upon.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Custodian transfers the redemption gold amount from the
    Trust&#160;Allocated Account to the Trust&#160;Unallocated
    Account and, thereafter, to the redeeming Authorized
    Participant&#146;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&#146;s insolvency. See
    &#147;Risk Factors&#160;&#151; Gold held in the Trust&#146;s
    unallocated gold account and any Authorized Participant&#146;s
    unallocated gold account will not be segregated from the
    Custodian&#146;s assets . . .&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As with the allocation of gold to the Trust&#160;Allocated
    Account which occurs upon a purchase order, if in transferring
    gold from the Trust&#160;Allocated Account to the
    Trust&#160;Unallocated Account in connection with a redemption
    order there is an excess amount of gold transferred to the
    Trust&#160;Unallocated Account, the excess over the gold
    redemption amount will be held in the Trust&#160;Unallocated
    Account. The Custodian will use commercially reasonable efforts
    to minimize the amount of gold held in the
    Trust&#160;Unallocated Account; no more than 430 ounces of gold
    is expected to be held in the Trust&#160;Unallocated Account at
    the close of each business day.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">SUSPENSION OR
    REJECTION OF REDEMPTION&#160;ORDERS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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)&#160;for any period during which
    the NYSE Arca is closed other than customary weekend or holiday
    closings, or trading on the NYSE Arca is suspended or
    restricted, (2)&#160;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)&#160;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">CREATION AND
    REDEMPTION&#160;TRANSACTION FEE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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&#160;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.
</DIV>
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<P>

<P align="right" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">31</FONT></B>
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<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Creation and
    Redemption of Shares </FONT></B>
</DIV>

<DIV style="font-size: 4pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">TAX
    RESPONSIBILITY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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 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.
</DIV>
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<P>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">32</FONT></B>
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<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
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    <A name='107'>
</DIV>

<DIV style="font-size: 7pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: Arial, Helvetica">United States
    Federal Tax Consequences
    </FONT>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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 U.S. 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-U.S. Shareholder (as defined below), represents,
    insofar as it describes conclusions as to U.S. federal tax law
    and subject to the limitations and qualifications described
    therein, the opinion of Carter Ledyard&#160;&#038; Milburn LLP,
    special United States federal tax counsel to the Sponsor. The
    discussion below is based on the United States Internal Revenue
    Code of 1986, as amended, or 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 &#147;capital assets&#148; within the meaning of Code
    section&#160;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of this discussion, a &#147;U.S. Shareholder&#148;
    is a Shareholder that is:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Webdings; font-variant: normal">&#052;</FONT>&#160;&#160;
</TD>
    <TD align="left">    An individual who is treated as a citizen or resident of the
    United States for U.S. federal income tax purposes;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Webdings; font-variant: normal">&#052;</FONT>&#160;&#160;
</TD>
    <TD align="left">    A corporation created or organized in or under the laws of the
    United States or any political subdivision thereof;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Webdings; font-variant: normal">&#052;</FONT>&#160;&#160;
</TD>
    <TD align="left">    An estate, the income of which is includible in gross income for
    U.S. federal income tax purposes regardless of its source; or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Webdings; font-variant: normal">&#052;</FONT>&#160;&#160;
</TD>
    <TD align="left">    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 U.S. persons have the authority to control all
    substantial decisions of the trust.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A Shareholder that is not a U.S. Shareholder as defined above is
    generally considered a &#147;Non-U.S. Shareholder&#148; 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">TAXATION OF THE
    TRUST</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust is classified as a &#147;grantor trust&#148; for U.S.
    federal income tax purposes. As a result, the Trust itself is
    not subject to U.S. federal income tax. Instead, the
    Trust&#146;s income and expenses &#147;flow through&#148; to the
    Shareholders, and the Trustee will report the Trust&#146;s
    income, gains, losses and deductions to the Internal Revenue
    Service, or IRS, on that basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">TAXATION OF U.S.
    SHAREHOLDERS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholders generally will be treated, for U.S. 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&#146;s income, if any, and as if they
    directly incurred their respective pro rata shares of the
    Trust&#146;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 represented by the Shares will not be a taxable
    event to the Shareholder, and the Shareholder&#146;s tax basis
    and holding period for the
</DIV>
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<P>

<P align="right" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">33</FONT></B>
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<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">United States
    Federal Tax Consequences</FONT></B>
</DIV>

<DIV style="font-size: 4pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 0pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholder&#146;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&#146;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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)&#160;the Shareholder&#146;s
    pro rata share of the amount realized by the Trust upon the sale
    and (2)&#160;the Shareholder&#146;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&#146;s tax basis for its share
    of any gold sold by the Trust generally will be determined by
    multiplying the Shareholder&#146;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&#146;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon a Shareholder&#146;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)&#160;the amount
    realized pursuant to the sale of the Shares, and (2)&#160;the
    Shareholder&#146;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A redemption of some or all of a Shareholder&#146;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&#146;s tax basis for the gold
    received in the redemption generally will be the same as the
    Shareholder&#146;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&#146;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    After any sale or redemption of less than all of a
    Shareholder&#146;s Shares, the Shareholder&#146;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As noted above, the foregoing discussion assumes that all of a
    Shareholder&#146;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
    <FONT style="white-space: nowrap">and/or</FONT> at
    different prices), it is uncertain whether the Shareholder may
    use the &#147;specific identification&#148; rules that apply
    under Treas. Reg.
    <FONT style="white-space: nowrap">Section&#160;1.1012-1(c)</FONT>
    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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">MAXIMUM 28%
    LONG-TERM CAPITAL GAINS TAX RATE FOR US SHAREHOLDERS WHO ARE
    INDIVIDUALS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under current law, gains recognized by individuals from the sale
    of &#147;collectibles,&#148; including gold bullion, held for
    more than one year are taxed at a maximum rate of 28%, rather
    than the 15% rate applicable to most
</DIV>
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    <BR>
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    <B><FONT style="font-family: Arial, Helvetica">United States
    Federal Tax Consequences</FONT></B>
</DIV>

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<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 U.S. Shareholder attributable to a sale of
    Shares held for more than one year, or attributable to the
    Trust&#146;s sale of any gold bars 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 U.S. Shareholder for one year or
    less or by a taxpayer other than an individual U.S. taxpayer are
    generally the same as those at which ordinary income is taxed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">3.8% TAX ON NET
    INVESTMENT INCOME FOR TAXABLE YEARS BEGINNING AFTER DECEMBER 31,
    2012</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Health Care Reform and Education Reconciliation Act of 2010
    (Pub. Law
    <FONT style="white-space: nowrap">111-152)</FONT>
    requires certain U.S.&#160;Shareholders who are individuals to
    pay a 3.8% tax on the lesser of the excess of their modified
    adjusted gross income over a threshold amount ($250,000 for
    married persons filing jointly and $200,000 for single
    taxpayers) or their &#147;net investment income,&#148; which
    generally includes capital gains from the disposition of
    property, for taxable years beginning after December&#160;31,
    2012. This tax is in addition to any capital gains taxes due on
    such investment income. A similar tax will apply to estates and
    trusts. U.S.&#160;Shareholders should consult their tax advisors
    regarding the effect, if any, this law may have on an investment
    in the Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">BROKERAGE FEES
    AND TRUST&#160;EXPENSES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any brokerage or other transaction fee incurred by a Shareholder
    in purchasing Shares will be treated as part of the
    Shareholder&#146;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">INVESTMENT BY
    U.S. TAX-EXEMPT SHAREHOLDERS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    U.S. Tax-Exempt Shareholders are subject to U.S. federal income
    tax only on their unrelated business taxable income, or UBTI.
    Unless they incur debt in order to purchase Shares, it is
    expected that U.S. Tax-Exempt Shareholders should not realize
    UBTI in respect of income or gains from the Shares. U.S.
    Tax-Exempt Shareholders should consult their own independent tax
    advisers regarding the U.S. federal income tax consequences of
    holding Shares in light of their particular circumstances.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">INVESTMENT BY
    REGULATED INVESTMENT COMPANIES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mutual funds and other investment vehicles which are
    &#147;regulated investment companies&#148; within the meaning of
    Code section&#160;851 should consult with their tax advisors
    concerning (1)&#160;the likelihood that an investment in Shares,
    although they are a &#147;security&#148; within the meaning of
    the Investment Company Act of 1940, may be considered an
    investment in the underlying gold for purposes of Code
    section&#160;851(b), and (2)&#160;the extent to which an
    investment in Shares might nevertheless be consistent with
    preservation of their qualification under Code section&#160;851.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">INVESTMENT BY
    CERTAIN RETIREMENT PLANS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Code section&#160;408(m) provides that the acquisition of a
    &#147;collectible&#148; by an individual retirement account, or
    IRA, or a participant-directed account maintained under any plan
    that is tax-qualified under Code section&#160;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
</DIV>
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    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">35</FONT></B>
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<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">United States
    Federal Tax Consequences</FONT></B>
</DIV>

