<SEC-DOCUMENT>0001193125-22-295367.txt : 20221130
<SEC-HEADER>0001193125-22-295367.hdr.sgml : 20221130
<ACCEPTANCE-DATETIME>20221130160204
ACCESSION NUMBER:		0001193125-22-295367
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20221130
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20221130
DATE AS OF CHANGE:		20221130

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SPDR GOLD TRUST
		CENTRAL INDEX KEY:			0001222333
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				522369757
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32356
		FILM NUMBER:		221435590

	BUSINESS ADDRESS:	
		STREET 1:		C/O WORLD GOLD TRUST SERVICES, LLC
		STREET 2:		685 THIRD AVENUE, SUITE 2702
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2123173800

	MAIL ADDRESS:	
		STREET 1:		685 THIRD AVENUE
		STREET 2:		SUITE 2702
		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>8-K
<SEQUENCE>1
<FILENAME>d405829d8k.htm
<DESCRIPTION>8-K
<TEXT>
<XBRL>
<?xml version="1.0" encoding="utf-8" ?>
<html xmlns:dei="http://xbrl.sec.gov/dei/2022" xmlns:us-types="http://fasb.org/us-types/2022" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:gld="http://www.spdrgoldshares.com/20221130" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:utr="http://www.xbrl.org/2009/utr" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2015-02-26" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns="http://www.w3.org/1999/xhtml">
<head>
<title>8-K</title>
<meta http-equiv="Content-Type" content="text/html" />
</head>
   <body><div style="display:none"> <ix:header> <ix:hidden> <ix:nonNumeric name="dei:AmendmentFlag" contextRef="duration_2022-11-30_to_2022-11-30">false</ix:nonNumeric> <ix:nonNumeric id="Hidden_dei_EntityCentralIndexKey" name="dei:EntityCentralIndexKey" contextRef="duration_2022-11-30_to_2022-11-30">0001222333</ix:nonNumeric> </ix:hidden> <ix:references> <link:schemaRef xlink:type="simple" xlink:href="gld-20221130.xsd" xlink:arcrole="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase"></link:schemaRef> </ix:references> <ix:resources> <xbrli:context id="duration_2022-11-30_to_2022-11-30"> <xbrli:entity> <xbrli:identifier scheme="http://www.sec.gov/CIK">0001222333</xbrli:identifier> </xbrli:entity> <xbrli:period> <xbrli:startDate>2022-11-30</xbrli:startDate> <xbrli:endDate>2022-11-30</xbrli:endDate> </xbrli:period> </xbrli:context> </ix:resources> </ix:header> </div> <div style="text-align:center"> <div style="width:8.5in;text-align:left;margin-left: auto;margin-right: auto"> <p style="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&#160;</p> <p style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&#160;</p> <p style="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman;font-weight:bold;text-align:center">UNITED STATES</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman;font-weight:bold;text-align:center">SECURITIES AND EXCHANGE COMMISSION</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;font-weight:bold;text-align:center">Washington, D.C. 20549</p> <p style="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <div style="text-align:center"> <p style="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%;text-align:center;margin-left: auto;margin-right: auto">&#160;</p></div> <p style="margin-top:8pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman;font-weight:bold;text-align:center">FORM <span style="white-space:nowrap"><ix:nonNumeric name="dei:DocumentType" contextRef="duration_2022-11-30_to_2022-11-30">8-K</ix:nonNumeric></span></p> <p style="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <div style="text-align:center"> <p style="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%;text-align:center;margin-left: auto;margin-right: auto">&#160;</p></div> <p style="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;font-weight:bold;text-align:center">CURRENT REPORT</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;font-weight:bold;text-align:center">Pursuant to Section&#160;13 or&#160;15(d)</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;font-weight:bold;text-align:center">of The Securities Exchange Act of&#160;1934</p> <p style="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman;font-weight:bold;text-align:center">Date of Report (Date of earliest event reported): <ix:nonNumeric name="dei:DocumentPeriodEndDate" contextRef="duration_2022-11-30_to_2022-11-30" format="ixt:datemonthdayyearen">November&#160;30, 2022</ix:nonNumeric></p> <p style="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <div style="text-align:center"> <p style="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%;text-align:center;margin-left: auto;margin-right: auto">&#160;</p></div> <p style="margin-top:8pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman;font-weight:bold;text-align:center"><ix:nonNumeric name="dei:EntityRegistrantName" contextRef="duration_2022-11-30_to_2022-11-30">SPDR<sup style="font-size:75%; vertical-align:top">&#174;</sup> GOLD TRUST</ix:nonNumeric></p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman;font-weight:bold;text-align:center">SPONSORED BY WORLD GOLD TRUST SERVICES, LLC</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">(Exact name of registrant as specified in its charter)</p> <p style="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <div style="text-align:center"> <p style="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%;text-align:center;margin-left: auto;margin-right: auto">&#160;</p></div> <p style="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table cellspacing="0" cellpadding="0" style="border-collapse:collapse; font-family:Times New Roman; font-size:8pt;width:100%;border:0;margin:0 auto">
<tr>
<td style="width:34%"></td>
<td style="vertical-align:bottom"></td>
<td style="width:32%"></td>
<td style="vertical-align:bottom;width:1%"></td>
<td style="width:32%"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style=" text-align: center;margin:auto; vertical-align:top"><span style="font-weight:bold"><ix:nonNumeric name="dei:EntityIncorporationStateCountryCode" contextRef="duration_2022-11-30_to_2022-11-30" format="ixt-sec:stateprovnameen">New York</ix:nonNumeric></span></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; vertical-align:top"><span style="font-weight:bold"><span style="white-space:nowrap"><ix:nonNumeric name="dei:EntityFileNumber" contextRef="duration_2022-11-30_to_2022-11-30">001-32356</ix:nonNumeric></span></span></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; vertical-align:top"><span style="font-weight:bold"><span style="white-space:nowrap"><ix:nonNumeric name="dei:EntityTaxIdentificationNumber" contextRef="duration_2022-11-30_to_2022-11-30">81-6124035</ix:nonNumeric></span></span></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style=" text-align: center;margin:auto; vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">(State or other jurisdiction</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">of incorporation)</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">(Commission</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">File Number)</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">(IRS Employer</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Identification No.)</p></td></tr></table> <p style="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table cellspacing="0" cellpadding="0" style="border-collapse:collapse; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">
<tr>
<td style="width:99%"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style=" text-align: center;margin:auto; vertical-align:top"><span style="font-weight:bold"><ix:nonNumeric name="dei:EntityAddressAddressLine1" contextRef="duration_2022-11-30_to_2022-11-30">c/o&#160;World Gold Trust Services, LLC</ix:nonNumeric></span></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style=" text-align: center;margin:auto; vertical-align:top"><span style="font-weight:bold"><ix:nonNumeric name="dei:EntityAddressAddressLine2" contextRef="duration_2022-11-30_to_2022-11-30">685 Third Avenue</ix:nonNumeric>, <ix:nonNumeric name="dei:EntityAddressAddressLine3" contextRef="duration_2022-11-30_to_2022-11-30">Suite 2702</ix:nonNumeric></span></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style=" text-align: center;margin:auto; vertical-align:top"><span style="font-weight:bold"><ix:nonNumeric name="dei:EntityAddressCityOrTown" contextRef="duration_2022-11-30_to_2022-11-30">New York</ix:nonNumeric>, <ix:nonNumeric name="dei:EntityAddressStateOrProvince" contextRef="duration_2022-11-30_to_2022-11-30" format="ixt-sec:stateprovnameen">New York</ix:nonNumeric> <ix:nonNumeric name="dei:EntityAddressPostalZipCode" contextRef="duration_2022-11-30_to_2022-11-30">10017</ix:nonNumeric></span></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style=" text-align: center;margin:auto; vertical-align:top"><span style="font-weight:bold">(Address of principal executive offices; zip code)</span></td></tr></table> <p style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">Registrant&#8217;s telephone number, including area code: <ix:nonNumeric name="dei:CityAreaCode" contextRef="duration_2022-11-30_to_2022-11-30">(212)</ix:nonNumeric> <span style="white-space:nowrap"><ix:nonNumeric name="dei:LocalPhoneNumber" contextRef="duration_2022-11-30_to_2022-11-30">317-3800</ix:nonNumeric></span></p> <p style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">(Former name or former address, if changed since last report):</p> <p style="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <div style="text-align:center"> <p style="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%;text-align:center;margin-left: auto;margin-right: auto">&#160;</p></div> <p style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the <span style="white-space:nowrap">Form&#160;8-K</span> filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="border-collapse:collapse; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top"><ix:nonNumeric name="dei:WrittenCommunications" contextRef="duration_2022-11-30_to_2022-11-30" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Written communications pursuant to Rule&#160;425 under the Securities Act (17 CFR 230.425)</p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="border-collapse:collapse; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top"><ix:nonNumeric name="dei:SolicitingMaterial" contextRef="duration_2022-11-30_to_2022-11-30" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Soliciting material pursuant to <span style="white-space:nowrap">Rule&#160;14a-12</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.14a-12)</span></p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="border-collapse:collapse; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top"><ix:nonNumeric name="dei:PreCommencementTenderOffer" contextRef="duration_2022-11-30_to_2022-11-30" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left"><span style="white-space:nowrap">Pre-commencement</span> communications pursuant to <span style="white-space:nowrap">Rule&#160;14d-2(b)</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.14d-2(b))</span></p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="border-collapse:collapse; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top"><ix:nonNumeric name="dei:PreCommencementIssuerTenderOffer" contextRef="duration_2022-11-30_to_2022-11-30" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left"><span style="white-space:nowrap">Pre-commencement</span> communications pursuant to <span style="white-space:nowrap">Rule&#160;13e-4(c)</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.13e-4(c))</span></p></td></tr></table> <p style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities registered pursuant to Section&#160;12(b) of the Act:</p> <p style="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table cellspacing="0" cellpadding="0" style="border-collapse:collapse; font-family:Times New Roman; font-size:8pt;width:100%;border:0;margin:0 auto">
<tr>
<td style="width:34%"></td>
<td style="vertical-align:bottom"></td>
<td style="width:32%"></td>
<td style="vertical-align:bottom;width:1%"></td>
<td style="width:32%"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style=" text-align: center;margin:auto; border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Title&#160;of&#160;each&#160;class</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Trading</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Symbol(s)&#160;Name</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Name&#160;of&#160;each&#160;exchange</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">on&#160;which&#160;registered</p></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style=" text-align: center;margin:auto; vertical-align:top"><span style="font-weight:bold"><ix:nonNumeric name="dei:Security12bTitle" contextRef="duration_2022-11-30_to_2022-11-30">SPDR<sup style="font-size:75%; text-align: center;margin:auto; vertical-align:top">&#174;</sup> Gold Trust</ix:nonNumeric></span></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; vertical-align:top"><span style="font-weight:bold"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2022-11-30_to_2022-11-30">GLD<sup style="font-size:75%; text-align: center;margin:auto; vertical-align:top">&#174;</sup></ix:nonNumeric></span></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; vertical-align:top"><span style="font-weight:bold"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2022-11-30_to_2022-11-30" format="ixt-sec:exchnameen">NYSE&#160;Arca</ix:nonNumeric></span></td></tr></table> <p style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule <span style="white-space:nowrap">12b-2</span> of the Securities Exchange Act of 1934 <span style="white-space:nowrap">(&#167;240.12b-2</span> of this chapter).</p> <p style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:right">Emerging growth company&#160;&#160;<ix:nonNumeric name="dei:EntityEmergingGrowthCompany" contextRef="duration_2022-11-30_to_2022-11-30" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></p> <p style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a) of the Exchange Act.&#160;&#160;&#9744;</p> <p style="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <p style="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&#160;</p> <p style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&#160;</p></div></div>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%" />

<div style="text-align:center"><div style="width:8.5in;text-align:left;margin-left: auto;margin-right: auto">

<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:11%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;1.01</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Other Events. </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On November&#160;30, 2022, JPMorgan Chase Bank, N.A. (&#8220;JPM&#8221;) and The Bank of New York Mellon (the &#8220;Trustee&#8221;), solely in its capacity as trustee of the SPDR<sup style="font-size:75%; vertical-align:top">&#174;</sup> Gold Trust (the &#8220;Trust&#8221;), entered into an Allocated Precious Metal Account Agreement (the &#8220;Allocated Account Agreement&#8221;) and an Unallocated Precious Metal Account Agreement (&#8220;the Unallocated Account Agreement&#8221; and together with the Allocated Account Agreement, the &#8220;Custody Agreements&#8221;). Pursuant to the Custody Agreements, effective December&#160;6, 2022, JPM will act as a second custodian of the Trust&#8217;s gold in addition to HSBC Bank plc and will safeguard the Trust&#8217;s gold in its vaults located in London, New York and Zurich. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Trust Indenture between World Gold Trust Services, LLC, as the sponsor of the Trust (the &#8220;Sponsor&#8221;), and the Trustee dated November&#160;12, 2004 and amended from time to time, the Participant Agreements between the Trustee, Sponsor and the authorized participants party thereto from time to time and the Amended and Restated Marketing Agent Agreement between the Sponsor and State Street Global Advisors Funds Distributors, LLC dated July&#160;17, 2015 and amended from time to time, have been amended to include JPM as an additional custodian of the Trust&#8217;s gold. </p>
</div></div>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%" />

<div style="text-align:center"><div style="width:8.5in;text-align:left;margin-left: auto;margin-right: auto">

<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:11%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;9.01</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Financial Statements and Exhibits. </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">(d) Exhibits: </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">


<tr>

<td></td>

<td style="vertical-align:bottom;width:4%"></td>
<td style="width:93%"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align:bottom;white-space:nowrap" align="center"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:inline-block; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Exhibit<br />No.</p></td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:bottom;white-space:nowrap" align="center"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:inline-block; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Description</p></td></tr>


<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap">4.1.9</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d405829dex41.htm">Amendment No.&#160;9 to the Trust Indenture dated November&#160;30, 2022 between World Gold Trust Services, LLC and The Bank of New York Mellon </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap">4.2.6</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d405829dex42.htm">Amendment No.&#160;6 to Participant Agreement dated November&#160;30, 2022 between The Bank of New York Mellon, the authorized participants and World Gold Trust Services, LLC </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap">10.6.2</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d405829dex106.htm">Second Amendment to the Amended and Restated Marketing Agent Agreement dated November&#160;30, 2022 between World Gold Trust Services, LLC and State Street Global Advisors Funds Distributors, LLC </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap">11.1</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d405829dex111.htm">Allocated Precious Metal Account Agreement dated November&#160;30, 2022 between JPMorgan Chase Bank, N.A. and The Bank of New York Mellon </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap">11.2</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d405829dex112.htm">Unallocated Precious Metal Account Agreement dated November&#160;30, 2022 JPMorgan Chase Bank, N.A. and The Bank of New York Mellon </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt"></td>
<td style="height:6pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap">104</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Cover Page Interactive Data File (embedded within the Inline XBRL document).</td></tr>
</table>
</div></div>



<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<hr style="color:#999999;height:3px;width:100%" />

<div style="text-align:center"><div style="width:8.5in;text-align:left;margin-left: auto;margin-right: auto">
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">SIGNATURE </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of&#160;1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table cellspacing="0" cellpadding="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0">


<tr>

<td style="width:44%"></td>

<td style="vertical-align:bottom;width:1%"></td>
<td style="width:4%"></td>

<td style="vertical-align:bottom"></td>
<td style="width:5%"></td>

<td style="vertical-align:bottom;width:1%"></td>
<td style="width:44%"></td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:bottom" colspan="3">Date: November&#160;30, 2022</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom" colspan="3"><span style="font-weight:bold">SPDR<sup style="font-size:75%; vertical-align:top">&#174;</sup> GOLD TRUST</span></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom" colspan="3">(Registrant)<sup style="font-size:75%; vertical-align:top">*</sup></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td>
<td style="height:12pt" colspan="2"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">By:</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">World Gold Trust Services, LLC as the Sponsor of the Registrant</td></tr>
<tr style="font-size:1pt">
<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td>
<td style="height:12pt" colspan="2"></td>
<td style="height:12pt" colspan="2"></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">By:</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Joseph R. Cavatoni</p></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">Name:</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"><span style="font-weight:bold"></span>Joseph R. Cavatoni</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">Title:</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">Principal Executive Officer</td></tr>
</table> <p style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&#160;</p>
<table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
<tr style="page-break-inside:avoid">
<td style="width:2%;vertical-align:top" align="left"><sup style="font-size:75%; vertical-align:top">*</sup>&#160;</td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">As the Registrant is a trust, this report is being filed on behalf of the Registrant by World Gold Trust Services, LLC, only in its capacity as the sponsor of the Registrant. The identified person signing this report is signing in his capacity as an authorized officer of World Gold Trust Services, LLC. </p></td></tr></table>
</div></div>