<DIV style="font-size: 4pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>
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    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&#160;401(a) plan, will not be treated as resulting
    in a taxable distribution to the IRA owner or plan participant
    under Code section&#160;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&#160;408(d) or Code section&#160;402. See also
    &#147;ERISA and Related Considerations.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">U.S. INFORMATION
    REPORTING AND BACKUP WITHHOLDING FOR U.S. AND NON-U.S.
    SHAREHOLDERS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trustee will file certain information returns with the IRS,
    and provide certain tax-related information to Shareholders, in
    connection with the Trust. Each Shareholder will be provided
    with information regarding its allocable portion of the
    Trust&#146;s annual income (if any) and expenses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A U.S. Shareholder may be subject to U.S. backup withholding tax
    in certain circumstances unless it provides its taxpayer
    identification number and complies with certain certification
    procedures. Non-U.S. Shareholders may have to comply with
    certification procedures to establish that they are not a U.S.
    person in order to avoid the information reporting and backup
    withholding tax requirements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The amount of any backup withholding will be allowed as a credit
    against a Shareholder&#146;s U.S. federal income tax liability
    and may entitle such a Shareholder to a refund, provided that
    the required information is furnished to the IRS.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">INCOME TAXATION
    OF NON-U.S. SHAREHOLDERS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust does not expect to generate taxable income except for
    gain (if any) upon the sale of gold. A Non-U.S. Shareholder
    generally will not be subject to U.S. 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)&#160;the Non-U.S. Shareholder is an individual and is
    present in the United States for 183&#160;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)&#160;the
    gain is effectively connected with the conduct by the Non-U.S.
    Shareholder of a trade or business in the United States and
    certain other conditions are met.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">ESTATE AND GIFT
    TAX CONSIDERATIONS FOR NON-U.S. SHAREHOLDERS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the U.S. 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 U.S. &#147;situs.&#148; Shares may well be
    considered to have a U.S. situs for these purposes. If they are,
    then Shares would be includible in the U.S. gross estate of a
    non-resident alien Shareholder. Currently, U.S. estate tax is
    imposed at rates of up to 45% of the fair market value of the
    taxable estate. The U.S. estate tax rate is subject to change in
    future years. In addition, the U.S. federal
    &#147;generation-skipping transfer tax&#148; 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For non-citizens and non-residents of the United States, the
    U.S. federal gift tax generally applies only to gifts of
    tangible personal property or real property having a U.S. situs.
    Tangible personal property (including gold) has a U.S. 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
    U.S. gift tax if transferred during the holder&#146;s lifetime.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Such Shareholders are urged to consult their tax advisers
    regarding the possible application of U.S. estate, gift and
    generation-skipping transfer taxes in their particular
    circumstances.
</DIV>
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    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">36</FONT></B>
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<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">United States
    Federal Tax Consequences</FONT></B>
</DIV>

<DIV style="font-size: 4pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>
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    <B><FONT style="font-family: Arial, Helvetica">TAXATION IN
    JURISDICTIONS OTHER THAN THE UNITED STATES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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.
</DIV>
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<P>

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    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">37</FONT></B>
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    <A name='108'>
</DIV>

<DIV style="font-size: 7pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: Arial, Helvetica">ERISA and Related
    Considerations
    </FONT>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Employee Retirement Income Security Act of 1974, as amended,
    or ERISA,
    <FONT style="white-space: nowrap">and/or</FONT> Code
    section&#160;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
    <FONT style="white-space: nowrap">and/or</FONT> the
    Code, collectively the Plans, and on persons who are fiduciaries
    with respect to the investment of assets treated as &#147;plan
    assets&#148; of a Plan. Government plans and some church plans
    are not subject to the fiduciary responsibility provisions of
    ERISA or the provisions of section&#160;4975 of the Code, but
    may be subject to substantially similar rules under state or
    other federal law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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 &#147;Risk
    Factors&#148; discussed above and whether such investment is
    consistent with its fiduciary responsibilities, including, but
    not limited to (1)&#160;whether the fiduciary has the authority
    to make the investment under the appropriate governing plan
    instrument, (2)&#160;whether the investment would constitute a
    direct or indirect non-exempt prohibited transaction with a
    party in interest, (3)&#160;the Plan&#146;s funding objectives,
    and (4)&#160;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&#146;s investment portfolio and the Plan&#146;s need for
    sufficient liquidity to pay benefits when due.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Shares constitute &#147;publicly-offered securities&#148; as
    defined in Department of Labor Regulations
    <FONT style="white-space: nowrap">Section&#160;2510.3-101(b)(2).</FONT>
    Accordingly, Shares purchased by a Plan, and not the Plan&#146;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 &#147;fiduciary
    responsibility&#148; and &#147;prohibited transaction&#148;
    rules of ERISA and the Code. See also &#147;United States
    Federal Tax Consequences&#160;&#151; Investment by Certain
    Retirement Plans.&#148;
</DIV>
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    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">38</FONT></B>
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<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


    <A name='109'><FONT style="font-family: Arial, Helvetica">Plan
    of Distribution
    </FONT>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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. As of the
    date of this prospectus, the Authorized Participants are BMO
    Capital Markets Corp., CIBC World Markets Corp., Citigroup
    Global Markets Inc., Credit Suisse Securities (USA) LLC,
    Deutsche Bank Securities Inc., EWT, LLC, Goldman,
    Sachs&#160;&#038; Co., Goldman Sachs Execution&#160;&#038;
    Clearing L.P., HSBC Securities (USA) Inc., J.P.&#160;Morgan
    Securities Inc., Merrill Lynch Professional Clearing Corp.,
    Morgan Stanley&#160;&#038; Co. Incorporated, Newedge USA LLC,
    RBC Capital Markets Corporation, Scotia Capital (USA) Inc. and
    UBS Securities LLC Because new Shares can be created and issued
    on an ongoing basis, at any point during the life of the Trust,
    a &#147;distribution,&#148; 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dealers who are not &#147;underwriters&#148; but are
    participating in a distribution (as contrasted to ordinary
    secondary trading transactions), and thus dealing with Shares
    that are part of an &#147;unsold allotment&#148; within the
    meaning of section&#160;4(3)(C) of the Securities Act, would be
    unable to take advantage of the prospectus-delivery exemption
    provided by section&#160;4(3) of the Securities Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Sponsor intends to qualify the Shares in states selected by
    the Sponsor and through broker-dealers who are members of FINRA.
    Investors intending to create or redeem Baskets through
    Authorized Participants in transactions not involving a
    broker-dealer registered in such investor&#146;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Marketing Agent is assisting the Sponsor in:
    (1)&#160;developing a marketing plan for the Trust on an ongoing
    basis; (2)&#160;preparing marketing materials regarding the
    Shares, including the content on the Trust&#146;s website;
    (3)&#160;executing the marketing plan for the Trust;
    (4)&#160;incorporating gold into its exchange-traded fund
    research; and (5)&#160;sub-licensing the
    SPDR<SUP style="font-size: 85%; vertical-align: text-top">&#174;</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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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&#146;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 addition, the WGC has agreed to indemnify certain
    parties against certain liabilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Shares trade on the NYSE Arca under the symbol
    &#147;GLD.&#148;
</DIV>
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<P>

<P align="right" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">39</FONT></B>
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</DIV>

<DIV style="font-size: 7pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


    <A name='110'><FONT style="font-family: Arial, Helvetica">Description
    of the Shares
    </FONT>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">GENERAL</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trustee is authorized under the Trust&#160;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&#160;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">DESCRIPTION OF
    LIMITED RIGHTS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Shares do not represent a traditional investment and you
    should not view them as similar to &#147;shares&#148; 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 &#147;oppression&#148; or &#147;derivative&#148; 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&#160;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">DISTRIBUTIONS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trust&#160;Indenture provides for distributions to
    Shareholders in only two circumstances. First, if the Trustee
    and the Sponsor determine that the Trust&#146;s cash account
    balance exceeds the anticipated expenses of the Trust for the
    next 12&#160;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">VOTING AND
    APPROVALS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the Trust&#160;Indenture, Shareholders have no voting
    rights, except in limited circumstances. Shareholders holding at
    least
    66<FONT style="vertical-align: text-top; font-size: 70%;">2</FONT>/<FONT style="font-size: 70%;">3</FONT>%
    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<FONT style="vertical-align: text-top; font-size: 70%;">2</FONT>/<FONT style="font-size: 70%;">3</FONT>%
    of the outstanding Shares. In addition, certain amendments to
    the Trust&#160;Indenture require 51% or unanimous consent of the
    Shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">REDEMPTION&#160;OF
    THE SHARES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Shares may only be redeemed by or through an Authorized
    Participant and only in Baskets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">BOOK ENTRY
    FORM</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #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&#160;&#038; Co., as
    nominee for DTC. The global certificates evidence all of the
    Shares outstanding at any time. Under the Trust&#160;Indenture,
    Shareholders are limited to: (1)&#160;DTC Participants, such as
    banks, brokers, dealers and trust companies; (2)&#160;those who
    maintain, either directly or indirectly, a custodial
    relationship with a DTC Participant, or Indirect Participants;
    and (3)&#160;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.
</DIV>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">40</FONT></B>
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<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
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</DIV>

<DIV style="font-size: 7pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


    <A name='111'><FONT style="font-family: Arial, Helvetica">Legal
    Matters
    </FONT>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The validity of the Shares have been passed upon for the Sponsor
    by Carter Ledyard&#160;&#038; 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.
</DIV>

<A name='112'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: Arial, Helvetica">Experts
    </FONT>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The financial statements incorporated in this Prospectus by
    reference from SPDR Gold Trust&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2009, and the
    effectiveness of
    SPDR<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    Gold Trust&#146;s internal control over financial reporting have
    been audited by Deloitte&#160;&#038; Touche LLP, an independent
    registered public accounting firm, as stated in their reports,
    which are incorporated herein by reference. Such financial
    statements have been so incorporated in reliance upon the
    reports of such firm given upon their authority as experts in
    accounting and auditing.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


    <A name='113'><FONT style="font-family: Arial, Helvetica">Where
    You Can Best Find More Information; Incorporation of Certain
    Information by Reference
    </FONT>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus is a part of a registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-3</FONT>
    of
    SPDR<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    Gold Trust, Registration
    <FONT style="white-space: nowrap">No.&#160;333-&#160;&#160;&#160;&#160;&#160;&#160;,</FONT>
    which we filed with the Securities and Exchange Commission (SEC)
    under the Securities Act of 1933. As permitted by the rules and
    regulations of the SEC, this prospectus does not contain all of
    the information contained in the registration statement and the
    exhibits and schedules thereto. As such we make reference in
    this prospectus to the registration statement and to the
    exhibits and schedules thereto. For further information about us
    and about the securities we hereby offer, you should consult the
    registration statement and the exhibits and schedules thereto.
    You should be aware that statements contained in this prospectus
    concerning the provisions of any documents filed as an exhibit
    to the registration statement or otherwise filed with the SEC
    are not necessarily complete, and in each instance reference is
    made to the copy of such document so filed. Each such statement
    is qualified in its entirety by such reference.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We file annual, quarterly and special reports and other
    information with the Securities and Exchange Commission
    (Commission File Number 1-32356). These filings contain
    important information which does not appear in this prospectus.
    For further information about us, you may read and copy these
    filings at the SEC&#146;s public reference room at
    100&#160;F&#160;Street, N.E., Room&#160;1580,
    Washington,&#160;D.C. 20549. You may obtain information on the
    operation of the public reference room by calling the SEC at
    <FONT style="white-space: nowrap">1-800-SEC-0330,</FONT>
    and may obtain copies of our filings from the public reference
    room by calling
    <FONT style="white-space: nowrap">(202)&#160;551-8090.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The SEC allows us to &#147;incorporate by reference&#148;
    information into this prospectus, which means that we can
    disclose important information to you by referring you to other
    documents which we have filed or will file with the SEC. We are
    incorporating by reference in this prospectus the documents
    listed below and all amendments or supplements we may file to
    such documents, as well as any future filings we may make with
    the SEC on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    under the Exchange Act before the time that all of the
    securities offered by this prospectus have been sold or
    de-registered.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    Our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended September&#160;30, 2009;
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    Our Quarterly Report on Form
    <FONT style="white-space: nowrap">10-Q</FONT> for the
    three month period ended December&#160;31, 2009;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    Our Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the three and six month periods ended March&#160;31, 2010;
    and
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    The description of our Shares set forth in the Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;8-A</FONT>
    we filed with the SEC on November&#160;16, 2004.
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All documents filed by us with the SEC pursuant to
    Section&#160;13(a), 13(c) 14 or 15(d) of the Securities Exchange
    Act after the date of this prospectus and before the termination
    or completion of this offering of our Shares shall be deemed to
    be incorporated by reference in this prospectus and to be a part
    of it from the filing dates
</DIV>
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<P>

<P align="right" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">41</FONT></B>
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<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Arial, Helvetica">Where You Can
    Best Find More Information; Incorporation of Certain Information
    by Reference</FONT></B>
</DIV>

<DIV style="font-size: 4pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    of such documents. Certain statements in and portions of this
    prospectus update and replace information in the above listed
    documents incorporated by reference. Likewise, statements in or
    portions of a future document incorporated by reference in this
    prospectus may update and replace statements in and portions of
    this prospectus or the above listed documents.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will provide you without charge, upon your written or oral
    request, a copy of any of the documents incorporated by
    reference in this prospectus, other than exhibits to such
    documents which are not specifically incorporated by reference
    into such documents, other than information in future filings
    that is deemed not to be filed. Please direct your written or
    telephone requests to State Street Global Markets, LLC, One
    Lincoln Street, Floor 30, Boston, MA
    <FONT style="white-space: nowrap">02111-2900</FONT>
    (Tel:
    <FONT style="white-space: nowrap">866-320-4053).</FONT>
    You may also obtain information about us by visiting our website
    at
    <FONT style="white-space: nowrap">http://www.spdrgoldshares.com.</FONT>
    Information contained in our website is not part of this
    prospectus.
</DIV>
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<P>