</body></html>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>d405829dex41.htm
<DESCRIPTION>EX-4.1.9
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.1.9</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.1.9 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AMENDMENT NO. 9 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">dated as of
November&nbsp;30, 2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">to </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Trust Indenture </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">of SPDR<SUP
STYLE="font-size:75%; vertical-align:top">&reg;</SUP><SUP STYLE="font-size:75%; vertical-align:top"> </SUP>GOLD TRUST </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">dated as of
November&nbsp;12, 2004 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Amendment (this &#147;<U>Amendment</U>&#148;), dated as of November&nbsp;30, 2022, is to the Trust Indenture
(the &#147;<U>Trust Indenture</U>&#148;) of the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> GOLD TRUST (the &#147;<U>Trust</U>&#148;), dated as of November&nbsp;12, 2004, and as amended from time to time, between World Gold Trust
Services, LLC, as the sponsor of the Trust (the &#147;<U>Sponsor</U>&#148;), and The Bank of New York Mellon, as the trustee of the Trust (the &#147;<U>Trustee</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, pursuant to Section&nbsp;3.02(b) of the Trust Indenture, the Sponsor has directed the Trustee to employ JPMorgan Chase Bank, N.A. as
an Additional Custodian of the Trust&#146;s Gold; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Sponsor and the Trustee wish to amend the Trust Indenture to provide that,
(i)&nbsp;when a Participant is depositing Gold with or receiving Gold from JPMorgan Chase Bank, N.A. in its capacity as a Custodian in connection with the creation or redemption of Baskets, the Participant Unallocated Account used by the Participant
for such deposits or receptions is required to be maintained with a gold clearing bank which is a member of London Precious Metals Clearing Limited and (ii)&nbsp;where there is more than one Custodian with whom Participants may deposit Gold with or
receive Gold from in connection with the creation or redemption of Baskets, the Sponsor shall identify to the Participants, the Trustee and the applicable Custodians which Custodian Participants shall deposit Gold with or receive Gold from in
connection with the creation or redemption of Baskets; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Section&nbsp;10.01 of the Trust Indenture provides, in pertinent part,
that the Sponsor and the Trustee may amend the Trust Indenture &#147;to cure any ambiguity or to correct or supplement any provision hereof which may be defective or inconsistent or to make such other provisions in regard to matters or questions
arising hereunder as will not materially adversely affect the interests of Beneficial Owners as determined in good faith by the Sponsor&#148;; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, all conditions and requirements necessary to make this Amendment a valid instrument that is legally binding on the parties hereto and
on the Beneficial Owners, including the determination by the Sponsor in good faith that the amendments proposed herein will not materially adversely affect the interests of the Beneficial Owners, have been satisfied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, the Sponsor and the Trustee agree as follows: </P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. (a) The definition of &#147;Participant&#146;s Custodian&#148; set forth in Article I of
the Trust Indenture is hereby amended to read in its entirety as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Participant&#146;s Custodian </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Shall mean (i), where the Participant Unallocated Account is required to be maintained with HSBC Bank Plc or its successors in its capacity as
a Custodian pursuant to a Participant Agreement, HSBC Bank Plc or its successors or (ii), where the Participant Unallocated Account is required to be maintained with a gold clearing bank or its successors which is a member of London Precious Metals
Clearing Limited or its successors pursuant to a Participant Agreement, such gold clearing bank or its successors. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The following new
Section&nbsp;2.03(i) is hereby added to the Trust Indenture: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) If there is more than one Custodian with whom
Participants may deposit the Creation Basket Gold Deposit Amount in connection with the creation and issuance of Baskets, the Sponsor shall, from time to time, identify to the Participants, the Trustee and the applicable Custodians which Custodian
or Custodians the Creation Basket Gold Deposit Amount shall be deposited with. Such identification may be carried out by the Sponsor instructing the Trustee from time to time to indicate through the Trustee&#146;s electronic ordering system which
Custodian or Custodians the Creation Basket Gold Deposit Amount shall be deposited with. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The following new Section&nbsp;3.02(h) is
hereby added to the Trust Indenture: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) Notwithstanding anything to the contrary in this Agreement, if the Trust has more
than one Trust Allocated Account with one or more Custodians, the Sponsor shall be responsible for monitoring the balances in such Trust Allocated Accounts. To the extent that the Sponsor determines that the Gold held in any Trust Allocated Account
with a Custodian should be transferred to one or more other Trust Allocated Accounts with such or another Custodian, the Sponsor shall instruct the Trustee to effect the transfer in accordance with the relevant Custody Agreements, to the extent
permitted thereunder, and the Trustee will instruct the relevant Custodians to effect such transfer in accordance with the relevant Custody Agreements. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Trust has more than one Trust Allocated Account with one or more Custodians, the Trustee has no duty or obligation to
monitor the balances of any Trust Allocated Account for the purpose of determining whether any transfer of Gold should be made among any such Trust Allocated Accounts. The Trustee has no responsibility or liability for any determination of, or
instruction by, the Sponsor to transfer Gold among any of the Trust Allocated Accounts with one or more Custodians or the direct or indirect consequences of any such determination or instruction, including any loss resulting from any such
determination or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-2- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
instruction or from the failure of the Sponsor to provide instruction. In the absence of any instruction from the Sponsor to the Trustee to effect a transfer of Gold among any of the Trust
Allocated Accounts with one or more Custodians, the Trustee shall have no authority to issue any such transfer instruction to any such Custodian. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The second sentence of Section&nbsp;5.02(c) is hereby amended to read in its entirety as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In general, such distribution shall consist of (A)&nbsp;credit to a Participant Unallocated Account of the redeeming Participant of the amount
of Gold representing the fractional undivided interest in the Gold held by the Trust evidenced by the Redemption Baskets subject to the redeeming Participant&#146;s Redemption Order plus or minus (B)&nbsp;a cash amount (the &#147;Cash Redemption
Amount&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The following new Section&nbsp;5.02(g) is hereby added to the Trust Indenture: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) If there is more than one Custodian from whom Participants may receive Gold included in a Redemption Distribution in
connection with the redemption of Baskets, the Sponsor shall, from time to time, identify to the Participants, the Trustee and the applicable Custodians which Custodian or Custodians from whom Participants shall receive Gold included in a Redemption
Distribution. Such identification may be carried out by the Sponsor instructing the Trustee from time to time to indicate through the Trustee&#146;s electronic ordering system which Custodian or Custodians from whom Participants shall receive Gold
included in a Redemption Distribution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. Except as modified by this Amendment, the Trust Indenture shall remain unmodified and in full
force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. Written notice of this Amendment, in the form annexed hereto, shall be distributed as provided in
Section&nbsp;10.01(b) of the Trust Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. Capitalized terms used but not defined in this Amendment shall have the meanings
assigned to such terms in the Trust Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. This Amendment may be executed in any number of counterparts, each of which when
executed and delivered shall be deemed an original, but together shall constitute one and the same amendment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. This Amendment shall be
effective as of December&nbsp;6, 2022. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page Follows] </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-3- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Sponsor and the Trustee have duly executed and delivered this
Amendment as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WORLD GOLD TRUST SERVICES, LLC,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as
Sponsor</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Joseph R. Cavatoni</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Joseph R. Cavatoni</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Principal Executive Officer</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE BANK OF NEW YORK MELLON,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as
Trustee</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:<U>/s/ Michael Spates&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name: Michael Spates</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title: Vice President</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to Amendment No.&nbsp;9 to </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Trust Indenture of SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP><SUP STYLE="font-size:75%; vertical-align:top"> </SUP>GOLD
TRUST] </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-4- </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>3
<FILENAME>d405829dex42.htm
<DESCRIPTION>EX-4.2.6
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.2.6</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.2.6 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT NO. 6 TO THE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> GOLD TRUST </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PARTICIPANT AGREEMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Amendment (this &#147;<U>Amendment</U>&#148;), dated as of November&nbsp;23, 2022, is to the SPDR<SUP
STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust Participant Agreements (the &#147;<U>Participant Agreements,</U>&#148; and each a &#147;<U>Participant Agreement</U>&#148;) among The Bank of New York Mellon, not in its individual
capacity, but solely as trustee (the &#147;<U>Trustee</U>&#148;) of the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust (the &#147;<U>Trust</U>&#148;), World Gold Trust Services, LLC, as the sponsor (the
&#147;<U>Sponsor</U>&#148;) of the Trust, and the authorized participants of the Trust set forth on <U>Schedule&nbsp;A</U> hereto (the &#147;<U>Authorized Participants</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Trustee and the Sponsor have previously entered into a Participant Agreement with each of the Authorized Participants and the
same are in full force and effect; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Section&nbsp;20(a) of each Participant Agreement provides that the Participant Agreement, the
procedures described in Attachment&nbsp;A thereto and the Exhibits thereto may be amended, modified or supplemented by the Trustee and the Sponsor without the consent of any Beneficial Owner or Authorized Participant by following the procedures
provided for therein; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Sponsor and the Trustee wish to amend the Participant Agreements to include JPMorgan Chase Bank,
N.A. as an additional custodian of the Trust&#146;s gold and to supplement the procedures used for the creation and redemption of Baskets to accommodate the use of the additional custodian. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, the Sponsor and the Trustee agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. Each Participant Agreement is amended as set forth in <U>Exhibit A</U> hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. Except as modified by this Amendment, the Participant Agreements shall remain unmodified and in full force and effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. Capitalized terms used but not defined in this Amendment shall have the meanings assigned to such terms in the Participant Agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. This Amendment shall be governed by and construed in accordance with the laws of the State of New York (regardless of the laws that might
otherwise govern under applicable New York conflict of laws principles) as to all matters, including, without limitation, matters of validity, construction, effect, performance and remedies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. This Amendment may be executed in any number of counterparts, each of which when executed and delivered shall be deemed an original, but
together shall constitute one and the same amendment. Transmission by facsimile or electronic mail of an executed counterpart of this Amendment shall be deemed to constitute due and sufficient delivery of such counterpart. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. Pursuant to Section&nbsp;20(a) of the Participant Agreements, this Amendment shall be effective as of December&nbsp;6, 2022. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page Follows] </I></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Sponsor and the Trustee have duly executed and delivered this
Amendment as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WORLD GOLD TRUST SERVICES, LLC,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as
Sponsor</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Joseph R. Cavatoni</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Joseph R. Cavatoni</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Principal Executive Officer</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE BANK OF NEW YORK MELLON,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as
Trustee</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Eruch A. Mody</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Eruch A. Mody</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to Amendment No.&nbsp;6 to
SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust Participant Agreements] </I></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SCHEDULE A </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>AUTHORIZED PARTICIPANTS </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Credit Suisse
Securities (USA) LLC </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Goldman, Sachs&nbsp;&amp; Co. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Goldman
Sachs Execution&nbsp;&amp; Clearing, L.P. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">HSBC Securities (USA) Inc. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Merrill Lynch Professional Clearing
Corp. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Morgan Stanley&nbsp;&amp; Co. LLC </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RBC Capital Markets
LLC </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">UBS Securities LLC </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Virtu Americas LLC </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>See attached. </I></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> GOLD TRUST </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PARTICIPANT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust Participant Agreement (the &#147;<U>Agreement</U>&#148;), dated
as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">22</U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>__</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">, is entered into by and between &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(the
&#147;<U>Authorized Participant</U>&#148;), BNY Mellon Asset Servicing, a division of The Bank of New York Mellon, not in its individual capacity but solely as trustee (the &#147;<U>Trustee</U>&#148;) of the SPDR<SUP
STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust (the &#147;<U>Trust</U>&#148;), and World Gold Trust Services, LLC, as sponsor (the &#147;<U>Sponsor</U>&#148;) of the Trust. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SUMMARY </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Trustee serves as
the trustee of the Trust pursuant to the Trust Indenture dated as of November&nbsp;12, 2004, as amended from time to time, between the Sponsor and the Trustee (the &#147;<U>Trust Indenture</U>&#148;). As provided in the Trust Indenture and described
in the Prospectus (defined below), units of fractional undivided beneficial interest in and ownership of the Trust (the &#147;<U>Shares</U>&#148;) may be created or redeemed by the Trustee for an Authorized Participant in aggregations of one hundred
thousand (100,000)&nbsp;Shares (each aggregation, a &#147;<U>Basket</U>&#148;). Baskets are offered only pursuant to the most recent registration statement of the Trust on Form S-3, as declared effective by the Securities and Exchange Commission
(&#147;<U>SEC</U>&#148;) and as the same may be amended from time to time thereafter (collectively, the &#147;<U>Registration Statement</U>&#148;) together with the prospectus of the Trust (the &#147;<U>Prospectus</U>&#148;) included therein. Under
the Trust Indenture, the Trustee is authorized to issue Baskets to, and redeem Baskets from, Authorized Participants, only through the facilities of the Depository Trust Company (&#147;<U>DTC</U>&#148;) or a successor depository, and only in
exchange for an amount of Gold that is transferred between the Authorized Participant and the Trust through the Participant Unallocated Account (defined below) and the Trust Unallocated Account. <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">This Agreement sets forth the specific procedures by which the Authorized Participant may create or redeem Baskets
(i)&nbsp;with HSBC Bank Plc (&#147;HSBC&#148;), as a Custodian, pursuant to the procedures set forth in Attachment A (&#147;HSBC&#146;s Procedures&#148;) or (ii)&nbsp;with JPMorgan Chase Bank, N.A. (&#147;JPM&#148;), as a Custodian, pursuant to the
procedures set forth in Attachment D (&#147;JPM&#146;s Procedures&#148; and, together with HSBC&#146;s Procedures, the &#147;Procedures&#148;). </U></FONT><FONT STYLE="font-family:Times New Roman">Under the Trust Indenture, when the Trustee issues
Baskets in exchange for Gold, the Gold transferred by an Authorized Participant to the Participant Unallocated Account is transferred to the Trust Unallocated Account and then transferred and allocated to the Trust Allocated Account by the
Custodian, and when the Trustee redeems Baskets tendered for redemption by an Authorized Participant in exchange for Gold, the Gold held in the Trust Allocated Account is to be deallocated and transferred to the Trust Unallocated Account and then
transferred from the Trust Unallocated Account to the Participant Unallocated Account by the Custodian. The foregoing Gold transfers are also governed by the Trust&#146;s Allocated Bullion Account Agreement and Unallocated Bullion Account Agreement
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">with HSBC, as a Custodian, and the Trust&#146;s Allocated Precious Metal Account Agreement and Unallocated
Precious Metal Account Agreement with JPM, as a Custodian</U></FONT><FONT STYLE="font-family:Times New Roman">
(</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">collectively</U></FONT><FONT STYLE="font-family:Times New Roman">, the &#147;<U>Custody Agreements</U>&#148;)
and the Participant Unallocated Bullion Account Agreement. This Agreement sets forth the specific procedures by which an Authorized Participant may create or redeem Baskets. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-1- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Because new Shares can be created and issued on an ongoing basis, at any point during the
life of the Trust, a &#145;&#145;distribution,&#146;&#146; as such term is used in the Securities Act of 1933, as amended (&#147;<U>1933 Act</U>&#148;), may be occurring. The Authorized Participant is cautioned that some of its activities may result
in its being deemed a participant in a distribution in a manner which would render it a statutory underwriter and subject it to the prospectus-delivery and liability provisions of the 1933 Act. The Authorized Participant should review the &#147;Plan
of Distribution&#148; portion of the Prospectus and consult with its own counsel in connection with entering into this Agreement and placing an Order (defined below). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Capitalized terms used but not defined in this Agreement shall have the meanings assigned to such terms in the Trust Indenture. To the extent
there is a conflict between any provision of this Agreement and the provisions of the Trust Indenture, the provisions of the Trust Indenture shall control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To give effect to the foregoing premises and in consideration of the mutual covenants and agreements set forth below, the parties hereto agree
as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1. <U>Order Placement</U>. To place orders for the Trustee to create or redeem one or more Baskets, Authorized
Participants must follow the procedures for creation and redemption referred to in Section&nbsp;3 of this Agreement and <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>the procedures described in
<strike><u>Attachment A</u></strike> hereto (the
&#147;<strike><u>Procedures</u></strike></STRIKE></FONT><FONT STYLE="font-family:Times New Roman">&#148;)</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the
Procedures</U></FONT><FONT STYLE="font-family:Times New Roman">, as each may be amended, modified or supplemented from time to time. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2. <U>Status of Authorized Participant</U>. The Authorized Participant represents and warrants and covenants the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Authorized Participant is a participant of DTC (as such a participant, a &#147;<U>DTC Participant</U>&#148;). If the Authorized
Participant ceases to be a DTC Participant, the Authorized Participant shall give immediate notice to the Trustee of such event, and this Agreement shall terminate immediately as of the date the Authorized Participant ceased to be a DTC Participant.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Unless Section&nbsp;2(c) applies, the Authorized Participant either (i)&nbsp;is registered as a broker-dealer under the Securities
Exchange Act of 1934, as amended (&#147;<U>1934 Act</U>&#148;), and is a member in good standing of the Financial Industry Regulatory Authority (&#147;<U>FINRA</U>&#148;), or (ii)&nbsp;is exempt from being, or otherwise is not required to be,
licensed as a broker-dealer or a member of FINRA, and in either case is qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. The Authorized Participant will maintain any such
registrations, qualifications and membership in good standing and in full force and effect throughout the term of this Agreement. The Authorized Participant will comply with all applicable federal laws, the laws of the states or other jurisdictions
concerned, and the rules and regulations promulgated thereunder, and with the Constitution, By-Laws and Conduct Rules of FINRA (if it is a FINRA member), and will not offer or sell Shares in any state or jurisdiction where they may not lawfully be
offered and/or sold. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-2- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) If the Authorized Participant is offering or selling Shares in jurisdictions outside the
several states, territories and possessions of the United States and is not otherwise required to be registered, qualified or a member of FINRA as set forth in Section&nbsp;2(b) above, the Authorized Participant will (i)&nbsp;observe the applicable
laws of the jurisdiction in which such offer and/or sale is made, (ii)&nbsp;comply with the full disclosure requirements of the 1933 Act, and the regulations promulgated thereunder, and (iii)&nbsp;conduct its business in accordance with the spirit
of the FINRA Conduct Rules. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Authorized Participant is in compliance with the money laundering and related provisions of the
Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, and the regulations promulgated thereunder, if the Authorized <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT STYLE="font-family:Times New Roman">Participant is subject to the requirements of the USA PATRIOT ACT. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> The
Authorized Participant shall establish with the Custodian (if the Custodian is HSBC) or with any Gold clearing bank of London Precious Metals Clearing Limited (&#147;LPMCL&#148;) (if the Custodian is JPM) (the &#147;Participant&#146;s
Custodian&#148;), in London or at such other location as the Sponsor and the Trustee agree, an account in relation to Gold which shall be maintained on an Unallocated Basis (the &#147;Participant Unallocated Account&#148;). Additionally, if the
Custodian is HSBC, the Participant Unallocated Account shall be used only to effect transactions between the Authorized Participant and the Trust and shall be in addition to any separate Gold account maintained for the Authorized Participant on an
Unallocated Basis by the Participant&#146;s Custodian. If the Custodian is HSBC, (i)&nbsp;the Participant Unallocated Account shall be established and maintained pursuant to a Participant Unallocated Bullion Account Agreement with the
Participant&#146;s Custodian in the form attached to this Agreement as Attachment B, as the same may be amended from time to time, and (ii), if the Authorized Participant does not already have a Gold account maintained for it on an Unallocated Basis
by the Participant&#146;s Custodian (separate from the Participant Unallocated Account), the Authorized Participant must establish such an account, which shall be established and maintained pursuant to such agreement as it and the Participant&#146;s
Custodian shall agree. If the Custodian is JPM, the Participant Unallocated Account shall be established and maintained pursuant to such agreement as the Authorized Participant and the Participant&#146;s Custodian shall agree (the &#147;Clearing
Bank Unallocated Account Agreement&#148;).</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>the Authorized Participant shall establish with the Participant&#146;s Custodian in London or at such other
location as the Sponsor and the Trustee agree an account in relation to Gold which shall be maintained on an Unallocated Basis (the &#147;<strike><u>Participant Unallocated Account</u></strike>&#148;), which shall be used only to effect transactions
between the Authorized Participant and the Trust and which shall be in addition to any separate Gold account maintained for the Authorized Participant on an Unallocated Basis by the Participant&#146;s Custodian. The Participant Unallocated Account
shall be established and maintained pursuant to a Participant Unallocated Bullion Account Agreement with the Participant&#146;s Custodian in the form attached to this Agreement as <strike><u>Attachment B</u></strike>, as the same may be amended from
time to time. In addition, if the Authorized Participant does not already have a Gold account maintained for it on an Unallocated Basis by the Participant&#146;s Custodian (separate from the Participant Unallocated Account), the Authorized
Participant must establish such an account, which shall be established and maintained pursuant to such agreement as it and the Participant&#146;s Custodian shall agree.</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) The Authorized Participant has the capability to send and receive communications via authenticated telecommunication facility to and from
the Trustee, the Custodian and the Participant&#146;s Custodian. The Authorized Participant shall confirm such capability to the satisfaction of the Trustee and the Custodian by the end of the Business Day before placing its first
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-3- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
order with the Trustee (whether such order is to create or to redeem Baskets). If required by the Custodian with respect to authorized telecommunications by telephonic facsimile<FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> , (i)&nbsp;if the Custodian is HSBC, the Authorized Participant shall enter into a separate agreement with the Custodian
indemnifying the Custodian with respect to the Authorized Participant&#146;s communications by telephonic facsimile, substantially in the form attached as Attachment C, as the same may be amended from time to time, and (ii)&nbsp;if the Custodian is
JPM, the Authorized Participant shall enter into any agreement concerning communications by telephonic facsimile as the Participant&#146;s Custodian may
require</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>, the Authorized Participant shall enter into a separate agreement with the Custodian indemnifying the Custodian with respect to the Authorized
Participant&#146;s communications by telephonic facsimile, substantially in the form attached as <strike><u>Attachment C</u></strike>, as the same may be amended from time to time</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">.
</FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3. <U>Orders</U>. (a)&nbsp;All orders to create or redeem Baskets shall be made in accordance with the terms of the
Trust Indenture, the Custody Agreements, this Agreement and the Procedures. Each party will comply with such foregoing terms and procedures to the extent applicable to it. The Authorized Participant hereby consents to the use of recorded telephone
lines whether or not such use is reflected in the Procedures. The Trustee and Sponsor may issue additional or other procedures from time to time relating to the manner of creating or redeeming Baskets which are not related to the Procedures, and the
Authorized Participant will comply with such procedures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Authorized Participant acknowledges and agrees on behalf of itself and
any party for which it is acting (whether such party is a customer or otherwise) that each order to create a Basket (a &#147;<U>Purchase Order</U>&#148;) and each order to redeem a Basket (a &#147;<U>Redemption Order</U>&#148;, and each Purchase
Order and Redemption Order, an &#147;<U>Order</U>&#148;) may not be revoked by the Authorized Participant upon its delivery to the Trustee. A form of Purchase/Redemption Order is attached hereto as <U>Exhibit B</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Trustee shall have the absolute right, but shall have no obligation, to reject any Purchase Order or Creation Basket Deposit
(i)&nbsp;determined by the Trustee not to be in proper form; (ii)&nbsp;that the Sponsor has determined and advised the Trustee would have adverse tax consequences to the Trust or to the Beneficial Owners; (iii)&nbsp;the acceptance or receipt of
which would, in the opinion of counsel to the Sponsor acceptable to the Trustee, be unlawful; or (iv)&nbsp;if circumstances outside the control of the Trustee, the Custodian or the Sponsor make it for all practical purposes not feasible to process
creations of Creation Baskets. Neither the Trustee nor the Sponsor shall be liable to any person by reason of the rejection of any Purchase Order or Creation Basket Deposit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Trustee shall reject any Redemption Order (i)&nbsp;determined by the Trustee not to be in proper form or (ii)&nbsp;the fulfillment of
which its counsel advises may be illegal under applicable laws and regulations, and the Trustee shall have no liability to any person for rejecting a Redemption Order in such circumstances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The Trustee may, in its discretion, and will when so directed by the Sponsor, suspend the right of redemption, or postpone the applicable
redemption settlement date, (i)&nbsp;for any period during which the Exchange is closed other than for customary weekend or holiday closings, or trading is suspended or restricted; (ii)&nbsp;for any period during which an emergency exists as a
result of which delivery, disposal or evaluation of the Gold is not reasonably practicable; or (iii)&nbsp;for such other period as the Sponsor determines to be necessary for the protection of the Beneficial Owners. Neither the Sponsor nor the
Trustee shall be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-4- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(f) Until
otherwise notified, all orders to create Baskets shall be placed with JPM and all orders to redeem Baskets shall be placed with HSBC. If there is more than one Custodian with whom Authorized Participants may deposit Gold with in connection with the
creation of Baskets or receive Gold from in connection with the redemption of Baskets, the Sponsor shall, from time to time, identify to the Authorized Participants and the Trustee which Custodian or Custodians Authorized Participants may or shall
deposit Gold with in connection with the creation of Baskets or receive Gold from in connection with the redemption of Baskets. Such identification may be carried out by the Sponsor instructing the Trustee from time to time to indicate through the
Trustee&#146;s electronic ordering system which Custodian or Custodians the Authorized Participant shall deposit Gold with in connection with the creation of Baskets or receive Gold from in connection with the redemption of Baskets.</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4. <U>Gold Transfers</U>. (a)&nbsp;Any Gold to be transferred in connection with
any Order shall be transferred between the Participant Unallocated Account and the Trust Unallocated Account and between the Trust Unallocated Account and the Trust Allocated Account in accordance with the Procedures. The Authorized Participant
shall be responsible for all costs and expenses relating to or connected with any transfer of Gold between its Participant Unallocated Account and the Trust Unallocated Account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each of the Trust, the Sponsor and the Trustee will have no liability for loss or damages suffered by an Authorized Participant in respect
of the Authorized Participant&#146;s Participant Unallocated Account. The liability of the <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Participant&#146;s
</U></FONT><FONT STYLE="font-family:Times New Roman">Custodian with respect to any such loss or damage will be governed
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i)&nbsp;if the Custodian is HSBC, by the terms of the Participant Unallocated Bullion Account Agreement entered
into between the Participant&#146;s Custodian and the Authorized Participant and (ii)&nbsp;if the Custodian is JPM, by the terms of the Clearing Bank Unallocated Account Agreement.</U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>by the terms of the Participant Unallocated Bullion Account Agreement attached hereto as </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><strike><u>Attachment B</u></strike></FONT><FONT STYLE="font-family:Times New Roman">. The Authorized Participant acknowledges that it is an unsecured creditor of the </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Participant&#146;s </U></FONT><FONT STYLE="font-family:Times New Roman">Custodian with respect to the Gold held in the
Authorized Participant&#146;s Participant Unallocated Account and that such Gold is at risk in the event of the
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Participant&#146;s </U></FONT><FONT STYLE="font-family:Times New Roman">Custodian&#146;s insolvency. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5. <U>Gold Standards</U>. All Gold to be transferred between the Trust and the Authorized Participant in connection with any
Order shall meet the applicable standards and specifications for gold bullion set forth in the good delivery rules (the &#147;<U>Good Delivery Rules</U>&#148;) promulgated by the London Bullion Market Association (the &#147;<U>LBMA</U>&#148;) from
time to time, which include standards for fineness. As provided in <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i), if the Custodian is HSBC, the Authorized
Participant&#146;s Participant Unallocated Bullion Account Agreement and the Trust&#146;s Unallocated Bullion Account Agreement or (ii), if the Custodian is JPM, the Clearing Bank Unallocated Account Agreement and the Trust&#146;s Unallocated
Precious Metal Account Agreement with JPM</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>the Authorized Participant&#146;s Participant Unallocated Bullion Account Agreement and in the Trust&#146;s
Unallocated Bullion Account Agreement</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">, amounts of Gold standing to the credit of an Authorized Participant&#146;s Participant Unallocated Account or the Trust Unallocated Account, as the case
may </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-5- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
be, are held on an Unallocated Basis, which, as provided by those agreements, means only that each of the Authorized Participant or the Trust, as the case may be, is entitled to call on the
Participant&#146;s Custodian or the Custodian, as the case may be, to deliver in accordance with the Good Delivery Rules an amount of Gold equal to the amount of Gold standing to the credit of the Authorized Participant&#146;s or the Trust&#146;s
relevant unallocated bullion account, as the case may be, but neither the Authorized Participant nor the Trust has any ownership interest in any Gold that the Participant&#146;s Custodian or the Custodian, as the case may be, owns or holds. The
Sponsor and the Trustee may, from time to time, pursuant to the Trust Indenture and as disclosed in the Prospectus, specify other gold bullion to be held by the Trust and which therefore may be transferred between the Trust and an Authorized
Participant in connection with any Order, provided that such other gold bullion meets the standard of fineness specified under the Good Delivery Rules. A copy of the Good Delivery Rules may be obtained from the LBMA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6. <U>Fees</U>. In connection with each Order by an Authorized Participant to create or redeem one or more Baskets, the Trustee
shall charge, and the Authorized Participant shall pay to the Trustee, the Transaction Fee prescribed in the Trust Indenture applicable to such creation or redemption. The initial Transaction Fee shall be two thousand dollars ($2,000). The
Transaction Fee may be adjusted from time to time as set forth in the Prospectus. As described in the Procedures, in the case of a Redemption Order that is held open until the third Business Day following the Redemption Order Date, for each day
(whether or not a Business Day) the Redemption Order is held open, the Authorized Participant will be charged by the Trustee the greater of (i)&nbsp;$300 and (ii)&nbsp;$30 times the number of Baskets covered by the Redemption Order. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7. <U>Authorized Persons</U>. Concurrently with the execution of this Agreement and from time to time thereafter, the Authorized
Participant shall deliver to the Trustee notarized and duly certified as appropriate by its secretary or other duly authorized official, a certificate in the form of <U>Exhibit A</U> setting forth the names and signatures of all persons authorized
to give instructions relating to activity contemplated hereby or by any other notice, request or instruction given on behalf of the Authorized Participant (each, an &#147;<U>Authorized Person</U>&#148;). The Trustee may accept and rely upon such
certificate as conclusive evidence of the facts set forth therein and shall consider such certificate to be in full force and effect until the Trustee receives a superseding certificate bearing a subsequent date. Upon the termination or revocation
of authority of any Authorized Person by the Authorized Participant, the Authorized Participant shall give immediate written notice of such fact to the Trustee and such notice shall be effective upon receipt by the Trustee. The Trustee shall issue
to each Authorized Person a unique personal identification number (the &#147;<U>PIN Number</U>&#148;) by which such Authorized Person shall be identified and by which instructions issued by the Authorized Participant hereunder shall be
authenticated. The PIN Number shall be kept confidential by the Authorized Participant and shall only be provided to the Authorized Person. If, after issuance, the Authorized Person&#146;s PIN Number is changed, the new PIN Number shall become
effective on a date mutually agreed upon by the Authorized Participant and the Trustee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8. <U>Redemption</U>. The Authorized
Participant represents and warrants that it will not obtain an Order Number (as described in the Procedures) from the Trustee for the purpose of redeeming a Basket unless it first ascertains that (i)&nbsp;it or its customer, as the case may be, owns
outright or has full legal authority and legal and beneficial right to tender for redemption the Baskets to be redeemed and to receive the entire proceeds of the redemption, and (ii)&nbsp;such Baskets have not been loaned or pledged to another party
and are not the subject of a repurchase agreement, securities lending agreement or any other arrangement which would preclude the delivery of such Baskets to the Trustee the second Business Day following the Redemption Order Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-6- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9. <U>Role of Authorized Participant</U>. (a)&nbsp;The Authorized Participant
acknowledges that, for all purposes of this Agreement and the Trust Indenture, the Authorized Participant is and shall be deemed to be an independent contractor and has and shall have no authority to act as agent for the Trust, the Sponsor, the
Trustee, the Custodian, or the Participant&#146;s Custodian in any matter or in any respect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Authorized Participant will make
itself and its employees available, upon request, during normal business hours to consult with the Trustee, the Custodian, the Participant&#146;s Custodian or their designees concerning the performance of the Authorized Participant&#146;s
responsibilities under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) With respect to any creation or redemption transaction made by the Authorized Participant
pursuant to this Agreement for the benefit of any customer or any other DTC Participant or Indirect Participant, or any other Beneficial Owner, the Authorized Participant shall extend to any such party all of the rights, and shall be bound by all of
the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Trust Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Authorized Participant will maintain records of all sales of Shares made by or through it and will furnish copies of such records to
the Sponsor upon the reasonable request of the Sponsor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10. <U>Indemnification</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Authorized Participant hereby indemnifies and holds harmless the Trustee, the Custodian, the Participant&#146;s Custodian, the Trust,
the Sponsor, their respective direct or indirect affiliates (as defined below) and their respective directors, officers, employees and agents (each, an &#147;<U>AP Indemnified Party</U>&#148;) from and against any losses, liabilities, damages, costs
and expenses (including attorney&#146;s fees and the reasonable cost of investigation) incurred by such AP Indemnified Party as a result of or in connection with: (i)&nbsp;any breach by the Authorized Participant of any provisions of this Agreement,
including its representations, warranties and covenants; (ii)&nbsp;any failure on the part of the Authorized Participant to perform any of its obligations set forth in this Agreement; (iii)&nbsp;any failure by the Authorized Participant to comply
with applicable laws and the rules and regulations of self-regulatory organizations; (iv)&nbsp;any actions of such AP Indemnified Party in reliance upon any instructions issued in accordance with the Procedures believed by the AP Indemnified Party
to be genuine and to have been given by the Authorized Participant; or (v)&nbsp;(A)&nbsp;any representation by the Authorized Participant, its employees or its agents or other representatives about the Shares, any AP Indemnified Party or the Trust
that is not consistent with the Trust&#146;s then-current Prospectus made in connection with the offer or the solicitation of an offer to buy or sell Shares and (B)&nbsp;any untrue statement or alleged untrue statement of a material fact contained
in any research reports, marketing material and sales literature described in Section&nbsp;14(b) or any alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading to the
extent that such statement or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-7- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
omission relates to the Shares, any AP Indemnified Party or the Trust, unless, in either case, such representation, statement or omission was made or included by the Authorized Participant at the
written direction of the Sponsor or is based upon any omission or alleged omission by the Sponsor to state a material fact in connection with such representation, statement or omission necessary to make such representation, statement or omission not
misleading. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Sponsor hereby agrees to indemnify and hold harmless the Authorized Participant, its respective subsidiaries,
affiliates, directors, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section&nbsp;15 of the 1933 Act (each, a &#147;<U>Sponsor Indemnified Party</U>&#148;) from and against any losses,
liabilities, damages, costs and expenses (including attorneys&#146; fees and the reasonable cost of investigation) incurred by such Sponsor Indemnified Party as a result of (i)&nbsp;any breach by the Sponsor of any provision of this Agreement that
relates to the Sponsor; (ii)&nbsp;any failure on the part of the Sponsor to perform any obligation of the Sponsor set forth in this Agreement; (iii)&nbsp;any failure by the Sponsor to comply with applicable laws; or (iv)&nbsp;any untrue statement or
alleged untrue statement of a material fact contained in the registration statement of the Trust as originally filed with the SEC or in any amendment thereof, or in any prospectus, or in any amendment thereof or supplement thereto, or arising out of
or based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except those statements in the Registration Statement or the Prospectus based
on information furnished in writing by or on behalf of the Authorized Participant expressly for use in the Registration Statement or the Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) This Section&nbsp;10 shall not apply to the extent any such losses, liabilities, damages, costs and expenses are incurred as a result or
in connection with any gross negligence, bad faith or willful misconduct on the part of the AP Indemnified Party or the Sponsor Indemnified Party, as the case may be. The term &#147;affiliate&#148; in this Section&nbsp;10 shall include, with respect
to any person, entity or organization, any other person, entity or organization which directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such person, entity or organization. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) If the indemnification provided for in this Section&nbsp;10 is unavailable to an indemnified party under Sections 10(a) or 10(b) or
insufficient to hold an indemnified party harmless in respect of any losses, liabilities, damages, costs and expenses referred to therein, then each applicable indemnifying party shall contribute to the amount paid or payable by such indemnified
party as a result of such losses, liabilities, damages, costs and expenses (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received by the Sponsor and the Trust, on the one hand, and by the Authorized Participant, on
the other hand, from the services provided hereunder or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in
clause (i)&nbsp;above but also the relative fault of the Sponsor and the Trust, on the one hand, and of the Authorized Participant, on the other hand, in connection with, to the extent applicable, the statements or omissions which resulted in such
losses, liabilities, damages, costs and expenses, as well as any other relevant equitable considerations. The relative benefits received by the Sponsor and the Trust, on the one hand, and the Authorized Participant, on the other hand, shall be
deemed to be in the same respective proportions as the amount of gold transferred to the Trust under this Agreement on the one hand (expressed in dollars) bears to the amount of economic benefit received
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-8- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
by the Authorized Participant in connection with this Agreement on the other hand. To the extent applicable, the relative fault of the Sponsor on the one hand and of the Authorized Participant on
the other shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by the Sponsor or by the Authorized
Participant and the parties&#146; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, liabilities, damages, costs and
expenses referred to in this Section&nbsp;10(d) shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating, preparing to defend or defending any action, suit or proceeding (each
a &#147;<U>Proceeding</U>&#148;) related to such losses, liabilities, damages, costs and expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The Sponsor and the Authorized
Participant agree that it would not be just and equitable if contribution pursuant to this Section&nbsp;10 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations
referred to in Section&nbsp;10(d) above. The Authorized Participant shall not be required to contribute any amount in excess of the amount by which the total price at which the Shares created by the Authorized Participant and distributed to the
public exceeds the amount of any damage which the Authorized Participant has otherwise been required to pay by reason of such untrue statement or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section&nbsp;11(f) of the 1933 Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) The indemnity and contribution agreements contained in this Section&nbsp;10 shall remain in full force and effect regardless of any
investigation made by or on behalf of the Authorized Participant, its partners, stockholders, members, directors, officers, employees and or any person (including each partner, stockholder, member, director, officer or employee of such person) who
controls the Authorized Participant within the meaning of Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the 1934 Act, or by or on behalf of the Sponsor, its partners, stockholders, members, directors, officers, employees or any person who
controls the Sponsor within the meaning of Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the 1934 Act, and shall survive any termination of this Agreement. The Sponsor and the Authorized Participant agree promptly to notify each other of the
commencement of any Proceeding against it and, in the case of the Sponsor, against any of the Sponsor&#146;s officers or directors, in connection with the issuance and sale of the Shares or in connection with the Registration Statement or the
Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Pursuant to the Trust Indenture, the Trustee, solely from and to the extent of the assets of the Trust, hereby agrees to
reimburse any Sponsor Indemnified Party to the extent the Sponsor does not pay such amounts when due under this Section&nbsp;10 (including any amount in contribution thereof that may be owed to such Sponsor Indemnified Party pursuant to
Section&nbsp;10 hereof), and to pay any and all expenses (including reasonable and documented counsel fees and expenses) incurred by the Sponsor Indemnified Party in enforcing its rights under this Section&nbsp;10(g). In connection with enforcing
its rights, each Sponsor Indemnified Party shall use the same legal counsel which shall be selected by the Authorized Participant and be reasonably acceptable to the Sponsor. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-9- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11. (a) <U>Limitation of Liability</U>. None of the Sponsor, the Trustee, the
Authorized Participant, the Participant&#146;s Custodian and the Custodian shall be liable to each other or to any other person, including any party claiming by, through or on behalf of the Authorized Participant, for any losses, liabilities,
damages, costs or expenses arising out of any mistake or error in data or other information provided to any of them by each other or any other person or out of any interruption or delay in the electronic means of communications used by them. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Tax Liability</U>. The Authorized Participant shall be responsible for the payment of any transfer tax, sales or use tax, stamp tax,
recording tax, value added tax and any other similar tax or government charge applicable to the creation or redemption of any Basket made pursuant to this Agreement, regardless of whether or not such tax or charge is imposed directly on the
Authorized Participant. To the extent the Trustee, the Sponsor or the Trust is required by law to pay any such tax or charge, the Authorized Participant agrees to promptly indemnify such party for any such payment, together with any applicable
penalties, additions to tax or interest thereon. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12. <U>Acknowledgment</U>. The Authorized Participant acknowledges receipt
of a (i)&nbsp;copy of the Trust Indenture and (ii)&nbsp;the current Prospectus of the Trust and represents that it has reviewed and understands such documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13. <U>Effectiveness and Termination</U>. Upon the execution of this Agreement by the parties hereto, this Agreement shall become
effective in this form as of the date first set forth above, and may be terminated at any time by any party upon thirty (30)&nbsp;days prior written notice to the other parties unless earlier terminated: (i)&nbsp;in accordance with
Section&nbsp;2(a); (ii)&nbsp;upon notice to the Authorized Participant by the Trustee in the event of a breach by the Authorized Participant of this Agreement or the procedures described or incorporated herein; (iii)&nbsp;immediately in the
circumstances described in Section&nbsp;20(j); or (iv)&nbsp;at such time as the Trust is terminated pursuant to the Trust Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;14. <U>Certain Covenants of the Sponsor</U>. The Sponsor, on its own behalf and as sponsor of the Trust, covenants and agrees:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) to advise the Authorized Participant promptly of the happening of any event during the term of this Agreement which could require the
making of any change in the Prospectus then being used so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under
which they are made, not misleading, and, during such time, to prepare and furnish, at the expense of the Trust, to the Authorized Participant promptly such amendments or supplements to such Prospectus as may be necessary to reflect any such change;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) to furnish to the Authorized Participant, at each time (i)&nbsp;the Registration Statement or the Prospectus is amended or
supplemented by the filing of a post-effective amendment, (ii)&nbsp;a new Registration Statement is filed to register additional Shares in reliance on Rule 429, and (iii)&nbsp;there is financial information incorporated by reference into the
Registration Statement or the Prospectus, an opinion of Carter Ledyard&nbsp;&amp; Milburn LLP, counsel for the Sponsor, addressed to the Authorized Participant and dated such dates in form and substance satisfactory to the Authorized Participant,
stating that: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-10- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Trust is validly existing as an investment trust under the laws of the State of New York, as described in
the Registration Statement and the Prospectus, and has all power and authority to issue and deliver the Shares as contemplated therein and to execute and deliver this Agreement; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Sponsor has been duly organized and is validly existing as a limited liability company in good standing
under the laws of the State of Delaware, with full corporate power and authority to conduct its business as described in the Registration Statement and the Prospectus and to execute and deliver this Agreement; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Sponsor is duly qualified and is in good standing in each jurisdiction where the conduct of its business
requires such qualification; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">this Agreement has been duly authorized, executed and delivered by the Sponsor; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Shares issuable by the Trust as described in the Registration Statement, when issued in accordance with the
terms of the Trust Indenture as described in the Registration Statement, will have been duly authorized and validly issued and fully paid and non-assessable; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Shares conform to the description thereof contained in the Registration Statement and the Prospectus;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Registration Statement and the Prospectus (except as to the financial statements and schedules and other
financial information contained therein, as to which such counsel need express no opinion) comply as to form in all material respects with the requirements of the 1933 Act; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Registration Statement has become effective under the 1933 Act and, to such counsel&#146;s knowledge, no
stop order proceedings with respect thereto are pending or threatened under the 1933 Act and any required filing of the Prospectus and any supplement thereto pursuant to Rule 424 under the 1933 Act has been made in the manner and within the time
period required by such Rule 424; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">no approval, authorization, consent or order of or filing with any federal, or New York State governmental or
regulatory commission, board, body, authority or agency is required in connection with the issuance and sale of the Shares and consummation by the Sponsor of the transactions contemplated in the Prospectus other than registration of the Shares under
the 1933 Act (except such counsel need express no opinion as to any necessary qualification under the state securities or blue sky laws of any state or the laws of any jurisdictions outside the United States); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the execution, delivery and performance of this Agreement by the Sponsor, the issuance and delivery of the
Shares by the Trust and the consummation by the Sponsor and the Trustee on behalf of the Trust of the transactions contemplated hereby do not and will not conflict with, result in any breach or violation of or constitute a default under (nor
constitute any event which with notice, lapse of time or both would result in any breach or violation of or constitute a default under) the amended and restated limited liability company agreement of the Sponsor or the Trust Indenture, or any
indenture, mortgage, deed of trust, </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-11- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
bank loan or credit agreement or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument known to such counsel after reasonable investigation (based on a
certificate of an officer of the Sponsor) to which the Sponsor or the Trustee is a party or by which either of them or any of their respective properties may be bound or affected, or any federal, or New York State law, regulation or rule or any
decree, judgment or order applicable to the Sponsor or the Trust and known to such counsel; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">to such counsel&#146;s knowledge, neither the Sponsor nor the Trust is in breach or violation of or in default
under (nor has any event occurred which with notice, lapse of time, or both would result in any breach or violation of, or constitute a default under) their respective constitutive documents, or any federal or New York State law, regulation or rule
applicable to the Sponsor or the Trust; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">12.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">to such counsel&#146;s knowledge, there are no affiliate transactions, off-balance sheet transactions,
contracts, licenses, agreements, leases or documents of a character which are required to be described in the Registration Statement or the Prospectus or to be filed as an exhibit to the Registration Statement which have not been so described or
filed; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">13.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">to such counsel&#146;s knowledge, there are no actions, suits, claims, investigations or proceedings pending,
or threatened to which the Sponsor or the Trustee is or would be a party or to which any of their respective properties is or would be subject at law or in equity, before or by any federal, state, local or foreign governmental or regulatory
commission, board, body, authority or agency which are required to be described in the Registration Statement or the Prospectus but are not so described; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">14.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Trust is not and, after giving effect to the offering and sale of the Shares, will not be an