<DIV style="font-size: -12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
<P>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <B><FONT style="font-size: 8pt; font-family: Arial, Helvetica">42</FONT></B>
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="y03452y0345200.gif" alt="">
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;II</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>INFORMATION NOT REQUIRED IN PROSPECTUS</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;14.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Other
    Expenses of Issuance and Distribution</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth an estimate of the expenses
    incurred by the Trust in connection with the sale and
    distribution of the Shares being registered in this Registration
    statement. All of the amounts shown are estimates except the
    Securities and Exchange Commission registration fee.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="86%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Securities and Exchange Commission registration fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,645,318.80
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Printing and engraving expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    160,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Legal fees and expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Accounting fees and expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Miscellaneous
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,909,818.80
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;15.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of Directors and Officers.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="white-space: nowrap">Section&#160;18-108</FONT>
    of the Delaware Limited Liability Company Act provides that a
    limited liability company may indemnify and hold harmless any
    member, manager or other person against any and all claims and
    demands whatsoever, subject to any standards and restrictions
    set forth in the limited liability company agreement of the
    limited liability company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;18 of the Sponsor&#146;s Amended and Restated
    Limited Liability Company Agreement provides that, to the
    fullest extent permitted by applicable law, a member or officer
    of the Sponsor shall be entitled to indemnification from the
    Sponsor for any loss, damage or claim incurred by the member or
    officer for any act or omission performed or omitted by the
    member or officer in good faith on behalf of the Sponsor and in
    a manner reasonably believed to be within the scope of the
    authority conferred on the member or officer by the
    Sponsor&#146;s Amended and Restated Limited Liability Company
    Agreement, provided, however, that no member or officer shall be
    entitled to be indemnified if the loss, damage or claim was due
    to the member&#146;s or officer&#146;s fraud or willful
    misconduct. A member&#146;s or officer&#146;s reasonably
    incurred costs and expenses in defending pending or threatened
    actions, suits or proceedings will be paid in advance by the
    Sponsor if the member or officer provides an undertaking to
    repay the amounts advanced if it is ultimately determined that
    the member or officer is not entitled to be indemnified by the
    Sponsor. The indemnity and the advance of expenses is limited to
    the Sponsor&#146;s assets, and no member of the Sponsor shall
    have personal liability for such indemnity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;7.05 of the Trust&#160;Indenture provides that the
    Sponsor and its directors, shareholders, members, officers,
    employees, affiliates and subsidiaries shall be indemnified from
    the Trust and held harmless against any loss, liability or
    expense incurred by an indemnified party without (1)&#160;gross
    negligence, bad faith, willful misconduct or willful malfeasance
    on the part of the indemnified party arising out of or in
    connection with the performance of its obligations under the
    Trust&#160;Indenture or any actions taken in accordance with the
    provisions of the Trust&#160;Indenture or (2)&#160;the
    indemnified party&#146;s reckless disregard of its obligations
    and duties under the Trust&#160;Indenture. Each indemnified
    party will also be indemnified from the Trust and held harmless
    against any loss, liability or expense under the distribution
    agreement between the Sponsor and UBS Securities LLC, as
    Purchaser in the initial public offering of
    2,300,000&#160;Shares, the Marketing Agent Agreement or any
    Participant Agreement where such loss, liability or expense
    arises from any untrue statement or alleged untrue statement of
    a material fact contained in any written statement provided by
    the Trustee. The indemnity shall include payment from the Trust
    of the indemnified party&#146;s costs and expenses of defending
    itself against any such indemnified claim or liability.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the WGC has entered into separate indemnification
    agreements with certain officers of the Sponsor which require
    the WGC, among other things, to indemnify the officers against
    certain liabilities which may arise by reason of their status as
    officers of the Sponsor. The Sponsor or the WGC also intends to
    maintain director and officer liability insurance for the
    Sponsor, if available on reasonable terms.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;16.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Exhibits&#160;and
    Financial Statement Schedules.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Exhibits
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="13%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="86%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">Exhibit<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Number</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Description</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    3.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of World Gold Trust&#160;Services,
    LLC<SUP style="font-size: 85%; vertical-align: top">1</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    3.2
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Limited Liability Company Agreement of
    World Gold Trust&#160;Services,
    LLC<SUP style="font-size: 85%; vertical-align: top">2</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    4.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of
    Trust&#160;Indenture<SUP style="font-size: 85%; vertical-align: top">3</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    4.1.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amendment No.&#160;1 to
    Trust&#160;Indenture<SUP style="font-size: 85%; vertical-align: top">4</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    4.1.2
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amendment No.&#160;2 to
    Trust&#160;Indenture<SUP style="font-size: 85%; vertical-align: top">5</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    4.2
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Participant
    Agreement<SUP style="font-size: 85%; vertical-align: top">6</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    4.2.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amendment to Participant
    Agreements<SUP style="font-size: 85%; vertical-align: top">7</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    4.2.2
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amendment No.&#160;2 to Participant
    Agreements<SUP style="font-size: 85%; vertical-align: top">8</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    5.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Carter Ledyard&#160;&#038; Milburn LLP as to legality
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    8.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Carter Ledyard&#160;&#038; Milburn LLP as to tax
    matters
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Allocated Bullion Account
    Agreement<SUP style="font-size: 85%; vertical-align: top">9</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.1.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amendment No.&#160;1 dated December&#160;5, 2005 to Allocated
    Bullion Account Agreement dated November&#160;12, 2004 between
    HSBC Bank USA, NA and The Bank of New York, as
    trustee.<SUP style="font-size: 85%; vertical-align: top">10</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.1.2
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amendment No.&#160;2 to Allocated Bullion Account
    Agreement<SUP style="font-size: 85%; vertical-align: top">11</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.1.3
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amendment No.&#160;3 to Allocated Bullion Account
    Agreement<SUP style="font-size: 85%; vertical-align: top">12</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.2
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Unallocated Bullion Account
    Agreement<SUP style="font-size: 85%; vertical-align: top">13</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.2.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amendment No.&#160;1 to Unallocated Bullion Account
    Agreement<SUP style="font-size: 85%; vertical-align: top">14</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.2.2
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amendment No.&#160;2 to Unallocated Bullion Account
    Agreement<SUP style="font-size: 85%; vertical-align: top">15</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.3
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Participant Unallocated Bullion Account Agreement
    (included as Attachment B to the Form of Participant Agreement
    filed as
    Exhibit&#160;4.2)<SUP style="font-size: 85%; vertical-align: top">16</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.3.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amendment No.&#160;2 to Participant Unallocated Bullion
    Account
    Agreement<SUP style="font-size: 85%; vertical-align: top">17</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.4
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Depository
    Agreement<SUP style="font-size: 85%; vertical-align: top">18</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.5
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    License
    Agreement<SUP style="font-size: 85%; vertical-align: top">19</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.6
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Marketing Agent
    Agreement<SUP style="font-size: 85%; vertical-align: top">20</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.6.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amendment No.&#160;2 to Marketing Agent
    Agreement<SUP style="font-size: 85%; vertical-align: top">21</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.6.2
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amendment No.&#160;3 to Marketing Agent
    Agreement<SUP style="font-size: 85%; vertical-align: top">22</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.8
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of World Gold Council/World Gold Trust&#160;Services, LLC
    License
    Agreement<SUP style="font-size: 85%; vertical-align: top">23</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.8.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amendment No.&#160;1 to World Gold Council/World Gold
    Trust&#160;Services, LLC License
    Agreement<SUP style="font-size: 85%; vertical-align: top">24</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.10
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Marketing Agent Reimbursement
    Agreement<SUP style="font-size: 85%; vertical-align: top">25</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.12
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    SPDR Sublicense
    Agreement<SUP style="font-size: 85%; vertical-align: top">26</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    23.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Deloitte&#160;&#038; Touche LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    23.2
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consents of Carter Ledyard&#160;&#038; Milburn LLP are included
    in Exhibits&#160;5.1 and 8.1
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    24.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Powers of attorney are included on the signature page to this
    registration statement
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    99.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Code of Ethics of World Gold Trust&#160;Services,
    LLC<SUP style="font-size: 85%; vertical-align: top">27</SUP>

</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 15%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="6%"></TD>
    <TD width="1%"></TD>
    <TD width="93%"></TD>
</TR>

<TR>
    <TD valign="top">
    1. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;3.1 to the Registrant&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-105202,</FONT>
    filed on May&#160;13, 2003, and incorporated herein by reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR>
    <TD valign="top">
    2. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;3.2 to the Registrant&#146;s Registration
    Statement on Amendment No.&#160;1 to
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-105202,</FONT>
    filed on May&#160;13, 2003, and incorporated herein by reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    3. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;4.1 to the Registrant&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-105202,</FONT>
    filed on May&#160;13, 2003, and incorporated herein by reference.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="6%"></TD>
    <TD width="1%"></TD>
    <TD width="93%"></TD>
</TR>