&#147;investment company&#148; or an entity &#147;controlled&#148; by an &#147;investment company,&#148; as such terms are defined in the Investment Company Act of 1940, as amended (the &#147;Investment Company Act&#148;); and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">15.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the information in the Registration Statement and the Prospectus under the headings &#147;Risk
Factors&#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; &#147;Business of the Trust&#151;License Agreement,&#148; &#147;Description of
the Shares,&#148; &#147;United States Federal Tax Consequences,&#148; &#147;Description of the Trust Indenture,&#148; &#147;Description of the Custody Agreements&#148; and &#147;Legal Proceedings&#148; insofar as such statements constitute a summary
of documents or matters of law are accurate in all material respects and present fairly the information required to be shown. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, such counsel shall state that such counsel has participated in conferences with officers and other representatives of the
Sponsor, representatives of the independent public accountants of the Trust and representatives of the Authorized Participant at which the contents of the Registration Statement and the Prospectus were discussed and, although such counsel is not
passing upon and does not assume responsibility for the accuracy, completeness or fairness of the statements contained in the Registration Statement or the Prospectus (except as and to the extent stated in subparagraphs (6)&nbsp;and
(15)&nbsp;above), on the basis of the foregoing nothing has come to the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-12- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
attention of such counsel that causes them to believe that the Registration Statement or any amendment thereto at the time such Registration Statement or amendment became effective contained an
untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading, or that the Prospectus or any supplement thereto at the date of such Prospectus or such
supplement, and at the time of purchase of the Shares by the Authorized Participant hereunder, contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading (it being understood that such counsel need express no opinion with respect to the financial statements and schedules and other financial information included in the
Registration Statement or the Prospectus); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;to cause KPMG LLP to deliver, at each time (i)&nbsp;the Registration Statement or the
Prospectus is amended or supplemented by the filing of a post-effective amendment, (ii)&nbsp;a new Registration Statement is filed to register additional Shares in reliance on Rule 429, and (iii)&nbsp;there is financial information incorporated by
reference into the Registration Statement or the Prospectus, letters dated such dates and addressed to the Authorized Participant, containing statements and information of the type ordinarily included in accountants&#146; letters to underwriters
with respect to the financial statements and other financial information contained in or incorporated by reference into the Registration Statement and the Prospectus; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) to deliver to the Authorized Participant, at each time (i)&nbsp;the Registration Statement or the Prospectus is amended or supplemented by
the filing of a post-effective amendment, (ii)&nbsp;a new Registration Statement is filed to register additional Shares in reliance on Rule 429, and (iii)&nbsp;there is financial information incorporated by reference into the Registration Statement
or the Prospectus, a certification by a duly authorized officer of the Sponsor in the form attached hereto as <U>Exhibit C</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
addition, any certificate signed by any officer of the Sponsor and delivered to the Authorized Participant or counsel for the Authorized Participant pursuant hereto shall be deemed to be a representation and warranty by the Sponsor as to matters
covered thereby to the Authorized Participant; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) to furnish to the Authorized Participant, at each time (i)&nbsp;the Registration
Statement or the Prospectus is amended or supplemented by the filing of a post-effective amendment, (ii)&nbsp;a new Registration Statement is filed to register additional Shares in reliance on Rule 429, and (iii)&nbsp;there is financial information
incorporated by reference into the Registration Statement or the Prospectus, such documents and certificates in the form as reasonably requested by the Marketing Agent pursuant to Section&nbsp;4.1(q) of the Marketing Agent Agreement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) to cause the Trust to file a post-effective amendment to the Registration Statement no less frequently than once per calendar quarter on
or about the same time that the Trust files a quarterly or annual report pursuant to Section&nbsp;13 or 15(d) of the 1934 Act (including the information contained in such report), until such time as the Trust&#146;s reports filed pursuant to
Section&nbsp;13 or 15(d) of the 1934 Act are incorporated by reference in the Registration Statement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-13- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;15. <U>Marketing Materials; Representations Regarding Shares; Identification in
Registration Statement</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Authorized Participant represents, warrants and covenants that (i), without the written consent of the
Sponsor, the Authorized Participant will not make, or permit any of its representatives to make, any representations concerning the Shares or any AP Indemnified Party other than representations contained (A)&nbsp;in the then-current Prospectus of
the Trust, (B)&nbsp;in printed information approved by the Sponsor as information supplemental to such Prospectus or (C)&nbsp;in any promotional materials or sales literature furnished to the Authorized Participant by the Sponsor, and (ii)&nbsp;the
Authorized Participant will not furnish or cause to be furnished to any person or display or publish any information or material relating to the Shares, any AP Indemnified Person or the Trust that are not consistent with the Trust&#146;s then
current Prospectus. Copies of the then current Prospectus of the Trust and any such printed supplemental information will be supplied by the Sponsor to the Authorized Participant in reasonable quantities upon request. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding the foregoing, the Authorized Participant may without the written approval of the Sponsor prepare and circulate in the
regular course of its business research reports, marketing material and sales literature that includes information, opinions or recommendations relating to the Shares (i)&nbsp;for public dissemination, provided that such research reports, marketing
material or sales literature compare the relative merits and benefits of Shares with other products; and (ii)&nbsp;for internal use by the Authorized Participant. The Authorized Participant will file all such research reports, marketing material and
sales literature related to the Shares with FINRA to the extent required by the FINRA Conduct Rules. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Authorized Participant and
its affiliates may prepare and circulate in the regular course of their businesses, without having to refer to the Shares or the Trust&#146;s then-current Prospectus, data and information relating to the price of gold. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Authorized Participant hereby agrees that for the term of this Agreement the Sponsor may deliver the then-current Prospectus, and any
supplements or amendments thereto or recirculation thereof, to the Authorized Participant in Portable Document Format (&#147;<U>PDF</U>&#148;) via electronic mail in lieu of delivering the Prospectus in paper form. The Authorized Participant may
revoke the foregoing agreement at any time by delivering written notice to the Sponsor and, whether or not such agreement is in effect, the Authorized Participant may, at any time, request reasonable quantities of the Prospectus, and any supplements
or amendments thereto or recirculation thereof, in paper form from the Sponsor. The Authorized Participant acknowledges that it has the capability to access, view, save and print material provided to it in PDF and that it will incur no appreciable
extra costs by receiving the Prospectus in PDF instead of in paper form. The Sponsor will when requested by the Authorized Participant make available at no cost the software and technical assistance necessary to allow the Authorized Participant to
access, view and print the PDF version of the Prospectus. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) For as long as this Agreement is effective, the Authorized Participant
agrees to be identified as an authorized participant of the Trust (i)&nbsp;in the section of the Prospectus included within the Registration Statement entitled &#147;Creation and Redemption of Shares&#148; and in any other section as may be required
by the SEC and (ii)&nbsp;on the Trust&#146;s website. Upon the termination of this Agreement, (i)&nbsp;during the period prior to when the Sponsor qualifies and elects to file on Form S- 3, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-14- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
the Sponsor will remove such identification from the Prospectus in the amendment of the Registration Statement next occurring after the date of the termination of this Agreement and, during the
period after when the Sponsor qualifies and elects to file on Form S-3, the Sponsor will promptly file a current report on Form 8-K indicating the withdrawal of the Authorized Participant as an authorized participant of the Trust and (ii)&nbsp;the
Sponsor will promptly update the Trust&#146;s website to remove any identification of the Authorized Participant as an authorized participant of the Trust. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;16. <U>Title To Gold</U>. The Authorized Participant represents and warrants on behalf of itself and any party for which it acts
that upon delivery of a Creation Basket Deposit to the Trustee in accordance with the terms of the Trust Indenture and this Agreement, the Trust will acquire good and unencumbered title to the Gold which is the subject of such Creation Basket
Deposit, free and clear of all pledges, security interests, liens, charges, taxes, assessments, encumbrances, equities, claims, options or limitations of any kind or nature, fixed or contingent, and not subject to any adverse claims, including any
restriction upon the sale or transfer of all or any part of such Gold which is imposed by any agreement or arrangement entered into by the Authorized Participant or any party for which it is acting in connection with a Purchase Order. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;17. <U>Third Party Beneficiaries</U>. Each AP Indemnified Party and each Sponsor Indemnified Party, to the extent it is not a
party to this Agreement, is a third-party beneficiary of this Agreement (each, a &#147;<U>Third Party Beneficiary</U>&#148;) and may proceed directly against any indemnifying party (including by bringing proceedings against such indemnifying party
in its own name) to enforce any obligation of such indemnifying party under this Agreement which directly or indirectly benefits such Third Party Beneficiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;18. <U>Force Majeure</U>. No party to this Agreement shall incur any liability for any delay in performance, or for the
non-performance, of any of its obligations under this Agreement by reason of any cause beyond its reasonable control. This includes any act of God or war or terrorism, any breakdown, malfunction or failure of transmission in connection with or other
unavailability of any wire, communication or computer facilities, any transport, port, or airport disruption, industrial action, acts and regulations and rules of any governmental or supra national bodies or authorities or regulatory or
self-regulatory organization or failure of any such body, authority or organization for any reason, to perform its obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;19. <U>Ambiguous Instructions</U>. If a Purchase Order Form or a Redemption Order Form otherwise in good form contains order
terms that differ from the information provided in the telephone call at the time of issuance of the applicable order number, the Trustee will attempt to contact one of the Authorized Persons of the Authorized Participant to request confirmation of
the terms of the Order. If an Authorized Person confirms the terms as they appear in the Order, then the Order will be accepted and processed. If an Authorized Person contradicts the Order terms, the Order will be deemed invalid, and a corrected
Order must be received by the Trustee, as the case may be, not later than the earlier of: (i)&nbsp;within 15 minutes of such contact with the Authorized Person; or (ii)&nbsp;45 minutes after the Order Cut-Off Time (as described in the Procedures).
If the Trustee is not able to contact an Authorized Person, then the Order shall be accepted and processed in accordance with its terms notwithstanding any inconsistency from the terms of the telephone information. In the event that an Order
contains terms that are illegible, the Order will be deemed invalid and the Trustee will attempt to contact one of the Authorized Persons of the Authorized Participant to request retransmission of the Order. A corrected Order must be received by the
Trustee not later than the earlier of (i)&nbsp;within 15 minutes of such contact with the Authorized Person or (ii)&nbsp;45 minutes after the Order Cut-Off Time, as the case may be. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-15- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;20. <U>Miscellaneous</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Amendment and Modification</U>. This Agreement, the Procedures
<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>attached as <strike><u>Attachment A </u></strike></STRIKE></FONT><FONT STYLE="font-family:Times New Roman">and the Exhibits hereto may be amended, modified or
supplemented by the Trustee and the Sponsor, without consent of any Beneficial Owner or Authorized Participant from time to time by the following procedure. After the amendment, modification or supplement has been agreed to, the Trustee will mail
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">or email </U></FONT><FONT STYLE="font-family:Times New Roman">a copy of the proposed amendment, modification or
supplement to the Authorized Participant. For the purposes of this Agreement, </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i)&nbsp;</U></FONT><FONT
STYLE="font-family:Times New Roman">mail will be deemed received by the recipient thereof on the third (3rd)&nbsp;day following the deposit of such mail into the United States postal system</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> and (ii)&nbsp;if the email is sent during normal business hours on a Business Day, the email will be deemed received on such
Business Day and, if the email is not sent during business hours on a Business Day or not on a Business Day, the email will be deemed received on the next Business Day</U></FONT><FONT STYLE="font-family:Times New Roman">. Within ten
(10)&nbsp;calendar days after its deemed receipt, the amendment, modification or supplement will become part of this Agreement, the Attachments or the Exhibits, as the case may be, in accordance with its terms. If at any time there is any material
amendment, modification or supplement of any SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust Participant Agreement (other than this Agreement), the Trustee will promptly mail </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">or email </U></FONT><FONT STYLE="font-family:Times New Roman">a copy of such amendment, modification or supplement to the
Authorized Participant. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, any amendment, modification or supplement to any creation or redemption
procedural item <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i)&nbsp;in HSBC&#146;s Procedures which is also set forth in either of the Custody Agreements with
HSBC or in the Participant Unallocated Bullion Account Agreement attached as Attachment B shall be made in accordance with the terms of such agreements and (ii)&nbsp;in JPM&#146;s Procedures which is also set forth in either of the Custody
Agreements with JPM shall be made in accordance with the terms of such agreements</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>in the Procedures which is also set forth in either of the Custody
Agreements or in the Participant Unallocated Bullion Account Agreement attached as <strike><u>Attachment B</u></strike> shall be made in accordance with the terms of such agreements</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">. After
the amendment, modification or supplement has been agreed to, the Trustee will mail a copy of the amendment, modification or supplement to the Authorized Participant. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The form of agreement of the Custodian concerning its respective indemnification by the Authorized Participant for communications by telephone
facsimile attached as <U>Attachment C</U> may be amended from time to time by the Custodian. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Waiver of Compliance</U>. Any failure
of any of the parties to comply with any obligation, covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but any such written
waiver, or the failure to insist upon strict compliance with any obligation, covenant, agreement or condition herein, shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-16- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Notices</U>. Except as otherwise specifically provided in this Agreement, all notices
required or permitted to be given pursuant to this Agreement shall be given in writing and delivered by personal delivery, by postage prepaid registered or certified United States first class mail, return receipt requested, by nationally recognized
overnight courier (delivery confirmation received) or by <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">electronic mail</U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>telex, telegram</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> or telephonic facsimile or similar means of same day delivery (transmission confirmation received),
with a confirming copy regular mail, postage prepaid. </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>For avoidance of doubt, notices may not be given or transmitted by electronic mail. </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman">Unless otherwise notified in writing, all notices to the Trust shall be given or sent to the Trustee. All notices shall be directed to the address</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, electronic mail address or</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>
or</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> telephone or facsimile numbers indicated below the signature line of the parties on the signature page hereof. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Successors and Assigns</U>. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the
parties and their respective successors and permitted assigns. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Assignment</U>. Neither this Agreement nor any of the rights,
interests or obligations hereunder shall be assigned by any party without the prior written consent of the other parties, except that any entity into which a party hereto may be merged or converted or with which it may be consolidated or any entity
resulting from any merger, conversion, or consolidation to which such party hereunder shall be a party, or any entity succeeding to all or substantially all of the business of the party, shall be the successor of the party under this Agreement. The
party resulting from any such merger, conversion, consolidation or succession shall notify the other parties hereto of the change. Any purported assignment in violation of the provisions hereof shall be null and void. Notwithstanding the foregoing,
this Agreement shall be automatically assigned to any successor Trustee or Sponsor at such time such successor qualifies as a successor Trustee or Sponsor under the terms of the Trust Indenture. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Governing Law; Consent to Jurisdiction</U>. This Agreement shall be governed by and construed in accordance with the laws of the State
of New York (regardless of the laws that might otherwise govern under applicable New York conflict of laws principles) as to all matters, including matters of validity, construction, effect, performance and remedies. Each party hereto irrevocably
consents to the jurisdiction of the courts of the State of New York and of any federal court located in the Borough of Manhattan in such State in connection with any action, suit or other proceeding arising out of or relating to this Agreement or
any action taken or omitted hereunder, and waives any claim of forum non conveniens and any objections as to laying of venue. Each party further waives personal service of any summons, complaint or other process and agrees that service thereof may
be made by certified or registered mail directed to such party at such party&#146;s address for purposes of notices hereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g)
<U>Counterparts</U>. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement,
and it shall not be necessary in making proof of this Agreement as to any party hereto to produce or account for more than one such counterpart executed and delivered by such party. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-17- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <U>Interpretation</U>. The article and section headings contained in this Agreement are
solely for the purpose of reference, are not part of the agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Entire Agreement</U>. This Agreement and the Trust Indenture, along with any other agreement or instrument delivered pursuant to this
Agreement and the Trust Indenture, supersede all prior agreements and understandings between the parties with respect to the subject matter hereof, provided, however, that the Authorized Participant shall not be deemed by this provision to be a
party to the Trust Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) <U>Severance</U>. If any provision of this Agreement is held by any court or any act, regulation, rule
or decision of any other governmental or supra national body or authority or regulatory or self-regulatory organization to be invalid, illegal or unenforceable for any reason, it shall be invalid, illegal or unenforceable only to the extent so held
and shall not affect the validity, legality or enforceability of the other provisions of this Agreement and this Agreement will be construed as if such invalid, illegal, or unenforceable provision had never been contained herein, unless the Sponsor
determines in its discretion, after consulting with the Trustee, that the provision of this Agreement that was held invalid, illegal or unenforceable does affect the validity, legality or enforceability of one or more other provisions of this
Agreement, and that this Agreement should not be continued without the provision that was held invalid, illegal or unenforceable, and in that case, upon the Sponsor&#146;s notification of the Trustee of such a determination, this Agreement shall
immediately terminate and the Trustee will so notify the Authorized Participant immediately. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) <U>No Strict Construction</U>. The
language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) <U>Survival</U>. Sections 10 (Indemnification) and 17 (Third Party Beneficiaries) hereof shall survive the termination of this Agreement.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) <U>Other Usages</U>. The following usages shall apply in interpreting this Agreement: (i)&nbsp;references to a governmental or
quasigovernmental agency, authority or instrumentality shall also refer to a regulatory body that succeeds to the functions of such agency, authority or instrumentality; and (ii)&nbsp;&#147;including&#148; means &#147;including, but not limited
to.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page Follows] </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-18- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Authorized Participant, the Sponsor and the Trustee, on behalf of
the Trust, have caused this Agreement to be executed by their duly authorized representatives as of the date first set forth above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="38%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="38%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">BNY Mellon Asset Servicing, a division of The Bank of New York Mellon, not in its individual capacity, but solely as Trustee of the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Authorized Participant</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Address:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">240 Greenwich Street</U></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">8</U></FONT><SUP STYLE="font-size:75%; vertical-align:top">th</SUP><FONT
 COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> Floor</U></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">New York, NY 10286</U></FONT><FONT COLOR="#ff0000"><STRIKE>2 Hanson
Place</STRIKE></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#ff0000"><STRIKE>Brooklyn, New York 11217</STRIKE></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Attention: ETF <FONT COLOR="#ff0000"><STRIKE>Group </STRIKE></FONT>Services</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By:</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name:</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(if two signatures are required, please also sign below)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Telephone:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#ff0000"><STRIKE>718-315-4811</STRIKE></FONT><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">212-815-2698</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Facsimile:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#ff0000"><STRIKE>718-315-4881</STRIKE></FONT><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">732-667-9478 or 9549</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Email:</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">etfcsm@bnymellon.com</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Address:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Telephone:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Facsimile:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Email:</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Name of Authorized Participant&#146;s Participant Unallocated Bullion Account:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="22%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="77%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">World Gold Trust Services, LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Sponsor of the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Address:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">685 Third Avenue, 27th Floor</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">New York, New York
10017</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Telephone:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">(212) 317-3800</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Facsimile:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">(212) 688-0410</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Email:</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">legalnotices@gold.org</U></FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-19- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT A </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> GOLD TRUST </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FORM OF CERTIFIED AUTHORIZED PERSONS OF AUTHORIZED PARTICIPANT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following are the names, titles and signatures of all persons (each an &#147;Authorized Person&#148;) authorized to give instructions
relating to any activity contemplated by the Participant Agreement or any other notice, request or instruction on behalf of the Authorized Participant pursuant to the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust
Participant Agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Authorized Participant:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="38%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="38%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Signature:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Signature:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Signature:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Signature:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned, [name], [title] of [company], does hereby certify that the persons listed above have been
duly elected to the offices set forth beneath their names, that they presently hold such offices, that they have been duly authorized to act as Authorized Persons pursuant to the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold
Trust Participant Agreement by and between [Authorized Participant] and the Trustee and the Sponsor of the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust, dated [date], and that their signatures set forth above are their
own true and genuine signatures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In Witness Whereof, the undersigned has hereby set his/her hand and the seal of [company] on the date
set forth below. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="44%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Subscribed and sworn to before me</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">this <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> day of ____________, 20__</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Notary Public</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT B </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE BANK OF NEW YORK MELLON, TRUSTEE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CREATION/REDEMPTION ORDER FORM </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SPDR GOLD TRUST ETF </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">CONTACT INFORMATION FOR ORDER
EXECUTION: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">BNY Mellon
ETF Order Desk</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Telephone Order Number: &nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(844) 545-1258</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(718)
315&#151;7500</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Fax Order Number:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(732) 667-9478 or 9549</U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>(732) 667 &#150; 9478 (Alt: (718)&nbsp;315 &#150; 3080)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Email Order
Address: BNYMETFOrderDesk@bnymellon.com</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Custodian Instructions </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Authorized </U></FONT><FONT
STYLE="font-family:Times New Roman">Participant must complete all items in Part 1. The </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Distributor and/or Transfer Agent</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Trustee</U></FONT><FONT STYLE="font-family:Times New Roman">, in </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>their </STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">its </U></FONT><FONT
STYLE="font-family:Times New Roman">discretion</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">,</U></FONT><FONT STYLE="font-family:Times New Roman"> may reject
any order not submitted in complete form. </FONT></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>I.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>TO BE COMPLETED BY
</U><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">AUTHORIZED</U></FONT><U> PARTICIPANT:</U> </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Time:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Broker Name:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">AP</U></FONT> Firm Name:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">AP Unallocated Account Name:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">DTC Participant Number:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Telephone Number: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fax Number:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Type of order (Check Creation or Redemption please)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(One CU = 100,000 GLD)</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE><B>Participant intends to sell or otherwise
dispose of the units being created as soon, as is reasonably practicable.</B></STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="43%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="56%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Creation of GLD&#146;s&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Redemption of GLD&#146;s&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"># Of Creation Units (CU) Transacted:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Number:______________</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Order #
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Number written out: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
</TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Please indicate gold
clearing agent:</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HSBC
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other (please specify clearing
agent):</U></FONT><FONT STYLE="font-family:Times New Roman">
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</U> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Account Number for gold
delivery:</U></FONT><FONT STYLE="font-family:Times New Roman">
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Purchase
</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">Order is subject to the terms and conditions of the </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Depositary Trust Agreement</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Trust Indenture</U></FONT><FONT STYLE="font-family:Times New Roman"> of the SPDR Gold Trust as currently in effect and the
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Authorized </STRIKE></FONT><FONT STYLE="font-family:Times New Roman">Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named
therein. All representations and warranties of the Authorized Participant set </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>F</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">f</U></FONT><FONT STYLE="font-family:Times New Roman">orth in such </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Depositary Trust
Agreement</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Trust Indenture</U></FONT><FONT STYLE="font-family:Times New Roman"> and </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>the Authorized </STRIKE></FONT><FONT STYLE="font-family:Times New Roman">Participant Agreement are incorporated herein by reference and are true and accurate as of the date
hereof. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Representative under the <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Authorized </STRIKE></FONT><FONT STYLE="font-family:Times New Roman">Participant Agreement and that he/she is authorized to deliver this </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Purchase </STRIKE></FONT><FONT STYLE="font-family:Times New Roman">Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this
agreement based on an estimated Basket disseminated the previous business day and recognizes the final Basket ounces of Gold represented will be decreased based on the Trust</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#146;</U></FONT><FONT STYLE="font-family:Times New Roman">s daily accrual. When a </FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>F</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">f</U></FONT><FONT
STYLE="font-family:Times New Roman">inal NAV is calculated it will be disseminated to all Authorized Participants, and the Basket and or cash required for the
</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>creation/redemption
o</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">O</U></FONT><FONT STYLE="font-family:Times New Roman">rder entered into on this day will be finalized
and this Order Form will serve as a legally binding contract for settlement in 2 business days. </FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="48%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Authorized Person&#146;s Signature</TD></TR>
</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>II.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>TO BE COMPLETED BY TRUSTEE:</U> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This certifies that the above order has been: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Accepted by the Trustee </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Declined-Reason:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Final # of Ounces <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Final # of GLD Shares <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Final Cash Due to BNY_2,000.00</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Final Cash Due to AP <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="34%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Time</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Authorized Signature of Trustee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT C </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> GOLD TRUST </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">WORLD GOLD TRUST SERVICES, LLC </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">OFFICER&#146;S CERTIFICATE </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The
undersigned, a duly authorized officer of World Gold Trust Services, LLC, a Delaware limited liability company (the &#147;<U>Sponsor</U>&#148;), and pursuant to Section&nbsp;15(d) of the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>
Gold Trust Participant Agreement (the &#147;<U>Agreement</U>&#148;), dated as of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, by and between the Sponsor, BNY Mellon Asset Servicing, a division of The Bank of New
York Mellon, not in its individual capacity but solely as Trustee (the &#147;Trustee&#148;) of the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust (the &#147;Trust&#148;), and
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>(the &#147;<U>Authorized Participant</U>&#148;), hereby certifies that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">For purposes hereof, the term &#147;<U>Registration Statement</U>&#148; shall mean the automatic shelf
Registration Statement on Form S-3 (Registration No.&nbsp;333-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>) filed with the Securities and Exchange Commission under the Securities Act of 1933 (the &#147;<U>1933
Act</U>&#148;) on [<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>], 20<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>. The Registration Statement relates to the registration under the
1933 Act of shares of fractional undivided beneficial interest in and ownership of the Trust (the &#147;<U>Shares</U>&#148;). The term &#147;<U>Prospectus</U>&#148; shall mean the Prospectus filed on
[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>], 20__. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each of the following representations and warranties of the Sponsor is true and correct in all material
respects as of the date hereof: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Prospectus does not contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; the Registration Statement complies in all material respects with the requirements of the 1933 Act
and the Prospectus complies in all material respects with the requirements of the 1933 Act and any statutes, regulations, contracts or other documents that are required to be described in the Registration Statement or the Prospectus or to be filed
as exhibits to the Registration Statement have been so described or filed; the conditions to the use of Form S-1 or S-3, if applicable, have been satisfied; the Registration Statement does not contain an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein not misleading and the Prospectus does not contain an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however, that the Sponsor makes no warranty or representation with respect to any statement contained in the
Registration Statement or any Prospectus in reliance upon and in conformity with information concerning the Authorized Participant and furnished in </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
writing by or on behalf of the Authorized Participant to the Sponsor expressly for use in the Registration Statement or such Prospectus; and neither the Sponsor nor any person known to the
Sponsor acting on behalf of the Trust has distributed nor will distribute any offering material other than the Preliminary Prospectus, the Registration Statement or the Prospectus; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Trust has been duly formed and is validly existing as an investment trust under the laws of the State of
New York, as described in the Registration Statement and the Prospectus, and the Trust Indenture authorizes the Trustee to issue and deliver the Shares to the Authorized Participant hereunder as contemplated in the Registration Statement and the
Prospectus; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Sponsor has been duly organized and is validly existing as a limited liability company in good standing
under the laws of the State of Delaware, with full power and authority to conduct its business as described in the Registration Statement and the Prospectus, and has all requisite power and authority to execute and deliver this Agreement;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Sponsor is duly qualified and is in good standing in each jurisdiction where the conduct of its business
requires such qualification; and the Trust is not required to so qualify in any jurisdiction; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">complete and correct copies of the Trust Indenture, and any and all amendments thereto, have been delivered to
the Authorized Participant, and no changes thereto have been made; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the outstanding Shares have been duly and validly issued and are fully paid and non-assessable and free of
statutory and contractual preemptive rights, rights of first refusal and similar rights; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Shares conform in all material respects to the description thereof contained in the Registration Statement
and the Prospectus and the holders of the Shares will not be subject to personal liability by reason of being such holders; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">this Agreement has been duly authorized, executed and delivered by the Sponsor and constitutes the valid and
binding obligations of the Sponsor, enforceable against the Sponsor in accordance with its terms; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">neither the Sponsor nor the Trustee on behalf of the Trust is in breach or violation of or in default under
(nor has any event occurred which with notice, lapse of time or both would result in any breach or violation of, constitute a default under or give the holder of any indebtedness (or a person acting on such holder&#146;s behalf) the right to require
the repurchase, redemption or repayment of all or a part of such indebtedness under) its respective constitutive documents, or any indenture, mortgage, deed of </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
trust, bank loan or credit agreement or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument to which the Sponsor or the Trustee on behalf of the Trust
is a party or by which any of them or any of their properties may be bound or affected, and the execution, delivery and performance of this Agreement, the issuance and sale of Shares to the Authorized Participant hereunder and the consummation of
the transactions contemplated hereby does not conflict with, result in any breach or violation of or constitute a default under (nor constitute any event which with notice, lapse of time or both would result in any breach or violation of or
constitute a default under), respectively, the amended and restated limited liability company agreement of the Sponsor or the Trust Indenture, or any indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of
indebtedness, or any license, lease, contract or other agreement or instrument to which the Sponsor or the Trustee on behalf of the Trust is a party or by which, respectively, the Sponsor or any of its properties or the Trustee or the property of
the Trust may be bound or affected, or any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to the Sponsor, the Trust or the Trustee; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(j)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">no approval, authorization, consent or order of or filing with any federal, state, local or foreign
governmental or regulatory commission, board, body, authority or agency is required in connection with the issuance and sale of Shares to the Authorized Participant hereunder or the consummation by the Sponsor, the Trust and the Trustee on behalf of
the Trust of the transactions contemplated hereunder other than registration of the Shares under the 1933 Act, which has been effected, and any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the
Shares are being offered or under the rules and regulations of the Financial Industry Regulatory Authority (&#147;FINRA&#148;); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(k)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">except as set forth in the Registration Statement and the Prospectus (i)&nbsp;no person has the right,
contractual or otherwise, to cause the Trust to issue or sell to it any Shares or other equity interests of the Trust, and (ii)&nbsp;no person has the right to act as an underwriter or as a financial advisor to the Trust in connection with the offer
and sale of the Shares, in the case of each of the foregoing clauses (i), and (ii), whether as a result of the filing or effectiveness of the Registration Statement or the sale of the Shares as contemplated thereby or otherwise; no person has the
right, contractual or otherwise, to cause the Sponsor on behalf of the Trust or the Trust to register under the 1933 Act any other equity interests of the Trust, or to include any such shares or interests in the Registration Statement or the
offering contemplated thereby, whether as a result of the filing or effectiveness of the Registration Statement or the sale of the Shares as contemplated thereby or otherwise; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(l)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">each of the Sponsor and the Trust has all necessary licenses, authorizations, consents and approvals and has
made all necessary filings required under any federal, state, local or foreign law, regulation or rule, and has obtained all necessary authorizations, consents and approvals from other persons, in order to conduct its respective business; neither
the Sponsor nor the Trustee on behalf of the Trust is in violation of, or in default under, or has received notice of any proceedings relating to revocation or modification of, any such license, authorization, consent or approval or any federal,
state, local or foreign law, regulation or rule or any decree, order or judgment applicable to the Sponsor or the Trustee on behalf of the Trust; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(m)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">all legal or governmental proceedings, affiliate transactions, off-balance sheet transactions, contracts,
licenses, agreements, leases or documents of a character required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration Statement have been so described or filed as required;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(n)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">except as set forth in the Registration Statement and the Prospectus, there are no actions, suits, claims,
investigations or proceedings pending or threatened or contemplated to which the Sponsor, the Trust or the Trustee on behalf of the Trust, or any of the Sponsor&#146;s directors or officers, is or would be a party or of which any of their respective
properties are or would be subject at law or in equity, before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(o)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">KPMG LLP, whose report on the audited financial statements of the Trust is filed with the SEC as part of the
Registration Statement and the Prospectus, are independent public accountants as required by the 1933 Act; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(p)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the audited financial statement(s) included in the Prospectus, together with the related notes and schedules,
presents fairly the financial position of the Trust as of the date indicated and has been prepared in compliance with the requirements of the 1933 Act and in conformity with generally accepted accounting principles; there are no financial statements
(historical or pro forma) that are required to be included in the Registration Statement and the Prospectus that are not included as required; and the Trust does not have any material liabilities or obligations, direct or contingent (including any
off-balance sheet obligations), not disclosed in the Registration Statement and the Prospectus; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(q)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">subsequent to the respective dates as of which information is given in the Registration Statement and the
Prospectus, there has not been (i)&nbsp;any material adverse change, or any development involving a prospective material adverse change affecting the Sponsor or the Trust, (ii)&nbsp;any transaction which is material to the Sponsor or the Trust taken
as a whole, (iii)&nbsp;any obligation, direct or contingent (including any off-balance sheet obligations), incurred by the Sponsor, the Trust or the Trustee on behalf of the Trust, which is material to the Trust, (iv)&nbsp;any change in the Shares
purchased by the Authorized Participant or outstanding indebtedness of the Sponsor or the Trust or (v)&nbsp;any dividend or distribution of any kind declared, paid or made on such Shares; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(r)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Trust is not and, after giving effect to the offering and sale of the Shares, will not be an
&#147;investment company&#148; or an entity &#147;controlled&#148; by an &#147;investment company,&#148; as such terms are defined in the Investment Company Act; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(s)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">except as set forth or incorporated by reference in the Registration Statement and the Prospectus, the Sponsor
and the Trust own, or have obtained, valid and enforceable licenses for, or other rights to use, the inventions, patent applications, patents, trademarks (both registered and unregistered), tradenames, copyrights, trade secrets and other proprietary
information described in the Registration Statement and the Prospectus as being owned or licensed by them or which are necessary for the conduct of their respective businesses, (collectively, &#147;<U>Intellectual Property</U>&#148;); (i)&nbsp;to
the knowledge of the Sponsor or the Trust, there are no third parties who have or will be able to establish rights to any Intellectual Property, except for the ownership rights of the owners of the Intellectual Property which is licensed to the
Sponsor or the Trust; (ii)&nbsp;to the knowledge of the Sponsor or the Trust, there is no infringement by third parties of any Intellectual Property other than third parties infringing the Sponsor&#146;s trademark for &#147;GLD&#148; by
incorporating &#147;GLD&#148; in other trading symbols; (iii)&nbsp;there is no pending or, to the knowledge of the Sponsor or the Trust, threatened action, suit, proceeding or claim by others challenging the Sponsor&#146;s or the Trust&#146;s rights
in or to any Intellectual Property, and the Sponsor and the Trust are unaware of any facts which could form a reasonable basis for any such claim; (iv)&nbsp;there is no pending or, to the knowledge of the Sponsor or the Trust, threatened action,
suit, proceeding or claim by others challenging the validity or scope of any Intellectual Property, other than the patents and patent applications licensed to the Sponsor by the Bank of New York, as to which the Sponsor and the Trust have no
knowledge of any such pending or threatened claims, and the Sponsor and the Trust are unaware of any facts which could form a reasonable basis for any such claim; (v)&nbsp;there is no pending or, to the knowledge of the Sponsor or the Trust,
threatened action, suit, proceeding or claim by others that the Sponsor or the Trust infringes or otherwise violates any patent, trademark, copyright, trade secret or other proprietary rights of others, and the Sponsor and the Trust are unaware of
any facts which could form a reasonable basis for any such claim; (vi)&nbsp;to the knowledge of the Sponsor or the Trust, there is no patent or patent application that contains claims that interfere with the issued or pending claims of any of the
Intellectual Property; and (vii)&nbsp;to the knowledge of the Sponsor or the Trust, there is no prior art that may render any patent application licensed to the Sponsor by The Bank of New York unpatentable; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(t)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">all tax returns required to be filed by the Sponsor have been filed, and all taxes and other assessments of a
similar nature (whether imposed directly or through withholding) including any interest, additions to tax or penalties applicable thereto due or claimed to be due from such entities have been paid; and no tax returns or tax payments are due with
respect to the Trust as of the date of this Agreement; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(u)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">neither the Sponsor nor the Trustee on behalf of the Trust has sent or received any communication regarding
termination of, or intent not to renew, any of the contracts or agreements referred to or described in, or filed as an exhibit to, the Registration Statement, and no such termination or non-renewal has been threatened by the Sponsor, the Trustee on
behalf of the Trust or any other party to any such contract or agreement; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">with respect to its activities on behalf of the Trust, as provided for in the Trust Indenture, the Trustee
maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i)&nbsp;transactions are executed in accordance with the Trust Indenture and the Trustee&#146;s duties thereunder; (ii)&nbsp;transactions with
respect to the Trust are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain accountability for assets; and (iii)&nbsp;assets are held for the Trust by the
Custodian in accordance with the Trust Indenture; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(w)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">on behalf of the Trust, the Sponsor has established and maintains disclosure controls and procedures (as such
term is defined in Rule 13a-14 and 15d-14 under the 1934 Act, giving effect to the rules and regulations, and SEC staff interpretations (whether or not public), thereunder)); such disclosure controls and procedures are designed to ensure that
material information relating to the Trust, is made known to the Sponsor, and such disclosure controls and procedures are effective to perform the functions for which they were established; on behalf of the Trust, the Sponsor has been advised of:
(i)&nbsp;any significant deficiencies in the design or operation of internal controls which could adversely affect the Trust&#146;s ability to record, process, summarize, and report financial data; and (ii)&nbsp;any fraud, whether or not material,
that involves management or other employees who have a role in the Trust&#146;s internal controls; any material weaknesses in internal controls have been identified for the Trust&#146;s auditors; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(x)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">any statistical and market-related data included in the Registration Statement and the Prospectus are based on
or derived from sources that the Sponsor believes to be reliable and accurate, and the Sponsor has obtained the written consent to the use of such data from such sources to the extent required; and </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-6 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(y)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">neither the Sponsor, nor any of the Sponsor&#146;s directors, members, officers, affiliates or controlling
persons (but excluding the members of the World Gold Council and their controlling persons) nor the Trustee has taken, directly or indirectly, any action designed, or which has constituted or might reasonably be expected to cause or result in, under
the 1934 Act or otherwise, the stabilization or manipulation of the price of any security or asset of the Trust to facilitate the sale or resale of the Shares; and there are no affiliations or associations between any member of FINRA and any of the
Sponsor&#146;s officers, directors or 5% or greater security holders, except as set forth in the Registration Statement and the Prospectus. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each of the obligations of the Sponsor to be performed by it on or before the date hereof pursuant to the terms
of the Agreement, and each of the provisions thereof to be complied with by the Sponsor on or before the date hereof, has been duly performed and complied with in all material respects. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Capitalized terms used, but not defined herein shall have the meanings assigned to such terms in the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[SIGNATURE PAGE TO FOLLOW] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-7 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, I have hereunto, on behalf of the Sponsor, subscribed my name as
of the date first set forth above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR></TABLE></DIV>
<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I,
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, in my capacity as [Secretary], hereby certify that
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>is the duly elected [<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>Chief
</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Principal </U></FONT><FONT STYLE="font-family:Times New Roman">Executive Officer] of the Sponsor, and
that the signature set forth immediately above is [his/her] genuine signature. </FONT></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, I have hereunto set my hand as of the
date first set forth above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR></TABLE></DIV>
<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-8 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> GOLD TRUST </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PARTICIPANT AGREEMENT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ATTACHMENT
A </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> GOLD TRUST PROCEDURES</U><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> FOR HSBC BANK PLC</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CREATION AND REDEMPTION OF SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> GOLD SHARES AND RELATED GOLD TRANSACTIONS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Scope of Procedures and Overview </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These procedures (the
&#147;<U>Procedures</U>&#148;) describe the processes by which one or more Baskets of SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust shares (the &#147;<U>Shares</U>&#148;) issuable by BNY Mellon Asset Servicing, a division
of The Bank of New York Mellon, as trustee (the &#147;<U>Trustee</U>&#148;) of the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE> </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman">Gold Trust (the &#147;<U>Trust</U>&#148;), may be purchased or, once Shares have been issued, redeemed by an Authorized Participant (a &#147;<U>Participant</U>&#148;). Shares may be created or redeemed only in
blocks of 100,000 Shares (each such block, a &#147;<U>Basket</U>&#148;). Because the issuance and redemption of Baskets also involve the transfer of Gold between the Participant and the Trust, certain processes relating to the underlying Gold
transfers also are described. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under these Procedures, Baskets may be issued only with respect to Gold transferred to and held in the Trust&#146;s
allocated Gold accounts maintained in London, England by HSBC Bank plc, as custodian (the &#147;<U>Custodian</U>&#148;). Capitalized terms used in these Procedures without further definition have the meanings assigned to them in the Trust Indenture
(the &#147;<U>Indenture</U>&#148;), dated as of November&nbsp;12, 2004, as amended November&nbsp;26, 2007,&nbsp;May&nbsp;20, 2008,&nbsp;June&nbsp;1, 2011,&nbsp;June&nbsp;18, 2014,&nbsp;March&nbsp;20, 2015,&nbsp;April&nbsp;14, 2015<FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">,</U></FONT><FONT STYLE="font-family:Times New Roman">&nbsp;September&nbsp;5, 2017</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, </U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>and </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman">February&nbsp;6, 2020 </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>October [&#149;],</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> November
30, 2022 </U></FONT><FONT STYLE="font-family:Times New Roman">and as may be further amended from time to time, between the Trustee and World Gold Trust Services, LLC (the &#147;<U>Sponsor</U>&#148;) or the Participant Agreement entered into by each
Participant with the Sponsor and the Trustee. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of these Procedures, a &#147;<U>Business Day</U>&#148; is defined as any day other than
(i)&nbsp;a day on which the Exchange is closed for regular trading or (ii), if the transaction involves the receipt or delivery of Gold or confirmation thereof in the United Kingdom or in some other jurisdiction, (a)&nbsp;a day on which banking