<TR>
    <TD valign="top">
    4. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;4.1 to Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;001-32356,</FONT>
    filed on December&#160;13, 2007, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    5. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;4.1.2 to the Registrant&#146;s
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-3,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-151056,</FONT>
    filed on May&#160;20, 2008, and incorporated herein by reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    6. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;4.2 to the Registrant&#146;s Registration
    Statement on Amendment No.&#160;4 to
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-105202,</FONT>
    filed on November&#160;8, 2004, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    7. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;4.2 to Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;001-32356,</FONT>
    filed on December&#160;13, 2007, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    8. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;4.2.2 to the Registrant&#146;s
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-3,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-151056,</FONT>
    filed on May&#160;20, 2008, and incorporated herein by reference.</TD>
</TR>
    <FONT style="font-size: 10pt">
    </FONT>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    9. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;10.1 to the Registrant&#146;s Registration
    Statement on Amendment No.&#160;4 to
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-105202,</FONT>
    filed on November&#160;8, 2004, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    10. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;10.11 to the Registrant&#146;s annual
    report on
    <FONT style="white-space: nowrap">Form&#160;10-K,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;001-32356,</FONT>
    filed on December&#160;20, 2005, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    11. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;10.1 to Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;001-32356,</FONT>
    filed on December&#160;13, 2007, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    12. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;10.1.3 to the Registrant&#146;s
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-3,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-151056,</FONT>
    filed on May&#160;20, 2008, and incorporated herein by reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    13. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;10.2 to the Registrant&#146;s Registration
    Statement on Amendment No.&#160;4 to
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-105202,</FONT>
    filed on November&#160;8, 2004, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    14. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;10.2 to Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;001-32356,</FONT>
    filed on December&#160;13, 2007, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    15. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit 10.2.2 to the Registrant&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;S-3,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-151056,</FONT>
    filed on May&#160;20, 2008, and incorporated herein by reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    16. </TD>
    <TD></TD>
    <TD valign="bottom">
    Included as Attachment B to the Form of Participant Agreement
    filed as Exhibit&#160;4.2 to the Registrant&#146;s Registration
    Statement on Amendment No.&#160;4 to
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-105202,</FONT>
    filed on November&#160;8, 2004, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    17. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit 10.3.1 to the Registrant&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;S-3,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-151056,</FONT>
    filed on May&#160;20, 2008, and incorporated herein by reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    18. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;10.4 to the Registrant&#146;s Registration
    Statement on Amendment No.&#160;4 to
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-105202,</FONT>
    filed on November&#160;8, 2004, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    19. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;10.5 to the Registrant&#146;s Registration
    Statement on Amendment No.&#160;1 to
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-105202,</FONT>
    filed on September&#160;26, 2003, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    20. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;10.6 to the Registrant&#146;s Registration
    Statement on Amendment No.&#160;4 to
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-105202,</FONT>
    filed on November&#160;8, 2004, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    21. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;10.6 to Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;001-32356,</FONT>
    filed on December&#160;13, 2007, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    22. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit 10.6.2 to the Registrant&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;S-3,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-151056,</FONT>
    filed on May&#160;20, 2008, and incorporated herein by reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    23. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;10.8 to the Registrant&#146;s Registration
    Statement on Amendment No.&#160;4 to
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-105202,</FONT>
    filed on November&#160;8, 2004, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    24. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit 10.8.1 to the Registrant&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;S-3,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-151056,</FONT>
    filed on May&#160;20, 2008, and incorporated herein by reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    25. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;10.10 to the Registrant&#146;s
    Registration Statement on Amendment No.&#160;4 to
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-105202,</FONT>
    filed on November&#160;8, 2004, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    26. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit 10.12 to the Registrant&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;S-3,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-151056,</FONT>
    filed on May&#160;20, 2008, and incorporated herein by reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    27. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;99.1 to the Registrant&#146;s Registration
    Statement on Amendment No.&#160;4 to
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-105202,</FONT>
    filed on November&#160;8, 2004, and incorporated herein by
    reference.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Financial Statement Schedules
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Not applicable.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF"><!-- TABLE 05 -->

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;17.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Undertakings.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned Registrant hereby undertakes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;&#160;To file, during any period in which offers or
    sales are being made, a post-effective amendment to this
    registration statement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (i)&#160;&#160;
</TD>
    <TD align="left">
    To include any prospectus required by section&#160;10(a)(3) of
    the Securities Act of 1933;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (ii)&#160;&#160;
</TD>
    <TD align="left">
    To reflect in the prospectus any facts or events arising after
    the effective date of the registration statement (or the most
    recent post-effective amendment thereof) which, individually or
    in the aggregate, represent a fundamental change in the
    information set forth in the registration statement.
    Notwithstanding the foregoing, any increase or decrease in
    volume of securities offered (if the total dollar value of
    securities offered would not exceed that which was registered)
    and any deviation from the low or high end of the estimated
    maximum offering range may be reflected in the form of
    prospectus filed with the Securities and Exchange Commission
    pursuant to Rule&#160;424(b) if, in the aggregate, the changes
    in volume and price represent no more than a 20% change in the
    maximum aggregate offering price set forth in the
    &#147;Calculation of Registration Fee&#148; table in the
    effective registration statement;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (iii)&#160;&#160;
</TD>
    <TD align="left">
    To include any material information with respect to the plan of
    distribution not previously disclosed in the registration
    statement or any material change to such information in the
    registration statement.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="6%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    Provided, however, that paragraphs (a)(1)(i), (a)(1)(ii) and
    (a)(1)(iii) of this section do not apply if the information
    required to be included in a post-effective amendment by those
    paragraphs is contained in reports filed with or furnished to
    the Commission by the Registrant pursuant to section&#160;13 or
    section 15(d) of the Securities Exchange Act of 1934 that are
    incorporated by reference in the registration statement, or is
    contained in a form of prospectus filed pursuant to
    Rule&#160;424(b) that is part of the registration statement.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;&#160;That, for the purpose of determining any
    liability under the Securities Act of 1933, each such
    post-effective amendment shall be deemed to be a new
    registration statement relating to the securities offered
    therein, and the offering of such securities at that time shall
    be deemed to be the initial bona fide offering thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;&#160;To remove from registration by means of a
    post-effective amendment any of the securities being registered
    which remain unsold at the termination of the offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;&#160;That, for the purpose of determining liability
    under the Securities Act of 1933 to any purchaser:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;&#160;If the registrant is relying on Rule&#160;430B:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="9%"></TD>
    <TD width="7%"></TD>
    <TD width="84%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (A)&#160;&#160;
</TD>
    <TD align="left">
    Each prospectus filed by the Registrant pursuant to Rule
    424(b)(3) shall be deemed to be part of the registration
    statement as of the date the filed prospectus was deemed part of
    and included in the registration statement;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (B)&#160;&#160;
</TD>
    <TD align="left">
    Each prospectus required to be filed pursuant to Rule 424(b)(2),
    (b)(5), or (b)(7) as part of a registration statement in
    reliance on Rule&#160;430B relating to an offering made pursuant
    to Rule&#160;415(a)(1)(i), (vii), or (x)&#160;for the purpose of
    providing the information required by section 10(a) of the
    Securities Act of 1933 shall be deemed to be part of and
    included in the registration statement as of the earlier of the
    date such form of prospectus is first used after effectiveness
    or the date of the first contract of sale of securities in the
    offering described in the prospectus. As provided in
    Rule&#160;430B, for liability purposes of the issuer and any
    person that is at that date an underwriter, such date shall be
    deemed to be a new effective date of the registration statement
    relating to the securities in the registration
</TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="10%"></TD>
    <TD width="8%"></TD>
    <TD width="82%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    statement to which that prospectus relates, and the offering of
    such securities at that time shall be deemed to be the initial
    bona fide offering thereof. Provided, however, that no statement
    made in a registration statement or prospectus that is part of
    the registration statement or made in a document incorporated or
    deemed incorporated by reference into the registration statement
    or prospectus that is part of the registration statement will,
    as to a purchaser with a time of contract of sale prior to such
    effective date, supersede or modify any statement that was made
    in the registration statement or prospectus that was part of the
    registration statement or made in any such document immediately
    prior to such effective date.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;&#160;That, for the purpose of determining liability of
    the Registrant under the Securities Act of 1933 to any purchaser
    in the initial distribution of the securities the undersigned
    Registrant undertakes that in a primary offering of securities
    of the undersigned Registrant pursuant to this registration
    statement, regardless of the underwriting method used to sell
    the securities to the purchaser, if the securities are offered
    or sold to such purchaser by means of any of the following
    communications, the undersigned Registrant will be a seller to
    the purchaser and will be considered to offer or sell such
    securities to such purchaser:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="8%"></TD>
    <TD width="86%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (i)&#160;&#160;
</TD>
    <TD align="left">
    Any preliminary prospectus or prospectus of the undersigned
    Registrant relating to the offering required to be filed
    pursuant to Rule 424;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (ii)&#160;&#160;
</TD>
    <TD align="left">
    Any free writing prospectus relating to the offering prepared by
    or on behalf of the undersigned Registrant or used or referred
    to by the undersigned Registrant;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (iii)&#160;&#160;
</TD>
    <TD align="left">
    The portion of any other free writing prospectus relating to the
    offering containing material information about the undersigned
    Registrant or its securities provided by or on behalf of the
    undersigned Registrant;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (iv)&#160;&#160;
</TD>
    <TD align="left">
    Any other communication that is an offer in the offering made by
    the undersigned Registrant to the purchaser.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (6)&#160;&#160;That insofar as indemnification for liabilities
    arising under the Securities Act of 1933&#160;may be permitted
    to directors, officers and controlling persons of the Registrant
    pursuant to the foregoing provisions, or otherwise, the
    Registrant has been advised that in the opinion of the
    Securities and Exchange Commission such indemnification is
    against public policy as expressed in the Securities Act of 1933
    and is, therefore, unenforceable. In the event that a claim for
    indemnification against such liabilities (other than the payment
    by the Registrant of expenses incurred or paid by a director,
    officer or controlling person of the Registrant in the
    successful defense of any action, suit or proceeding) is
    asserted by such director, officer or controlling person in
    connection with the securities being registered, the Registrant
    will, unless in the opinion of its counsel the matter has been
    settled by controlling precedent, submit to a court of
    appropriate jurisdiction the question of whether such
    indemnification by it is against public policy as expressed in
    the Securities Act of 1933 and will be governed by the final
    adjudication of such issue.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (7)&#160;&#160;The undersigned Registrant hereby undertakes
    that, for purposes of determining any liability under the
    Securities Act of 1933, each filing of the Registrant&#146;s
    annual report pursuant to section&#160;13(a) or
    section&#160;15(d) of the Securities Exchange Act of 1934 (and,
    where applicable, each filing of an employee benefit plan&#146;s
    annual report pursuant to section&#160;15(d) of the Securities
    Exchange Act of 1934)&#160;that is incorporated by reference in
    the registration statement shall be deemed to be a new
    registration statement relating to the securities offered
    therein, and the offering of such securities at that time shall
    be deemed to be the initial bona fide offering thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (8)&#160;&#160;The undersigned Registrant hereby undertakes to
    deliver or cause to be delivered with the prospectus, to each
    person to whom the prospectus is sent or given, the latest
    annual report to security holders that is incorporated by
    reference in the prospectus and furnished pursuant to and
    meeting the requirements of
    <FONT style="white-space: nowrap">Rule&#160;14a-3</FONT>
    or
    <FONT style="white-space: nowrap">Rule&#160;14c-3</FONT>
    under the Securities Exchange Act of 1934; and, where interim
    financial information required to be presented by Article&#160;3
    of
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    are not set forth in the prospectus, to deliver, or cause to be
    delivered to each person to whom the prospectus is sent or
    given, the latest quarterly report that is specifically
    incorporated by reference in the prospectus to provide such
    interim financial information.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (9)&#160;&#160;The undersigned registrant hereby undertakes that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="8%"></TD>
    <TD width="86%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (A)&#160;&#160;
</TD>
    <TD align="left">
    For purposes of determining any liability under the Securities
    Act of 1933, the information omitted from the form of prospectus
    filed as part of this registration statement in reliance upon
    Rule&#160;430A and contained in a form of prospectus filed by
    the registrant pursuant to Rule&#160;424(b)(1) or (4)&#160;or
    497(h) under the Securities Act shall be deemed to be part of
    this registration statement as of the time it was declared
    effective.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (B)&#160;&#160;
</TD>
    <TD align="left">
    For the purpose of determining any liability under the
    Securities Act of 1933, each post-effective amendment that
    contains a form of prospectus shall be deemed to be a new
    registration statement relating to the securities offered
    therein, and the offering of such securities at that time shall
    be deemed to be the initial bona fide offering thereof.
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, the
    Registrant certifies that it has reasonable grounds to believe
    that it meets all of the requirements for filing on
    <FONT style="white-space: nowrap">Form&#160;S-3</FONT>
    and has duly caused this Registration Statement to be signed on
    its behalf by the undersigned, thereunto duly authorized, in the
    City of New York, New York, on May&#160;27, 2010.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 47%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    WORLD GOLD TRUST&#160;SERVICES, LLC<BR>
    Sponsor of the
    SPDR<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    Gold Trust
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="47%"></TD>
    <TD width="3%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Jason
    Toussaint</FONT></DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 50%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 50%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Jason Toussaint
</DIV>