institutions in the United Kingdom or in such other jurisdiction, as the case may be, are authorized by law to close or a day on which the London gold market is closed or (b)&nbsp;a day on which banking institutions in the United Kingdom or in such
other jurisdiction, as the case may be, are authorized to be open for less than a full business day or the London gold market is open for trading for less than a full business day and transaction procedures required to be executed or completed
before the close of the business day may not be so executed or completed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Baskets are issued pursuant to the Prospectus, which will be delivered by the
Sponsor to each Participant prior to its execution of the Participant Agreement, and are issued and redeemed in accordance with the Indenture and the Participant Agreement. Baskets may be issued and redeemed on any Business Day by the Trustee in
exchange for Gold, which the Trustee receives from Participants or transfers to Participants, in each case on behalf of the Trust. Participants will be required to pay a nonrefundable per order transaction fee of $2,000 to the Trustee (the
&#147;<U>Transaction Fee</U>&#148;). </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Participants and the Trust transfer Gold between each other using the unallocated bullion account system of
the London bullion market. Transfers of Gold to and from the Trust are effected pursuant to (i)&nbsp;the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust Allocated Bullion Account Agreement (the &#147;<U>Trust Allocated
Agreement</U>&#148;) between the Trustee and the Custodian establishing the Trust&#146;s allocated account (the &#147;<U>Trust Allocated Account</U>&#148;) and the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust Unallocated
Bullion Account Agreement (the &#147;<U>Trust Unallocated Agreement</U>&#148;) between the Trustee and the Custodian establishing the Trust&#146;s unallocated account (the &#147;<U>Trust Unallocated Account</U>&#148;; the Trust Allocated Agreement
and the Trust Unallocated Agreement are collectively referred to as the &#147;<U>Trust Custody Agreements</U>&#148;) and (ii)&nbsp;the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust Participant Unallocated Bullion Account
Agreement (the &#147;<U>Participant Unallocated Agreement</U>&#148;) between the Participant and HSBC Bank plc, establishing the Participant&#146;s unallocated account (the &#147;<U>Participant Unallocated Account</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gold is transferred between the Trust and Participants through the Trust Unallocated Account. When Gold is to be transferred to the Trust from a Participant
(in exchange for the issuance of Baskets), the Gold is transferred from the Participant Unallocated Account to the Trust Unallocated Account and then transferred from there to the Trust Allocated Account. When Gold is to be transferred to a
Participant (in connection with the redemption of Baskets), the Gold is transferred from the Trust Allocated Account to the Trust Unallocated Account and is transferred from there to the Participant Unallocated Account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Participant Unallocated Account is only to be used in connection with the creation and redemption of Baskets. Use of the Participant Unallocated Account
for transferring Gold to the Trust does not require Participants to acquire Gold from HSBC Bank plc, or to maintain Gold in the Participant Unallocated Account longer than the time required to create or redeem Baskets as described in these
Procedures. Each Participant is responsible for ensuring that the Gold it intends to transfer to the Trust in exchange for Baskets is available for transfer to the Trust in the manner and at the times described in these Procedures. In meeting this
responsibility, the Participant may make such independent arrangements as it sees fit, including the borrowing of Gold, to ensure that the relevant amount(s) of Gold is credited in time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon acceptance of the Participant Agreement by the Sponsor and the Trustee, the Trustee will assign a personal identification number (a &#147;<U>PIN
number</U>&#148;) to each Authorized Person authorized to act for the Participant. This will allow the Participant through its Authorized Person(s) to place Purchase Order(s) or Redemption Order(s) for Baskets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Important Notes: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Any Order is subject to rejection by the Trustee for the reasons set forth in the Indenture or the Participant
Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">All Orders are subject to the provisions of the Indenture, the Trust Custody Agreements and the Participant
Agreement relating to unclear or ambiguous instructions. </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CREATION PROCESS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">An order to purchase one or more Baskets placed by a Participant with the Trustee by 4:00 p.m. N.Y. time on a Business Day (such day, &#147;<U>CREATION
T</U>&#148;) results in the following taking place, in most instances, by 11:00 a.m. N.Y. time (usually 4:00 p.m. London time) on CREATION T+2: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Transfer to the Trust Allocated Account of Gold satisfying the LBMA Good Delivery Rules in the amount
corresponding to the Baskets to be issued; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Transfer to the Participant&#146;s account at The Depository Trust Company (&#147;<U>DTC</U>&#148;) of the number
of Baskets corresponding to the Gold the Participant has transferred to the Trust. </P></TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CREATION PROCEDURES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PLACEMENT OF CREATION ORDER T </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Participants shall place a Purchase Order with the Trustee no later than 3:59:59 p.m. (New York time) (the
&#147;<U>Order Cutoff Time</U>&#148;) on any Business Day. Purchase Orders received by the Trustee on or after the Order Cutoff Time on a Business Day will not be accepted. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">For purposes of <U>Paragraph 1</U> above, a Purchase Order shall be deemed &#147;received&#148; by the Trustee
only when either of the following has occurred no later than the Order Cutoff Time: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Telephone/fax Order &#151; An Authorized Person of the Participant calls the Trustee at
(<FONT COLOR="#ff0000"><STRIKE>718</STRIKE></FONT><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">844</U></FONT>)&nbsp;
<FONT COLOR="#ff0000"><STRIKE>315</STRIKE></FONT><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">545</U></FONT>-<FONT COLOR="#ff0000"><STRIKE>7500
</STRIKE></FONT><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">1258 </U></FONT>to notify the Trustee that the Participant wishes to place a Purchase Order with the Trustee to create an identified number of Baskets and
to request that the Trustee provide an order number (an &#147;<U>Order Number</U>&#148;). The Authorized Person provides a PIN number as identification to the Trustee. The Trustee provides the Participant with an Order Number for the
Participant&#146;s Purchase Order Form. The Participant then completes and sends by fax or email to the Trustee the Purchase Order Form included as <U>Exhibit B</U> to the Participant Agreement. The Purchase Order Form must include the Authorized
Person&#146;s signature, the number of Baskets being purchased, and the Order Number previously provided by the Trustee, or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Web-based Order &#151; An Authorized Person of the Participant shall have accessed the Trustee&#146;s online
services (https://connect.bnymellon.com), the use of which shall be subject to the Order Entry System Terms and Conditions attached hereto as Annex A and incorporated herein by reference. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If the Trustee has not received the Purchase Order Form from the Participant within 15 minutes after the
Trustee receives the phone call from the Participant referenced in item (1)(a)&nbsp;above, the Trustee places a phone call to the Participant to enquire about the status of the Order. If the Participant does not send by fax or email the Purchase
Order Form to the Trustee within 15 minutes after the Trustee&#146;s phone call, the Participant&#146;s Order is cancelled. The Trustee will then notify the Participant that the Order has been cancelled by telephone call. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AA-3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If the Trustee has received the Participant&#146;s Purchase Order Form on time in accordance with the preceding
timing rules, then by 5:00 p.m. N.Y. time the Trustee returns to the Participant a copy of the Purchase Order Form submitted, marking it &#147;Affirmed.&#148; The Trustee also indicates on the Purchase Order Form the amount of Gold and cash, if any,
necessary for the Creation Deposit, and provides details of the method of payment required for the Transaction Fee and the cash portion, if any, of the Creation Deposit. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic
message (Swift MT699) to the Custodian indicating the total ounces of Gold for which the Trustee will require an allocation into the Trust Allocated Account on CREATION T+2. In addition, the authenticated electronic message (Swift MT699) will
separately identify all expected unallocated Gold receipts from each Participant. If the Trustee rejects a Purchase Order pursuant to the Indenture or the Participant Agreement after the foregoing messages are given to the Custodian, the Trustee
will notify the Custodian of such rejection, identifying the Participant whose Purchase Order was rejected and the number of ounces of Gold contained in the rejected Purchase Order. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">By the close of business (usually 5:00 p.m. N.Y. time), each Participant acquiring Baskets on CREATION T+2
sends an authenticated electronic message (Swift MT604) to HSBC Bank plc, with a copy to the Trustee, to transfer on CREATION T+2 from the Participant&#146;s Participant Unallocated Account Gold in the relevant amount(s) to the Trust Unallocated
Account. If the Participant&#146;s instruction does not conform to the Trustee&#146;s instruction specified in the preceding item 4, the Trustee will either (i)&nbsp;send a correcting authenticated electronic message (Swift MT699) to the Custodian
which specifies the delivery of an amount of Gold which conforms to the Participant&#146;s Purchase Order and the Participant&#146;s instruction or (ii)&nbsp;send the Participant an email message notifying the Participant of the discrepancy.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">By the close of business (usually 5:00 p.m. N.Y. time), each Participant acquiring Baskets on CREATION T+2
sends an authenticated electronic message (Swift MT605) to HSBC Bank plc, identifying that Participant&#146;s Participant Unallocated Account into which Gold, in the relevant amount(s), is to be received on CREATION T+1. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CREATION T+1 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">By the close of business in London (usually 4:00 p.m. London time), each Participant submitting a Purchase
Order must ensure that Gold in the relevant amount(s) is credited to the Participant&#146;s Participant Unallocated Account. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AA-4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If by 4:00 p.m. (London time) either (i), unless otherwise resolved beforehand by a correcting authenticated
electronic message from the Trustee (Swift MT699) or a correcting authenticated electronic message from the Participant (Swift MT604) to the satisfaction of the Custodian, the amount of Gold specified in the Participant&#146;s instruction given
under item (5)&nbsp;of CREATION T to transfer Gold from the Participant&#146;s Participant Unallocated Account to the Trust Unallocated Account is not the same as the amount of Gold specified in the advice given by the Trustee under item (4)&nbsp;of
CREATION T with regard to the expected unallocated Gold receipts from each Participant or (ii)&nbsp;sufficient Gold to permit the Custodian to effect such Participant&#146;s instruction is not credited to the Participant&#146;s Participant
Unallocated Account, such Participant&#146;s instruction shall be automatically revoked as of 4:00 p.m. London time and the Custodian will notify the Participant of such revocation. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Custodian will send the Trustee an email message by 5:00 p.m. London time (usually 12:00 noon N.Y. time)
identifying each Participant&#146;s instruction that has been revoked pursuant to the preceding item 2. The relevant Participant&#146;s Purchase Order shall be automatically cancelled as of 4:00 p.m. London time upon such revocation and the Trustee
will send an email message to each Participant with a cancelled Purchase Order informing the Participant of such cancellation. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CREATION
T+2 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Custodian transfers the relevant amount(s) of Gold from the Participant&#146;s Participant Unallocated
Account to the Trust Unallocated Account. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">As of 2:00 p.m. London time (usually 9:00 a.m. N.Y. time), the Custodian will notify the Trustee by email and
fax of the status of the allocation process, including (i)&nbsp;the amount of Gold transferred to the Trust Unallocated Account from each Participant&#146;s Participant Unallocated Account, separately stated; (ii)&nbsp;the amount of Gold that has
been transferred into the Trust Allocated Account from the Trust Unallocated Account, and (iii)&nbsp;the amount of Gold, if any, remaining in the Trust Unallocated Account. In the event there is any need for clarification of the status of the
allocation process, the Trustee will telephone the Custodian to obtain such clarification. This notice does not reflect the official transfer record of the Custodian, which is completed as of the conclusion of the Custodian&#146;s Business Day.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">At 11:00 a.m. N.Y. time (usually 4:00 p.m. London time), following receipt of the notice from the Custodian of
the status of the allocation process described in item (2)&nbsp;above, the Trustee authorizes the creation and issuance of the Baskets ordered by each Participant on CREATION T for which the Trustee has received confirmation from the Custodian that
the relevant amount(s) of Gold have been transferred from the Trust Unallocated Account to the Trust Allocated Account. If the Custodian is unable to complete the allocation of Gold from the Trust Unallocated Account to the Trust Allocated Account
by such time, the Trustee will issue Baskets as soon as practical after the Custodian has notified the Trustee by email and fax that it has completed the allocation of Gold to the Trust Allocated Account in the relevant amount(s). The creation and
issuance of Baskets will occur through the DTC system known as &#147;Deposit and Withdrawal at Custodian&#148; or &#147;<U>DWAC</U>.&#148; </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Redemption Process Follows on Next Page] </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AA-5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">REDEMPTION PROCESS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">An order to redeem one or more Baskets placed by a Participant with the Trustee by 4:00 p.m. N.Y. time on a Business Day (such day, &#147;<U>REDEMPTION
T</U>&#148;) results in the following taking place by 11:00 a.m. N.Y. time (usually 4:00 p.m. London time) on REDEMPTION T+2: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Transfer to the Trustee&#146;s account at DTC and the subsequent cancellation of the relevant number of the
Participant&#146;s Baskets; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Transfer to the Participant by credit to the Participant&#146;s Participant Unallocated Account of Gold and cash,
if any, in the relevant amount(s) corresponding to the Baskets delivered for redemption (the &#147;<U>Redemption Distribution</U>&#148;). </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">REDEMPTION PROCEDURES </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PLACEMENT OF REDEMPTION
ORDER T </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Participants shall place a Redemption Order with the Trustee no later than 3:59:59 p.m. (New York time) (the
&#147;<U>Order Cutoff Time</U>&#148;) on any Business Day. Redemption Orders received by the Trustee on or after the Order Cutoff Time on a Business Day will not be accepted. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">For purposes of <U>Paragraph 1</U> above, a Redemption Order shall be deemed &#147;received&#148; by the
Trustee only when either of the following has occurred no later than the Order Cutoff Time: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Telephone/fax Order &#151; An Authorized Person of the Participant calls the Trustee at (718)&nbsp;315-7500 to
notify the Trustee that the Participant wishes to place a Redemption Order with the Trustee to redeem an identified number of Baskets and to request that the Trustee provide an Order Number. The Authorized Person provides a PIN number as
identification to the Trustee. The Trustee provides the Participant with an Order Number for the Participant&#146;s Redemption Order Form. The Participant then completes and sends by fax or email to the Trustee the Redemption Order Form included as
<U>Exhibit B</U> to the Participant Agreement. The Redemption Order Form must include the Authorized Person&#146;s signature, the number of Baskets being redeemed, and the Order Number previously provided by the Trustee., or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Web-based Order &#151; An Authorized Person of the Participant shall have accessed the Trustee&#146;s online
services (https://connect.bnymellon.com), the use of which shall be subject to the Order Entry System Terms and Conditions attached hereto as Annex A and incorporated herein by reference. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If the Trustee has not received the Redemption Order Form from the Participant within 15 minutes after the
Trustee receives the phone call from the Participant referenced in item (1)(a)&nbsp;above, the Trustee places a phone call to the Participant to enquire about the status of the Order. If the Participant does not send by fax or email to the Trustee
the Redemption Order Form within 15 minutes after the Trustee&#146;s phone call, the Participant&#146;s Order is cancelled. The Trustee will then notify the Participant that the Order has been cancelled by telephone call. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AA-6 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If the Trustee has received the Participant&#146;s Redemption Order Form on time in accordance with the
preceding timing rules, then by 5:00 p.m. N.Y. time the Trustee returns to the Participant a copy of the Redemption Order Form submitted, marking it &#147;Affirmed.&#148; The Trustee also indicates on the Redemption Order Form the amount of Gold and
cash, if any, to be delivered in the Redemption Distribution, and provides details of the method of payment to be used for the Transaction Fee and the method of delivery of the cash portion, if any, of the Redemption Distribution.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">By the close of business (usually 5:00 p.m. N.Y. time), each Participant redeeming Baskets on REDEMPTION T+2
sends an authenticated electronic message (Swift MT605) to HSBC Bank plc, identifying that Participant&#146;s Participant Unallocated Account into which Gold, in the relevant amount(s), is to be received on REDEMPTION T+2. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">By the close of business (usually 5:00 p.m. N.Y. time), the Trustee sends an authenticated electronic message
(SWIFT MT699) containing instructions to the Custodian to transfer on REDEMPTION T+2 from the Trust Allocated Account to the Trust Unallocated Account (&#147;<U>deallocate</U>&#148;) the total amount of Gold required to settle the Redemption Orders
received by the Trustee on REDEMPTION T. If the Trustee rejects a Redemption Order pursuant to the Indenture or the Participant Agreement after the foregoing message is sent, the Trustee will notify the Custodian of such rejection, identifying the
Participant whose Redemption Order was rejected and the number of ounces of Gold contained in the rejected Redemption Order. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">REDEMPTION
T+2 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Between 9:00 a.m. London time and 2:00 p.m. London time, the Custodian deallocates Gold in the amount(s)
specified in the Trustee&#146;s instructions sent on REDEMPTION T. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">By 9:00 a.m. N.Y. time, the Participant delivers free to the Trustee&#146;s Participant account at DTC (#2209)
the Baskets to be redeemed. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If the Trustee does not receive from a redeeming Participant all Shares comprising the Baskets being redeemed
by 9:00 a.m. N.Y. time, the Trustee will (i)&nbsp;settle the Redemption Order to the extent of whole Baskets received from the Participant and (ii)&nbsp;keep the redeeming Participant&#146;s Redemption Order open until 9:00 a.m. N.Y. time on the
following Business Day (REDEMPTION T+3) as to the balance of the Redemption Order (such balance, the &#147;<U>Suspended Redemption Order</U>&#148;). For each day (whether or not a Business Day) the Redemption Order is held open, the Participant will
be charged by the Trustee the greater of $300 or $30 times the number of Baskets included in the Suspended Redemption Order. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AA-7 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">By 10:00 a.m. New York time (usually 3:00 p.m. London time), the Trustee sends an authenticated electronic
message (Swift MT699) to the Custodian directing the Custodian to transfer Gold in the relevant amount from the Trust Unallocated Account to the Participant Unallocated Account. When London is, and New York is not, on daylight savings time, such
message must be received by the Custodian no later than 3:30 p.m. London time. The Custodian will make reasonable commercial efforts to allocate Gold remaining in the Trust Unallocated Account after this transfer to the Trust Allocated Account by
the close of business in London, in accordance with the standing instruction in the Trust Custody Agreements. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">By close of business in New York (usually 5:00 p.m. N.Y. time), the Trustee sends an authenticated electronic
message (Swift MT699) containing instructions to the Custodian to transfer the total amount of Gold involved in that day&#146;s Suspended Redemption Order(s) from the Trust Allocated Account to the Trust Unallocated Account by 9:00 a.m. N.Y. time
(usually 2:00 p.m. London time) the following Business Day. This amount will be in addition to any amount being transferred pursuant to an existing instruction to deallocate in respect of redemptions settling in the normal schedule, for which the
following day will be REDEMPTION T+2. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">By the close of business in New York (usually 5:00 p.m. N.Y. time), each Participant redeeming Baskets on
REDEMPTION T+3 with respect to a Suspended Redemption Order sends an authenticated electronic message (Swift MT699) to HSBC Bank plc, identifying that Participant&#146;s Participant Unallocated Account into which Gold, in the relevant amount(s), is
to be received on REDEMPTION T+3. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SUSPENDED REDEMPTION ORDER T+3 </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">By 9:00 a.m. N.Y. time (usually 2:00 p.m. London time), the redeeming Participant must deliver free to the
Trustee&#146;s Participant account at DTC (#2209) the Basket(s) comprising the Suspended Redemption Order. The Trustee will settle the Suspended Redemption Order to the extent of whole Baskets received. Any balance of the Suspended Redemption Order
will be cancelled. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The sequence of instructions and events related to the settlement of the Suspended Redemption Order on
REDEMPTION T+3 will be made in the manner provided for a Redemption Order under REDEMPTION T+2. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AA-8 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ANNEX A TO ATTACHMENT A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ORDER ENTRY SYSTEM TERMS AND CONDITIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Annex shall govern use by an Authorized Participant of the electronic order entry system for placing Purchase Orders and Redemption Orders for Shares
(the &#147;<U>System</U>&#148;). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement or the Procedures. In the event of any conflict between the terms of this Annex A and either the
Agreement or the Procedures with respect to the placing of Purchase Orders and Redemption Orders, the terms of this Annex A shall control. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. (a) Authorized Participant shall provide to The Bank of New York Mellon, a New York corporation authorized to do banking business (the
&#147;<U>Transfer Agent</U>&#148;) a duly executed authorization letter, in a form satisfactory to Transfer Agent, identifying those Authorized Persons who will access the System. Authorized Participant shall notify the Transfer Agent promptly in
writing, including, but not limited to, by electronic mail, in the event that any person&#146;s status as an Authorized Person is revoked or terminated, in order to give the Transfer Agent a reasonable opportunity to terminate such Authorized
Person&#146;s access to the System. The Transfer Agent shall promptly revoke access of such Authorized Person to the electronic entry systems through which Purchase Orders and Redemption are submitted by such person on behalf of the Authorized
Participant. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) It is understood and agreed that each Authorized Person shall be designated as an authorized user of Authorized
Participant for the purpose of the Agreement. Upon termination of the Agreement, the Authorized Participant&#146;s and each Authorized Person&#146;s access rights with respect to System shall be immediately revoked. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. Transfer Agent grants to Authorized Participant a personal, nontransferable and nonexclusive license to use the System solely for the
purpose of transmitting Purchase Orders and Redemption Orders and otherwise communicating with Transfer Agent in connection with the same. Authorized Participant shall use the System solely for its own internal and proper business purposes. Except
as set forth herein, no license or right of any kind is granted to Authorized Participant with respect to the System. Authorized Participant acknowledges that Transfer Agent and its suppliers retain and have title and exclusive proprietary rights to
the System. Authorized Participant further acknowledges that all or a part of the System may be copyrighted or trademarked (or a registration or claim made therefor) by Transfer Agent or its suppliers. Authorized Participant shall not take any
action with respect to the System inconsistent with the foregoing acknowledgments. Authorized Participant may not copy, distribute, sell, lease or provide, directly or indirectly, the System or any portion thereof to any other person or entity
without Transfer Agent&#146;s prior written consent. Authorized Participant may not remove any statutory copyright notice or other notice included in the System. Authorized Participant shall reproduce any such notice on any reproduction of any
portion of the System and shall add any statutory copyright notice or other notice upon Transfer Agent&#146;s request. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AA-9 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. (a) Authorized Participant acknowledges that any user manuals or other documentation
(whether in hard copy or electronic form) (collectively, the &#147;<U>Material</U>&#148;), which is delivered or made available to Authorized Participant regarding the System is the exclusive and confidential property of Transfer Agent. Authorized
Participant shall keep the Material confidential by using the same care and discretion that Authorized Participant uses with respect to its own confidential property and trade secrets, but in no event less than reasonable care. Authorized
Participant may make such copies of the Material as is reasonably necessary for Authorized Participant to use the System and shall reproduce Transfer Agent&#146;s proprietary markings on any such copy. The foregoing shall not in any way be deemed to
affect the copyright status of any of the Material which may be copyrighted and shall apply to all Material whether or not copyrighted. TRANSFER AGENT AND ITS SUPPLIERS MAKE NO WARRANTIES, EXPRESS OR IMPLIED, CONCERNING THE MATERIAL OR ANY PRODUCT
OR SERVICE, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Upon termination of the
Agreement for any reason, Authorized Participant shall return to Transfer Agent all copies of the Material which is in Authorized Participant&#146;s possession or under its control. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. Authorized Participant agrees that it shall have sole responsibility for maintaining adequate security and control of the user IDs,
passwords and codes for access to the System, which shall not be disclosed to any third party without the prior written consent of Transfer Agent. Transfer Agent shall be entitled to rely on the information received by it from the Authorized
Participant and Transfer Agent may assume that all such information was transmitted by or on behalf of an Authorized Person regardless of by whom it was actually transmitted, unless the Authorized Participant shall have notified the Transfer Agent a
reasonable time prior that such person is not an Authorized Person. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. Transfer Agent shall have no liability in connection with the use
of the System, the access granted to the Authorized Participant and its Authorized Persons hereunder, or any transaction effected or attempted to be effected by the Authorized Participant hereunder, except for damages incurred by the Authorized
Participant as a direct result of Transfer Agent&#146;s negligence or willful misconduct. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, IT IS HEREBY AGREED THAT IN NO EVENT SHALL TRANSFER AGENT OR ANY MANUFACTURER OR SUPPLIER OF EQUIPMENT,
SOFTWARE OR SERVICES BE RESPONSIBLE OR LIABLE FOR ANY SPECIAL, INDIRECT, OR CONSEQUENTIAL DAMAGES WHICH THE AUTHORIZED PARTICIPANT MAY INCUR OR EXPERIENCE BY REASON OF ITS HAVING ENTERED INTO OR RELIED ON THIS AGREEMENT, OR IN CONNECTION WITH THE
ACCESS GRANTED TO THE AUTHORIZED PARTICIPANT HEREUNDER, OR ANY TRANSACTION EFFECTED OR ATTEMPTED TO BE EFFECTED BY THE AUTHORIZED PARTICIPANT HEREUNDER, EVEN IF TRANSFER AGENT OR SUCH MANUFACTURER OR SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF
SUCH DAMAGES, NOR SHALL TRANSFER AGENT OR ANY SUCH MANUFACTURER OR SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION OF COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR
DISSIMILAR CAUSE BEYOND SUCH PERSON&#146;S REASONABLE CONTROL. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AA-10 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. Transfer Agent reserves the right to revoke Authorized Participant&#146;s access to the
System, with written notice, upon any breach by the Authorized Participant of the terms and conditions of this Annex A. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. Transfer Agent
shall acknowledge through the System its receipt of each Purchase Order or Redemption Order communicated through the System, and in the absence of such acknowledgment Transfer Agent shall not be liable for any failure to act in accordance with such
orders and Authorized Participant may not claim that such Purchase Order or Redemption Order was received by Transfer Agent. Transfer Agent may in its discretion decline to act upon any instructions or communications that are insufficient or
incomplete or are not received by Transfer Agent in sufficient time for Transfer Agent to act upon, or in accordance with such instructions or communications. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. Authorized Participant agrees to use reasonable efforts consistent with its own procedures used in the ordinary course of business to
prevent the transmission through the System of any software or file which contains any viruses, worms, harmful component or corrupted data and agrees not to use any device, software, or routine to interfere or attempt to interfere with the proper
working of the Systems. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. Authorized Participant acknowledges and agrees that encryption may not be available for every communication
through the System, or for all data. Authorized Participant agrees that Transfer Agent may deactivate any encryption features at any time, without notice or liability to Authorized Participant, for the purpose of maintaining, repairing or
troubleshooting its systems. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AA-11 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> GOLD TRUST </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PARTICIPANT AGREEMENT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ATTACHMENT
B </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>HSBC BANK PLC </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[NAME OF Participant] </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SPDR<SUP
STYLE="font-size:75%; vertical-align:top">&reg;</SUP> G<SMALL>OLD</SMALL> T<SMALL>RUST</SMALL> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">P<SMALL>ARTICIPANT</SMALL>
U<SMALL>NALLOCATED</SMALL> B<SMALL>ULLION</SMALL> A<SMALL>CCOUNT</SMALL> A<SMALL>GREEMENT</SMALL> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BB-1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THIS AGREEMENT</B> (&#147;Agreement&#148;) is made on
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 20__ </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>BETWEEN </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>HSBC B<SMALL>ANK</SMALL> PLC, </B>a company incorporated under the laws of England and Wales, whose
principal place of business is at 8 Canada Square, London E14 5HQ (&#147;<B>we</B>&#148; or &#147;<B>us</B>&#148;); and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>[NAME OF Participant]</B> a company incorporated under the laws of
<B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</B>, whose [registered office][principal place of business] is at <B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
</B>(&#147;<B>you</B>&#148;). </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>INTRODUCTION </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have agreed to open and maintain for you an Unallocated Account (defined below) in connection with your being a Participant with respect to the SPDR<SUP
STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust, and to provide other services to you in connection with the Unallocated Account. This agreement sets out the terms under which we will provide those services to you and the
arrangements which will apply in connection with those services. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IT IS AGREED AS FOLLOWS: </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>INTERPRETATION </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.1</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Definitions: </I></B>In this agreement: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Account Balance</B>&#148; means the balance from time to time standing to your credit in your Unallocated Account. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Availability Date</B>&#148; means the Business Day on which you wish to transfer Precious Metal to us for deposit into the Unallocated
Account. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Bullion</B>&#148; means the Precious Metal standing to your credit in your Unallocated Account. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Business Day</B>&#148; means a day other than (i)&nbsp;a day on which the Exchange (as defined in the Trust Indenture) is closed for
regular trading or (ii), if the transaction involves the receipt or delivery of gold or confirmation thereof in the United Kingdom or in some other jurisdiction, (a)&nbsp;a day on which banking institutions in the United Kingdom or in such other
jurisdiction, as the case may be, are authorized by law to close or a day on which the London gold market is closed or (b)&nbsp;a day on which banking institutions in the United Kingdom or in such other jurisdiction, as the case may be, are
authorized to be open for less than a full business day or the London gold market is open for trading for less than a full business day and transaction procedures required to be executed or completed before the close of the business day may not be
so executed or completed. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BB-2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Share&#148;</B>
means each unit of fractional undivided beneficial interest in and ownership of the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Trust, as the same shall be created and issued pursuant to the Trust Indenture. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust</B>&#148; means the Trust created under the Trust Indenture.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>LBMA Gold Price AM</B>&#148; means the price of an ounce of gold as fixed by The ICE Benchmark Administration Limited on or about
10:30 a.m. London, England, time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;LBMA Gold Price PM&#148;</B> means the price of an ounce of gold as fixed The ICE Benchmark
Administration Limited on or about 3:00 p.m. London, England, time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>LBMA</B>&#148; means The London Bullion Market Association or
its successors. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Participant</B>&#148; means a Participant as defined in the Trust Indenture. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Participant Agreement</B>&#148; means that certain Participant Agreement in effect from time to time between you and the Trustee on
behalf of the Trust, pursuant to the Trust Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Point of Delivery</B>&#148; means such date and time that the recipient or
its agent acknowledges in written form its receipt of delivery of Precious Metal. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Precious Metal</B>&#148; means gold. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Rules</B>&#148; means the rules, regulations, practices and customs of the LBMA (including the rules of the LBMA as to good delivery),
the Bank of England and such other regulatory authority or body as shall affect the activities contemplated by this agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Sponsor</B>&#148; means World Gold Trust Services, LLC. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Trustee</B>&#148; means BNY Mellon Asset Servicing, a division of The Bank of New York Mellon. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Trust Indenture</B>&#148; means that certain Trust Indenture of the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>
Gold Trust dated as of November&nbsp;12, 2004, as amended from time to time, between the Sponsor and the Trustee. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Trust
Unallocated Account</B>&#148; means the account maintained by us for the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust in relation to Gold (as defined in the Trust Indenture) pursuant to the Trust Unallocated Bullion
Account Agreement (as defined in the Trust Indenture). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Unallocated Account</B>&#148; means the account maintained by us in your
name on an Unallocated Basis pursuant to this agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Unallocated Basis</B>&#148; means, with respect to a Precious Metal
account maintained with us, that the person in whose name the account is held is entitled to call on us to deliver in accordance with the Rules an amount of Precious Metal equal to the amount of Precious Metal standing to the credit of the
person&#146;s account but has no ownership interest in any Precious Metal that we own or hold. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BB-3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>VAT</B>&#148; means value added tax as provided for in the Value Added Tax Act 1994
(as amended or re-enacted from time to time) and legislation supplemental thereto and any other tax (whether imposed in the United Kingdom in substitution thereof or in addition thereto or elsewhere) of a similar fiscal nature. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Withdrawal Date</B>&#148; means the Business Day on which you wish to withdraw Precious Metal from your Unallocated Account. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.2</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Headings: </I></B>The headings in this agreement do not affect its interpretation. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.3</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Singular and plural; other usages:</I></B> References to the singular include the plural and vice versa.
A reference to &#147;<I>A</I> or <I>B</I>&#148; means &#147;<I>A</I> or <I>B</I> or both <I>A</I> and <I>B</I>&#148;. &#147;Including&#148; means &#147;including but not limited to&#148;. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>UNALLOCATED ACCOUNTS </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.1</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Opening Unallocated Account:</I></B> We shall open and maintain an Unallocated Account for you under this
Agreement solely in respect of Bullion to be transferred between you and the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust or withdrawn in accordance with clause 4. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.2</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Denomination of Unallocated Account: </I></B>The Unallocated Account shall evidence and record the amount
of Bullion standing to your credit therein, and increases and decreases to that amount. The Unallocated Account shall be denominated in fine ounces of gold to three decimal places. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.3</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Reports: </I></B>We will provide you with monthly statements of your Account Balance and debit and credit
advices will be sent to you following each deposit into and withdrawal from the Unallocated Accounts. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">2.4<B><I> Reversal of entries:</I></B> We at all times reserve the right to reverse any provisional or
erroneous entries to your Unallocated Account with effect back-valued to the date upon which the final or correct entry (or no entry) should have been made. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>DEPOSITS </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.1</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Procedure:</I></B> You may at any time notify us of your intention to deposit Precious Metal in your
Unallocated Account. A deposit may be made (in the manner and accompanied by such documentation as we may require) only by transfer from an account of yours relating to the same kind of Precious Metal and having the same denomination as that to
which this Unallocated Account relates. We will not accept physical delivery of Precious Metal into this account. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.2</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Notice requirements: </I></B>Any notice relating to a deposit of Precious Metal must be in writing and:
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BB-4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">be received by us no later than 2.00 p.m. (London time) on the Availability Date unless otherwise agreed;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">specify the details of the account from which the Precious Metal will be transferred; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">specify the amount (in the appropriate denomination) of the Precious Metal to be credited to the Unallocated
Account, the Availability Date and any other information which we may from time to time require. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.3</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Timing: </I></B>A deposit of Precious Metal will not be credited to an Unallocated Account until an
account of ours with any bank, broker or other firm has been credited with an amount of Precious Metal equal to the amount of such deposit. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.4</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Right to refuse Precious Metal or amend procedure:</I></B> We may refuse to accept Precious Metal, amend
the procedure in relation to the deposit of Precious Metal or impose such additional procedures in relation to the deposit of Precious Metal as we may from time to time consider appropriate. Any such refusal, amendment or additional procedures will
be promptly notified to you. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>WITHDRAWALS </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.1</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Procedure:</I></B> You may at any time notify us of your intention to withdraw Precious Metal standing to
the credit of your Unallocated Account. We will transfer Bullion from your Unallocated Account only at such times and on such terms as specified in your instructions to us. A withdrawal may be made (in the manner and accompanied by such
documentation as we may require) by: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">transfer to an account of yours relating to the same kind of Precious Metal and having the same denomination as
that to which the Unallocated Account relates; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the collection by you of Precious Metal from us at our vault premises, or as we may direct, at your expense and
risk; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">by delivery of Precious Metal to you at such location as you direct, at your expense and risk; or
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">transfer to the Trust Unallocated Account. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Any Precious Metal made available to you pursuant to clause 4.1 (b)&nbsp;or (c)&nbsp;will be in a form which complies with the Rules or in such
other form as may be agreed between us. We are entitled to select the Precious Metal to be made available to you pursuant to clause 4.1(b) or (c)&nbsp;which in all cases will comprise one or more whole bars selected by us (or other form as agreed),
the combined fine weight of which will not exceed the number of fine ounces of Bullion you have instructed us to withdraw. In connection with any withdrawal pursuant to clause&nbsp;4.1(d) you must have sufficient Precious Metal in the Unallocated
Account by 4:00 p.m. (London time) on the day before the Withdrawal Date </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BB-5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
to permit us to complete the withdrawal. Anything in this agreement to the contrary notwithstanding, and without limiting your right to withdraw Bullion, we shall not be obliged to effect any
requested delivery if, in our reasonable opinion, this would cause us or our agents to be in breach of the Rules or other applicable law, court order or regulation, the costs incurred would be excessive or delivery is impracticable for any reason.
When pursuant to your instruction Bullion is physically withdrawn from your Unallocated Account, all right, title, risk and interest in and to the Bullion withdrawn shall pass to you at the Point of Delivery. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.2</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Notice and instruction requirements: </I></B>Any notice or instruction relating to a withdrawal of
Precious Metal must be in writing and specify the amount (in the appropriate denomination) of the Precious Metal to be debited to the Unallocated Account, the Withdrawal Date and any other information which we may from time to time require. The
following rules determine when we must receive your notice or instruction to withdraw Precious Metal: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">if the notice or instruction relates to a withdrawal pursuant to clause 4.1(d) to effect a transfer of Precious
Metal to the Trust Unallocated Account in accordance with the Participant Agreement, it must received by us no later than 9.00 a.m. (London time) not less than two Business Days prior to the Withdrawal Date and specify the details of the Trust
Unallocated Account to which the Precious Metal is to be transferred; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">if the notice or instruction relates to a withdrawal pursuant to clause 4.1(a), it must be received by us no
later than 2.00 p.m. (London time) on the Withdrawal Date unless otherwise agreed and must specify the details of the account to which the Precious Metal is to be transferred; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">if the notice or instruction relates to a withdrawal pursuant to clause 4.1(b) or (c), it must be received by
us no later than 11.30 a.m. (London time) not less than two Business Days prior to the Withdrawal Date unless otherwise agreed and specify the name of the person or carrier that will collect the Precious Metal from us or the identity of the person
to whom delivery is to be made, as the case may be. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.3</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Right to amend procedure:</I></B> We may amend the procedure for the withdrawal of Precious Metal from an
Unallocated Account or impose such additional procedures as we may from time to time consider appropriate. Any such amendments or additional procedures will be promptly notified to you. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.4</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Delivery obligations</I></B><B>:</B> Unless otherwise instructed, we shall make transportation and
insurance arrangements in accordance with our usual practice. Where instructions are given, we shall use all reasonable efforts to comply with the same. We shall not be obliged to effect any requested delivery if, in our reasonable opinion, this
would cause us or our agents to be in breach of the Rules or other applicable law, court order or regulation; the costs incurred would be excessive or delivery is impracticable for any reason. All insurance and transportation costs shall be for your
account. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BB-6 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.5</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B></B>Physical withdrawal of entire Unallocated Account balance<B>: </B>If, when you notify us in connection
with a physical withdrawal of Bullion from your Unallocated Account under clause 4.4 that you are withdrawing the entire balance in your Unallocated Account (or when a physical withdrawal under clause 4.4 would, in our determination, result in the
entire balance in your Unallocated Account being withdrawn), the physical withdrawal instruction may not be effected by our selection of one or more whole bars of Bullion the combined fine weight of which does not exceed the balance of your
Unallocated Account that you are withdrawing, then we will make available to you in accordance with clause 4.4 the number of whole bars that can be accommodated under your instruction. If you have another Unallocated Account with us relating to
Precious Metal, we will transfer the remainder of the balance to that account, and if you do not have another Unallocated Account with us, we will purchase for cash the remainder of the Bullion in your Unallocated Account based on the LBMA Gold
Price AM on the date you are withdrawing the Bullion physically, or if there is no LBMA Gold Price AM for such date, then the LBMA Gold Price AM for the next Business Day. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>INSTRUCTIONS </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.1</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Your representatives:</I></B> You shall notify us promptly in writing of the names of the people who are
authorised to give instructions on your behalf. Until we receive written notice to the contrary, we are entitled to assume that any of those people have full and unrestricted power to give us instructions on your behalf. We are also entitled to rely
on any instructions which are from, or which purport to emanate from, any person who appears to have such authority. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.2</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Amendments:</I></B> Once given, instructions continue in full force and effect until they are cancelled,
amended or superseded. We must receive an instruction cancelling, amending or superseding a prior instruction before the time the prior instruction is acted upon. Any such instructions shall have effect only after actual receipt by us.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.3</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Unclear or ambiguous instructions:</I></B> If, in our opinion, any instructions are unclear or ambiguous,
we will use reasonable endeavours (taking into account any relevant time constraints) to obtain clarification of those instructions but, failing that, we may in our absolute discretion and without any liability on our part, act upon what we believe
in good faith such instructions to be or refuse to take any action or execute such instructions until any ambiguity or conflict has been resolved to our satisfaction. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.4</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Refusal to execute:</I></B> We reserve the right to refuse to execute instructions if in our opinion they
are or may be contrary to the Rules or any applicable law. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.5</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Revocation of Instructions:</I></B> If, in connection with an instruction to effect a withdrawal pursuant
to clause&nbsp;4.1(d), by 4:00 p.m. (London time) on the day before the Withdrawal Date either (i)&nbsp;the amount of Precious Metal specified in your instruction does not agree with the amount of Precious Metal specified in the advice provided by
the Trustee with regard to the receipt of Precious Metal in the Trust Unallocated Account or (ii)&nbsp;sufficient Precious Metal to permit us to complete the withdrawal is not credited to your Unallocated Account, your instruction will be
automatically revoked. We will notify you of the revocation of your instruction. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BB-7 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>CONFIDENTIALITY </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.1</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Disclosure to others:</I></B> Subject to clause 6.2, each party shall respect the confidentiality of
information acquired under this agreement and neither will, without the consent of the other, disclose to any other person any information acquired under this agreement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.2</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Permitted disclosures:</I></B> Each party accepts that from time to time the other party may be required
by law or the Rules, or requested by a government department or agency, fiscal body or regulatory authority, to disclose information acquired under this agreement. In addition, the disclosure of such information may be required by a party&#146;s
auditors, by its legal or other advisors or by a company which is in the same group of companies as a party (eg. a subsidiary or holding company of a party). Each party irrevocably authorises the other to make such disclosures without further
reference to such party. In connection with a notice or instruction you give to us to effect to withdraw and transfer Precious Metal to the Trust Unallocated Account in accordance with the Participant Agreement, you hereby authorize us to disclose
to the Trustee of the Trust or its agents (i)&nbsp;such information about your Unallocated Account that the Trustee or its agents may reasonably request, including information about your Account Balance and instructions you have given for the
deposit or withdrawal of Precious Metal in relation to your Unallocated Account, and (ii)&nbsp;information about any revocation of instructions under clause 5.5 above. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>REPRESENTATIONS </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>7.1</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Your representations</I></B>: Upon execution of this agreement and with each notice or instruction that
you give hereunder you represent and warrant and covenant to us that: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">you have all necessary authority, powers, consents, licences and authorisations and have taken all necessary
action to enable you lawfully to enter into and perform your duties and obligations under this agreement; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">you are a Participant as defined in the Trust Indenture and are not in breach of the Participant Agreement;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">you are in compliance with the money laundering and related provisions of (i)&nbsp;the Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT Act) Act of 2001 enacted by the United States of America, and the regulations promulgated thereunder, if you are subject to the
requirements of the USA PATRIOT Act, and (ii)&nbsp;such other laws to which you are subject; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the persons entering into this agreement on your behalf have been duly authorised to do so; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">this agreement and the obligations created under it are binding upon you and enforceable against you in
accordance with its terms (subject to applicable principles of equity) and do not and will not violate the terms of the Rules or any order, charge or agreement by which you are bound. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BB-8 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>8.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>FEES AND EXPENSES </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>8.1</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Fees:</I></B> You will pay us such fees as we from time to time determine and notify to you, but we will
not charge you any fees in connection with your Unallocated Account pursuant to this Agreement while (i)&nbsp;this account is used solely to effect transfers of Bullion between you and the Trust Unallocated Account and (ii)&nbsp;we (or another
member of an affiliated group of which we are a member) are receiving compensation from the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust for maintaining the Trust Unallocated Account. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>8.2</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Expenses:</I></B> You must pay us on demand all costs, charges and expenses (including any relevant
taxes, duties and legal fees) incurred by us in connection with the performance of our duties and obligations under this agreement or otherwise in connection with your Unallocated Account (including delivery, collection and storage costs).
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>8.3</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Credit balances: </I></B>No interest or other amount will be paid by us on any credit balance on your
Unallocated Account. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>8.4</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Debit balances: </I></B>You are not entitled to overdraw your Unallocated Account except to the extent
that we otherwise agree in writing. In the absence of such agreement, we shall not be obliged to carry out any instruction of yours which will cause your Unallocated Account to be overdrawn. If for any reason your Unallocated Account is overdrawn,
you will be required to pay us interest on the debit balance at the rate agreed between us or, if no such agreement exists, at such rate as we determine to be appropriate. The amount of the overdraft and any accrued interest will be repayable by you
on our demand. Your obligation to pay interest to us will continue until the overdraft is repaid by you in full. Our books and records shall be conclusive as to the balance at any time standing to your credit in your Unallocated Account.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>8.5</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Default interest</I></B><B>: </B>If you fail to pay us any amount when it is due, we reserve the right to
charge you interest (both before and after any judgement) on any such unpaid amount calculated at a rate equal to 1% above the overnight London Interbank Offered Rate (LIBOR) for the currency in which the amount is due. Both overdraft and default
interest will accrue on a daily basis and will be due and payable by you as a separate debt. In the event of any inconsistency between this agreement and an overdraft facility agreement between you and us, the terms of the overdraft facility shall
govern. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>9.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>SCOPE OF RESPONSIBILITY </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>9.1</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Exclusion of liability</I></B><B>:</B> We will use reasonable care in the performance of our duties under
this agreement but will not be responsible in contract, tort or otherwise, for any direct or indirect or consequential damage, loss or expense suffered or incurred by you arising directly or indirectly as a result of, or in connection with, this
agreement (including, without limitation, economic loss, loss of profit, loss of anticipated savings or loss of goodwill) even if advised of the likelihood of such losses arising, save for any loss or damage suffered by you as a direct result of any
gross negligence, fraud or wilful default on our part in the performance of our duties under this agreement, and in which case, our liability will not exceed the market value of the Account Balance at the time such gross negligence, fraud or wilful
default is discovered by us. The value of the Account Balance shall be determined on any day using the LBMA Gold Price PM, and if there is no such fix on such day, by the last LBMA Gold Price fix (AM or PM). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BB-9 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>9.2</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>No duty or obligation: </I></B>We are under no duty or obligation to make or take any special
arrangements or precautions beyond those required by the Rules or as specifically set forth in this agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>9.3</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Force majeure</I></B><B>:</B> We shall not be liable to you for any delay in performance, or for the
non-performance of any of our obligations under this agreement by reason of any cause beyond our reasonable control. This includes any act of God or war or terrorism, any breakdown, malfunction or failure of transmission in connection with or other
unavailability of any wire, communication or computer facilities, any transport, port, or airport disruption, industrial action, acts and regulations and rules of any governmental or supra national bodies or authorities or regulatory or
self-regulatory organisations or failure of any such body, authority, or organisation for any reason, to perform its obligations. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>9.4</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Indemnity</I></B><B>:</B> You shall indemnify and keep us and each of our directors, shareholders,
officers, employees, agents, affiliates (as such term is defined in Regulation S-X adopted by the United States Securities and Exchange Commission under the United States federal Securities Act of 1933, as amended) and subsidiaries (us and each such
person a &#147;Custodian Indemnified Person&#148; for purposes of this clause 9.4) indemnified (on an after tax basis) on demand against all costs and expenses, damages, liabilities and losses which any such Custodian Indemnified Person may suffer
or incur, directly or indirectly in connection with this agreement except to the extent that such sums are due directly to our gross negligence, wilful default or fraud or that of the Custodian Indemnified Person. The indemnity provided by this
clause 9.4 shall survive termination of this agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>9.5</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Third Parties: </I></B>You are our sole customer under this agreement and we do not owe any duty or
obligation or have any liability towards any person who is not a party to this agreement. This agreement does not confer a benefit on any person who is not a party to it other than the persons named as a Custodian Indemnified Person. The parties to
this agreement do not intend that any term of this agreement shall be enforceable by any person who is not a party to it (except that each Custodian Indemnified Person may directly enforce the indemnity provision under clause 9.4) and do intend that
except as so provided, the Contracts (Rights of Third Parties) 1999 Act (Eng.) shall not apply to this agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>10.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>TERMINATION </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>10.1</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Method:</I></B> This agreement shall terminate immediately upon the earlier of (i)&nbsp;your termination
as a Participant with respect to the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust pursuant to the Participant Agreement or otherwise, or (ii)&nbsp;termination of the
SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust pursuant to the Trust Indenture. In addition, either party may terminate this agreement by giving not less than 10 Business Days&#146; written notice to the other party. Any
such notice given by you must specify: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the date on which the termination will take effect; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BB-10 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the person to whom any Account Balance which is a credit balance is to be transferred; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">all other necessary arrangements for the transfer or repayment, as the case may be, of the Account Balance.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>10.2</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Redelivery arrangements:</I></B> If you do not make arrangements acceptable to us for the transfer or
repayment, as the case may be, of any Account Balance we may continue to maintain this Unallocated Account, in which case we will continue to charge the fees and expenses payable under clause 8. If you have not made arrangements acceptable to us for
the transfer or repayment of any Account Balance within six (6)&nbsp;months of the date specified in the termination notice as the date on which the termination will take effect, we will be entitled to close the Unallocated Account and account to
you for the proceeds after deducting any amounts due to us under this agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>10.3</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Existing rights</I></B><B>:</B> Termination shall not affect rights and obligations then outstanding
under this agreement which shall continue to be governed by this agreement until all obligations have been fully performed. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>11.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>VALUE ADDED TAX </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>11.1</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>VAT exclusive:</I></B> All sums payable under this agreement by you to us shall be deemed to be exclusive
of VAT. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>11.2</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Supplies:</I></B> Where pursuant to or in connection with this agreement, we make a supply to you for VAT
purposes and VAT is or becomes chargeable on such supply, you shall on demand pay to us (in addition to any other consideration for such supply) a sum equal to the amount of such VAT and we shall on receipt of such payment provide you with an
invoice or receipt in such form and within such period as may be prescribed by applicable law. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>11.3</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Deemed supplies:</I></B> Where, pursuant to or in connection with this agreement, we are deemed or
treated by applicable law or the practice from time to time of the relevant fiscal authority to make a supply for VAT purposes to any person by virtue of our or any custodian for us relinquishing physical control of any Precious Metal, and VAT is or
becomes chargeable on such supply, you shall on demand pay to us a sum equal to the amount of such VAT and we shall on receipt of such payment provide an invoice or receipt in such form and within such period as may be prescribed by applicable law
to the person to which we are deemed or treated to make such supply. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>12.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>NOTICES </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>12.1</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Form:</I></B> Subject to clause 12.5, any notice, notification, instruction or other communication under
or in connection with this agreement shall be given in writing. References to writing include electronic transmissions that are of the kind specified in clause 12.2. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BB-11 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>12.2</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Method of transmission:</I></B> With the exception of monthly statements in respect of the Unallocated
Account, any notice, notification, instruction or other communication required to be in writing may be delivered personally or sent by first class post, <FONT STYLE="white-space:nowrap">pre-paid</FONT> recorded delivery (or air mail if overseas),
authenticated electronic transmission (including tested telex and authenticated SWIFT) or such other electronic transmission as the parties may from time to time agree, to the party due to receive the notice, instruction or communication, at its
address, number or destination set out in this agreement or another address, number or destination specified by that party by written notice to the other. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>12.3</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Deemed receipt on notice:</I></B> A notice, notification, instruction, or other communication under or in
connection with this agreement will be deemed received only if actually received or delivered. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>12.4</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Recording of calls:</I></B> We may record telephone conversations without use of a warning tone. Such
recordings will be our sole property and, if acted upon by us, will be accepted by you as evidence of the orders or instructions given. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>12.5</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Instructions Relating to Bullion:</I></B> All notices, notifications, instructions and other
communications relating to the movement of Bullion in relation to your Unallocated Account shall be by way of authenticated electronic transmission (including tested telex and authenticated SWIFT), and shall be addressed to: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Precious Metals Operations </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">HSBC
Bank plc </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">8 Canada Square </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">London E14 5HQ </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">SWIFT: MIDLGB22
</P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>13.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>GENERAL </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>13.1</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>No interest in SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust conferred
hereby: </I></B>You acknowledge that you do not acquire any ownership of SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Shares or interest in the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust or its
assets by establishing an Unallocated Account pursuant to this Agreement, by delivering to the Unallocated Account established hereby an amount of Precious Metal, or by giving any instruction hereunder. You acknowledge that you will acquire
ownership of SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Shares or an interest in the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust or its assets only upon the issuance to you of SPDR<SUP
STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Shares pursuant to the Trust Indenture. Neither the Trustee nor the Sponsor of the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust shall, individually or as such
Trustee or Sponsor of the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust, have any liability for loss or damages suffered by you with respect to your Unallocated Account or any Bullion held for you pursuant to this
Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>13.2</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>No advice:</I></B> Our duties and obligations under this agreement do not include providing you with
investment advice. In asking us to open and maintain the Unallocated Account, you do so in reliance upon your own judgement and we do not and shall not owe to you any duty to exercise any judgement on your behalf as to the merits or suitability of
any transaction you make in relation to the Unallocated Account or otherwise, including (i)&nbsp;any deposits into, or withdrawals from, your Unallocated Account, (ii)&nbsp;any transactions to be effected in accordance with the Participant
Agreement, or (iii)&nbsp;the acquisition or disposition of Precious Metal. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BB-12 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>13.3</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Rights and remedies</I></B>: Our rights under this agreement are in addition to, and independent of, any
other rights which we may have at any time in relation to your Unallocated Account and any lien or other rights we may have to set-off, combine or consolidate any of your accounts. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>13.4</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Assignment</I></B>: This agreement is for the benefit of and binding upon us both and our respective
successors and assigns. You may not assign, transfer or encumber, or purport to assign, transfer or encumber, your right, title or interest in relation to your Unallocated Account or any right or obligation under this agreement unless we otherwise
agree in writing. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>13.5</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Amendments</I></B><B>:</B> Any amendment to this agreement must be agreed in writing and be signed by us
both. Unless otherwise agreed, an amendment will not affect any legal rights or obligations which may already have arisen. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>13.6</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Partial invalidity:</I></B> If any of the clauses (or part of a clause) of this agreement becomes invalid
or unenforceable in any way under the Rules or any law, the validity of the remaining clauses (or part of a clause) will not in any way be affected or impaired. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>13.7</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Entire agreement: </I></B>This document, with the exception of any representations made fraudulently,
represents the entire agreement, and supersedes and replaces any previous agreement between us relating to the establishment of a Gold account to be maintained on an Unallocated Basis for you as a Participant in connection with the SPDR<SUP
STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>13.8</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Joint and several liability</I></B>: If there is more than one of you, your responsibilities under this
agreement apply to each of you individually as well as jointly. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>13.9</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Counterparts:</I></B> This agreement may be executed in any number of counterparts each of which when
executed and delivered is an original, but all the counterparts together constitute the same agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>13.10</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Business Days</I></B><B>:</B> If any obligation of either you or us falls due to be performed on a day
which is not a Business Day in respect of the Unallocated Account in question, then the relevant obligations shall be performed on the next succeeding Business Day applicable to such account. </P></TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>14.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>GOVERNING LAW AND JURISDICTION </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>14.1</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Governing law:</I></B> This agreement is governed by, and will be construed in accordance with, English
law. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>14.2</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Jurisdiction: </I></B>You agree the English courts are to have jurisdiction to settle any disputes or
claims which may arise out of or in connection with this agreement, and for these purposes you irrevocably submit to the non-exclusive jurisdiction of the English courts. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BB-13 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>14.3</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Waiver of immunity: </I></B>To the extent that you may in any jurisdiction claim for yourself or your
assets any immunity from suit, judgement, enforcement or otherwise howsoever, you agree not to claim and irrevocably waive any such immunity to which you would otherwise be entitled (whether on grounds of sovereignty or otherwise) to the full extent
permitted by the laws of such jurisdiction. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>14.4</B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Service of process</I></B><B>:</B> If you are situated outside England and Wales, process by which any
proceedings in England are begun may be served on you by being delivered to the address specified below. This does not affect our right to serve process in another manner permitted by law. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman"><I>Your address for service of process</I></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">[Participant]</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">[Address]</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">[City, State,
Postal Code]</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman"><I>Attention</I>:
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>EXECUTED </B>by the parties as follows </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>[Remainder of page intentionally left blank] </I></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BB-14 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>EXECUTED </B>by the parties </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signed on behalf of </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>HSBC BANK PLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">by </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Signature</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Signature</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signed on behalf of </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[NAME OF
Participant] </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">by </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Signature</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BB-15 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PARTICIPANT AGREEMENT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ATTACHMENT
C </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>HSBC Bank plc </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Resolution Form - Telefax Instructions </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To: HSBC
Bank plc </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ACCOUNT NAME:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hereby request and authorize, pursuant to the
powers delegated to us by a resolution of the Board of Directors of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (the
&#147;<U>Company</U>&#148;) (a certified copy of which has been supplied to you), HSBC Bank Plc (the &#147;<U>Bank</U>&#148;) to accept and to execute instructions and/or give effect to requests to the Bank to enter into contracts with or on behalf
of the Company where such instructions and/or requests are given by facsimile machine (&#147;<U>Telefax</U>&#148;) and purport to come from us acting on behalf of the Company and are honestly believed by the Bank to come from the Company. We agree
to mark clearly on any confirmation of any communications by Telefax the words &#147;Confirmation only&#151;Do not duplicate&#148;. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We on behalf of the
Company agree, that </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Bank will be under no duty to challenge or make any enquiries concerning any communication by Telefax which
it believes in good faith to be a genuine instruction from an authorized representative of the Company; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Company shall assume all risks involved in connection with any communications by Telefax, and in particular
(but without prejudice to the generality of the foregoing) risks due to errors in transmission misunderstandings or errors on the part of the Bank regarding the identity of the Company&#146;s authorized representatives or otherwise and that the Bank
be discharged from all responsibility in respect thereof; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Company shall indemnify the Bank and its directors, officers, employees or agents on demand and shall keep
the Bank and its directors, officers, employees or agents on demand indemnified against any loss arising to the Bank in consequence of acting in reliance on any such communication and any actions, proceedings, costs, claims and demands in respect
thereof; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">that we will have no claim against the Bank or its directors, officers, employees or agents by reason or
account of the Bank or its directors, officers, employees or agents either acting or declining or omitting to act in accordance with any communication by Telefax; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Company shall agree to perform and ratify any contracts entered into by the Bank and/or any action taken by
the Bank as a result of such communications made or purporting to be made on behalf of the Company and honestly believed by the Bank to have been made on behalf of the Company. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Such assumption of risk, discharge, indemnity and agreement to perform and ratify shall extend to communications made or purporting to be made by us and/or
any other persons now or hereafter nominated from time to time by the Company, such nomination having been duly and properly advised to the Bank and honestly believed by the Bank to have been made on behalf of the Company. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, the Bank may at any time and at its absolute discretion decline to execute
any instruction or request given or to accept any offer made by Telefax notwithstanding that at the time of such instruction or request or offer the employee of the Bank receiving such instruction or request may have indicated assent to the same.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This request and authority shall continue in force unless and until expressly revoked by fifteen days&#146; (or such lesser period as the Bank may
accept) written notice delivered to the Bank and signed in a manner complying with the Company&#146;s current mandate. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Signed
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">for and on behalf of</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Signed
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">for and on behalf of</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date
<I><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U></I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> GOLD TRUST </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PARTICIPANT AGREEMENT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ATTACHMENT
D </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> GOLD TRUST PROCEDURES</U><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> FOR JPMORGAN CHASE BANK, N.A.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CREATION AND REDEMPTION OF SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> GOLD SHARES AND RELATED GOLD TRANSACTIONS </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Scope of Procedures and Overview </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These procedures (the
&#147;<U>Procedures</U>&#148;) describe the processes by which one or more Baskets of SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust shares (the &#147;<U>Shares</U>&#148;) issuable by BNY Mellon Asset Servicing, a division
of The Bank of New York Mellon, as trustee (the &#147;<U>Trustee</U>&#148;) of the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust (the &#147;<U>Trust</U>&#148;), may be purchased or, once Shares have been issued, redeemed
by an Authorized Participant (a &#147;<U>Participant</U>&#148;). Shares may be created or redeemed only in blocks of 100,000 Shares (each such block, a &#147;<U>Basket</U>&#148;). Because the issuance and redemption of Baskets also involve the
transfer of Gold between the Participant and the Trust, certain processes relating to the underlying Gold transfers also are described. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under these
Procedures, Baskets may be issued only with respect to Gold transferred to and held in the Trust&#146;s allocated Gold accounts maintained in London, England by <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>HSBC
Bank plc</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">JPMorgan Chase Bank, N.A.</U></FONT><FONT STYLE="font-family:Times New Roman">, as custodian
(the &#147;<U>Custodian</U>&#148;). Capitalized terms used in these Procedures without further definition have the meanings assigned to them in the Trust Indenture (the &#147;<U>Indenture</U>&#148;), dated as of November&nbsp;12, 2004, as amended
November&nbsp;26, 2007,&nbsp;May&nbsp;20, 2008,&nbsp;June&nbsp;1, 2011,&nbsp;June&nbsp;18, 2014,&nbsp;March&nbsp;20, 2015,&nbsp;April&nbsp;14,
2015</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">,</U></FONT><FONT STYLE="font-family:Times New Roman">&nbsp;September&nbsp;5, 2017</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">,</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE> and </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman">February&nbsp;6, 2020 </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and </U></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>October [&#149;]</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> November
30, 2022 </U></FONT><FONT STYLE="font-family:Times New Roman">and as may be further amended from time to time, between the Trustee and World Gold Trust Services, LLC (the &#147;<U>Sponsor</U>&#148;) or the Participant Agreement entered into by each
Participant with the Sponsor and the Trustee. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of these Procedures, a &#147;<U>Business Day</U>&#148; is defined as any day other than
(i)&nbsp;a day on which the Exchange is closed for regular trading or (ii), if the transaction involves the receipt or delivery of Gold or confirmation thereof in the United Kingdom or in some other jurisdiction, (a)&nbsp;a day on which banking
institutions in the United Kingdom or in such other jurisdiction, as the case may be, are authorized by law to close or a day on which the London gold market is closed or (b)&nbsp;a day on which banking institutions in the United Kingdom or in such
other jurisdiction, as the case may be, are authorized to be open for less than a full business day or the London gold market is open for trading for less than a full business day and transaction procedures required to be executed or completed
before the close of the business day may not be so executed or completed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Baskets are issued pursuant to the Prospectus, which will be delivered by the
Sponsor to each Participant prior to its execution of the Participant Agreement, and are issued and redeemed in accordance with the Indenture and the Participant Agreement. Baskets may be issued and redeemed on any Business Day by the Trustee in
exchange for Gold, which the Trustee receives from Participants or transfers to Participants, in each case on behalf of the Trust. Participants will be required to pay a nonrefundable per order transaction fee of $2,000 to the Trustee (the
&#147;<U>Transaction Fee</U>&#148;). </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Participants and the Trust transfer Gold between each other using the unallocated bullion account system of
the London bullion market. Transfers of Gold to and from the Trust are effected pursuant to (i)&nbsp;the <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>
Gold Trust Allocated Bullion</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Allocated Precious
Metal</U></FONT><FONT STYLE="font-family:Times New Roman"> Account Agreement (the &#147;<U>Trust Allocated Agreement</U>&#148;) between the Trustee and the Custodian establishing the Trust&#146;s allocated account (the &#147;<U>Trust Allocated
Account</U>&#148;) and the </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Unallocated Precious Metal</U></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>
Unallocated Bullion</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> Account Agreement (the &#147;<U>Trust Unallocated Agreement</U>&#148;) between the Trustee and the Custodian establishing the Trust&#146;s unallocated account (the
&#147;<U>Trust Unallocated Account</U>&#148;; the Trust Allocated Agreement and the Trust Unallocated Agreement are collectively referred to as the &#147;<U>Trust Custody Agreements</U>&#148;) and (ii)&nbsp;</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold
Trust</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">a</U></FONT><FONT STYLE="font-family:Times New Roman"> Participant Unallocated Bullion Account
Agreement (the &#147;<U>Participant Unallocated Agreement</U>&#148;) between the Participant and </FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>HSBC Bank plc</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman">JP</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Morgan Chase Bank, N.A. or another Gold clearing bank of LPMCL</U></FONT><FONT
STYLE="font-family:Times New Roman">, establishing the Participant&#146;s unallocated account (the &#147;<U>Participant Unallocated Account</U>&#148;). </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gold is transferred between the Trust and Participants through the Trust Unallocated Account. When Gold is to be transferred to the Trust from a Participant
(in exchange for the issuance of Baskets), the Gold is transferred from the Participant Unallocated Account to the Trust Unallocated Account and then transferred from there to the Trust Allocated Account. When Gold is to be transferred to a
Participant (in connection with the redemption of Baskets), the Gold is transferred from the Trust Allocated Account to the Trust Unallocated Account and is transferred from there to the Participant Unallocated Account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE>The Participant Unallocated Account is only to be used in connection with
the creation and redemption of Baskets. Use of the Participant Unallocated Account for transferring Gold to the Trust does not require Participants to acquire Gold from HSBC Bank plc, or to maintain Gold in the Participant Unallocated Account longer
than the time required to create or redeem Baskets as described in these Procedures. </STRIKE></FONT><FONT STYLE="font-family:Times New Roman">Each Participant is responsible for ensuring that the Gold it intends to transfer to the Trust in exchange
for Baskets is available for transfer to the Trust in the manner and at the times described in these Procedures. In meeting this responsibility, the Participant may make such independent arrangements as it sees fit, including the borrowing of</FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE> </STRIKE></FONT><FONT STYLE="font-family:Times New Roman">Gold, to ensure that the relevant amount(s) of Gold is credited in time. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon acceptance of the Participant Agreement by the Sponsor and the Trustee, the Trustee will assign a personal identification number (a &#147;<U>PIN
number</U>&#148;) to each Authorized Person authorized to act for the Participant. This will allow the Participant through its Authorized Person(s) to place Purchase Order(s) or Redemption Order(s) for Baskets. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Important Notes: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Any Order is subject to rejection by the Trustee for the reasons set forth in the Indenture or the Participant
Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">All Orders are subject to the provisions of the Indenture, the Trust Custody Agreements and the Participant
Agreement relating to unclear or ambiguous instructions. </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">CREATION
PROCESS</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">An order to purchase one or
more Baskets placed by a Participant with the Trustee by 4:00 p.m. N.Y. time on a Business Day (such day, &#147;CREATION T&#148;) results in the following taking place, in most instances, by 11:00 a.m. N.Y. time (usually 4:00 p.m. London time) on
CREATION T+2: </U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Allocation to the Trust Allocated
Account of Gold satisfying the LBMA Good Delivery Rules in the amount corresponding to the Baskets to be issued; and</U></FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Transfer to the Participant&#146;s
account at The Depository Trust Company (&#147;DTC&#148;) of the number of Baskets corresponding to the Gold the Participant has transferred to the Trust.</U></FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">CREATION
PROCEDURES</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">PLACEMENT OF CREATION ORDER
T</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">3.</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Participants shall place a
Purchase Order with the Trustee no later than 3:59:59 p.m. (New York time) (the &#147;Order Cutoff Time&#148;) on any Business Day. Purchase Orders received by the Trustee on or after the Order Cutoff Time on a Business Day will not be
accepted.</U></FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">4.</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">For purposes of Paragraph 1
above, a Purchase Order shall be deemed &#147;received&#148; by the Trustee only when either of the following has occurred no later than the Order Cutoff Time:</U></FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">a.</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Telephone/fax Order &#151; An
Authorized Person of the Participant calls the Trustee at (844)&nbsp;545-1258 to notify the Trustee that the Participant wishes to place a Purchase Order with the Trustee to create an identified number of Baskets and to request that the Trustee
provide an order number (an &#147;Order Number&#148;). The Authorized Person provides a PIN number as identification to the Trustee. The Trustee provides the Participant with an Order Number for the Participant&#146;s Purchase Order Form. The
Participant then completes and sends by fax or email to the Trustee the Purchase Order Form included as Exhibit B to the Participant Agreement. The Purchase Order Form must include the Authorized Person&#146;s signature, the number of Baskets being
purchased, and the Order Number previously provided by the Trustee, or</U></FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">b.</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Web-based Order &#151; An
Authorized Person of the Participant shall have accessed the Trustee&#146;s online services (https://connect.bnymellon.com), the use of which shall be subject to the Order Entry System Terms and Conditions attached hereto as Annex A and incorporated
herein by reference.</U></FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">3.</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">If the Trustee has not received
the Purchase Order Form from the Participant within 15 minutes after the Trustee receives the phone call from the Participant referenced in Paragraph (2)(a)&nbsp;above, the Trustee places a phone call to the Participant to enquire about the status
of the Order. If the Participant does not send by fax or email the Purchase Order Form to the Trustee within 15 minutes after the Trustee&#146;s phone call, the Participant&#146;s Order is cancelled. The Trustee will then notify the Participant that
the Order has been cancelled by telephone call.</U></FONT> </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CC-1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">4.</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">If the Trustee has received the
Participant&#146;s Purchase Order Form on time in accordance with the preceding timing rules, then by 5:00 p.m. N.Y. time the Trustee returns to the Participant a copy of the Purchase Order Form submitted, marking it &#147;Affirmed.&#148; The
Trustee also indicates on the Purchase Order Form the amount of Gold and cash, if any, necessary for the Creation Deposit, and provides details of the method of payment required for the Transaction Fee and the cash portion, if any, of the Creation
Deposit. </U></FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">5.</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Based on the Purchase Orders
placed with it on CREATION T, the Trustee sends an authenticated electronic message (Swift MT699 or MT604, as determined by the Trustee) to the Custodian indicating the total ounces of Gold for which the Trustee will require an allocation into the
Trust Allocated Account on CREATION T+2. In addition, the authenticated electronic message (Swift MT699 or MT604, as determined by the Trustee) will separately identify all expected unallocated Gold receipts from each Participant. If the Trustee
rejects a Purchase Order pursuant to the Indenture or the Participant Agreement after the foregoing messages are given to the Custodian, the Trustee will notify the Custodian of such rejection, identifying the Participant whose Purchase Order was
rejected and the number of ounces of Gold contained in the rejected Purchase Order.</U></FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">6.</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Each Participant acquiring
Baskets on CREATION T+2 sends an authenticated electronic message (Swift MT604) to its LPMCL gold clearing bank to transfer from the Participant&#146;s Participant Unallocated Account Gold in the relevant amount(s) to the Trust Unallocated Account,
with such transfer to be completed no later than 10:00 am London time on CREATION T+2.</U></FONT> </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">CREATION T+2</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">1.</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">By 10:00am London time,the
Participant&#146;s LPMCL gold clearing bank transfers the relevant amount(s) of Gold from the Participant&#146;s Participant Unallocated Account to the Trust Unallocated Account. </U></FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">2.</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">By 2:00 p.m. London time (usually
9:00 a.m. N.Y. time), the Custodian will notify the Trustee by email of the status of the allocation process, including (i)&nbsp;the amount of Gold transferred to the Trust Unallocated Account from each Participant&#146;s Participant Unallocated
Account, separately stated; (ii)&nbsp;the amount of Gold that has been transferred into the Trust Allocated Account from the Trust Unallocated Account, and (iii)&nbsp;the amount of Gold, if any, remaining in the Trust Unallocated Account. In the
event there is any need for clarification of the status of the allocation process, the Trustee will telephone the Custodian to obtain such clarification. This notice does not reflect the official transfer record of the Custodian, which is completed
as of the conclusion of the Custodian&#146;s Business Day.</U></FONT> </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CC-2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">3.</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">At 11:00 a.m. N.Y. time (usually
4:00 p.m. London time), following receipt of the notice from the Custodian of the status of the allocation process described in Paragraph (2)&nbsp;above, the Trustee authorizes the creation and issuance of the Baskets ordered by each Participant on
CREATION T for which the Trustee has received confirmation from the Custodian that the relevant amount(s) of Gold have been transferred from the Trust Unallocated Account to the Trust Allocated Account. If the Custodian is unable to complete the
allocation of Gold from the Trust Unallocated Account to the Trust Allocated Account by such time, the Trustee will issue Baskets as soon as practical after the Custodian has notified the Trustee by email that it has completed the allocation of Gold
to the Trust Allocated Account in the relevant amount(s). The creation and issuance of Baskets will occur through the DTC system known as &#147;Deposit and Withdrawal at Custodian&#148; or &#147;DWAC.&#148;</U></FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I><FONT STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">[Redemption Process
Follows on Next Page]</U></FONT> </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CC-3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">REDEMPTION
PROCESS</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">An order to redeem one or
more Baskets placed by a Participant with the Trustee by 4:00 p.m. N.Y. time on a Business Day (such day, &#147;REDEMPTION T&#148;) results in the following taking place by 11:00 a.m. N.Y. time (usually 4:00 p.m. London time) on REDEMPTION
T+2:</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Transfer to the Trustee&#146;s
account at DTC and the subsequent cancellation of the relevant number of the Participant&#146;s Baskets; and</U></FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Transfer to the Participant by
credit to the Participant&#146;s Participant Unallocated Account of Gold and cash, if any, in the relevant amount(s) corresponding to the Baskets delivered for redemption (the &#147;Redemption Distribution&#148;).</U></FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">REDEMPTION
PROCEDURES</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">PLACEMENT OF REDEMPTION ORDER
T</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">3.</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Participants shall place a
Redemption Order with the Trustee no later than 3:59:59 p.m. (New York time) (the &#147;Order Cutoff Time&#148;) on any Business Day. Redemption Orders received by the Trustee on or after the Order Cutoff Time on a Business Day will not be
accepted.</U></FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">4.</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">For purposes of Paragraph 1
above, a Redemption Order shall be deemed &#147;received&#148; by the Trustee only when either of the following has occurred no later than the Order Cutoff Time:</U></FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">a.</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Telephone/fax Order &#151; An
Authorized Person of the Participant calls the Trustee at (844)&nbsp;545-1258 to notify the Trustee that the Participant wishes to place a Redemption Order with the Trustee to redeem an identified number of Baskets and to request that the Trustee
provide an Order Number. The Authorized Person provides a PIN number as identification to the Trustee. The Trustee provides the Participant with an Order Number for the Participant&#146;s Redemption Order Form. The Participant then completes and
sends by fax or email to the Trustee the Redemption Order Form included as Exhibit B to the Participant Agreement. The Redemption Order Form must include the Authorized Person&#146;s signature, the number of Baskets being redeemed, and the Order
Number previously provided by the Trustee., or</U></FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">b.</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Web-based Order &#151; An
Authorized Person of the Participant shall have accessed the Trustee&#146;s online services (https://connect.bnymellon.com), the use of which shall be subject to the Order Entry System Terms and Conditions attached hereto as Annex A and incorporated
herein by reference.</U></FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">3.</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">If the Trustee has not received
the Redemption Order Form from the Participant within 15 minutes after the Trustee receives the phone call from the Participant referenced in Paragraph (2)(a)&nbsp;above, the Trustee places a phone call to the Participant to enquire about the status
of the Order. If the Participant does not send by fax or email to the Trustee the Redemption Order Form within 15 minutes after the Trustee&#146;s phone call, the Participant&#146;s Order is cancelled. The Trustee will then notify the Participant
that the Order has been cancelled by telephone call.</U></FONT> </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CC-4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">4.</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">If the Trustee has received the
Participant&#146;s Redemption Order Form on time in accordance with the preceding timing rules, then by 5:00 p.m. N.Y. time the Trustee returns to the Participant a copy of the Redemption Order Form submitted, marking it &#147;Affirmed.&#148; The
Trustee also indicates on the Redemption Order Form the amount of Gold and cash, if any, to be delivered in the Redemption Distribution, and provides details of the method of payment to be used for the Transaction Fee and the method of delivery of
the cash portion, if any, of the Redemption Distribution.</U></FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">5.</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">By the close of business (usually
5:00 p.m. N.Y. time), each Participant redeeming Baskets on REDEMPTION T+2 sends an authenticated electronic message (Swift MT605) to its LPMCL gold clearing bank, identifying that Participant&#146;s Participant Unallocated Account into which Gold,
in the relevant amount(s), is to be received on REDEMPTION T+2.</U></FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">6.</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">By the close of business (usually
5:00 p.m. N.Y. time), the Trustee sends an authenticated electronic message (SWIFT MT699) containing instructions to the Custodian to transfer on REDEMPTION T+2 from the Trust Allocated Account to the Trust Unallocated Account
(&#147;deallocate&#148;) the total amount of Gold required to settle the Redemption Orders received by the Trustee on REDEMPTION T. If the Trustee rejects a Redemption Order pursuant to the Indenture or the Participant Agreement after the foregoing
message is sent, the Trustee will notify the Custodian of such rejection, identifying the Participant whose Redemption Order was rejected and the number of ounces of Gold contained in the rejected Redemption Order.</U></FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">REDEMPTION T+2</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">1.</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Between 9:00 a.m. London time and
3:00 p.m. London time, the Custodian deallocates Gold in the amount(s) specified in the Trustee&#146;s instructions sent on REDEMPTION T.</U></FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">2.</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">By 9:00 a.m. N.Y. time, the
Participant delivers free to the Trustee&#146;s Participant account at DTC (#2209) the Baskets to be redeemed.</U></FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">3.</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">If the Trustee does not receive
from a redeeming Participant all Shares comprising the Baskets being redeemed by 9:00 a.m. N.Y. time, the Trustee will (i)&nbsp;settle the Redemption Order to the extent of whole Baskets received from the Participant and (ii)&nbsp;keep the redeeming
Participant&#146;s Redemption Order open until 9:00 a.m. N.Y. time on the following Business Day (REDEMPTION T+3) as to the balance of the Redemption Order (such balance, the &#147;Suspended Redemption Order&#148;). For each day (whether or not a
Business Day) the Redemption Order is held open, the Participant will be charged by the Trustee the greater of $300 or $30 times the number of Baskets included in the Suspended Redemption Order.</U></FONT> </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CC-5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">4.</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">By 10:00 a.m. New York time
(usually 3:00 p.m. London time), the Trustee sends an authenticated electronic message (Swift MT699) to the Custodian directing the Custodian to transfer Gold in the relevant amount from the Trust Unallocated Account to the Participant Unallocated
Account. The Custodian will make reasonable commercial efforts to allocate Gold remaining in the Trust Unallocated Account after this transfer to the Trust Allocated Account by the close of business in London, in accordance with the standing
instruction in the Trust Custody Agreements. </U></FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">5.</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">By close of business in New York
(usually 5:00 p.m. N.Y. time), the Trustee sends an authenticated electronic message (Swift MT699) containing instructions to the Custodian to transfer the total amount of Gold involved in that day&#146;s Suspended Redemption Order(s) from the Trust
Allocated Account to the Trust Unallocated Account by 9:00 a.m. N.Y. time (usually 2:00 p.m. London time) the following Business Day. This amount will be in addition to any amount being transferred pursuant to an existing instruction to deallocate
in respect of redemptions settling in the normal schedule, for which the following day will be REDEMPTION T+2.</U></FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">6.</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">By the close of business in New
York (usually 5:00 p.m. N.Y. time), each Participant redeeming Baskets on REDEMPTION T+3 with respect to a Suspended Redemption Order sends an authenticated electronic message (Swift MT699) to its LPMCL gold clearing bank, identifying that
Participant&#146;s Participant Unallocated Account into which Gold, in the relevant amount(s), is to be received on REDEMPTION T+3.</U></FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">SUSPENDED REDEMPTION ORDER
T+3</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">1.</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">By 9:00 a.m. N.Y. time (usually
2:00 p.m. London time), the redeeming Participant must deliver free to the Trustee&#146;s Participant account at DTC (#2209) the Basket(s) comprising the Suspended Redemption Order. The Trustee will settle the Suspended Redemption Order to the
extent of whole Baskets received. Any balance of the Suspended Redemption Order will be cancelled.</U></FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">2.</U></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">The sequence of instructions and
events related to the settlement of the Suspended Redemption Order on REDEMPTION T+3 will be made in the manner provided for a Redemption Order under REDEMPTION T+2.</U></FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">* * *
*</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CC-6 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ANNEX A TO ATTACHMENT
<FONT STYLE="font-family:Times New Roman" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">D</U></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>A</STRIKE></FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ORDER ENTRY SYSTEM TERMS AND CONDITIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Annex shall govern use by an Authorized Participant of the electronic order entry system for placing Purchase Orders and Redemption Orders for Shares
(the &#147;<U>System</U>&#148;). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement or the Procedures. In the event of any conflict between the terms of this Annex A and either the
Agreement or the Procedures with respect to the placing of Purchase Orders and Redemption Orders, the terms of this Annex A shall control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. (a) Authorized Participant shall provide to The Bank of New York Mellon, a New York corporation authorized to do banking business (the
&#147;<U>Transfer Agent</U>&#148;) a duly executed authorization letter, in a form satisfactory to Transfer Agent, identifying those Authorized Persons who will access the System. Authorized Participant shall notify the Transfer Agent promptly in
writing, including, but not limited to, by electronic mail, in the event that any person&#146;s status as an Authorized Person is revoked or terminated, in order to give the Transfer Agent a reasonable opportunity to terminate such Authorized
Person&#146;s access to the System. The Transfer Agent shall promptly revoke access of such Authorized Person to the electronic entry systems through which Purchase Orders and Redemption are submitted by such person on behalf of the Authorized
Participant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) It is understood and agreed that each Authorized Person shall be designated as an authorized user of Authorized
Participant for the purpose of the Agreement. Upon termination of the Agreement, the Authorized Participant&#146;s and each Authorized Person&#146;s access rights with respect to System shall be immediately revoked. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. Transfer Agent grants to Authorized Participant a personal, nontransferable and nonexclusive license to use the System solely for the
purpose of transmitting Purchase Orders and Redemption Orders and otherwise communicating with Transfer Agent in connection with the same. Authorized Participant shall use the System solely for its own internal and proper business purposes. Except
as set forth herein, no license or right of any kind is granted to Authorized Participant with respect to the System. Authorized Participant acknowledges that Transfer Agent and its suppliers retain and have title and exclusive proprietary rights to
the System. Authorized Participant further acknowledges that all or a part of the System may be copyrighted or trademarked (or a registration or claim made therefor) by Transfer Agent or its suppliers. Authorized Participant shall not take any
action with respect to the System inconsistent with the foregoing acknowledgments. Authorized Participant may not copy, distribute, sell, lease or provide, directly or indirectly, the System or any portion thereof to any other person or entity
without Transfer Agent&#146;s prior written consent. Authorized Participant may not remove any statutory copyright notice or other notice included in the System. Authorized Participant shall reproduce any such notice on any reproduction of any
portion of the System and shall add any statutory copyright notice or other notice upon Transfer Agent&#146;s request. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CC-7 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. (a) Authorized Participant acknowledges that any user manuals or other documentation
(whether in hard copy or electronic form) (collectively, the &#147;<U>Material</U>&#148;), which is delivered or made available to Authorized Participant regarding the System is the exclusive and confidential property of Transfer Agent. Authorized
Participant shall keep the Material confidential by using the same care and discretion that Authorized Participant uses with respect to its own confidential property and trade secrets, but in no event less than reasonable care. Authorized
Participant may make such copies of the Material as is reasonably necessary for Authorized Participant to use the System and shall reproduce Transfer Agent&#146;s proprietary markings on any such copy. The foregoing shall not in any way be deemed to
affect the copyright status of any of the Material which may be copyrighted and shall apply to all Material whether or not copyrighted. TRANSFER AGENT AND ITS SUPPLIERS MAKE NO WARRANTIES, EXPRESS OR IMPLIED, CONCERNING THE MATERIAL OR ANY PRODUCT
OR SERVICE, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Upon termination of the
Agreement for any reason, Authorized Participant shall return to Transfer Agent all copies of the Material which is in Authorized Participant&#146;s possession or under its control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. Authorized Participant agrees that it shall have sole responsibility for maintaining adequate security and control of the user IDs,
passwords and codes for access to the System, which shall not be disclosed to any third party without the prior written consent of Transfer Agent. Transfer Agent shall be entitled to rely on the information received by it from the Authorized
Participant and Transfer Agent may assume that all such information was transmitted by or on behalf of an Authorized Person regardless of by whom it was actually transmitted, unless the Authorized Participant shall have notified the Transfer Agent a
reasonable time prior that such person is not an Authorized Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. Transfer Agent shall have no liability in connection with the use
of the System, the access granted to the Authorized Participant and its Authorized Persons hereunder, or any transaction effected or attempted to be effected by the Authorized Participant hereunder, except for damages incurred by the Authorized
Participant as a direct result of Transfer Agent&#146;s negligence or willful misconduct. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, IT IS HEREBY AGREED THAT IN NO EVENT SHALL TRANSFER AGENT OR ANY MANUFACTURER OR SUPPLIER OF EQUIPMENT,
SOFTWARE OR SERVICES BE RESPONSIBLE OR LIABLE FOR ANY SPECIAL, INDIRECT, OR CONSEQUENTIAL DAMAGES WHICH THE AUTHORIZED PARTICIPANT MAY INCUR OR EXPERIENCE BY REASON OF ITS HAVING ENTERED INTO OR RELIED ON THIS AGREEMENT, OR IN CONNECTION WITH THE
ACCESS GRANTED TO THE AUTHORIZED PARTICIPANT HEREUNDER, OR ANY TRANSACTION EFFECTED OR ATTEMPTED TO BE EFFECTED BY THE AUTHORIZED PARTICIPANT HEREUNDER, EVEN IF TRANSFER AGENT OR SUCH MANUFACTURER OR SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF
SUCH DAMAGES, NOR SHALL TRANSFER AGENT OR ANY SUCH MANUFACTURER OR SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION OF COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR
DISSIMILAR CAUSE BEYOND SUCH PERSON&#146;S REASONABLE CONTROL. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CC-8 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. Transfer Agent reserves the right to revoke Authorized Participant&#146;s access to the
System, with written notice, upon any breach by the Authorized Participant of the terms and conditions of this Annex A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. Transfer Agent
shall acknowledge through the System its receipt of each Purchase Order or Redemption Order communicated through the System, and in the absence of such acknowledgment Transfer Agent shall not be liable for any failure to act in accordance with such
orders and Authorized Participant may not claim that such Purchase Order or Redemption Order was received by Transfer Agent. Transfer Agent may in its discretion decline to act upon any instructions or communications that are insufficient or
incomplete or are not received by Transfer Agent in sufficient time for Transfer Agent to act upon, or in accordance with such instructions or communications. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. Authorized Participant agrees to use reasonable efforts consistent with its own procedures used in the ordinary course of business to
prevent the transmission through the System of any software or file which contains any viruses, worms, harmful component or corrupted data and agrees not to use any device, software, or routine to interfere or attempt to interfere with the proper
working of the Systems. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">9.</U></FONT>
<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#ff0000"><STRIKE> 9.</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> Authorized Participant acknowledges and agrees that encryption may not be available for every
communication through the System, or for all data. Authorized Participant agrees that Transfer Agent may deactivate any encryption features at any time, without notice or liability to Authorized Participant, for the purpose of maintaining, repairing
or troubleshooting its systems. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CC-9 </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>4
<FILENAME>d405829dex106.htm
<DESCRIPTION>EX-10.6.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.6.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.6.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECOND AMENDMENT TO THE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED MARKETING AGENT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">This SECOND AMENDMENT TO THE AMENDED AND RESTATED MARKETING AGENT AGREEMENT (the &#147;<U>Amendment</U>&#148;) dated November&nbsp;30, 2022
and effective as of December&nbsp;6, 2022 between World Gold Trust Services, LLC, a Delaware limited liability company (the &#147;<U>Sponsor</U>&#148; or &#147;<U>WGTS</U>&#148;), and State Street Global Advisors Funds Distributors, LLC (formerly,
State Street Global Markets, LLC), a Delaware limited liability company (the &#147;<U>Marketing Agent</U>&#148; or &#147;<U>SSGA FD</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Sponsor and the Marketing Agent entered into an Amended and Restated Marketing Agent Agreement dated as of July&nbsp;17, 2015
(the &#147;<U>Agreement</U>&#148;) pursuant to which WGTS has retained SSGA FD as the exclusive marketing agent of SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>&nbsp;Gold Trust (the &#147;<U>Trust</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Sponsor and the Marketing Agent entered into a Master Marketing Agent Agreement dated as of July&nbsp;17, 2015, as amended (the
&#147;<U>Master Marketing Agent Agreement</U>&#148;), pursuant to which WGTS has retained SSGA FD as the exclusive marketing agent of the Funds (as such term is defined in the Master Marketing Agent Agreement); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Sponsor and the Marketing Agent amended the Agreement on May&nbsp;4, 2018 to modify the intended use of the Marketing Budget and
reflect a change in the Marketing Agent&#146;s name; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Sponsor and Marketing Agent desire to amend the Agreement to revise the
definition of the Custodian to include JPMorgan Chase Bank, N.A.; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, the parties desire to amend the Agreement to reflect the
aforementioned modification and change as set forth herein; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the foregoing recitals and the mutual
promises set forth below, the parties agree as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The first recital shall be revised in its entirety to read as follows: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>&nbsp;Gold Trust (the &#147;<B>Trust</B>&#148;) is governed by the
Trust Indenture dated as of November&nbsp;16, 2004 (as amended, supplemented or otherwise modified from time to time, the &#147;<B>Trust Indenture</B>&#148;) between the Sponsor and The Bank of New York, a New York banking corporation, not in its