<DIV align="left" style="margin-left: 50%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Managing Director
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">POWER OF
    ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each person whose signature appears below hereby constitutes
    Jason Toussaint and Graham Richardson, and each of them singly,
    his true and lawful attorneys-in-fact with full power to sign on
    behalf of such person, in the capacities indicated below, any
    and all amendments to this registration statement (including
    post-effective amendments) and any subsequent related
    registration statement filed pursuant to Rule&#160;462(b) under
    the Securities Act of 1933, and generally to do all such things
    in the name and on behalf of such person, in the capacities
    indicated below, to enable the Registrant to comply with the
    provisions of the Securities Act of 1933 and all requirements of
    the Securities and Exchange Commission thereunder, hereby
    ratifying and confirming the signature of such person as it may
    be signed by said attorneys-in-fact, or any of them, on any and
    all amendments to this registration statement or any such
    subsequent related registration statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, this
    registration statement has been signed on May&#160;27, 2010 by
    the following persons in the capacities* indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="37%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="56%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Capacity</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Jason
    Toussaint</FONT></DIV><CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>Jason
    Toussaint
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Managing Director<BR>
    (principal executive officer)*
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Graham
    Richardson</FONT></DIV><BR>
    <CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>Graham
    Richardson
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Chief Financial Officer and Treasurer<BR>
    (principal financial officer and<BR>
    principal accounting officer)*
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 11%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    *&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    The Registrant is a trust and the persons are signing in their
    capacities as officers of World Gold Trust&#160;Services, LLC,
    the Sponsor of the Registrant.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;Index</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="13%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="86%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">Exhibit<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Number</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Description</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    3.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of World Gold Trust&#160;Services,
    LLC<SUP style="font-size: 85%; vertical-align: top">1</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    3.2
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Limited Liability Company Agreement of
    World Gold Trust&#160;Services,
    LLC<SUP style="font-size: 85%; vertical-align: top">2</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    4.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of
    Trust&#160;Indenture<SUP style="font-size: 85%; vertical-align: top">3</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    4.1.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amendment No.&#160;1 to
    Trust&#160;Indenture<SUP style="font-size: 85%; vertical-align: top">4</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    4.1.2
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amendment No.&#160;2 to
    Trust&#160;Indenture<SUP style="font-size: 85%; vertical-align: top">5</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    4.2
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Participant
    Agreement<SUP style="font-size: 85%; vertical-align: top">6</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    4.2.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amendment to Participant
    Agreements<SUP style="font-size: 85%; vertical-align: top">7</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    4.2.2
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amendment No.&#160;2 to Participant
    Agreements<SUP style="font-size: 85%; vertical-align: top">8</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    5.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Carter Ledyard&#160;&#038; Milburn LLP as to legality
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    8.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Carter Ledyard&#160;&#038; Milburn LLP as to tax
    matters
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Allocated Bullion Account
    Agreement<SUP style="font-size: 85%; vertical-align: top">9</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.1.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amendment No.&#160;1 dated December&#160;5, 2005 to Allocated
    Bullion Account Agreement dated November&#160;12, 2004 between
    HSBC Bank USA, NA and The Bank of New York, as
    trustee.<SUP style="font-size: 85%; vertical-align: top">10</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.1.2
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amendment No.&#160;2 to Allocated Bullion Account
    Agreement<SUP style="font-size: 85%; vertical-align: top">11</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.1.3
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amendment No.&#160;3 to Allocated Bullion Account
    Agreement<SUP style="font-size: 85%; vertical-align: top">12</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.2
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Unallocated Bullion Account
    Agreement<SUP style="font-size: 85%; vertical-align: top">13</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.2.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amendment No.&#160;1 to Unallocated Bullion Account
    Agreement<SUP style="font-size: 85%; vertical-align: top">14</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.2.2
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amendment No.&#160;2 to Unallocated Bullion Account
    Agreement<SUP style="font-size: 85%; vertical-align: top">15</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.3
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Participant Unallocated Bullion Account Agreement
    (included as Attachment B to the Form of Participant Agreement
    filed as
    Exhibit&#160;4.2)<SUP style="font-size: 85%; vertical-align: top">16</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.3.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amendment No.&#160;2 to Participant Unallocated Bullion
    Account
    Agreement<SUP style="font-size: 85%; vertical-align: top">17</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.4
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Depository
    Agreement<SUP style="font-size: 85%; vertical-align: top">18</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.5
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    License
    Agreement<SUP style="font-size: 85%; vertical-align: top">19</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.6
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Marketing Agent
    Agreement<SUP style="font-size: 85%; vertical-align: top">20</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.6.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amendment No.&#160;2 to Marketing Agent
    Agreement<SUP style="font-size: 85%; vertical-align: top">21</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.6.2
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amendment No.&#160;3 to Marketing Agent
    Agreement<SUP style="font-size: 85%; vertical-align: top">22</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.8
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of World Gold Council/World Gold Trust&#160;Services, LLC
    License
    Agreement<SUP style="font-size: 85%; vertical-align: top">23</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.8.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Amendment No.&#160;1 to World Gold Council/World Gold
    Trust&#160;Services, LLC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    License
    Agreement<SUP style="font-size: 85%; vertical-align: top">24</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.10
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Marketing Agent Reimbursement
    Agreement<SUP style="font-size: 85%; vertical-align: top">25</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    10.12
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    SPDR Sublicense
    Agreement<SUP style="font-size: 85%; vertical-align: top">26</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    23.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Deloitte&#160;&#038; Touche LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    23.2
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consents of Carter Ledyard&#160;&#038; Milburn LLP are included
    in Exhibits&#160;5.1 and 8.1
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    24.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Powers of attorney are included on the signature page to this
    registration statement
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    99.1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Code of Ethics of World Gold Trust&#160;Services,
    LLC<SUP style="font-size: 85%; vertical-align: top">27</SUP>

</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="6%"></TD>
    <TD width="1%"></TD>
    <TD width="93%"></TD>
</TR>

<TR>
    <TD valign="top">
    1. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;3.1 to the Registrant&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-105202,</FONT>
    filed on May&#160;13, 2003, and incorporated herein by reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    2. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;3.2 to the Registrant&#146;s Registration
    Statement on Amendment No.&#160;1 to
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-105202,</FONT>
    filed on May&#160;13, 2003, and incorporated herein by reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    3. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;4.1 to the Registrant&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-105202,</FONT>
    filed on May&#160;13, 2003, and incorporated herein by reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    4. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;4.1 to Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;001-32356,</FONT>
    filed on December&#160;13, 2007, and incorporated herein by
    reference.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="6%"></TD>
    <TD width="1%"></TD>
    <TD width="93%"></TD>
</TR>

<TR>
    <TD valign="top">
    5. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;4.1.2 to the Registrant&#146;s
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-3,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-151056,</FONT>
    filed on May&#160;20, 2008, and incorporated herein by reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    6. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;4.2 to the Registrant&#146;s Registration
    Statement on Amendment No.&#160;4 to
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-105202,</FONT>
    filed on November&#160;8, 2004, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    7. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;4.2 to Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;001-32356,</FONT>
    filed on December&#160;13, 2007, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    8. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;4.2.2 to the Registrant&#146;s
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-3,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-151056,</FONT>
    filed on May&#160;20, 2008, and incorporated herein by reference.</TD>
</TR>
    <FONT style="font-size: 10pt">
    </FONT>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    9. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;10.1 to the Registrant&#146;s Registration
    Statement on Amendment No.&#160;4 to
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-105202,</FONT>
    filed on November&#160;8, 2004, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    10. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;10.11 to the Registrant&#146;s annual
    report on
    <FONT style="white-space: nowrap">Form&#160;10-K,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;001-32356,</FONT>
    filed on December&#160;20, 2005, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    11. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;10.1 to Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;001-32356,</FONT>
    filed on December&#160;13, 2007, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    12. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;10.1.3 to the Registrant&#146;s
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-3,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-151056,</FONT>
    filed on May&#160;20, 2008, and incorporated herein by reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    13. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;10.2 to the Registrant&#146;s Registration
    Statement on Amendment No.&#160;4 to
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-105202,</FONT>
    filed on November&#160;8, 2004, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    14. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;10.2 to Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;001-32356,</FONT>
    filed on December&#160;13, 2007, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    15. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit 10.2.2 to the Registrant&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;S-3,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-151056,</FONT>
    filed on May&#160;20, 2008, and incorporated herein by reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    16. </TD>
    <TD></TD>
    <TD valign="bottom">
    Included as Attachment B to the Form of Participant Agreement
    filed as Exhibit&#160;4.2 to the Registrant&#146;s Registration
    Statement on Amendment No.&#160;4 to
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-105202,</FONT>
    filed on November&#160;8, 2004, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    17. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit 10.3.1 to the Registrant&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;S-3,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-151056,</FONT>
    filed on May&#160;20, 2008, and incorporated herein by reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    18. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;10.4 to the Registrant&#146;s Registration
    Statement on Amendment No.&#160;4 to
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-105202,</FONT>
    filed on November&#160;8, 2004, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    19. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;10.5 to the Registrant&#146;s Registration
    Statement on Amendment No.&#160;1 to
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-105202,</FONT>
    filed on September&#160;26, 2003, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    20. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;10.6 to the Registrant&#146;s Registration
    Statement on Amendment No.&#160;4 to
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-105202,</FONT>
    filed on November&#160;8, 2004, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    21. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;10.6 to Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;001-32356,</FONT>
    filed on December&#160;13, 2007, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    22. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit 10.6.2 to the Registrant&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;S-3,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-151056,</FONT>
    filed on May&#160;20, 2008, and incorporated herein by reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    23. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;10.8 to the Registrant&#146;s Registration
    Statement on Amendment No.&#160;4 to
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-105202,</FONT>
    filed on November&#160;8, 2004, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    24. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit 10.8.1 to the Registrant&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;S-3,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-151056,</FONT>
    filed on May&#160;20, 2008, and incorporated herein by reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    25. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;10.10 to the Registrant&#146;s
    Registration Statement on Amendment No.&#160;4 to
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-105202,</FONT>
    filed on November&#160;8, 2004, and incorporated herein by
    reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    26. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit 10.12 to the Registrant&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;S-3,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-151056,</FONT>
    filed on May&#160;20, 2008, and incorporated herein by reference.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    27. </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed as Exhibit&#160;99.1 to the Registrant&#146;s Registration
    Statement on Amendment No.&#160;4 to
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    File
    <FONT style="white-space: nowrap">No.&#160;333-105202,</FONT>
    filed on November&#160;8, 2004, and incorporated herein by
    reference.</TD>
</TR>