individual capacity, but solely as the trustee (the &#147;<B>Trustee</B>&#148;), pursuant to which the Trust has and will issue SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>&nbsp;Gold Shares (the &#147;<B>Shares</B>&#148;), which
represent units of fractional undivided beneficial interest in and ownership of the Trust, upon the deposit of gold with the Custodian (as defined in the Trust Indenture). </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The following definition shall be added in its proper alphabetical place to Article 1.1
&#147;Definitions&#148;: </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>&#147;Custodian&#148;</B><B></B>&nbsp;has the meaning set forth in the Trust Indenture.
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">All other terms, conditions, provisions and sections of the Agreement shall remain in full force and effect.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This Amendment may be executed in any number of counterparts, each of which when executed and delivered shall
be deemed an original, but together shall constitute one and the same amendment. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Remainder of this page
intentionally left blank] </I></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Marketing Agent and the Sponsor have each caused this Amendment to be duly executed
and delivered as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>STATE STREET GLOBAL ADVISORS</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>FUNDS DISTRIBUTORS, LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Susan R. Thompson</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Susan R. Thompson</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">EVP</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>WORLD GOLD TRUST SERVICES, LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Joseph R. Cavatoni</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Joseph R Cavatoni</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Principal Executive Officer</TD></TR>
</TABLE></DIV>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-11.1
<SEQUENCE>5
<FILENAME>d405829dex111.htm
<DESCRIPTION>EX-11.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-11.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 11.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">DATED 30&nbsp;NOVEMBER 2022 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>JPMORGAN CHASE BANK, N.A. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AND </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE BANK OF NEW YORK
MELLON, not in its </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>individual capacity, but solely as Trustee of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ALLOCATED PRECIOUS METAL ACCOUNT</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AGREEMENT</B> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONTENTS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="93%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="3" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Clause</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">INTERPRETATION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">ALLOCATED ACCOUNT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">DEPOSITS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">WITHDRAWALS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">INSTRUCTIONS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">CONFIDENTIALITY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">CUSTODY SERVICES</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">SUB-CUSTODIANS</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">REPRESENTATIONS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">SANCTIONS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">FEES AND EXPENSES</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">12.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">SCOPE OF RESPONSIBILITY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">13.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">TERMINATION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">14.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">VALUE ADDED TAX</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">15.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">NOTICES</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">16.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">GENERAL</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">17.&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>GOVERNING LAW AND JURISDICTION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THIS ALLOCATED PRECIOUS METAL ACCOUNT AGREEMENT</B> (this &#147;<B>Agreement</B>&#148;)<B> </B>is made on
30&nbsp;November 2022 and shall become effective on 6&nbsp;December 2022 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>BETWEEN </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>JPMorgan Chase Bank, N.A.,</B> a company incorporated with limited liability as a National Banking
Association, whose principal London Office is at 25 Bank Street, Canary Wharf, E14 5JP, London, United Kingdom<B> (</B>&#147;<B>we</B>&#148; or &#147;<B>us</B>&#148;); and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>The Bank of New York Mellon, </B>a New York banking corporation, not in its individual capacity by solely as
trustee of SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust (the &#147;<B>Trust</B>&#148;) as established pursuant to the Trust Indenture (defined below) (&#147;<B>you</B>&#148;). </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each a &#147;<B>Party</B>&#148; and together the &#147;<B>Parties</B>&#148;. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>INTRODUCTION </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We, as a member of London Precious Metals
Clearing Limited (as defined below), have agreed to open and maintain for you the Allocated Account (as defined below) and to provide other services to you in connection with the Allocated Account. This Agreement sets out the terms under which we
will provide those services to you and the Trust and the arrangements which will apply in connection with those services. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IT IS AGREED AS FOLLOWS
</B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_1toc405829_1"></A><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>INTERPRETATION</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Definitions</B>: In this Agreement: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Account Balance</B>&#148; means, in relation to an Allocated Account, the Precious Metal held for you by us as from time to time
identified (whether by bar serial numbers or otherwise) in, and recorded on, that Allocated Account. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Allocated Accounts</B>&#148;
means, in relation to Precious Metal, the loco London Precious Metal account, named the SPDR Gold Trust London Allocated Gold Account, the loco Zurich Precious Metal account, named the SPDR Gold Trust Zurich Allocated Gold Account, and/or the loco
New York Precious Metal account, named the SPDR Gold Trust New York Allocated Gold Account, each established in your name as the trustee of the Trust and maintained by us on an allocated basis pursuant to this Agreement recording the amount of, and
identifying, that Precious Metal received and held by us for you on an allocated basis; an &#147;<B>Allocated Account</B>&#148; means any of them. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>AURUM</B>&#148; means the electronic matching and settlement system operated by LPMCL. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Availability Date</B>&#148; means the Business Day on which you wish to transfer or deliver Precious Metal to us for deposit into an
Allocated Account. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Business Day</B>&#148; means a day other than (i)&nbsp;a day on which the Exchange is closed for regular
trading or (ii), if the transaction involves the receipt or delivery of gold or confirmation thereof in the United Kingdom or in some other jurisdiction, (a)&nbsp;a day on which banking institutions in the United Kingdom or in such other
jurisdiction, as the case may be, are authorized by law to close or a day on which the London gold market is closed or (b)&nbsp;a day on which banking institutions in the United Kingdom or in such other jurisdiction, as the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
case may be, are authorized to be open for less than a full business day or the London gold market is open for trading for less than a full business day and transaction procedures required to be
executed or completed before the close of the business day may not be so executed or completed. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Creation and Redemption
Procedures</B>&#148; means the creation and redemption procedures as described in Schedule 2 (<I>Creation and Redemption Procedures</I>) together with amendments or modifications to such procedures made in accordance with Clause 3.6. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Custodial Fee Letter</B>&#148; means the Custodial Fee Letter entered into between us and the Sponsor dated on or about the date of
this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>eBTS</B>&#148; means the electronic Bullion Transfer System website developed by us. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Exchange</B>&#148; means the exchange or other securities market on which the shares of the Trust are principally traded, which shall
initially be NYSE Arca, or such other exchange or securities market which may be specified from time to time by the Sponsor. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Gold</B>&#148; means (i)&nbsp;gold bullion that meets the London good delivery rules, including, without limitation, with respect to
the standards and specifications for gold bullion, promulgated by the LBMA from time to time, and/or (ii)&nbsp;any credit to an account, including the Unallocated Account, made on an Unallocated Basis, as the context requires. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>LBMA</B>&#148; means The London Bullion Market Association or its successors. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>London Precious Metals Markets</B>&#148; means the London Bullion market, and such other markets for Precious Metal operating in
London as may be agreed between us from time to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>LPMCL</B>&#148; means London Precious Metals Clearing Limited or its
successors. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Precious Metal</B>&#148; means Gold. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Reasonable and Prudent Custodian</B>&#148; means a person acting in good faith and performing its contractual obligations exercising a
degree of skill, diligence, prudence and foresight that would reasonably and ordinarily be expected from a skilled and experienced custodian of Precious Metal complying with the Rules, engaged in the same type of undertaking, under the same or
similar circumstances and conditions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Rules</B>&#148; means the rules, regulations, practices and customs of the LBMA, LPMCL, the
Financial Conduct Authority, the Prudential Regulation Authority, the Governor and Company of the Bank of England, any Sanctioning Body and such other regulatory authority or other body (in the United States, the United Kingdom or Switzerland)
applicable to the Parties and/or to the activities contemplated by this Agreement or the activities of a <FONT STYLE="white-space:nowrap">Sub-Custodian.</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Sanctioning Body</B>&#148; means any of the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the United Nations Security Council; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the European Union; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the United Kingdom, Her Majesty&#146;s Treasury and the Office of Financial Sanctions Implementation of the
United Kingdom; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the United States, the Office of Foreign Assets Control of the Department of Treasury of the United States of
America; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the State of Secretariat for Economic Affairs of Switzerland; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Canada / China / Hong Kong / such other jurisdictional body. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For purpose of this Agreement, &#147;<B>Sanctioning Body</B>&#148; shall mean, with respect to the Trustee, the following: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the United Nations Security Council; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the European Union; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the United Kingdom, Her Majesty&#146;s Treasury and the Office of Financial Sanctions Implementation of the
United Kingdom; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the United States, the Office of Foreign Assets Control of the Department of Treasury of the United States of
America. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Sanctions</B>&#148; means economic or financial sanctions, boycotts, trade embargoes and restrictions
relating to terrorism imposed, administered or enforced by a Sanctioning Body from time to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Sanctions List</B>&#148; means
any list of specifically designated nationals or blocked or sanctioned persons or entities (or similar) imposed, administered or enforced by a Sanctioning Body in connection with Sanctions from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Sponsor</B>&#148; means World Gold Trust Services, LLC or its successor; however, it shall be a condition of this Agreement that any
such successor shall: (i)&nbsp;require prior written approval by us; (ii)&nbsp;be subject to our internal due diligence and onboarding processes (to be carried out in our absolute discretion); and (iii)&nbsp;not become the Sponsor until (i)&nbsp;and
(ii) are completed. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><FONT STYLE="white-space:nowrap">Sub-Custodian</FONT></B>&#148; means a
<FONT STYLE="white-space:nowrap">sub-custodian,</FONT> agent or depository (including an entity within our corporate group) appointed by us (and approved in writing by you and the Sponsor) for temporary custody and safekeeping of Precious Metal.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Trust Indenture</B>&#148; means the Trust Indenture of SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust
dated as of November&nbsp;12, 2004 and amended from time to time, between World Gold Trust Services, LLC, as the sponsor, and The Bank of New York Mellon, as the trustee. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Unallocated Account</B>&#148; means, in relation to Precious Metal, the loco London Precious Metal account, named the SPDR Gold Trust
London Unallocated Gold Account, established in your name as the trustee of the Trust and maintained by us on an Unallocated Basis pursuant to the Unallocated Precious Metal Account Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Unallocated Basis</B>&#148; means, with respect to Precious Metal credited to an account, that the person in whose name the account is
held is (i), in the case of a positive balance, entitled to delivery in accordance with the Rules of an amount of Precious Metal equal to the amount of Precious Metal standing to the credit of the person&#146;s account or (ii), in the case of a
negative balance, obligated to deliver in accordance with the Rules an amount of Precious Metal equal to the amount of Precious Metal standing to the debit of the person&#146;s account. Such person has no ownership interest in any specific Precious
Metal that we own or hold. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Unallocated Precious Metal Account Agreement</B>&#148; means that certain
Unallocated Precious Metal Account Agreement between you and us dated as of the date of this Agreement, as amended and/or restated from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>VAT</B>&#148; means value added tax as provided for in the Value Added Tax Act 1994 (as amended or
<FONT STYLE="white-space:nowrap">re-enacted</FONT> from time to time) and legislation supplemental thereto and any other tax (whether imposed in the United Kingdom in substitution thereof or in addition thereto or elsewhere) of a similar fiscal
nature. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Vault Premises</B>&#148; means any of the following: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">JP Morgan Chase Bank N.A., 60 Victoria Embankment, London, EC4Y OJP, UK; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">JPMorgan Chase Bank N.A., 1 Chase Manhattan Plaza, New York, 10005-1401, New York, USA; and/or
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Malca Amit, Bimenzaltenstrasse 75, Building A, 8302 Kloten, Zurich, Switzerland. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For purpose of this Agreement, &#147;<B>Vault Premises</B>&#148; shall mean, with respect to any
<FONT STYLE="white-space:nowrap">Sub-Custodian,</FONT> the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Bank of England, Threadneedle Street, London, EC2R 8AH, UK. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Withdrawal Date</B>&#148; means the Business Day on which you wish to withdraw Precious Metal from an Allocated Account. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Interpretation</B>: The headings in this Agreement do not affect its interpretation. References to the
singular include the plural and vice versa. The word &#147;including&#148; means &#147;including without limitation&#148;. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_1toc405829_2"></A>2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>ALL</B><B>O</B><B>C</B><B>A</B><B>TED</B><B> </B><B>AC</B><B>C</B><B>OU</B><B>NT</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Opening Allocated Accounts</B>: We shall open and maintain the Allocated Accounts in your name, as trustee
of the Trust, and we agree to hold Precious Metal for you on an allocated basis on the terms of this Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Denomination of Allocated Accounts</B>: The Precious Metal recorded in the Allocated Accounts shall be
denominated in fine troy ounces of gold (to three decimal places). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Reports</B>: We will provide reports to you relating to deposits into and withdrawals from an Allocated
Account and the Account Balance of that Allocated Account in such form and with such frequency as required, and containing such information, as may be agreed between us, or as otherwise specified in Schedule 1. Such reports will also be available to
you daily by means of eBTS, provided that, if eBTS is unavailable for any reason, we will agree upon a temporary notification system for making such reports available to us. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Disc</B><B>r</B><B>epanci</B><B>e</B><B>s</B>: If a material error or discrepancy is noted by you on any
report provided pursuant to Clause 2.3 in relation to any activity or balances, you will notify us in writing as soon as reasonably practical so that we may investigate and resolve any such material error or discrepancy as soon as reasonably
practicable, provided, however, that any failure or delay on your part in notifying us shall not limit our obligation to resolve, reverse or correct errors or discrepancies hereunder). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Reversal</B><B> </B><B>of</B><B> </B><B>entries</B>: We shall reverse any provisional or erroneous entries
to an Allocated Account with effect back-valued to the date upon which the final or correct entry (or no entry) should have been made (including, without limitation, where we have credited a deposit made pursuant to Clause 3.1 and on receipt by us
of the Precious Metal we determine that it does not comply with the Rules or that it is not the number of fine troy ounces required by the Rules for the amount of Precious Metal which you notified to us for deposit), and we shall notify you in
writing as soon as reasonably practical of any such reversals. Without limiting the foregoing, if Precious Metal delivered to an Allocated Account upon withdrawal from the Unallocated Account is determined to be of a fineness or a number of fine
troy ounces different from the fineness or the number of fine troy ounces we have reported to you, (i)&nbsp;we shall debit that Allocated Account and credit the Unallocated Account with the requisite amount of Precious Metal if the determination
reduces the total fine troy ounces of Precious Metal that should have been credited to that Allocated Account, and (ii)&nbsp;we shall credit that Allocated Account and debit the Unallocated Account with the requisite amount of Precious Metal if the
determination increases the total fine troy ounces of Precious Metal that should have been credited to that Allocated Account. Additionally, if we credit or debit Precious Metal to or from an Allocated Account that is not of the fine troy ounces we
have represented to you or, in the case of a credit, otherwise does not meet the good delivery rules promulgated by the LBMA from time to time, recovery by you, to the extent such recovery is otherwise allowed, shall not be barred by your delay in
asserting a claim because of the failure to discover any loss or damage incurred by you or the Trust regardless of whether such loss or damage could or should have been discovered. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Access</B>: We will allow you, the Sponsor and your and their identified representatives, independent public
accountants and bullion auditors access to our Vault Premises, upon reasonable notice during normal business hours, to examine the Precious Metal and such records as you and they may reasonably require to perform their respective audit duties in
respect of the Precious Metal. The Parties agree that any such access shall be subject to execution of a confidentiality agreement and agreement of our security procedures, and except as otherwise provided pursuant to this Clause 2.6, will be
limited to no more than two (2)&nbsp;times per calendar year for our Vault Premises. You may request additional visits to our Vault Premises for audit or other inspection duties and we will make reasonable efforts to accommodate such visits to the
extent practicable. If, at the time of any visit, with respect to any portion of Precious Metal allocated to you not at our premises, we will use our reasonable efforts, to the extent they permit such access, to arrange for you and your identified
representatives, independent public accountants and bullion auditors to visit the premises of a <FONT STYLE="white-space:nowrap">Sub-Custodian</FONT> which holds the Precious Metal on your behalf. For the avoidance of doubt, you acknowledge and
agree that (i)&nbsp;whilst we may request a visit to the <FONT STYLE="white-space:nowrap">Sub-Custodian&#146;s</FONT> premises on your behalf, we shall be under no obligation to procure permission from the
<FONT STYLE="white-space:nowrap">Sub-Custodian</FONT> that you or your identified representatives may make such a visit; and (ii)&nbsp;as of the date of this Agreement, the Bank of England does not permit such visits to its vault premises and unless
and until this policy changes, you will not request that we procure permission to visit the Bank of England&#146;s vault premises. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Customer relationship manager</B>: We will provide you with a dedicated customer relationship manager with a
direct dial contact number and email address. We will provide you with the contact information for the initial customer relationship manager within two Business Days of the date of this Agreement. Whenever there is a new customer relationship
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
manager or a change in the contact information of the current customer relationship manager, we will as soon as practicable provide you with the name, direct dial number and email address of such
new customer relationship manager or the changed contact information of the current customer relationship manager. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.8</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Regulatory Reporting</B>: To the extent that our activities under this Agreement are relevant to the
preparation of the filings required of the Trust under the securities laws of the United States or any other jurisdiction, we will, to the extent permitted by applicable law, the Rules or applicable regulatory authority, and upon reasonable request,
cooperate with you and the Sponsor and your and the Sponsor&#146;s representatives to provide such information concerning our activities as may be necessary for such filings to be completed. Additionally, to the extent that our activities or
controls in our capacity as custodian of the Trust&#146;s assets are relevant to the information presented in the financial statements of the Trust, we will, upon reasonable request, cooperate with the Sponsor and you to assist the Sponsor in
providing the required written assurances regarding the reliability of the internal controls used in the preparation of such financial statements, including by providing the Trust&#146;s external auditors with information and reports regarding our
internal controls over financial reporting as far as such reporting relates to the scope of our duties. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_1toc405829_3"></A>3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>DEPO</B><B>S</B><B>ITS</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Procedure</B>: You may at any time notify us of a deposit of Precious Metal to be made to an Allocated
Account. A deposit may be made (in the manner and accompanied by such documentation as we may require) by: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a transfer and allocation of Precious Metal from the Unallocated Account to the loco London Allocated Account;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a transfer of Precious Metal from a <FONT STYLE="white-space:nowrap">Sub-Custodian</FONT> to the loco London
Allocated Account made pursuant to Clause 7.4 by means of (i)&nbsp;a transfer by a book entry debit from an allocated account of such <FONT STYLE="white-space:nowrap">Sub-Custodian</FONT> to the Allocated Account or (ii)&nbsp;a physical delivery of
Precious Metal from such <FONT STYLE="white-space:nowrap">Sub-Custodian;</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a transfer of Precious Metal to an Allocated Account from another Allocated Account made pursuant to Clause
5.1(b) by means of a book entry debit from such other Allocated Account; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">physical transfers of Precious Metal to an Allocated Account from another custodian of the Trust&#146;s
Precious Metal; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">other physical transfers of Precious Metal to an Allocated Account that are permitted under this Agreement, the
Unallocated Precious Metal Account Agreement or otherwise approved by the Sponsor and us. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In relation to deposits pursuant to Clause 3.1 above, we: (i)&nbsp;accept liability for all costs (including
transportation and insurance, if any) in relation to the delivery of such Precious Metal; and (ii)&nbsp;shall bear all risk of loss of such Precious Metal, whether due to theft, destruction or otherwise. Any Precious Metal delivered to us in
physical form must be in the form of bars which comply with the Rules (including the Rules relating to good delivery and fineness). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Notice</B><B> </B><B>requ</B><B>i</B><B>rements</B>: Any notice relating to a deposit of Precious Metal must
be in writing and: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">if it relates to a deposit by unallocated transfer or book entry credit pursuant to Clauses 3.1(a) or (c), be
received by us no later than 10:00 am (London time) on the Business Day of such deposit, or, for deposits subject to the Creation and Redemption Procedures, no later than such other time as may be specified in the Creation and Redemption Procedures
(and, if received later than 10:00 am (London time) or such other applicable time as may be specified in the Creation and Redemption Procedures, will be processed on the next Business Day) and specify the details of the account to which the Precious
Metal is to be transferred; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">if it relates to a deposit by physical delivery pursuant to Clauses 3.1(d) or (e), be received by us no later
than 2:00 pm (London time) 2 Business Days prior to such deposit (and, if received later than 2:00 pm (London time), will be processed on the next Business Day) and, if we are not transporting the Precious Metal, specify the name of the person or
carrier that will deliver the Precious Metal to us; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in all cases, specify the total amount (in the appropriate denomination) of Precious Metal to be deposited to
an Allocated Account, the Availability Date, the Withdrawal Date (if applicable) and any other information which we may from time to time require. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, no notice relating to a deposit of Precious Metal shall be required for any transfers of Precious Metal to the
loco London Allocated Account made pursuant to Clause 7.4. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Timing</B>: A deposit of Precious Metal will not be credited to an Allocated Account until:
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in the case of a deposit made by a transfer from an unallocated account pursuant to Clause 3.1(a), the
transferred Precious Metal has been allocated and recorded to that Allocated Account; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in the case of a deposit made by book entry transfer pursuant to Clauses 3.1(b) or (c), the corresponding
amount of allocated Precious Metal has been credited and recorded to that Allocated Account; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in the case of a deposit made by physical delivery pursuant to Clauses 3.1(b), (d), or (e), we have received
the Precious Metal in accordance with Clauses 3.1 and 3.2, verified its compliance with the Rules and weighed it in accordance with LBMA practice to confirm that it is the weight required by the Rules for the amount of the relevant Precious Metal
which you notified to us for deposit. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Right</B><B> </B><B>to</B><B> </B><B>refuse</B><B> </B><B>Precious</B><B> </B><B>Metal</B><B>
</B><B>or</B><B> </B><B>amend</B><B> </B><B>procedur</B><B>e</B>: </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We may refuse to accept Precious Metal if required by
the Rules or other applicable law, and, if we do refuse to accept Precious Metal, we will notify you and the Sponsor of such refusal as soon as practically possible. To the extent reasonably practicable, we will not amend our procedure for the
transfer of Precious Metal into your Allocated Accounts or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
impose additional procedures without your and the Sponsor&#146;s prior written consent (such consent not to be unreasonably withheld), provided that we may make any such amendment or imposition
without such consent where such amendment or imposition is required by a change in applicable law or, provided that we are acting in good faith and in a commercially reasonable manner, the Rules. We will notify you as soon as reasonably practicable
in accordance with Clause 15 if we amend our procedures or impose additional ones in relation to the deposit of Precious Metal and such notice shall include details of the amended or additional procedures imposed, and, in doing so, we will consider
your needs to communicate any such change to authorised participants of the Trust and others. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Creation and Redemption Procedures</B>: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">You, with the prior written consent of the Sponsor, may amend or modify the Creation and Redemption Procedures from time to time upon
reasonable advance notice and, if the amendment or modification relates to our duties, after consultation with us, provided that, if the amendment or modification would have a material adverse effect on our ability to adhere to the Creation and
Redemption Procedures (in our reasonable opinion), such amendment or modification may not be made without our prior written consent (which consent will not be unreasonably withheld or delayed) unless such amendment or modification is required by
applicable law. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_1toc405829_4"></A>4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>WITHDRAWALS</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Procedure</B>: You may at any time notify us in writing of a withdrawal of Precious Metal from the Allocated
Balance of an Allocated Account. A withdrawal may be made (in the manner and accompanied by such documentation as we may require) by: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a deallocation and transfer of Precious Metal from the loco London Allocated Account to the Unallocated
Account; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a transfer of Precious Metal from an Allocated Account to another Allocated Account made pursuant to Clause
5.1(b) by means of a book entry debit from such Allocated Account; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">physical transfer of Precious Metal from an Allocated Account to another custodian of the Trust&#146;s Precious
Metal; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">other physical transfers of Precious Metal from an Allocated Account that are permitted under this Agreement,
the Unallocated Precious Metal Account Agreement or otherwise approved by the Sponsor and us. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Any Precious Metal made
available to you in physical form will be in the form of bars which comply with the Rules (including the Rules relating to good delivery and fineness). </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Notice</B> <B>requirements</B>: Any notice relating to a withdrawal of Precious Metal must:
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">if it relates to a withdrawal by unallocated transfer or book entry debit pursuant to Clauses 4.1(a) or (b), be
received by us no later than 3:00 pm (London time) on the Withdrawal Date, or, for withdrawals subject to the Creation and Redemption Procedures, no later than such other time as may be specified in the Creation and Redemption Procedures (and, if
received later than 3:00 pm (London time) or such other applicable time as may be specified in the Creation and Redemption Procedures), will be processed on the next Business Day) and specify the details of the account to which the Precious Metal is
to be transferred; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">if it relates to a withdrawal by physical delivery pursuant to Clauses 4.1 (c) or (d), be received by us no
later than 11:00 am (London time) 2 Business Days prior to the Withdrawal Date (and, if received later than 11:00 am (London time) 2 Business Days prior to the Withdrawal Date, will be processed on the next Business Day) and, if we are not
transporting the Precious Metal, specify the name of the person or carrier that will collect the Precious Metal from us; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in all cases, specify the total amount (in the appropriate denomination) of Precious Metal to be delivered to
you or to your order, the Withdrawal Date and any other information which we may from time to time require. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Right to amend procedure</B>: We will not amend our procedure for the transfer of Precious Metal out of your
Allocated Accounts or impose additional procedures without your and the Sponsor&#146;s prior written consent (such consent not to be unreasonably withheld), provided that we may make any such amendment or imposition without such consent where such
amendment or imposition is required by a change in applicable law or, provided that we are acting in good faith and in a commercially reasonable manner, the Rules. We will notify you as soon as reasonably practicable in accordance with Clause 15 if
we amend our procedures or impose additional ones in relation to the transfer of Precious Metal out of your Allocated Accounts and such notice shall include details of the amended or additional procedures imposed, and, in doing so, we will consider
your needs to communicate any such change to authorised participants of the Trust and others. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Collection</B><B> </B><B>or</B><B> </B><B>Delivery</B><B> </B><B>o</B><B>f</B><B> </B><B>Precious</B><B>
</B><B>Metals</B>:<B> </B>Any additional terms and conditions (if any) relating to the collection and physical delivery of Precious Metal to locations other than our Vault Premises or the Vault Premises of any
<FONT STYLE="white-space:nowrap">Sub-Custodian</FONT> are set out below: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In relation to withdrawals from an Allocated Account, from the time at which your designated carrier takes
physical delivery of the relevant Precious Metal: (i)&nbsp;you accept liability for all costs of transportation and insurance (if any) in relation to the delivery of such Precious Metal upon withdrawal, and (ii)&nbsp;you shall bear all risk of loss
of such Precious Metal, whether due to theft, destruction or otherwise. For this purpose, your designated carrier shall be deemed to have taken physical delivery of Precious Metal once such Precious Metal is no longer in our possession or in the
possession of our <FONT STYLE="white-space:nowrap">Sub-Custodian</FONT> or agent. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">You must collect, or arrange for the collection of, Precious Metal being withdrawn from us or our <FONT
STYLE="white-space:nowrap">Sub-Custodian</FONT> at your expense and risk. We will advise you of the location from which the Precious Metal may be collected no later than 2 Business Days prior to the Withdrawal Date. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If you do not notify us of the serial numbers of the bars of (or otherwise identify) the specific Precious
Metal to be withdrawn from the Account Balance, we are entitled to select which bars from those comprising the Account Balance are to be made available to you. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Substitution</B>: Only upon your prior written approval in consultation with the Sponsor, may we substitute
Precious Metal comprising your Account Balance (the &#147;<B>Transferred Portion</B>&#148;) in exchange for the transfer by us to you of the same number of substitute bars of like quality of Precious Metal which comply with the Rules (including,
without limitation, the Rules relating to good delivery and fineness) (the &#147;<B>Substituted Portion</B>&#148;) by removing from an Allocated Account the records identifying the Transferred Portion and simultaneously recording in that Allocated
Account the Precious Metal identified by the serial numbers of the relevant bars (or by other appropriate means) comprising the Substituted Portion. We accept liability for all costs and shall bear all risk of loss in relation to any substitution
made under this Clause 4.5. The number of fine ounces held by us for you shall be the same before and after any such substitution. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_1toc405829_5"></A>5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>INS</B><B>T</B><B>R</B><B>U</B><B>CT</B><B>I</B><B>ONS</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Your</B><B> </B><B>repr</B><B>es</B><B>entatives</B>: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Only you have the right to give instructions to us with respect to the Allocated Accounts. We may assume that
instructions have been properly authorised by you if they are given or purport to be given by a person who is, or purports to be, and is reasonably believed by us to be, a director, employee or other authorised person acting for you.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Sponsor, in consultation with us, shall determine the amount of Precious Metal to be held in any of the
Allocated Accounts from time to time, with such determinations to be made in accordance with, as applicable, the Custodial Fee Letter. The Sponsor is authorised to give instructions to you for the transfer of Precious Metal between any of the
Allocated Accounts. Upon your receipt of any such instructions, you will provide such instructions to us pursuant to Clause 5.2. You shall have no responsibility or liability for (i)&nbsp;any determination of the amount of Precious Metal to be held
in any Allocated Account or the Sponsor&#146;s decision to transfer Precious Metal between any of the Allocated Accounts or (ii)&nbsp;the direct or indirect consequences of any such determination or decision. All transfers of Precious Metal between
any of the Allocated Accounts shall be at our cost and risk of loss, provided that, to the extent provided in the Custodial Fee Letter, such transfers shall be at the cost (but not the risk of loss) of the Sponsor. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Instructions</B>: All transfers into and out of the Allocated Accounts shall be made upon receipt of, and in
accordance with, instructions given (or appearing to be given) by you to us. Such instructions may be given by the Society for Worldwide lnterbank Financial Telecommunications secure messaging system (&#147;<B>SWIFT</B>&#148;) or, if for any reason
SWIFT is not operational, by authenticated email transmission in accordance with our internal funds transfer policy or by such other means as the Parties may agree upon from time to time. Unless otherwise agreed, any such instruction or
communication shall be effective if given by written means. We may assume that any electronic instructions have been validly given on your behalf. We reserve the right to obtain further validation of any instructions. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>AURUM</B>: You acknowledge that, if applicable, instructions relating to a counterparty for whom we do not
already provide settlement services will be forwarded by us to AURUM on your behalf. You acknowledge that AURUM is operated by a third party and that we cannot be responsible for any errors, omissions or malfunctions in the systems operated by
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
AURUM. To the extent that AURUM is not available or suffering a malfunction, you agree that our obligations under this Agreement shall be postponed during such unavailability or such malfunction
and until a reasonable period thereafter. We will notify you as soon as is reasonably practical of any such unavailability or malfunction. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Amendments</B>: Once given, instructions continue in full force and effect until they are cancelled or
amended. Any such instructions shall be valid and binding only after actual receipt by us in accordance with Clause 5.2. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Unclear or ambiguous instructions</B>: If, in our opinion, any instructions are unclear or ambiguous, we
will use reasonable endeavours (taking into account any relevant time constraints) to obtain clarification of those instructions from you but, failing that, we may in our absolute discretion and without any liability on our part, act upon what we
believe in good faith such instructions to be or refuse to take any action or execute such instructions until any ambiguity or conflict has been resolved to our satisfaction. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Refusal to execute</B>: We reserve the right to refuse to execute instructions if in our opinion they are or
may be, or require action which is or may be, contrary to the Rules or any applicable law. In the case of being contrary to the Rules, we shall promptly provide you with the reasons for not being able to execute the instructions unless prohibited
from doing so by the Rules or appliable law. We shall in no circumstances have any obligation to act upon any instruction which in our opinion would result in a negative balance in any Allocated Account. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_1toc405829_6"></A>6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>C</B><B>O</B><B>NF</B><B>I</B><B>DEN</B><B>T</B><B>IALITY</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Disclosure to others</B>: Subject to Clauses 6.2 and 6.3, each Party shall respect the confidentiality of
information acquired under this Agreement, and neither will, without the written consent of the other, disclose to any other person any information acquired under this Agreement. Notwithstanding anything to the contrary in this Agreement, to the
extent required, a copy of this Agreement may be filed under the securities laws of the United States or any other jurisdiction in connection with the registration of the public offering of shares issued by the Trust. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Permitted</B><B> </B><B>disclosure</B><B>s</B>: Each Party accepts that from time to time the other Party
may be required by the Rules or applicable law, or a court order or similar process, or requested by a government department or agency, fiscal body or regulatory authority, to disclose information acquired under this Agreement. In addition, the
disclosure of such information may be required by a Party&#146;s auditors, by its legal or other advisors or by a company which is in the same group of companies as a Party (e.g., a subsidiary or holding company of a Party), by a <FONT
STYLE="white-space:nowrap">Sub-Custodian</FONT> or, in your case, by the Sponsor. In any such case, the disclosing Party will notify the person to whom the disclosure is made that the information disclosed is confidential and should not be disclosed
to any third party. Each Party irrevocably authorises the other to make such disclosures without further reference to such Party. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">You acknowledge that, as a member of the LPMCL and, in connection with carrying out our duties and obligations
under this Agreement, it may be necessary from time to time for us to disclose to LPMCL and/or other clearing members, your account details and certain other information in order to act in accordance with your notices hereunder for the purposes of
facilitating settlement. You acknowledge and accept that such disclosures may be made by us for the purposes set out in this Clause 6.3. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_1toc405829_7"></A>7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>CUSTODY SERVICES</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Appointment</B>: You hereby appoint us: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in respect of Precious Metal held in the Allocated Account in New York and London, to act as custodian and
bailee of the Precious Metal comprising the applicable Account Balances in accordance with this Agreement and in accordance with any Rules and laws which apply to us or to any <FONT STYLE="white-space:nowrap">Sub-Custodian;</FONT> and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">in respect of Precious Metal held in the Allocated Account in Zurich, to act as custodian and Besitzmittler of
the Precious Metal comprising the applicable Account Balance, all to be duly kept as bank deposit assets (<I>Depotwerte</I>) pursuant to the Swiss banking act and in accordance with this Agreement and in accordance with any Rules and laws which
apply to us or to any <FONT STYLE="white-space:nowrap">Sub-Custodian.</FONT> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We accept those appointments. Except as
otherwise provided under this Agreement, we do not undertake the responsibility of a trustee or any other duties in relation to such Precious Metal not implied by the law of bailment and possession as well as the Swiss banking legislation regarding
its holding in custody as bank deposit assets (<I>Depotwerte</I>). </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Segregation of Precious Metal</B>: We will segregate the Precious Metal comprising the applicable Account
Balances from any Precious Metal which we own or which we hold for our other clients, and we will require each <FONT STYLE="white-space:nowrap">Sub-Custodian</FONT> to identify in their books and records the Precious Metal held by them for us
(including any Precious Metal which we hold for the benefit of the Trust in the Allocated Accounts in accordance with this Agreement) from any Precious Metal which it owns or which it holds for its other clients. Entries on our books and records
will identify the Precious Metal held by us or, as applicable, at a <FONT STYLE="white-space:nowrap">Sub-Custodian,</FONT> for the benefit of the Trust, and will refer to the Precious Metal by refiner, assay, serial number and gross and fine weight,
and by any other marks required for the identification of the Precious Metal under the Rules. We will notify you of the Precious Metal held by us or, as applicable, a <FONT STYLE="white-space:nowrap">Sub-Custodian,</FONT> for the benefit of the
Trust, in accordance with Clause 2.3 or upon request. For the avoidance of doubt, in any circumstance where we have agreed to hold for you a quantity of Precious Metal which cannot be allocated in a whole number of physical bars, your Allocated
Accounts will record the nearest whole number of physical bars not exceeding such quantity of Precious Metal, and the difference between the quantity of Precious Metal comprised by such physical bars and the quantity of such Precious Metal which we
have agreed to hold for you will be held by us for you in the Unallocated Account as an unallocated amount of Precious Metal pursuant to the Unallocated Precious Metal Account Agreement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Ownership of Precious Metal</B>: We will identify in our books that the Precious Metal comprising the
Account Balances belongs solely to you. We irrevocably declare that you are the owner of all right, title, interest and benefit in, to and under any Precious Metal in your Allocated Accounts deposited with, or in the possession of, us. We
irrevocably declare that you are the owner of all right, title, interest and benefit in, to and under (a)&nbsp;any Precious Metal in your Allocated Accounts deposited with, or in the possession of, a
<FONT STYLE="white-space:nowrap">Sub-Custodian;</FONT> (b)&nbsp;any Precious Metal in your Allocated Accounts deposited with, or in the possession of, any other person; (c)&nbsp;any agreement between us and a
<FONT STYLE="white-space:nowrap">Sub-Custodian</FONT> or other such person in respect of such Precious Metal in your Allocated Accounts; and (d)&nbsp;any rights of recourse against a <FONT STYLE="white-space:nowrap">Sub-Custodian</FONT> or other
such person in respect of such Precious Metal in your Allocated Accounts, for a period of 80 years from the date of this Agreement. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Location of Precious Metal</B>: The Precious Metal comprising the Account Balances must be held by us
(i)&nbsp;at the nominated Vault Premises unless otherwise agreed between the Parties or (ii)&nbsp;at the Vault Premises of a <FONT STYLE="white-space:nowrap">Sub-Custodian.</FONT> We shall use commercially reasonable efforts promptly (i)&nbsp;to
transport any Precious Metal held for you by a Sub-Custodian to our London Vault Premises or (ii)&nbsp;substitute the Precious Metal held for you by a <FONT STYLE="white-space:nowrap">Sub-Custodian</FONT> by a book entry debit from an allocated
account of such <FONT STYLE="white-space:nowrap">Sub-Custodian</FONT> and corresponding credit of Precious Metal to the loco London Allocated Account at our London Vault Premises. If we allocate Precious Metal to the loco London Allocated Account
and such Precious Metal is held by a <FONT STYLE="white-space:nowrap">Sub-Custodian</FONT> (but only if such <FONT STYLE="white-space:nowrap">Sub-Custodian</FONT> is approved by you in writing and its vault premises are stated in the definition of
Vault Premises) and such Precious Metal is physically transported from the <FONT STYLE="white-space:nowrap">Sub-Custodian&#146;s</FONT> Vault Premises to our London Vault Premises, then: (i)&nbsp;we accept liability for all costs related to the
transportation of such Precious Metal, including insurance, from the <FONT STYLE="white-space:nowrap">Sub-Custodian&#146;s</FONT> Vault Premises to our London Vault Premises; and (ii)&nbsp;we bear the risk of loss of such Precious Metal, whether due
to theft, destruction or otherwise. We agree that all delivery and packing shall be in accordance with the Rules and LBMA good market practices, and if there is a change in the delivery or packing due to a change in the Rules, we shall promptly
provide you with the reasons for the change. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Replacement of Precious Metal</B>: If any Precious Metal credited to an Allocated Account does not comply
with the Rules (including, without limitation, the Rules relating to good delivery and fineness), we shall as soon as practical replace such Precious Metal with Precious Metal which complies with the Rules (including, without limitation, the Rules
relating to good delivery and fineness) by (i)&nbsp;debiting that Allocated Account and crediting the Unallocated Account with the requisite amount of Precious Metal to be replaced, (ii)&nbsp;providing replacement Precious Metal which complies with
the Rules, and which is of an amount that approximates the amount of Precious Metal to be replaced as closely as practical and (iii)&nbsp;debiting the Unallocated Account and crediting that Allocated Account with the requisite amount of replacement
Precious Metal. We shall not start the foregoing replacement process on a particular Business Day unless we are reasonably sure that such replacement process can be started and completed in the same Business Day. We shall notify you by email and/or
SWIFT message as soon as practical on the Business Day (but no later than the end of business on such Business Day) when (i)&nbsp;that Precious Metal credited to that Allocated Account does not comply with the Rules and (ii)&nbsp;when replacement
Precious Metal has been credited to that Allocated Account in accordance with this Clause. Such notification shall include details of the Precious Metal which did not comply with the Rules, and the replacement Precious Metal, including, without
limitation, for each bar of <FONT STYLE="white-space:nowrap">non-compliant</FONT> or replacement Precious Metal (i)&nbsp;the name of the refiner and (ii)&nbsp;information regarding the vault location, gross weight, fineness, serial ID number, size
and fine ounces. If there is a change in compliance due to a change in the Rules, we shall promptly provide you with the reasons for the change. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_1toc405829_8"></A>8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><FONT STYLE="white-space:nowrap">SUB-CUSTODIANS</FONT></B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><FONT STYLE="white-space:nowrap">Sub-Custodians</FONT></B>: We may appoint
<FONT STYLE="white-space:nowrap">Sub-Custodians</FONT> solely for the temporary custody and safekeeping of Precious Metal comprising the Account Balances until such Precious Metal is transferred to our London Vault Premises as provided in Clause
7.4. We will use reasonable care in the appointment of any <FONT STYLE="white-space:nowrap">Sub-Custodian.</FONT> We will notify you of any </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
appointment of a <FONT STYLE="white-space:nowrap">Sub-Custodian,</FONT> or if we want to select any additional <FONT STYLE="white-space:nowrap">Sub-Custodian</FONT> or stop using any <FONT
STYLE="white-space:nowrap">Sub-Custodian</FONT> for such purpose as set out in Schedule 1. Your receipt of notice that we have selected a <FONT STYLE="white-space:nowrap">Sub-Custodian</FONT> shall not be deemed to limit our responsibility in
selecting such <FONT STYLE="white-space:nowrap">Sub-Custodian.</FONT> Not more frequently than annually, upon your request, we shall confirm to you that from time to time we may hold Precious Metal for our own account with one or more <FONT
STYLE="white-space:nowrap">Sub-Custodians.</FONT> Any <FONT STYLE="white-space:nowrap">Sub-Custodian</FONT> shall be a LBMA member, except for the Governor and the Company of the Bank of England. We shall notify you and the Sponsor as soon as
practicable (and in any event no later than 2 Business Days from the date of our becoming aware) of any difficulties or problems existing with respect to a <FONT STYLE="white-space:nowrap">Sub-Custodian</FONT> of which we become aware, with our
acknowledging that we endeavour to apply the same or higher standard of care where practical with respect to any <FONT STYLE="white-space:nowrap">Sub-Custodian</FONT> as we apply to the services provided by us. As per the definition of <FONT
STYLE="white-space:nowrap">&#147;Sub-Custodian&#148;</FONT> in Clause 1.1, any appointment of a <FONT STYLE="white-space:nowrap">Sub-Custodian</FONT> other than the <FONT STYLE="white-space:nowrap">Sub-Custodians</FONT> whose vault premises are
listed in the definition of Vault Premises must be approved in writing by you and the Sponsor. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Notice</B>: We will provide you on request with the name and address of any
<FONT STYLE="white-space:nowrap">Sub-Custodian</FONT> of Precious Metal comprising the Account Balances along with any other information which you may reasonably require concerning the appointment of the
<FONT STYLE="white-space:nowrap">Sub-Custodian.</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Liability</B>: We shall be liable for any loss suffered by you as a result of any act or omission or
insolvency of any <FONT STYLE="white-space:nowrap">Sub-Custodian,</FONT> including, without limitation, to the extent directly resulting from our fraud or negligence in the appointment of that <FONT STYLE="white-space:nowrap">Sub-Custodian.</FONT>
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_1toc405829_9"></A>9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>REPRES</B><B>E</B><B>N</B><B>T</B><B>ATI</B><B>O</B><B>NS</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each Party represents and warrants to the other, on a continuing basis, that: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">it is duly constituted and validly existing under the laws of its jurisdiction of constitution;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">it has all necessary authority, powers, consents, licences and authorisations and has taken all necessary
action to enable it lawfully to enter into and perform its duties and obligations under this Agreement; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the persons entering into this Agreement on its behalf have been duly authorised to do so; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">this Agreement and the obligations created under it constitute its legal and valid obligations which are
binding upon it and enforceable against it in accordance with the terms of this Agreement (subject to applicable laws of bankruptcy, insolvency and similar laws and principles of equity) and do not and will not violate the terms of any applicable
laws, or any order, charge or agreement by which it is bound. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In addition to (and without limitation of) the representations and warranties given by us in Clause 9.1, we
represent and warrant to you, on a continuing basis, that we will adhere to the Creation and Redemption Procedures and that we will provide daily reports as more particularly described in Clause 2.3 (<I>Reports</I>) and Schedule 1 that are necessary
to facilitate the daily P&amp;L and NAV reports. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_1toc405829_10"></A>10.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>SANCTIONS</B> </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In addition to (and without limitation of) the representations and warranties given by you in Clause 9.1 above,
you represent, warrant, and undertake, on a continuing basis, that: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">you are not, and the Trust is not, a person or entity that is named on any Sanctions List or directly or
indirectly targeted under any Sanctions; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">we acknowledge that you do not review or monitor the activities of the authorised participants of the Trust
with respect to their compliance with Sanctions. Subject to the limitation in the preceding sentence, you represent, in relation to your own actions taken in connection with this Agreement, that you are not knowingly acting in violation of any
applicable Sanctions, and will not knowingly cause us to hold any Precious Metal that originates from financial crime or that would cause us to facilitate the violation of any Sanctions. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Subject to Clause 10.1, you agree that, to the best of your knowledge, neither any Precious Metal nor the
proceeds of any Precious Metal will be used by you in any way to fund the activities or business of any person or entity in violation of Sanctions. You further agree that we shall be under no obligation to comply with a notice of withdrawal
delivered pursuant to Clause 4.1 where we, in consultation with you and the Sponsor (to the extent such consultation is permitted by law, regulation and internal compliance policies and procedures), have reasonable grounds to suspect that doing so
would constitute a violation of Sanctions. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In the event that you breach Clause 10.1 or 10.2 above, or if we have reasonable grounds to believe that you
have breached Clause 10.1 or 10.2 above, we shall have the right to terminate this Agreement upon written notice to you and the Sponsor. Our indemnification provided in Clause 12.5 shall apply to any such termination. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Nothing in this Agreement shall require a Party to take any action or to refrain from taking any action which
may cause that Party any liability to or imposed by a Sanctioning Body. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_1toc405829_11"></A>11.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>FEES AND E</B><B>X</B><B>PENSES</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Fees</B>: Pursuant to the Custodial Fee Letter, the Sponsor will pay us fees for our services under this
Agreement. Such fee is inclusive of fees for storage and insurance of the Precious Metal and any fees and expenses of <FONT STYLE="white-space:nowrap">Sub-Custodians</FONT> used in connection with this Agreement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Expenses</B>: Pursuant to the Custodial Fee Letter, the Sponsor has agreed to pay us on demand all costs,
charges and expenses (including any reasonable legal fees) incurred by us in connection with the performance of our duties and obligations under this Agreement or otherwise in connection with the Allocated Accounts (including, without limitation,
any delivery, collection or storage costs). Pursuant to the Custodial Fee Letter, the Sponsor shall be liable for all taxes, assessments, duties and other governmental charges, including any interest or penalty with respect thereto, with respect to
any Allocated Account maintained by us pursuant to this Agreement or any deposits or withdrawals related thereto. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Credit balances</B>: No interest or other amount will be paid by us on any credit balance on an Allocated
Account. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Debit balances</B>: You are not entitled to overdraw an Allocated Account, and we shall not carry out any
instruction from you where to do so would in our opinion cause an Allocated Account to have a negative balance. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Default</B><B> </B><B>interest</B>: If you fail to pay us any amount payable by you under this Agreement
when it is due, we reserve the right to charge you interest (both before and after any judgement) on any such unpaid amount. Interest will accrue on a daily basis, on a compound basis with monthly resets, and will be due and payable by you as a
separate debt. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>No Recovery from the Trust</B>: Amounts payable by the Sponsor pursuant to this Clause 11 or otherwise under
this Agreement shall not be debited from an Allocated Account, but shall be solely payable by the Sponsor, and we hereby acknowledge that we will have no recourse against any Precious Metal standing to the credit of the Allocated Accounts or to you
or the Trust in respect of any such amounts. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_1toc405829_12"></A>12.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>SC</B><B>O</B><B>PE OF</B><B> </B><B>RESPONSIBI</B><B>L</B><B>ITY</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">12.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Exclusion of liability</B>: We will adhere to the standards of a Reasonable and Prudent Custodian at all
times in the performance of our duties under this Agreement, and we will be responsible for any loss or damage suffered by you as a direct result of any negligence, fraud or wilful misconduct on our part in the performance of our duties or as
provided in Clause 8.3, and in which case our liability will not exceed the aggregate market value of the Account Balances and the account balance of the Unallocated Account at the time of such negligence, fraud or wilful misconduct or any act,
omission or insolvency of any <FONT STYLE="white-space:nowrap">Sub-Custodian</FONT> as per Clause 8.3 (calculating the value using the next available price for Precious Metal on the relevant London Precious Metals Markets following the occurrence of
such negligence, fraud or wilful misconduct or any act, omission or insolvency of any <FONT STYLE="white-space:nowrap">Sub-Custodian</FONT> as per Clause 8.3). We shall not in any event be liable for any consequential loss, or loss of profit or
goodwill, whether or not resulting from any negligence, fraud or wilful misconduct on our part. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">12.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>No duty or obligation</B>: We are under no duty or obligation to make or take, or require any <FONT
STYLE="white-space:nowrap">Sub-Custodian</FONT> to make or take, any special arrangements or precautions beyond those required by the Rules or as specifically set forth in this Agreement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">12.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Insurance</B>: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">We shall at all times maintain adequate insurance cover with reputable and solvent insurers of international
standing with respect to our custodial obligations and the Precious Metal comprising your Account Balances, and we will pay and be responsible for all cost, fees and expenses (including, without limitation, any applicable premium and relevant taxes,
each of which we undertake to pay in a timely manner) in relation to any such insurance policy or policies. In the event that we elect to reduce, cancel or not to renew such insurance, we will give you prior written notice as follows: in the case of
a reduction, we will endeavour to provide such notice at least 30 days prior to the effective date of the reduction; and in the event of a cancellation or expiration of the insurance without renewal we will provide such notice at least 30 days prior
to the last day of insurance coverage. We will provide you with evidence of such insurance upon reasonable prior notice and, subject to your execution of a mutually agreeable <FONT STYLE="white-space:nowrap">non-disclosure</FONT> agreement, we will
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
periodically allow you to review such insurance from time to time upon reasonable prior notice and will provide the Sponsor with information regarding such insurance required by the Sponsor in
connection with the maintenance of the registration of the shares of the Trust. We acknowledge that you may obtain separate insurance at your own expense solely for your benefit to insure the Precious Metal comprising the Account Balances and that
we will promptly provide you with all information reasonably necessary for you to obtain such insurance. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In the event of (i)&nbsp;loss, damage, destruction or <FONT STYLE="white-space:nowrap">mis-delivery</FONT> of
your Precious Metal, or (ii)&nbsp;another event occurring (incurred or not) which is likely to affect in any way your Precious Metal, or (iii)&nbsp;an event or circumstance occurs that may give rise to any of the event listed in (i)&nbsp;or (ii)
above, we shall inform you in writing as soon as practicable upon becoming aware of any such occurrence and we shall consult with you and file claims with our insurer, unless we elect to reimburse you promptly directly from our own funds. At all
times: (x)&nbsp;we shall keep you informed as to any progress of such insurance claim, and (y)&nbsp;we shall act in a prudent and reasonable manner in managing any insurance claim in connection with your Precious Metal and (z)&nbsp;we shall not act
in a manner that may prejudice your position or recovery in connection with any such insurance claim. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Pursuant to any claim by us under a relevant insurance policy in respect of Precious Metal comprising your
Account Balances, whereupon we receive any proceeds from the relevant insurer in satisfaction of that claim, we will pass such proceeds to you promptly upon receipt, unless we have already paid to you any sum in respect of your Account Balances.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">12.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Force majeure</B>: We shall not be liable to you for any delay in performance, or for the <FONT
STYLE="white-space:nowrap">non-performance</FONT> of, any of our obligations under this Agreement by reason of any cause beyond our reasonable control. This includes but is not limited to any breakdown, malfunction or failure of, or in connection
with, any communication, computer, transmission, cyber-attack or event, clearing or settlement facilities, industrial action, war, civil war, hostilities (whether war be declared or not), epidemic, pandemic, revolution, rebellion, insurrection,
civil strife acts and regulations of any governmental or supra national bodies or authorities, or the rules of any relevant regulatory or self-regulatory organisation. We shall promptly provide you with the reasons for such delay in performance, or <FONT
STYLE="white-space:nowrap">non-performance.</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">12.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Indemnit</B><B>y</B>: You shall, solely from and to the extent of the assets of the Trust, indemnify and
keep us indemnified (on an after tax basis) on demand against all costs and expenses, damages, liabilities and losses which we may suffer or incur, directly or indirectly, in connection with this Agreement, except to the extent that such sums are
due directly to our negligence, wilful misconduct or fraud. The foregoing indemnity shall not apply to our fees, expenses and other amounts that are paid by the Sponsor pursuant to Clause 11 or otherwise under this Agreement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">12.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Our interests and affiliates</B><B>&#146;</B><B> interests</B>: We have the right, without notifying you, to
act upon your instructions or to take any other action permitted by the terms of this Agreement even where: </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">we, directly or indirectly, have an interest in the consequences of such instruction or action;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">we process your instructions on an aggregated basis together with similar instructions from other clients; or
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">we have a relationship with another party which does or may create a conflict with our duty to you, including
(without prejudice) circumstances where we or any of our associates may: (i)&nbsp;act as financial adviser, banker or otherwise provide services to your contract counterparty; (ii)&nbsp;act in the same arrangement as agent for more than one client;
or (iii)&nbsp;earn profits from any of the activities listed herein. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We or any of our divisions, branches or affiliates
may be in possession of information tending to show that the action required by your instructions may not be in your best interests, but shall not have any duty to disclose any such information. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_1toc405829_13"></A>13.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>TERM</B><B>I</B><B>NAT</B><B>I</B><B>ON</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">13.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Method</B>: Either Party may terminate this Agreement (a)&nbsp;by giving not less than 90 Business Days
written notice to the other Party, (b)&nbsp;immediately by written notice in the event of the presentation of a <FONT STYLE="white-space:nowrap">winding-up</FONT> order, bankruptcy or analogous event in relation to the other Party or
(c)&nbsp;pursuant to Clause 10.3. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">13.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Any notice given by you under Clause 13.1 must specify: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the date on which the termination will take effect (the &#147;<B>Termination Date</B>&#148;);
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the person to whom the applicable Account Balance is to be delivered; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">all other necessary arrangements for the delivery of the applicable Account Balance to you or to your order.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">13.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Redelivery</B><B> </B><B>a</B><B>rrangemen</B><B>t</B><B>s</B>: Following any termination of this Agreement,
if you do not make arrangements acceptable to us for the delivery of the applicable Account Balance to you or to your order, we may continue to hold the Precious Metal constituting such Account Balance, in which case we will continue to charge the
fees and expenses payable pursuant to Clause 11. If you have not made arrangements acceptable to us for the delivery of the Account Balances within 6 months of the Termination Date, we will be entitled to close the Allocated Accounts and sell the
Precious Metal constituting the Account Balances (at such time and on such markets as we consider appropriate) and account to you for the proceeds after deducting any amounts due to us under this Agreement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">13.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Termination</B>. For the avoidance of any doubt, upon receipt of notice of any termination of this Agreement
pursuant to Clause 13.1, we agree to continue to serve as custodian and bailee pursuant to the terms of this Agreement for the period of time between the provision of notice and the Termination Date and we will facilitate the liquidation and
distribution of the Trust, if applicable, or an orderly transition to a successor custodian. In the event that the Trust seeks to transition to a successor custodian in accordance with the Trust Indenture, we shall cooperate with you and the Sponsor
in good faith to effect a smooth and orderly transfer of the Precious Metal held in the Allocated Accounts, the custodial services provided under this Agreement and all applicable records as directed by you or the Sponsor to a successor custodian.
Such cooperation shall include the execution of such documents </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
and the taking of such actions as you or the Sponsor may reasonably require in order to effect such transfer however to the extent we properly incur costs for such actions those costs shall be
for the Sponsor. The Sponsor shall provide you with any instructions concerning the transfer, including physical transport, of Precious Metal to a successor custodian and, upon receipt of such instructions, you shall provide such instructions to us
pursuant to Clause 5.2 or as otherwise as we and you may agree. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">13.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Existing rights</B>: Termination shall not affect rights and obligations then outstanding under this
Agreement which shall continue to be governed by this Agreement until all obligations have been fully performed. The provisions of Clauses 6 and 17 shall survive the termination of this Agreement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">13.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>eBTS</B>: Effective the Termination Date, the use of the Website (as defined in Schedule 1) will
automatically be terminated and no further access to the Website will be permitted. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">13.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Change in Trustee</B>:<B><I> </I></B>If there is any change in the identity of the trustee of the Trust in
accordance with the Trust Indenture, then we and you shall execute such documents and shall take such actions as the new trustee of the Trust and the outgoing trustee of the Trust may reasonably require for the purpose of vesting in the new trustee
of the Trust the rights and obligations of the outgoing trustee of the Trust, and releasing the outgoing trustee of the Trust from its future obligations under this Agreement. Our obligations under this Clause 13.7 shall be conditioned on the us
having conducted prompt, reasonable and proportionate due diligence to our reasonable satisfaction on any such new Trustee. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_1toc405829_14"></A>14.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>VAL</B><B>U</B><B>E</B><B> </B><B>A</B><B>D</B><B>DED</B><B> </B><B>T</B><B>AX</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">14.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>VAT exclusive</B>: All sums payable under this Agreement and referenced in the Custodial Fee Letter
(including but not limited to storage, handling and clearing fees) shall be deemed to be exclusive of VAT. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_1toc405829_15"></A>15.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>NOT</B><B>I</B><B>CES</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">15.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Form</B>: Except as otherwise provided in this Agreement, any notice or other communication under or in
connection with this Agreement shall be given in writing which includes an electronic transmission in a form permitted by Clause 15.2. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">15.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Method of trans</B><B>m</B><B>ission</B>: Except as otherwise provided in this Agreement, any notice or
other communication shall be delivered personally or sent by first class post, pre-paid recorded delivery (or air mail if overseas), authenticated electronic transmission (including email and SWIFT) or such other electronic transmission as the
Parties may from time to time agree, to the Party due to receive the notice or communication or the Sponsor, at its address, number or destination set out below or another address, number or destination specified by that Party or the Sponsor by
written notice to the other Party or Parties or the Sponsor, as the case may be. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If to us, to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">JPMorgan Chase Bank, N.A. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">25
Bank Street, Canary Wharf, London, E14 5JP, UK </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5th Floor: Commodities </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Email: bullion.clearing@jpmorgan.com; EMEA_bullion_sales@jpmorgan.com </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If to you, to: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Bank of New York Mellon </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">240 Greenwich Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">8th Floor
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York, New York 10286 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: ETF Services </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Telephone: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">718-315-4591</FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Facsimile: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">732-667-9585</FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">E-Mail:</FONT> etfservicesgs@bnymellon.com </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The address and numbers of the Sponsor for purposes of receiving notices under this </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Agreement is: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">SPDR<SUP
STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">c/o World Gold Trust Services, LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">685 Third Avenue, 27<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York, NY 10017 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">legalnotices@gold.org </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(212) <FONT
STYLE="white-space:nowrap">317-3800</FONT> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">15.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Deemed receipt of notice</B>: A notice or other communication under or in connection with this Agreement
will be deemed received or delivered only if actually received or delivered. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">15.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Recording of calls</B>: We may record telephone conversations without use of a warning tone. Such recordings
will be our sole property and accepted by you as evidence of the orders or instructions given. In the event of inconsistency between the written notice and oral orders or instructions, the terms of the written notice shall prevail.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_1toc405829_16"></A>16.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>GENERAL</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">16.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>No advice</B>: Our duties and obligations under this Agreement do not include providing you with investment
advice. In asking us to open and maintain the Allocated Accounts, you do so in reliance upon your own judgement, and we shall not owe to you any duty to exercise any judgement on your behalf as to the merits or suitability of any deposits into, or
withdrawals from, the Allocated Accounts. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">16.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Rights and remedies</B>: Our rights under this Agreement are in addition to, and independent of, any other
rights which we may have at any time in relation to the Account Balances and any lien or other rights we may have to <FONT STYLE="white-space:nowrap">set-off,</FONT> combine or consolidate any of your accounts, provided that, except as provided in
Clauses 13.3 and 16.11, we shall not have any lien or other rights to <FONT STYLE="white-space:nowrap">set-off,</FONT> merge, combine or consolidate the Allocated Accounts. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">16.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Business Day</B>: If an obligation of a Party would otherwise be due to be performed on a day which is not a
Business Day in respect of an Allocated Account, such obligation shall be due to be performed on the next succeeding Business Day in respect of that Allocated Account. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">16.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Assignment</B>: This Agreement is for the benefit of and binding upon us both and our respective successors
and permitted assigns, and, except as provided in Clause 13.7 with respect to you, no Party shall assign, transfer or encumber, or purport to assign, transfer or encumber any of its rights or obligations under this Agreement without the other
Party&#146;s prior agreement in writing (such agreement not to be unreasonably withheld) provided that this Clause 16.4 shall not restrict our power to merge or consolidate with any party or to dispose of all or substantially all of our custody
business to another party. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">16.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Amendments</B>: Unless otherwise specified in this Agreement, any amendment to this Agreement must be agreed
in writing and be signed by us both. Unless otherwise agreed, an amendment will not affect any legal rights or obligations which may already have arisen. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">16.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Partial invalidity</B>: If any of the clauses (or part of a clause) of this Agreement becomes invalid or
unenforceable in any way under the Rules or any law, the validity of the remaining clauses (or part of a clause) will not in any way be affected or impaired. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">16.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Liability</B>: Nothing in this Agreement shall exclude or limit any liability which cannot lawfully be
excluded or limited (e.g., liability for personal injury or death caused by negligence). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">16.8</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Entire Agreement</B>: This Agreement and the Unallocated Precious Metal Account Agreement represent the
entire agreement between us, and supersede any previous agreements between us, relating to the subject matter of this Agreement and the Unallocated Precious Metal Account Agreement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">16.9</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Counterparts; Signatures</B>: This Agreement may be executed in any number of counterparts each of which
when executed and delivered is an original, but all the counterparts together constitute the same agreement. Facsimile, PDF and other electronic signatures shall be acceptable and binding. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">16.10</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Third Party Rights</B>: You are our sole customer under this Agreement. Except with respect to the Trust,
which shall be considered a beneficiary of this entire Agreement, and the Sponsor, which shall be a beneficiary (as applicable) of Clauses 2.6, 2.8, 3.1, 3.5, 4.1, 4.3, 5.1(b), 8.1, 12.3 and 13.4, we do not owe any duty or obligation or have any
liability towards any person who is not a party to this Agreement, and, other than the Sponsor, this Agreement does not confer a benefit on any person who is not a party to it. The Parties do not intend that any term of this Agreement shall be
enforceable by any person who is not a party to it, except for the Sponsor, and do intend that the Contracts (Rights of Third Parties) 1999 Act shall not apply to this Agreement. Nothing in this paragraph is intended to limit the obligations
hereunder of any successor trustee of the Trust or to limit the right of any successor trustee of the Trust to enforce our obligations hereunder. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">16.11</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>No Liens</B>:<B><I> </I></B>We will not create any right, charge, security interest, lien or claim against
the Account Balances, except those in our favour arising under this Agreement or under the Unallocated Precious Metal Account Agreement, and we will not loan, hypothecate, pledge or otherwise encumber any of the Account Balances except pursuant to
your instructions. Notwithstanding the foregoing sentence, we will not create any right, charge, security interest, lien or claim against the Account Balances with respect to the payment
<FONT STYLE="white-space:nowrap">or&nbsp;non-payment&nbsp;by</FONT> the Sponsor of our fees, expenses and other amounts that are paid by the Sponsor pursuant to Clause 11 or otherwise under this Agreement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">16.12</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Role of Trustee</B>: You are a party to this Agreement in your capacity as trustee of the Trust and,
accordingly, you shall only be liable to satisfy any obligations under this Agreement, including, without limitation, any obligations or liabilities arising in connection with any default by you under this Agreement, to the extent of the assets held
from time to time by you as trustee of the Trust (the &#147;<B>Trust Assets</B>&#148;); and no recourse shall be had to: (i)&nbsp;any assets other than the Trust Assets, including, without limitation, any of the assets held by you as trustee, <FONT
STYLE="white-space:nowrap">co-trustee</FONT> or nominee of a trust other than the Trust, as owner in your individual capacity or in any way other than as trustee of the Trust; or (ii)&nbsp;you for any assets that have been distributed by you to the
beneficiaries of the Trust. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_1toc405829_17"></A>17.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>GOV</B><B>E</B><B>R</B><B>NI</B><B>N</B><B>G</B><B> </B><B>L</B><B>A</B><B>W</B><B>
</B><B>A</B><B>N</B><B>D</B><B> </B><B>J</B><B>U</B><B>RI</B><B>S</B><B>D</B><B>I</B><B>CT</B><B>I</B><B>ON</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">17.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Governing law</B>: This Agreement and any <FONT STYLE="white-space:nowrap">non-contractual</FONT>
obligations arising out of or in connection with it shall be governed by and construed in accordance with English law. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">17.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Jurisdiction</B>: The courts of the State of New York, in the United States of America, and the Unites
States federal court located in the Borough of Manhattan in such state shall have jurisdiction to settle any disputes or claims which may arise out of or in connection with this Agreement, including any question regarding its existence, validity or
termination. Each of the Parties hereto irrevocably submits to the <FONT STYLE="white-space:nowrap">non-exclusive</FONT> jurisdiction of such courts, waive any claim of forum non conveniens and any objections to the laying of venue, and further
waive any personal service. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">17.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Waiver of immunity</B>: To the extent that you may in any jurisdiction claim for yourself or your assets any
immunity from suit, judgement, enforcement or otherwise howsoever, you agree not to claim and irrevocably waive any such immunity to which you would otherwise be entitled (whether on grounds of sovereignty or otherwise) to the full extent permitted
by the laws of such jurisdiction. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">17.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Service of process</B>: Process by which any proceedings are begun may be served by being delivered to the
addresses specified below. This does not affect the right of either of us to serve process in another manner permitted by law. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Our address for service of process: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">JPMorgan Chase Bank, N.A. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">25
Bank Street, Canary Wharf, London, E14 5JP, UK </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5th Floor: Commodities and 23rd Floor &#150; Legal Department </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: EMEA_bullion_sales@jpmorgan.com </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Your address for service of process: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Bank of New York Mellon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">240
Greenwich Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York, New York 10286 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: ETF Service Directors </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Sponsor&#146;s address for service of process: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">c/o World Gold Trust Services, LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">685 Third Avenue, 27th Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New
York, NY 10017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: General Counsellegalnotices@gold.org </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page Follows] </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>EXECUTED </B>by the Parties </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signed on behalf of </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>JPMorgan Chase Bank, N.A </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">by: </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Signature</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Mark Amlin</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Mark Amlin</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Executive Director</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signed on behalf of </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Bank
of New York Mellon, </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">not in its individual capacity, but solely as trustee of the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold
Trust </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">by: </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Signature</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Michael Spates</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Michael Spates</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Vice President</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 1 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>To Allocated Precious Metal Account Agreement dated 30&nbsp;November 2022 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Schedule forms an integral part of the Agreement and expressions contained herein shall, where applicable, have the same meaning as defined in the
Agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Clause 2.3: Reports </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Agreed methods of
giving instructions include the following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Through eBTS, accessible through the JP Morgan Chase Bank website (the &#147;<B>Website</B>&#148;) by you
pursuant to the terms of the website agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Reports will be provided for each Business Day, by no later than 9:00 a.m. New York time on the following
Business Day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Reports will be provided in PDF and Excel format. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Reports will include details of any Precious Metal held by us, or, as applicable, at a <FONT STYLE="white-space:nowrap">Sub-Custodian,</FONT> for you, and
will contain the following details: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">bar numbers </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">purity </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">gross weight in [oz/kg] </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">fine weight in [oz/kg] </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">brand </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">vault premises </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Year of production </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any other such marks as may be required for the identification of gold under the Rules or applicable law from
time to time </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Reports will include information showing the movement of Precious Metal into and out of an Allocated Account and the
Unallocated Account and identifying separately each transaction and the Business Day on which it occurred. Such reports will include information to allow you to determine whether, by the close of Business on any Business Day, we have allocated
Precious Metal standing to your credit in the Unallocated Account to an Allocated Account in accordance with Clause 5.3 (<I>Continuous Allocation of Gold</I>) of the Unallocated Precious Metal Account Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In order to satisfy your and the Sponsor&#146;s regulatory reporting requirements, upon your request, we will provide written notification to you, by no later
than ten Business Days after the end of each calendar quarter and calendar year, stating the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the amount of assets held for you by us and any <FONT STYLE="white-space:nowrap">Sub-Custodian</FONT> as of the
end of the respective calendar quarter or calendar year; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">that we have no such holdings as of the end of the respective calendar quarter or calendar year.
</P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Clause 8.1: <FONT STYLE="white-space:nowrap">Sub-Custodians</FONT> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As, pursuant to Clause 8.1 <FONT STYLE="white-space:nowrap">(Sub-Custodians),</FONT> any arrangement to hold
Precious Metal for you with a <FONT STYLE="white-space:nowrap">Sub-Custodian</FONT> must only be temporary, we will provide notification via email (and telephonic notice, in our discretion, for anything we deem may require immediate attention) of
any <FONT STYLE="white-space:nowrap">Sub-Custodian</FONT> allocation as soon as reasonably practicable and, in any event, no later than the Business Day upon which allocation occurs. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Clause 11.5: Default interest </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The rate of interest
applicable under this clause will be 1% above the Secured Overnight Financing Rate (SOFR) for the currency in which the amount is due, or if such rate is not available, such rate of interest as the Parties shall mutually agree upon in good faith.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CREATION AND REDEMPTION PROCEDURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> GOLD TRUST PROCEDURES FOR JPMORGAN CHASE BANK, N.A. </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CREATION AND REDEMPTION OF SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> GOLD SHARES AND RELATED GOLD TRANSACTIONS </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Scope of Procedures and Overview </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These procedures (the
&#147;<U>Procedures</U>&#148;) describe the processes by which one or more Baskets of SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust shares (the &#147;<U>Shares</U>&#148;) issuable by BNY Mellon Asset Servicing, a division
of The Bank of New York Mellon, as trustee (the &#147;<U>Trustee</U>&#148;) of the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust (the &#147;<U>Trust</U>&#148;), may be purchased or, once Shares have been issued, redeemed
by an Authorized Participant (a &#147;<U>Participant</U>&#148;). Shares may be created or redeemed only in blocks of 100,000 Shares (each such block, a &#147;<U>Basket</U>&#148;). Because the issuance and redemption of Baskets also involve the
transfer of Gold between the Participant and the Trust, certain processes relating to the underlying Gold transfers also are described. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under these
Procedures, Baskets may be issued only with respect to Gold transferred to and held in the Trust&#146;s allocated Gold account maintained in London, England by JPMorgan Chase Bank, N.A., as custodian (the &#147;<U>Custodian</U>&#148;). Capitalized
terms used in these Procedures without further definition have the meanings assigned to them in the Trust Indenture (the &#147;<U>Indenture</U>&#148;), dated as of November&nbsp;12, 2004, as amended November&nbsp;26, 2007, May&nbsp;20, 2008,
June&nbsp;1, 2011, June&nbsp;18, 2014, March&nbsp;20, 2015, April&nbsp;14, 2015, September&nbsp;5, 2017, February&nbsp;6, 2020 and November&nbsp;30, 2022 and as may be further amended from time to time, between the Trustee and World Gold Trust
Services, LLC (the &#147;<U>Sponsor</U>&#148;) or the Participant Agreement entered into by each Participant with the Sponsor and the Trustee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For
purposes of these Procedures, a &#147;<U>Business Day</U>&#148; is defined as any day other than (i)&nbsp;a day on which the Exchange is closed for regular trading or (ii), if the transaction involves the receipt or delivery of Gold or confirmation
thereof in the United Kingdom or in some other jurisdiction, (a)&nbsp;a day on which banking institutions in the United Kingdom or in such other jurisdiction, as the case may be, are authorized by law to close or a day on which the London gold
market is closed or (b)&nbsp;a day on which banking institutions in the United Kingdom or in such other jurisdiction, as the case may be, are authorized to be open for less than a full business day or the London gold market is open for trading for
less than a full business day and transaction procedures required to be executed or completed before the close of the business day may not be so executed or completed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Baskets are issued pursuant to the Prospectus, which will be delivered by the Sponsor to each Participant prior to its execution of the Participant Agreement,
and are issued and redeemed in accordance with the Indenture and the Participant Agreement. Baskets may be issued and redeemed on any Business Day by the Trustee in exchange for Gold, which the Trustee receives from Participants or transfers to
Participants, in each case on behalf of the Trust. Participants will be required to pay a nonrefundable per order transaction fee of $2,000 to the Trustee (the &#147;<U>Transaction Fee</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Participants and the Trust transfer Gold between each other using the unallocated bullion account system of the London bullion market. Transfers of Gold to
and from the Trust are effected pursuant to (i)&nbsp;the Allocated Precious Metal Account Agreement (the &#147;<U>Trust </U> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
<U>Allocated Agreement</U>&#148;) between the Trustee and the Custodian establishing the Trust&#146;s allocated account (the &#147;<U>Trust Allocated Account</U>&#148;) and the Unallocated
Precious Metal Account Agreement (the &#147;<U>Trust Unallocated Agreement</U>&#148;) between the Trustee and the Custodian establishing the Trust&#146;s unallocated account (the &#147;<U>Trust Unallocated Account</U>&#148;; the Trust Allocated
Agreement and the Trust Unallocated Agreement are collectively referred to as the &#147;<U>Trust Custody Agreements</U>&#148;) and (ii)&nbsp;a Participant Unallocated Bullion Account Agreement (the &#147;<U>Participant Unallocated
Agreement</U>&#148;) between the Participant and JPMorgan Chase Bank, N.A. or another Gold clearing bank of LPMCL, establishing the Participant&#146;s unallocated account (the &#147;<U>Participant Unallocated Account</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gold is transferred between the Trust and Participants through the Trust Unallocated Account. When Gold is to be transferred to the Trust from a Participant
(in exchange for the issuance of Baskets), the Gold is transferred from the Participant Unallocated Account to the Trust Unallocated Account and then allocated from there to the Trust Allocated Account. When Gold is to be transferred to a
Participant (in connection with the redemption of Baskets), the Gold is deallocated from the Trust Allocated Account to the Trust Unallocated Account and is transferred from there to the Participant Unallocated Account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each Participant is responsible for ensuring that the Gold it intends to transfer to the Trust in exchange for Baskets is available for transfer to the Trust
in the manner and at the times described in these Procedures. In meeting this responsibility, the Participant may make such independent arrangements as it sees fit, including the borrowing of Gold, to ensure that the relevant amount(s) of Gold is
credited in time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon acceptance of the Participant Agreement by the Sponsor and the Trustee, the Trustee will assign a personal identification number
(a &#147;<U>PIN number</U>&#148;) to each Authorized Person authorized to act for the Participant. This will allow the Participant through its Authorized Person(s) to place Purchase Order(s) or Redemption Order(s) for Baskets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Important Notes: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Any Order is subject to rejection by the Trustee for the reasons set forth in the Indenture or the Participant
Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">All Orders are subject to the provisions of the Indenture, the Trust Custody Agreements and the Participant
Agreement relating to unclear or ambiguous instructions. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CREATION PROCESS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">An order to purchase one or more Baskets placed by a Participant with the Trustee by 4:00 p.m. N.Y. time on a Business Day (such day, &#147;<U>CREATION
T</U>&#148;) results in the following taking place, in most instances, by 11:00 a.m. N.Y. time (usually 4:00 p.m. London time) on CREATION T+2: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Allocation to the Trust Allocated Account of Gold satisfying the LBMA Good Delivery Rules in the amount
corresponding to the Baskets to be issued; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Transfer to the Participant&#146;s account at The Depository Trust Company (&#147;<U>DTC</U>&#148;) of the number
of Baskets corresponding to the Gold the Participant has transferred to the Trust. </P></TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CREATION PROCEDURES </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PLACEMENT OF CREATION ORDER T </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Participants shall place a Purchase Order with the Trustee no later than 3:59:59 p.m. (New York time) (the
&#147;<U>Order Cutoff Time</U>&#148;) on any Business Day. Purchase Orders received by the Trustee on or after the Order Cutoff Time on a Business Day will not be accepted. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">For purposes of <U>Paragraph 1</U> above, a Purchase Order shall be deemed &#147;received&#148; by the Trustee
only when either of the following has occurred no later than the Order Cutoff Time: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Telephone/fax Order &#151; An Authorized Person of the Participant calls the Trustee at (844) <FONT
STYLE="white-space:nowrap">545-1258</FONT> to notify the Trustee that the Participant wishes to place a Purchase Order with the Trustee to create an identified number of Baskets and to request that the Trustee provide an order number (an
&#147;<U>Order Number</U>&#148;). The Authorized Person provides a PIN number as identification to the Trustee. The Trustee provides the Participant with an Order Number for the Participant&#146;s Purchase Order Form. The Participant then completes
and sends by fax or email to the Trustee the Purchase Order Form included as <U>Exhibit B</U> to the Participant Agreement. The Purchase Order Form must include the Authorized Person&#146;s signature, the number of Baskets being purchased, and the
Order Number previously provided by the Trustee, or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Web-based</FONT> Order &#151; An Authorized Person of the Participant shall
have accessed the Trustee&#146;s online services (https://connect.bnymellon.com), the use of which shall be subject to the Trustee&#146;s Order Entry System Terms and Conditions. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If the Trustee has not received the Purchase Order Form from the Participant within 15 minutes after the
Trustee receives the phone call from the Participant referenced in <U>Paragraph (2)(a)</U> above, the Trustee places a phone call to the Participant to enquire about the status of the Order. If the Participant does not send by fax or email the
Purchase Order Form to the Trustee within 15 minutes after the Trustee&#146;s phone call, the Participant&#146;s Order is cancelled. The Trustee will then notify the Participant that the Order has been cancelled by telephone call.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If the Trustee has received the Participant&#146;s Purchase Order Form on time in accordance with the preceding
timing rules, then by 5:00 p.m. N.Y. time the Trustee returns to the Participant a copy of the Purchase Order Form submitted, marking it </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
&#147;Affirmed.&#148; The Trustee also indicates on the Purchase Order Form the amount of Gold and cash, if any, necessary for the Creation Deposit, and provides details of the method of payment
required for the Transaction Fee and the cash portion, if any, of the Creation Deposit. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic
message (Swift MT699 or MT604, as determined by the Trustee) to the Custodian indicating the total ounces of Gold for which the Trustee will require an allocation into the Trust Allocated Account on CREATION T+2. In addition, the authenticated
electronic message (Swift MT699 or MT604, as determined by the Trustee) will separately identify all expected unallocated Gold receipts from each Participant. If the Trustee rejects a Purchase Order pursuant to the Indenture or the Participant
Agreement after the foregoing messages are given to the Custodian, the Trustee will notify the Custodian of such rejection, identifying the Participant whose Purchase Order was rejected and the number of ounces of Gold contained in the rejected
Purchase Order. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each Participant acquiring Baskets on CREATION T+2 sends an authenticated electronic message (Swift MT604) to
its LPMCL gold clearing bank to transfer from the Participant&#146;s Participant Unallocated Account Gold in the relevant amount(s) to the Trust Unallocated Account, with such transfer to be completed no later than 10:00 am London time on CREATION
T+2. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CREATION T+2 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">By 10:00am London time,the Participant&#146;s LPMCL gold clearing bank transfers the relevant amount(s) of Gold
from the Participant&#146;s Participant Unallocated Account to the Trust Unallocated Account. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">By 2:00 p.m. London time (usually 9:00 a.m. N.Y. time), the Custodian will notify the Trustee by email of the
status of the allocation process, including (i)&nbsp;the amount of Gold transferred to the Trust Unallocated Account from each Participant&#146;s Participant Unallocated Account, separately stated; (ii)&nbsp;the amount of Gold that has been
transferred into the Trust Allocated Account from the Trust Unallocated Account, and (iii)&nbsp;the amount of Gold, if any, remaining in the Trust Unallocated Account. In the event there is any need for clarification of the status of the allocation
process, the Trustee will telephone the Custodian to obtain such clarification. This notice does not reflect the official transfer record of the Custodian, which is completed as of the conclusion of the Custodian&#146;s Business Day.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">At 11:00 a.m. N.Y. time (usually 4:00 p.m. London time), following receipt of the notice from the Custodian of
the status of the allocation process described in <U>Paragraph (2)</U>&nbsp;above, the Trustee authorizes the creation and issuance of the Baskets ordered by each Participant on CREATION T for which the Trustee has received confirmation from the
Custodian that the relevant amount(s) of Gold have been transferred from the Trust Unallocated Account to the Trust Allocated Account. If the Custodian is unable to complete the allocation of Gold from the Trust Unallocated Account to the Trust
Allocated Account by such time, the Trustee will issue Baskets as soon as practical after the Custodian has notified the Trustee by email that it has completed the allocation of Gold to the Trust Allocated Account in the relevant amount(s). The
creation and issuance of Baskets will occur through the DTC system known as &#147;Deposit and Withdrawal at Custodian&#148; or &#147;<U>DWAC</U>.&#148; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Redemption Process Follows on Next Page] </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">REDEMPTION PROCESS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">An order to redeem one or more Baskets placed by a Participant with the Trustee by 4:00 p.m. N.Y. time on a Business Day (such day, &#147;<U>REDEMPTION
T</U>&#148;) results in the following taking place by 11:00 a.m. N.Y. time (usually 4:00 p.m. London time) on REDEMPTION T+2: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Transfer to the Trustee&#146;s account at DTC and the subsequent cancellation of the relevant number of the
Participant&#146;s Baskets; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Transfer to the Participant by credit to the Participant&#146;s Participant Unallocated Account of Gold and cash,
if any, in the relevant amount(s) corresponding to the Baskets delivered for redemption (the &#147;<U>Redemption Distribution</U>&#148;). </P></TD></TR></TABLE>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">REDEMPTION PROCEDURES </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PLACEMENT OF REDEMPTION
ORDER T </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Participants shall place a Redemption Order with the Trustee no later than 3:59:59 p.m. (New York time) (the
&#147;<U>Order Cutoff Time</U>&#148;) on any Business Day. Redemption Orders received by the Trustee on or after the Order Cutoff Time on a Business Day will not be accepted. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">For purposes of <U>Paragraph 1</U> above, a Redemption Order shall be deemed &#147;received&#148; by the
Trustee only when either of the following has occurred no later than the Order Cutoff Time: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Telephone/fax Order &#151; An Authorized Person of the Participant calls the Trustee at (844) <FONT
STYLE="white-space:nowrap">545-1258</FONT> to notify the Trustee that the Participant wishes to place a Redemption Order with the Trustee to redeem an identified number of Baskets and to request that the Trustee provide an Order Number. The
Authorized Person provides a PIN number as identification to the Trustee. The Trustee provides the Participant with an Order Number for the Participant&#146;s Redemption Order Form. The Participant then completes and sends by fax or email to the
Trustee the Redemption Order Form included as <U>Exhibit B</U> to the Participant Agreement. The Redemption Order Form must include the Authorized Person&#146;s signature, the number of Baskets being redeemed, and the Order Number previously
provided by the Trustee., or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Web-based</FONT> Order &#151; An Authorized Person of the Participant shall
have accessed the Trustee&#146;s online services (https://connect.bnymellon.com), the use of which shall be subject to the Trustee&#146;s Order Entry System Terms and Conditions. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If the Trustee has not received the Redemption Order Form from the Participant within 15 minutes after the
Trustee receives the phone call from the Participant referenced in <U>Paragraph (2)(a)</U> above, the Trustee places a phone call to the Participant to enquire about the status of the Order. If the Participant does not send by fax or email to the
Trustee the Redemption Order Form within 15 minutes after the Trustee&#146;s phone call, the Participant&#146;s Order is cancelled. The Trustee will then notify the Participant that the Order has been cancelled by telephone call.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If the Trustee has received the Participant&#146;s Redemption Order Form on time in accordance with the
preceding timing rules, then by 5:00 p.m. N.Y. time the Trustee returns to the Participant a copy of the Redemption Order Form submitted, marking </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
it &#147;Affirmed.&#148; The Trustee also indicates on the Redemption Order Form the amount of Gold and cash, if any, to be delivered in the Redemption Distribution, and provides details of the
method of payment to be used for the Transaction Fee and the method of delivery of the cash portion, if any, of the Redemption Distribution. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">By the close of business (usually 5:00 p.m. N.Y. time), each Participant redeeming Baskets on REDEMPTION T+2
sends an authenticated electronic message (Swift MT605) to its LPMCL gold clearing bank, identifying that Participant&#146;s Participant Unallocated Account into which Gold, in the relevant amount(s), is to be received on REDEMPTION T+2.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">By the close of business (usually 5:00 p.m. N.Y. time), the Trustee sends an authenticated electronic message
(SWIFT MT699) containing instructions to the Custodian to transfer on REDEMPTION T+2 from the Trust Allocated Account to the Trust Unallocated Account (&#147;<U>deallocate</U>&#148;) the total amount of Gold required to settle the Redemption Orders
received by the Trustee on REDEMPTION T. If the Trustee rejects a Redemption Order pursuant to the Indenture or the Participant Agreement after the foregoing message is sent, the Trustee will notify the Custodian of such rejection, identifying the
Participant whose Redemption Order was rejected and the number of ounces of Gold contained in the rejected Redemption Order. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">REDEMPTION
T+2 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Between 9:00 a.m. London time and 3:00 p.m. London time, the Custodian deallocates Gold in the amount(s)
specified in the Trustee&#146;s instructions sent on REDEMPTION T. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">By 9:00 a.m. N.Y. time, the Participant delivers free to the Trustee&#146;s Participant account at DTC (#2209)
the Baskets to be redeemed. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If the Trustee does not receive from a redeeming Participant all Shares comprising the Baskets being redeemed
by 9:00 a.m. N.Y. time, the Trustee will (i)&nbsp;settle the Redemption Order to the extent of whole Baskets received from the Participant and (ii)&nbsp;keep the redeeming Participant&#146;s Redemption Order open until 9:00 a.m. N.Y. time on the
following Business Day (REDEMPTION T+3) as to the balance of the Redemption Order (such balance, the &#147;<U>Suspended Redemption Order</U>&#148;). For each day (whether or not a Business Day) the Redemption Order is held open, the Participant will
be charged by the Trustee the greater of $300 or $30 times the number of Baskets included in the Suspended Redemption Order. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">By 10:00 a.m. New York time (usually 3:00 p.m. London time), the Trustee sends an authenticated electronic
message (Swift MT699) to the Custodian directing the Custodian to transfer Gold in the relevant amount from the Trust Unallocated Account to the Participant Unallocated Account. The Custodian will make reasonable commercial efforts to allocate Gold
remaining in the Trust Unallocated Account after this transfer to the Trust Allocated Account by the close of business in London, in accordance with the standing instruction in the Trust Custody Agreements. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">By close of business in New York (usually 5:00 p.m. N.Y. time), the Trustee sends an authenticated electronic
message (Swift MT699) containing instructions to the Custodian to transfer the total amount of Gold involved in that day&#146;s Suspended Redemption Order(s) from the Trust Allocated Account to the Trust Unallocated
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
Account by 9:00 a.m. N.Y. time (usually 2:00 p.m. London time) the following Business Day. This amount will be in addition to any amount being transferred pursuant to an existing instruction to
deallocate in respect of redemptions settling in the normal schedule, for which the following day will be REDEMPTION T+2. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">By the close of business in New York (usually 5:00 p.m. N.Y. time), each Participant redeeming Baskets on
REDEMPTION T+3 with respect to a Suspended Redemption Order sends an authenticated electronic message (Swift MT699) to its LPMCL gold clearing bank, identifying that Participant&#146;s Participant Unallocated Account into which Gold, in the relevant
amount(s), is to be received on REDEMPTION T+3. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SUSPENDED REDEMPTION ORDER T+3 </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">By 9:00 a.m. N.Y. time (usually 2:00 p.m. London time), the redeeming Participant must deliver free to the
Trustee&#146;s Participant account at DTC (#2209) the Basket(s) comprising the Suspended Redemption Order. The Trustee will settle the Suspended Redemption Order to the extent of whole Baskets received. Any balance of the Suspended Redemption Order
will be cancelled. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The sequence of instructions and events related to the settlement of the Suspended Redemption Order on
REDEMPTION T+3 will be made in the manner provided for a Redemption Order under REDEMPTION T+2. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-11.2
<SEQUENCE>6
<FILENAME>d405829dex112.htm
<DESCRIPTION>EX-11.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-11.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 11.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">DATED 30&nbsp;NOVEMBER 2022 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>JPMORGAN CHASE BANK, N.A. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AND </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE BANK OF NEW YORK
MELLON, not in its </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>individual capacity, but solely as Trustee of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UNALLOCATED PRECIOUS METAL ACCOUNT AGREEMENT</B> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONTENTS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="93%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="3" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Clause</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>INTERPRETATION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>UNALLOCATED ACCOUNT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>DEPOSITS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>WITHDRAWALS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>INSTRUCTIONS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>CONFIDENTIALITY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>REPRESENTATIONS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>SANCTIONS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>FEES AND EXPENSES</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>SCOPE OF RESPONSIBILITY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>TERMINATION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">12.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>VALUE ADDED TAX</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">13.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>NOTICES</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">14.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>GENERAL</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">15.&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>GOVERNING LAW AND JURISDICTION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THIS UNALLOCATED PRECIOUS METAL ACCOUNT AGREEMENT</B> (this &#147;<B>Agreement</B>&#148;)<B> </B>is made
on 30&nbsp;November 2022 and shall become effective on 6&nbsp;December 2022 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>BETWEEN </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>JPMorgan Chase Bank, N.A.,</B> a company incorporated with limited liability as a National Banking
Association, whose principal London Office is at 25 Bank Street, Canary Wharf, E14 5JP, London, United Kingdom<B> (</B>&#147;<B>we</B>&#148; or &#147;<B>us</B>&#148;); and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>The Bank of New York Mellon, </B>a New York banking corporation, not in its individual capacity by solely as
trustee of SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust (the &#147;<B>Trust</B>&#148;) as established pursuant to the Trust Indenture (defined below) (&#147;<B>you</B>&#148;). </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each a &#147;<B>Party</B>&#148; and together the &#147;<B>Parties</B>&#148;. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>INTRODUCTION </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We, as a member of London Precious Metals
Clearing Limited (as defined below), have agreed to open and maintain for you the Unallocated Account (as defined below) and to provide other services to you in connection with the Unallocated Account. This Agreement sets out the terms under which