</TABLE>
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    <BR>
    II-9
</DIV><!-- END PAGE WIDTH -->
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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>y03452exv5w1.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="font-size: 1pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="y03452y0345204.gif" alt="(COMPANY LETTER HEAD)">
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    May&#160;25, 2010
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    World Gold Trust&#160;Services, LLC<BR>
    424 Madison Avenue<BR>
    3rd&#160;Floor<BR>
    New York, New York 10017
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="12%"></TD>
    <TD width="7%"></TD>
    <TD width="81%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Re:&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    SPDR<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    Gold Trust<BR>
    <U>Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-3</FONT></U>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ladies and Gentlemen:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have served as counsel to World Gold Trust&#160;Services, LLC
    (&#147;Sponsor&#148;) in its capacity as sponsor of the
    SPDR<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    Gold Trust (&#147;Trust&#148;) in connection with the
    preparation and filing of a Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-3,</FONT>
    including the prospectus included in Part&#160;I of the
    Registration Statement (the &#147;Prospectus&#148;), with the
    Securities and Exchange Commission under the Securities Act of
    1933, as amended, and the rules and regulations thereunder
    (collectively, the &#147;1933&#160;Act&#148;). The Registration
    Statement relates to the proposed registration under the
    1933&#160;Act of 200,000,000&#160;shares representing units of
    fractional undivided beneficial interest in and ownership of the
    Trust (the &#147;Shares&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have examined originals and copies, certified or otherwise
    identified to our satisfaction, of all such agreements,
    certificates and other statements of corporate officers and
    other representatives of the Sponsor and other documents as we
    have deemed necessary as a basis for this opinion. In such
    examination, we have assumed the following: (i)&#160;the
    authenticity of original documents and the genuineness of all
    signatures; (ii)&#160;the conformity to the originals of all
    documents submitted to us as copies; and (iii)&#160;the truth,
    accuracy and completeness of the information, representations
    and warranties contained in the records, documents, instruments
    and certificates we have reviewed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have, when relevant facts material to our opinion were not
    independently established by us, relied to the extent we deemed
    such reliance proper upon written or oral statements of officers
    and other representatives of the Sponsor. We have not made or
    undertaken to make any independent investigation to establish or
    verify the accuracy or completeness of such factual
    representations, certifications and other information.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
<!-- XBRL Pagebreak Begin -->

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="font-size: 1pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-family: 'Times New Roman', Times">World Gold
    Trust&#160;Services, LLC
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-family: 'Times New Roman', Times"> -2-
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We express no opinion as to matters of law in jurisdictions
    other than the State of New York and the United States.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as otherwise expressly set forth in this letter, our
    opinions are based solely upon the law and the facts as they
    exist on the date hereof and we undertake no, and disclaim any,
    obligation to advise you of any subsequent change in law or
    facts or circumstances which might affect any matter or opinion
    set forth herein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based on the foregoing and subject to the qualifications set
    forth in this letter, we are of the opinion that the Shares,
    when issued in accordance with the terms of the
    Trust&#160;Indenture, dated November&#160;12, 2004, as amended
    November&#160;26, 2007 and May&#160;20, 2008, between the
    Sponsor and BNY Mellon Asset Servicing, a division of The Bank
    of New York Mellon, as trustee (&#147;Trustee&#148;), including
    the receipt by the Trustee of the consideration required for the
    issuance of Shares, will be duly and legally issued and will be
    fully paid and non-assessable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This opinion letter is furnished by us, as counsel for the
    Sponsor, solely for your benefit in connection with the issuance
    of the Shares and may not be used for any other purpose or
    relied upon by any other person other than you, without our
    prior written consent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We hereby consent to the filing of this opinion letter as an
    exhibit to the Registration Statement and to the use of our name
    where it appears in the Registration Statement and the
    Prospectus.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 48%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Very truly yours,<BR>
</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 48%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    /s/ Carter Ledyard&#160;&#038; Milburn LLP<BR>
    Carter Ledyard&#160;&#038; Milburn LLP
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>3
<FILENAME>y03452exv8w1.htm
<DESCRIPTION>EX-8.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv8w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="font-size: 1pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="y03452y0345204.gif" alt="(COMPANY LETTER HEAD)">
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    May&#160;25, 2010
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    World Gold Trust&#160;Services, LLC<BR>
    424 Madison Avenue<BR>
    3rd Floor<BR>
    New York, New York 10017
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="11%"></TD>
    <TD width="7%"></TD>
    <TD width="82%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Re:&#160;&#160;&#160;&#160;&#160;
</TD>
    <TD align="left">
    SPDR<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    Gold Trust<BR>
    <U>Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-3</FONT></U>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ladies and Gentlemen:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have acted as counsel for World Gold Trust&#160;Services,
    LLC, a Delaware limited liability company (the
    &#147;Company&#148;), in connection with the preparation and
    filing under the Securities Act of 1933, as amended (the
    &#147;Securities Act&#148;), and the rules and regulations
    promulgated thereunder, a registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-3</FONT>
    (the &#147;Registration Statement&#148;), including the
    prospectus constituting Part&#160;I of the Registration
    Statement (the &#147;Prospectus&#148;). The Registration
    Statement relates to the proposed issuance by the
    SPDR<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    Gold Trust, an investment trust formed on November&#160;12, 2004
    under New York law pursuant to a Trust&#160;Indenture, as
    amended November&#160;26, 2007 and May&#160;20, 2008, between
    the Company as Sponsor and BNY Mellon Asset Servicing, a
    division of the Bank of New York Mellon as Trustee, of
    200,000,000&#160;shares representing units of fractional
    undivided beneficial interest in and ownership of such Trust
    (the &#147;Shares&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have examined the Prospectus and originals or copies,
    certified or otherwise identified to our satisfaction, of all
    such agreements, certificates and other statements of corporate
    officers and other representatives of the Company, and such
    other documents, as we have deemed necessary as a basis for this
    opinion. In such examination we have assumed the genuineness of
    all signatures, the authenticity of all documents submitted to
    us as originals and the conformity with the originals of all
    documents submitted to us as copies. We have, when relevant
    facts material to our opinion were not independently established
    by us, relied, to the extent we deemed such reliance proper,
    upon written or oral statements of officers and other
    representatives of the Company.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="font-size: 1pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-family: 'Times New Roman', Times">World Gold
    Trust&#160;Services, LLC
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-family: 'Times New Roman', Times"> -2-
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based on and subject to the foregoing, we advise you that to the
    extent it describes conclusions as to U.S.&#160;federal tax law
    and subject to the limitations and qualifications described
    therein, the material under the caption &#147;United States
    Federal Tax Consequences&#148; in the Prospectus expresses our
    opinion as to the material United States federal income tax
    consequences that generally will apply under currently
    applicable law to the purchase, ownership and disposition of
    Shares by a &#147;U.S. Shareholder&#148; as defined in the
    material under such caption, and as to certain United States
    federal income, gift and estate tax consequences that may apply
    under currently applicable law to an investment in Shares by a
    &#147;Non-U.S. Shareholder&#148; as defined in the material
    under such caption.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We consent to the filing of this opinion as an exhibit to the
    Registration Statement and to the references to our firm in the
    material under the captions &#147;United States Federal Tax
    Consequences&#148; and &#147;Legal Matters&#148; in the said
    Prospectus.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 50%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Very truly yours,
</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 50%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    /s/ Carter Ledyard&#160;&#038; Milburn LLP
</DIV>

<DIV align="left" style="margin-left: 50%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Carter Ledyard&#160;&#038; Milburn LLP
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>y03452exv23w1.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w1</TITLE>
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<!-- PAGEBREAK -->

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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">CONSENT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></B>
</DIV>

<DIV style="margin-top: 21pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We consent to the incorporation by reference in this
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-3</FONT>
    of our reports dated November&#160;25, 2009, relating to the
    financial statements of
    SPDR<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    Gold Trust and the effectiveness of
    SPDR<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    Gold Trust&#146;s internal control over financial reporting,
    appearing in the Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    of
    SPDR<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    Gold Trust for the year ended September&#160;30, 2009, and to
    the reference to us under the heading &#147;Experts&#148; in the
    Prospectus, which is part of this Registration Statement.
</DIV>

<DIV style="margin-top: 54pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    /s/ Deloitte &#038; Touche LLP
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    New York, New York
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    May&#160;26, 2010
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
<!-- XBRL Pagebreak Begin -->

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