we will provide those services to you and the Trust and the arrangements which will apply in connection with those services. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IT IS AGREED AS FOLLOWS
</B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_2toc405829_1"></A>1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>INTERPRETATION</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Definitions</B>: In this Agreement: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Account Balance</B>&#148; means, in relation to the Unallocated Account, a positive balance in the amount of Precious Metal owed to
you by us, or, to the extent permitted by this Agreement, a negative balance in the amount of Precious Metal owed by you to us, in each case as from time to time recorded on the Unallocated Account. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Allocated Accounts</B>&#148; means, in relation to Precious Metal, the loco London Precious Metal account, named the SPDR Gold Trust
London Allocated Gold Account, the loco Zurich Precious Metal account, named the SPDR Gold Trust Zurich Allocated Gold Account, and/or the loco New York Precious Metal account, named the SPDR Gold Trust New York Allocated Gold Account, each
established in your name as the trustee of the Trust and maintained by us pursuant to the Allocated Precious Metal Account Agreement; an &#147;<B>Allocated Account</B>&#148; means any of them. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Allocated Precious Metal Account Agreement</B>&#148; means that certain Allocated Precious Metal Account Agreement between you and us
dated as of the date of this Agreement, as amended and/or restated from time to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>AURUM</B>&#148; means the electronic
matching and settlement system operated by LPMCL. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Availability Date</B>&#148; means the Business Day on which you wish to
transfer or deliver Precious Metal to us for credit to the Unallocated Account. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Business Day</B>&#148; means a day other than (i)&nbsp;a day on which the Exchange
is closed for regular trading or (ii), if the transaction involves the receipt or delivery of gold or confirmation thereof in the United Kingdom or in some other jurisdiction, (a)&nbsp;a day on which banking institutions in the United Kingdom or in
such other jurisdiction, as the case may be, are authorised by law to close or a day on which the London gold market is closed or (b)&nbsp;a day on which banking institutions in the United Kingdom or in such other jurisdiction, as the case may be,
are authorised to be open for less than a full business day or the London gold market is open for trading for less than a full business day and transaction procedures required to be executed or completed before the close of the business day may not
be so executed or completed. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Custodial Fee Letter</B>&#148; means the Custodial Fee Letter entered into between us and the
Sponsor dated on or about the date of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>eBTS</B>&#148; means the electronic Bullion Transfer System website
developed by us. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Exchange</B>&#148; means the exchange or other securities market on which the shares of the Trust are
principally traded, which shall initially be NYSE Arca, or such other exchange or securities market which may be specified from time to time by the Sponsor. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Gold</B>&#148; means (i)&nbsp;gold bullion that meets the London good delivery rules, including, without limitation, with respect to
the standards and specifications for gold bullion, promulgated by the LBMA from time to time, and/or (ii)&nbsp;any credit to an account, including the Unallocated Account, made on an Unallocated Basis, as the context requires. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>LBMA</B>&#148; means The London Bullion Market Association or its successors. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>London Precious Metals Markets</B>&#148; means the London Bullion market, and such other markets for Precious Metal operating in
London as may be agreed between us from time to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>LPMCL</B>&#148; means London Precious Metals Clearing Limited or its
successors. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Precious Metal</B>&#148; means Gold. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Rules</B>&#148; means the rules, regulations, practices and customs of the LBMA, LPMCL, the Financial Conduct Authority, the
Prudential Regulation Authority, the Governor and Company of the Bank of England, any Sanctioning Body and such other regulatory authority or other body (in the United States, the United Kingdom or Switzerland) applicable to the Parties and/or to
the activities contemplated by this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Sanctioning Body</B>&#148; means any of the following: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the United Nations Security Council; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the European Union; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the United Kingdom, Her Majesty&#146;s Treasury and the Office of Financial Sanctions Implementation of the
United Kingdom; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the United States, the Office of Foreign Assets Control of the Department of Treasury of the United States of
America; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the State of Secretariat for Economic Affairs of Switzerland; and </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Canada / China / Hong Kong / such other jurisdictional body. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For purpose of this Agreement, &#147;<B>Sanctioning Body</B>&#148; shall mean, with respect to the Trustee, the following: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the United Nations Security Council; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the European Union; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the United Kingdom, Her Majesty&#146;s Treasury and the Office of Financial Sanctions Implementation of the
United Kingdom; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the United States, the Office of Foreign Assets Control of the Department of Treasury of the United States of
America. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Sanctions</B>&#148; means economic or financial sanctions, boycotts, trade embargoes and restrictions
relating to terrorism imposed, administered or enforced by a Sanctioning Body from time to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Sanctions List</B>&#148; means
any list of specifically designated nationals or blocked or sanctioned persons or entities (or similar) imposed, administered or enforced by a Sanctioning Body in connection with Sanctions from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Sponsor</B>&#148; means World Gold Trust Services, LLC or its successor; however, it shall be a condition of this Agreement that any
such successor shall: (i)&nbsp;require prior written approval by us; (ii)&nbsp;be subject to our internal due diligence and onboarding processes (to be carried out in our absolute discretion); and (iii)&nbsp;not become the Sponsor until (i)&nbsp;and
(ii) are completed. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Trust Indenture</B>&#148; means the Trust Indenture of
SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust dated as of November&nbsp;12, 2004 and amended from time to time, between World Gold Trust Services, LLC, as the sponsor, and The Bank of New York Mellon, as the trustee. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Unallocated Account</B>&#148; means, in relation to Precious Metal, the loco London Precious Metal account, named the SPDR Gold Trust
London Unallocated Gold Account, established in your name as the trustee of the Trust and maintained by us on an Unallocated Basis pursuant to this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Unallocated Basis</B>&#148; means, with respect to Precious Metal credited to an account, that the person in whose name the account is
held is (i), in the case of a positive balance, entitled to delivery in accordance with the Rules of an amount of Precious Metal equal to the amount of Precious Metal standing to the credit of the person&#146;s account or (ii), in the case of a
negative balance, obligated to deliver in accordance with the Rules an amount of Precious Metal equal to the amount of Precious Metal standing to the debit of the person&#146;s account. Such person has no ownership interest in any specific Precious
Metal that we own or hold. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>VAT</B>&#148; means value added tax as provided for in the Value Added Tax Act 1994 (as amended or <FONT
STYLE="white-space:nowrap">re-enacted</FONT> from time to time) and legislation supplemental thereto and any other tax (whether imposed in the United Kingdom in substitution thereof or in addition thereto or elsewhere) of a similar fiscal nature.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Withdrawal Date</B>&#148; means the Business Day on which you wish to withdraw Precious Metal from the Unallocated Account. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Interpretation</B>: The headings in this Agreement do not affect its interpretation. References to the
singular include the plural and vice versa. The word &#147;including&#148; means &#147;including without limitation&#148;. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_2toc405829_2"></A>2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>UN</B><B>ALL</B><B>O</B><B>C</B><B>A</B><B>TED</B><B> </B><B>AC</B><B>C</B><B>OU</B><B>NT</B>
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Opening Unallocated Account</B>: You hereby appoint us to act as custodian and bailee of the Precious Metal
comprising the Account Balance in accordance with this Agreement and in accordance with the Rules and any laws which apply to us, and we accept such appointment. We shall open and maintain the Unallocated Account in your name, as trustee of the
Trust, and we agree to hold Precious Metal for you on an Unallocated Basis on the terms of this Agreement. We will identify in our books and records that the rights to the Precious Metal comprising the Account Balance belong solely to you, as
trustee of the Trust. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Denomination of Unallocated Account</B>: The Precious Metal recorded in the Unallocated Account shall be
denominated in fine troy ounces of gold (to three decimal places). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Reports</B>: We will provide reports to you relating to deposits into and withdrawals from the Unallocated
Account and the Account Balance of the Unallocated Account in such form and with such frequency as required, and containing such information, as may be agreed between us, or as otherwise specified in Schedule 1. Such reports will also be available
to you daily by means of eBTS, provided that, if eBTS is unavailable for any reason, we will agree upon a temporary notification system for making such reports available to us. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Disc</B><B>r</B><B>epanci</B><B>e</B><B>s</B>: If a material error or discrepancy is noted by you on any
report provided pursuant to Clause 2.3 in relation to any activity or balances, you will notify us in writing as soon as reasonably practicable so that we may investigate and resolve any such material error or discrepancy as soon as reasonably
practicable, provided, however, that any failure or delay on your part in notifying us shall not limit our obligation to resolve, reverse or correct errors or discrepancies hereunder). </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Reversal of entries</B>: We shall reverse any provisional or erroneous entries to the Unallocated Account
with effect back-valued to the date upon which the final or correct entry (or no entry) should have been made (including where we have credited a deposit made pursuant to Clause 3.1 and on receipt by us of the credit of Precious Metal we determine
that it does not comply with the Rules or that it is not the fineness or the number of fine troy ounces for the amount of Precious Metal which you notified to us for deposit), and we shall notify you in writing as soon as reasonably practicable of
any such reversals. Additionally, if we credit or debit Precious Metal to or from the Unallocated Account that is not of the number of fine troy ounces we have represented to you, recovery by you, to the extent such recovery is otherwise allowed,
shall not be barred by your delay in asserting a claim because of the failure to discover any loss or damage incurred by you or the Trust regardless of whether such loss or damage could or should have been discovered. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Customer relationship manager</B>: We will provide you with a dedicated customer relationship manager with a
direct dial contact number and email address. We will provide you with the contact information for the initial customer relationship manager within two Business Days of the date of this Agreement. Whenever there is a new customer relationship
manager or a change in the contact information of the current customer relationship manager, we will as soon as practicable provide you with the name, direct dial number and email address of such new customer relationship manager or the changed
contact information of the current customer relationship manager. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Regulatory Reporting</B>: To the extent that our activities under this Agreement are relevant to the
preparation of the filings required of the Trust under the securities laws of the United States or any other jurisdiction, we will, to the extent permitted by applicable law, the Rules or applicable regulatory authority, and upon reasonable request,
cooperate with you and the Sponsor and your and the Sponsor&#146;s representatives to provide such information concerning our activities as may be necessary for such filings to be completed. Additionally, to the extent that our activities or
controls in our capacity as custodian of the Trust&#146;s assets are relevant to the information presented in the financial statements of the Trust, we will, upon reasonable request, cooperate with the Sponsor and you to assist the Sponsor in
providing the required written assurances regarding the reliability of the internal controls used in the preparation of such financial statements, including by providing the Trust&#146;s external auditors with information and reports regarding our
internal controls over financial reporting as far as such reporting relates to the scope of our duties. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_2toc405829_3"></A>3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>DEPO</B><B>S</B><B>ITS</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Procedure</B>: You may at any time notify us of a deposit of Precious Metal to be made to the Unallocated
Account. A deposit may be made (in the manner and accompanied by such documentation as we may require) by: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a deallocation of Precious Metal held in the loco London Allocated Account made in connection with a redemption
of shares of the Trust; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a transfer of Precious Metal from an unallocated account with a LPMCL gold clearing bank made in connection
with a creation of shares of the Trust; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">transfers, including book entry transfers, of Precious Metal from an unallocated account with another custodian
of the Trust&#146;s Precious Metal; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">other transfers, including book entry transfers, from an unallocated account with a LPMCL gold clearing bank
that are permitted under this Agreement, the Allocated Precious Metal Account Agreement or otherwise approved by the Sponsor and us. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Notice requirements</B>: Any notice relating to a deposit of Precious Metal must: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">be in writing and be received by us no later than 2:00 pm (London time) on the Business Day of such deposit or,
for deposits subject to the Creation and Redemption Procedures (as defined in the Allocated Precious Metal Account Agreement), no later than such other times as may be specified in the Creation and Redemption Procedures (and, if received later than
2:00 pm (London time) or such other applicable time as may be specified in the Creation or Redemption Procedures, will be processed on the next Business Day); and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">specify the details of the account from which the Precious Metal will be transferred, the amount (in the
appropriate denomination) of the Precious Metal to be credited to the Unallocated Account, the Availability Date and any other information which we may from time to time require. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Timing</B>: A deposit of Precious Metal will be credited to the Unallocated Account when such deposit has
been received into the Unallocated Account. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Right to refuse Precious Metal or amend procedure</B>: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We may refuse to accept Precious Metal if required by the Rules or other applicable law, and, if we do refuse to accept Precious Metal, we will
notify you and the Sponsor of such refusal as soon as practically possible. To the extent reasonably practicable, we will not amend our procedure for the transfer of Precious Metal into your Unallocated Account or impose additional procedures
without your and the Sponsor&#146;s prior written consent (such consent not to be unreasonably withheld), provided that we may make any such amendment or imposition without such consent where such amendment or imposition is required by a change in
applicable law or, provided that we are acting in good faith and in a commercially reasonable manner, the Rules. We will notify you as soon as reasonably practicable in accordance with Clause 13 if we amend our procedures or impose additional ones
in relation to the deposit of Precious Metal and such notice shall include details of the amended or additional procedures imposed, and, in doing so, we will consider your needs to communicate any such change to authorised participants of the Trust
and others. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Minimisation of Credits to the Unallocated Account</B>: When you instruct us (i)&nbsp;to debit Precious
Metal from an Allocated Account for transfer to the Unallocated Account and (ii)&nbsp;to execute the instruction on the same Business Day as and in connection with one or more other instructions you give to us relating to the further transfer of the
Precious Metal from the Unallocated Account, we will use commercially reasonable efforts to execute the instructions in a manner that minimises the time the Precious Metal to be debited from the Allocated Account stands to the credit of the
Unallocated Account. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_2toc405829_4"></A>4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>WITHDRAWALS</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Procedure</B>: You may at any time notify us in writing of a withdrawal of Precious Metal standing to the
credit of the Unallocated Account from the Unallocated Account. A withdrawal may be made (in the manner and accompanied by such documentation as we may require) by: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">transfer of Precious Metal to an unallocated account with a LPMCL gold clearing bank made in connection with a
redemption of shares of the Trust; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">an allocation of Precious Metal to the loco London Allocated Account in connection with a creation of shares of
the Trust; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">transfers, including book entry transfers, of Precious Metal to an unallocated account with another custodian
of the Trust&#146;s Precious Metal; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">other transfers, including book entry transfers, to an unallocated account with a LPMCL gold clearing bank that
are permitted under this Agreement, the Allocated Precious Metal Account Agreement or otherwise approved by the Sponsor and us. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Any Precious Metal made available to you in physical form will be in the form of bars which comply with the Rules (including the Rules relating
to good delivery and fineness). </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Notice</B> <B>requirements</B>: Any notice relating to a withdrawal of Precious Metal must:
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">if it relates to a withdrawal by an unallocated or book entry transfer pursuant to Clauses 4.1(a), (b), (c) or
(d)&nbsp;be received by us no later than 3:00 pm (London time) on the Withdrawal Date or, for withdrawals subject to the Creation and Redemption Procedures, no later than such other time as may be specified in the Creation and Redemption Procedures
(and, if received later than 3:00 pm (London time) or such other applicable time as may be specified in the Creation and Redemption Procedures, will be processed on the next Business Day) and specify the details of the account to which the Precious
Metal is to be transferred; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">specify the amount (in the appropriate denomination) of the Precious Metal to be debited from the Unallocated
Account, the Withdrawal Date and any other information which we may from time to time require. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Right to amend procedure</B>: We will not amend our procedure for the transfer of Precious Metal out of your
Unallocated Account or impose additional procedures without your and the Sponsor&#146;s prior written consent (such consent not to be unreasonably withheld), provided that we may make any such amendment or imposition without such consent where such
amendment or imposition is required by a change in applicable law or, provided that we are acting in good faith and in a commercially reasonable manner, the Rules. We will notify you as soon as reasonably practicable in accordance with Clause 13 if
we amend our procedures or impose additional ones in relation to the transfer of Precious Metal out of your Unallocated Account and such notice shall include details of the amended or additional procedures imposed, and, in doing so, we will consider
your needs to communicate any such change to authorised participants of the Trust and others. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_2toc405829_5"></A>5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>INS</B><B>T</B><B>R</B><B>U</B><B>CT</B><B>I</B><B>ONS</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Your</B><B> </B><B>repr</B><B>es</B><B>entatives</B>: Only you have the right to give instructions to us
with respect to the Unallocated Account. We may assume that instructions have been properly authorised by you if they are given or purport to be given by a person who is, or purports to be, and is reasonably believed by us to be, a director,
employee or other authorised person acting for you. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Instructions</B>: All transfers into and out of the Unallocated Account shall be made upon receipt of, and
in accordance with, instructions given (or appearing to be given) by you to us. Such instructions may be given by the Society for Worldwide lnterbank Financial Telecommunications secure messaging system (&#147;<B>SWIFT</B>&#148;) or, if for any
reason SWIFT is not operational, by authenticated email transmission in accordance with our internal funds transfer policy or by such other means as the Parties may agree upon from time to time. Unless otherwise agreed, any such instruction or
communication shall be effective if given by written means. We may assume that any electronic instructions have been validly given on your behalf. We reserve the right to obtain further validation of any instructions. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Continuous Allocation of Gold</B>: Without prejudice to Clause 5.1, we shall, at the end of each Business
Day, transfer any Precious Metal then standing to the credit of the Unallocated Account (excluding Precious Metal which has been <FONT STYLE="white-space:nowrap">de-allocated</FONT> in order to effect delivery of Precious Metal to a redeeming
authorised participant or pursuant to any other withdrawal occurring on such day) to the loco London Allocated Account such that no amount of Precious Metal held on an unallocated basis remains standing to your credit in the Unallocated Account at
the close of such Business Day, provided that, if the loan facility </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
provided for in Clause 5.4 is not in effect for any reason, we will so allocate an amount of Precious Metal such that the amount of. Precious Metal standing to your credit in your Unallocated
Account does not exceed 430 fine troy ounces of Precious Metal at the close of such Business Day. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Lending Gold</B>. We shall lend to the Unallocated Account from time to time such number of fine ounces of
Precious Metal as may be needed in order for us to fully allocate to the loco London Allocated Account all of the Precious Metal standing to your credit in the Unallocated Account (after repayment to us of any loan balance existing prior to such
allocation as provided hereafter in this clause) to the loco London Allocated Account pursuant to the standing instruction set forth in Clause 5.3, provided that the maximum amount of Precious Metal that we will lend to you at any time is 430 fine
troy ounces of Precious Metal. We shall not charge you or the Sponsor any fees, interest or costs in connection with the lending of the Precious Metal unless we have otherwise agreed with the Sponsor to charge the Sponsor in the Custodial Fee
Letter. We shall identify on our books and records and in the reports we send to you any Precious Metal that has been borrowed in the Unallocated Account as of the date of such reports, which shall be accepted as conclusive evidence of such balance,
save in the case of manifest error. On each Business Day, we may repay ourselves the amount of any borrowed Precious Metal from, and to the extent of, the positive balance of the Unallocated Account determined by taking into account all credits to
and debits from the Unallocated Account on such Business Day but prior to our execution of the standing instruction to allocate contained in Clause 5.3. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>AURUM</B>: You acknowledge that, if applicable, instructions relating to a counterparty for whom we do not
already provide settlement services will be forwarded by us to AURUM on your behalf. You acknowledge that AURUM is operated by a third party and that we cannot be responsible for any errors, omissions or malfunctions in the systems operated by
AURUM. To the extent that AURUM is not available or suffering a malfunction, you agree that our obligations under this Agreement shall be postponed during such unavailability or such malfunction and until a reasonable period thereafter. We will
notify you as soon as is reasonably practical of any such unavailability or malfunction. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Amendments</B>: Once given, instructions continue in full force and effect until they are cancelled or
amended. Any such instructions shall be valid and binding only after actual receipt by us in accordance with Clause 5.2. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Unclear or ambiguous instructions</B>: If, in our opinion, any instructions are unclear or ambiguous, we
will use reasonable endeavours (taking into account any relevant time constraints) to obtain clarification of those instructions from you but, failing that, we may in our absolute discretion and without any liability on our part, act upon what we
believe in good faith such instructions to be or refuse to take any action or execute such instructions until any ambiguity or conflict has been resolved to our satisfaction. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.8</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Refusal to execute</B>: We reserve the right to refuse to execute instructions if in our opinion they are or
may be, or require action which is or may be, contrary to the Rules or any applicable law. In the case of being contrary to the Rules, we shall promptly provide you with the reasons for not being able to execute the instructions unless prohibited
from doing so by the Rules or appliable law. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_2toc405829_6"></A>6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>C</B><B>O</B><B>NF</B><B>I</B><B>DEN</B><B>T</B><B>IALITY</B> </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Disclosure to others</B>: Subject to Clauses 6.2 and 6.3, each Party shall respect the confidentiality of
information acquired under this Agreement, and neither will, without the written consent of the other, disclose to any other person any information acquired under this Agreement. Notwithstanding anything to the contrary in this Agreement, to the
extent required, a copy of this Agreement may be filed under the securities laws of the United States or any other jurisdiction in connection with the registration of the public offering of shares issued by the Trust. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Permitted</B><B> </B><B>disclosure</B><B>s</B>: Each Party accepts that from time to time the other Party
may be required by the Rules or applicable law, or a court order or similar process, or requested by a government department or agency, fiscal body or regulatory authority, to disclose information acquired under this Agreement. In addition, the
disclosure of such information may be required by a Party&#146;s auditors, by its legal or other advisors or by a company which is in the same group of companies as a Party (e.g., a subsidiary or holding company of a Party), by the Sponsor. In any
such case, the disclosing Party will notify the person to whom the disclosure is made that the information disclosed is confidential and should not be disclosed to any third party. Each Party irrevocably authorises the other to make such disclosures
without further reference to such Party. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">You acknowledge that, as a member of the LPMCL and, in connection with carrying out our duties and obligations
under this Agreement, it may be necessary from time to time for us to disclose to LPMCL and/or other clearing members, your account details and certain other information in order to act in accordance with your notices hereunder for the purposes of
facilitating settlement. You acknowledge and accept that such disclosures may be made by us for the purposes set out in this Clause 6.3. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_2toc405829_7"></A>7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>REPRES</B><B>E</B><B>N</B><B>T</B><B>ATI</B><B>O</B><B>NS</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each Party represents and warrants to the other, on a continuing basis, that: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">it is duly constituted and validly existing under the laws of its jurisdiction of constitution;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">it has all necessary authority, powers, consents, licences and authorisations and has taken all necessary
action to enable it lawfully to enter into and perform its duties and obligations under this Agreement; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the persons entering into this Agreement on its behalf have been duly authorised to do so; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">this Agreement and the obligations created under it constitute its legal and valid obligations which are
binding upon it and enforceable against it in accordance with the terms of this Agreement (subject to applicable laws of bankruptcy, insolvency and similar laws and principles of equity) and do not and will not violate the terms of any applicable
laws, or any order, charge or agreement by which it is bound. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_2toc405829_8"></A>8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>SANCTIONS</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In addition to (and without limitation of) the representations and warranties given by you in Clause 7.1 above,
you represent, warrant, and undertake, on a continuing basis, that: </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">you are not, and the Trust is not, a person or entity that is named on any Sanctions List or directly or
indirectly targeted under any Sanctions; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">we acknowledge that you do not review or monitor the activities of the authorised participants of the Trust
with respect to their compliance with Sanctions. Subject to the limitation in the preceding sentence, you represent, in relation to your own actions taken in connection with this Agreement, that you are not knowingly acting in violation of any
applicable Sanctions, and will not knowingly cause us to hold any Precious Metal that originates from financial crime or that would cause us to facilitate the violation of any Sanctions. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Subject to Clause 8.1, you agree that, to the best of your knowledge, neither any Precious Metal nor the
proceeds of any Precious Metal will be used by you in any way to fund the activities or business of any person or entity in violation of Sanctions. You further agree that we shall be under no obligation to comply with a notice of withdrawal
delivered pursuant to Clause 4.1 where we, in consultation with you and the Sponsor (to the extent such consultation is permitted by law, regulation and internal compliance policies and procedures), have reasonable grounds to suspect that doing so
would constitute a violation of Sanctions. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In the event that you breach Clause 8.1 or 8.2 above, or if we have reasonable grounds to believe that you have
breached Clause 8.1 or 8.2 above, we shall have the right to terminate this Agreement upon written notice to you and the Sponsor. Our indemnification provided in Clause 10.4 shall apply to any such termination. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Nothing in this Agreement shall require a Party to take any action or to refrain from taking any action which
may cause that Party any liability to or imposed by a Sanctioning Body. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_2toc405829_9"></A>9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>FEES AND E</B><B>X</B><B>PENSES</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Fees</B>: Pursuant to the Custodial Fee Letter, the Sponsor will pay us fees for our services under this
Agreement. Such fee is inclusive of fees for storage and insurance of the Precious Metal in connection with this Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Expenses</B>: Pursuant to the Custodial Fee Letter, the Sponsor has agreed to pay us on demand all costs,
charges and expenses (including any reasonable legal fees) incurred by us in connection with the performance of our duties and obligations under this Agreement or otherwise in connection with the Unallocated Account (including, without limitation,
any delivery, collection or storage costs). Pursuant to the Custodial Fee Letter, the Sponsor shall be liable for all taxes, assessments, duties and other governmental charges, including any interest or penalty with respect thereto, with respect to
the Unallocated Account maintained by us pursuant to this Agreement or any deposits or withdrawals related thereto. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Credit balances</B>: No interest or other amount will be paid by us on any credit balance on the Unallocated
Account. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Debit</B><B> </B><B>balances</B>: Except as provided in Clause 5.4, you are not entitled to overdraw the
Unallocated Account, and we shall not be obliged to carry out any instruction from you where to do so would in our opinion cause the Unallocated Account to have a negative balance. This Clause 9.4 does not apply in relation to any rounded quantity
of Precious Metal that may be debited to your Unallocated Account in connection with rounding up your Allocated Account balance to record the nearest whole number of bars under the Allocated Precious Metal Account Agreement. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Default</B><B> </B><B>interest</B>: If you fail to pay us any amount payable by you under this Agreement
when it is due, we reserve the right to charge you interest (both before and after any judgement) on any such unpaid amount. Interest will accrue on a daily basis, on a compound basis with monthly resets, and will be due and payable by you as a
separate debt. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>No Recovery from the Trust</B>: Amounts payable by the Sponsor pursuant to this Clause 9 or otherwise under
this Agreement shall not be debited from the Unallocated Account, but shall be solely payable by the Sponsor, and we hereby acknowledge that we will have no recourse against any Precious Metal standing to the credit of the Unallocated Account or to
you or the Trust in respect of any such amounts. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_2toc405829_10"></A>10.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>SC</B><B>O</B><B>PE OF</B><B> </B><B>RESPONSIBI</B><B>L</B><B>ITY</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Exclusion of liability</B>: We will use reasonable care at all times in the performance of our duties under
this Agreement, and we will be responsible for any loss or damage suffered by you as a direct result of any negligence, fraud or wilful misconduct on our part in the performance of our duties, and in which case our liability will not exceed the
aggregate market value of the Account Balance and the account balance of the Allocated Accounts at the time of such negligence, fraud or wilful misconduct (calculating the value using the next available price for Precious Metal on the relevant
London Precious Metals Markets following the occurrence of such negligence, fraud or wilful misconduct). We shall not in any event be liable for any consequential loss, or loss of profit or goodwill, whether or not resulting from any negligence,
fraud or wilful misconduct on our part. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>No duty or obligation</B>: We are under no duty or obligation to make or take any special arrangements or
precautions beyond those required by the Rules or as specifically set forth in this Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Force majeure</B>: We shall not be liable to you for any delay in performance, or for the <FONT
STYLE="white-space:nowrap">non-performance</FONT> of, any of our obligations under this Agreement by reason of any cause beyond our reasonable control. This includes but is not limited to any breakdown, malfunction or failure of, or in connection
with, any communication, computer, transmission, cyber-attack or event, clearing or settlement facilities, industrial action, war, civil war, hostilities (whether war be declared or not), epidemic, pandemic, revolution, rebellion, insurrection,
civil strife acts and regulations of any governmental or supra national bodies or authorities, or the rules of any relevant regulatory or self-regulatory organisation. We shall promptly provide you with the reasons for such delay in performance, or <FONT
STYLE="white-space:nowrap">non-performance.</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Indemnit</B><B>y</B>: You shall, solely from and to the extent of the assets of the Trust, indemnify and
keep us indemnified (on an after tax basis) on demand against all costs and expenses, damages, liabilities and losses which we may suffer or incur, directly or indirectly, in connection with this Agreement, except to the extent that such sums are
due directly to our negligence, wilful misconduct or fraud. The foregoing indemnity shall not apply to our fees, expenses and other amounts that are paid by the Sponsor pursuant to Clause 9 or otherwise under this Agreement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_2toc405829_11"></A>11.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>TERM</B><B>I</B><B>NAT</B><B>I</B><B>ON</B> </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Method</B>: Either Party may terminate this Agreement (a)&nbsp;by giving not less than 90 Business Days
written notice to the other Party, (b)&nbsp;immediately by written notice in the event of the presentation of a <FONT STYLE="white-space:nowrap">winding-up</FONT> order, bankruptcy or analogous event in relation to the other Party or
(c)&nbsp;pursuant to Clause 8.3. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Any notice given by you under Clause 11.1 must specify: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the date on which the termination will take effect (the &#147;<B>Termination Date</B>&#148;);
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the person to whom the applicable Account Balance, which is a credit balance, is to be transferred;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">whether the Precious Metal standing to the credit of the Unallocated Account is to be withdrawn pursuant to
Clause 4.1; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">all other necessary arrangements for the transfer or repayment of the applicable Account Balance to you or your
order. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Redelivery</B><B> </B><B>a</B><B>rrangemen</B><B>t</B><B>s</B>: Following any termination of this Agreement,
if you do not make arrangements acceptable to us for the transfer or repayment of an amount of Precious Metal equal to the Account Balance to you or to your order, we may continue to maintain the Unallocated Account, in which case we will continue
to charge the fees and expenses payable pursuant to Clause 9. If you have not made arrangements acceptable to us for the transfer or repayment of an amount of Precious Metal equal to the Account Balance within 6 months of the Termination Date, we
will be entitled to close the Unallocated Account and, in place of delivery of the Precious Metal constituting the Account Balance, sell the Precious Metal constituting the Account Balance (at such time and on such markets as we consider
appropriate) and account to you for the proceeds after deducting any amounts due to us under this Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Termination</B>. For the avoidance of any doubt, upon receipt of notice of any termination of this Agreement
pursuant to Clause 11.1, we agree to continue to serve as custodian and bailee pursuant to the terms of this Agreement for the period of time between the provision of notice and the Termination Date and we will facilitate the liquidation and
distribution of the Trust, if applicable, or an orderly transition to a successor custodian. In the event that the Trust seeks to transition to a successor custodian in accordance with the Trust Indenture, we shall cooperate with you and the Sponsor
in good faith to effect a smooth and orderly transfer of the Precious Metal held in the Unallocated Account, the custodial services provided under this Agreement and all applicable records as directed by you or the Sponsor to a successor custodian.
Such cooperation shall include the execution of such documents and the taking of such actions as you or the Sponsor may reasonably require in order to effect such transfer; however, to the extent we properly incur costs for such actions those costs
shall be for the Sponsor. The Sponsor shall provide you with any instructions concerning the transfer, including physical transport, of Precious Metal to a successor custodian and, upon receipt of such instructions, you shall provide such
instructions to us pursuant to Clause 5.2 or as otherwise as we and you may agree. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Existing rights</B>: Termination shall not affect rights and obligations then outstanding under this
Agreement which shall continue to be governed by this Agreement until all obligations have been fully performed. The provisions of Clauses 6 and 15 shall survive the termination of this Agreement. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>eBTS</B>: Effective the Termination Date, the use of the JP Morgan Chase Bank website (the
&#147;<B>Website</B>&#148;) will automatically be terminated and no further access to the Website will be permitted. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Change in Trustee</B>:<B><I> </I></B>If there is any change in the identity of the trustee of the Trust in
accordance with the Trust Indenture, then we and you shall execute such documents and shall take such actions as the new trustee of the Trust and the outgoing trustee of the Trust may reasonably require for the purpose of vesting in the new trustee
of the Trust the rights and obligations of the outgoing trustee of the Trust, and releasing the outgoing trustee of the Trust from its future obligations under this Agreement. Our obligations under this Clause 11.7 shall be conditioned on the us
having conducted prompt, reasonable and proportionate due diligence to our reasonable satisfaction on any such new Trustee. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_2toc405829_12"></A>12.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>VAL</B><B>U</B><B>E</B><B> </B><B>A</B><B>D</B><B>DED</B><B> </B><B>T</B><B>AX</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">12.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>VAT exclusive</B>: All sums payable under this Agreement and referenced in the Custodial Fee Letter
(including but not limited to storage, handling and clearing fees) shall be deemed to be exclusive of VAT. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_2toc405829_13"></A>13.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>NOT</B><B>I</B><B>CES</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">13.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Form</B>: Except as otherwise provided in this Agreement, any notice or other communication under or in
connection with this Agreement shall be given in writing which includes an electronic transmission in a form permitted by Clause 13.2. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">13.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Method of trans</B><B>m</B><B>ission</B>: Except as otherwise provided in this Agreement, any notice or
other communication shall be delivered personally or sent by first class post, pre-paid recorded delivery (or air mail if overseas), authenticated electronic transmission (including email and SWIFT) or such other electronic transmission as the
Parties may from time to time agree, to the Party due to receive the notice or communication or the Sponsor, at its address, number or destination set out below or another address, number or destination specified by that Party or the Sponsor by
written notice to the other Party or Parties or the Sponsor, as the case may be. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If to us, to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">JPMorgan Chase Bank, N.A. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">25
Bank Street, Canary Wharf, London, E14 5JP, UK </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5th Floor: Commodities </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Email: bullion.clearing@jpmorgan.com; EMEA_bullion_sales@jpmorgan.com </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If to you, to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Bank of New
York Mellon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">240 Greenwich Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">8th Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York, New York
10286 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: ETF Services </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Telephone: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">718-315-4591</FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Facsimile: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">732-667-9585</FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">E-Mail:</FONT> etfservicesgs@bnymellon.com </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The address and numbers of the Sponsor for purposes of receiving notices under this Agreement is: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">c/o World Gold Trust Services, LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">685 Third Avenue, 27<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York, NY 10017 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">legalnotices@gold.org </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(212) <FONT
STYLE="white-space:nowrap">317-3800</FONT> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">13.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Deemed receipt of notice</B>: A notice or other communication under or in connection with this Agreement
will be deemed received or delivered only if actually received or delivered. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">13.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Recording of calls</B>: We may record telephone conversations without use of a warning tone. Such recordings
will be our sole property and accepted by you as evidence of the orders or instructions given. In the event of inconsistency between the written notice and oral orders or instructions, the terms of the written notice shall prevail.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_2toc405829_14"></A>14.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>GENERAL</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">14.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>No advice</B>: Our duties and obligations under this Agreement do not include providing you with investment
advice. In asking us to open and maintain the Unallocated Account, you do so in reliance upon your own judgement, and we shall not owe to you any duty to exercise any judgement on your behalf as to the merits or suitability of any deposits into, or
withdrawals from, the Unallocated Account. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">14.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Rights and remedies</B>: Our rights under this Agreement are in addition to, and independent of, any other
rights which we may have at any time in relation to the Account Balance and any lien or other rights we may have to <FONT STYLE="white-space:nowrap">set-off,</FONT> combine or consolidate any of your accounts, provided that, except as provided in
Clauses 5.4, 11.3 and 14.11, we shall not have any lien or other rights to <FONT STYLE="white-space:nowrap">set-off,</FONT> merge, combine or consolidate the Unallocated Account. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">14.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Business Day</B>: If an obligation of a Party would otherwise be due to be performed on a day which is not a
Business Day in respect of the Unallocated Account, such obligation shall be due to be performed on the next succeeding Business Day in respect of the Unallocated Account. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">14.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Assignment</B>: This Agreement is for the benefit of and binding upon us both and our respective successors
and permitted assigns, and, except as provided in Clause 11.7 with respect to you, no Party shall assign, transfer or encumber, or purport to assign, transfer or encumber any of its rights or obligations under this Agreement without the other
Party&#146;s prior agreement in writing (such agreement not to be unreasonably withheld) provided that this Clause 14.4 shall not restrict our power to merge or consolidate with any party or to dispose of all or substantially all of our custody
business to another party. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">14.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Amendments</B>: Unless otherwise specified in this Agreement, any amendment to this Agreement must be agreed
in writing and be signed by us both. Unless otherwise agreed, an amendment will not affect any legal rights or obligations which may already have arisen. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">14.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Partial invalidity</B>: If any of the clauses (or part of a clause) of this Agreement becomes invalid or
unenforceable in any way under the Rules or any law, the validity of the remaining clauses (or part of a clause) will not in any way be affected or impaired. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">14.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Liability</B>: Nothing in this Agreement shall exclude or limit any liability which cannot lawfully be
excluded or limited (e.g., liability for personal injury or death caused by negligence). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">14.8</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Entire Agreement</B>: This Agreement and the Allocated Precious Metal Account Agreement represent the entire
agreement between us, and supersede any previous agreements between us, relating to the subject matter of this Agreement and the Allocated Precious Metal Account Agreement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">14.9</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Counterparts; Signatures</B>: This Agreement may be executed in any number of counterparts each of which
when executed and delivered is an original, but all the counterparts together constitute the same agreement. Facsimile, PDF and other electronic signatures shall be acceptable and binding. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">14.10</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Third Party Rights</B>: You are our sole customer under this Agreement. Except with respect to the Trust,
which shall be considered a beneficiary of this entire Agreement, and the Sponsor, which shall be a beneficiary (as applicable) of Clauses 2.7, 3.1, 4.1, 5.4 and 11.4, we do not owe any duty or obligation or have any liability towards any person who
is not a party to this Agreement, and, other than the Sponsor, this Agreement does not confer a benefit on any person who is not a party to it. The Parties do not intend that any term of this Agreement shall be enforceable by any person who is not a
party to it, except for the Sponsor, and do intend that the Contracts (Rights of Third Parties) 1999 Act shall not apply to this Agreement. Nothing in this paragraph is intended to limit the obligations hereunder of any successor trustee of the
Trust or to limit the right of any successor trustee of the Trust to enforce our obligations hereunder. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">14.11</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>No Liens</B>:<B><I> </I></B>We will not create any right, charge, security interest, lien or claim against
the Account Balance, except those in our favour arising under this Agreement or under the Allocated Precious Metal Account Agreement, and we will not loan, hypothecate, pledge or otherwise encumber any of the Account Balance except pursuant to your
instructions. Notwithstanding the foregoing sentence, we will not create any right, charge, security interest, lien or claim against the Account Balance with respect to the payment <FONT STYLE="white-space:nowrap">or&nbsp;non-payment&nbsp;by</FONT>
the Sponsor of our fees, expenses and other amounts that are paid by the Sponsor pursuant to Clause 9 or otherwise under this Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">14.12</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Role of Trustee</B>: You are a party to this Agreement in your capacity as trustee of the Trust and,
accordingly, you shall only be liable to satisfy any obligations under this Agreement, including, without limitation, any obligations or liabilities arising in connection with any default by you under this Agreement, to the extent of the assets held
from time to time by you as trustee of the Trust (the &#147;<B>Trust Assets</B>&#148;); and no recourse shall be had to: (i)&nbsp;any assets other than the Trust Assets, including, without limitation, any of the assets held by you as trustee, <FONT
STYLE="white-space:nowrap">co-trustee</FONT> or nominee of a trust other than the Trust, as owner in your individual capacity or in any way other than as trustee of the Trust; or (ii)&nbsp;you for any assets that have been distributed by you to the
beneficiaries of the Trust. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><A NAME="ex11_2toc405829_15"></A>15.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>GOV</B><B>E</B><B>R</B><B>NI</B><B>N</B><B>G</B><B> </B><B>L</B><B>A</B><B>W</B><B>
</B><B>A</B><B>N</B><B>D</B><B> </B><B>J</B><B>U</B><B>RI</B><B>S</B><B>D</B><B>I</B><B>CT</B><B>I</B><B>ON</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">15.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Governing law</B>: This Agreement and any <FONT STYLE="white-space:nowrap">non-contractual</FONT>
obligations arising out of or in connection with it shall be governed by and construed in accordance with English law. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">15.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Jurisdiction</B>: The courts of the State of New York, in the United States of America, and the Unites
States federal court located in the Borough of Manhattan in such state shall have jurisdiction to settle any disputes or claims which may arise out of or in connection with this Agreement, including any question regarding its existence, validity or
termination. Each of the Parties hereto irrevocably submits to the <FONT STYLE="white-space:nowrap">non-exclusive</FONT> jurisdiction of such courts, waive any claim of forum non conveniens and any objections to the laying of venue, and further
waive any personal service. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">15.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Waiver of immunity</B>: To the extent that you may in any jurisdiction claim for yourself or your assets any
immunity from suit, judgement, enforcement or otherwise howsoever, you agree not to claim and irrevocably waive any such immunity to which you would otherwise be entitled (whether on grounds of sovereignty or otherwise) to the full extent permitted
by the laws of such jurisdiction. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">15.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Service of process</B>: Process by which any proceedings are begun may be served by being delivered to the
addresses specified below. This does not affect the right of either of us to serve process in another manner permitted by law. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Our address for service of process: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">JPMorgan Chase Bank, N.A. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">25
Bank Street, Canary Wharf, London, E14 5JP, UK </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">5th Floor: Commodities and 23rd Floor &#150; Legal Department </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: EMEA_bullion_sales@jpmorgan.com </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Your address for service of process: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Bank of New York Mellon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">240
Greenwich Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York, New York 10286 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: ETF Service Directors </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Sponsor&#146;s address for service of process: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold Trust </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">c/o World Gold Trust Services, LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">685 Third Avenue, 27th Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New
York, NY 10017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: General Counsellegalnotices@gold.org </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page Follows] </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>EXECUTED </B>by the Parties </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signed on behalf of </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>JPMorgan Chase Bank, N.A</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">by: </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Signature</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Mark Amlin</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Mark Amlin</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Executive Director</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signed on behalf of </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Bank
of New York Mellon,</B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">not in its individual capacity, but solely as trustee of the SPDR<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> Gold
Trust </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">by: </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Signature</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Michael Spates</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Michael Spates</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Vice President</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 1 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>To Unallocated Precious Metal Account Agreement dated 30&nbsp;November 2022 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Schedule forms an integral part of the Agreement and expressions contained herein shall, where applicable, have the same meaning as defined in the
Agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Clause 2.3: Reports </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For each Business
Day, by no later than the following Business Day, we will transmit to you by authenticated SWIFT message(s) information showing the increases and decreases to the Precious Metal standing to your credit in your Unallocated Account, and identifying
separately each transaction and the Business Day on which it occurred. On each Business Day that is a Withdrawal Date, we will send you a notification as of 2:00 p.m. (London time)&nbsp;(i) of the amount of Precious Metal transferred to your
Unallocated Account, (ii)&nbsp;of the amount of Precious Metal transferred from your Unallocated Account to your Allocated Account and (iii)&nbsp;of the amount of any remaining Precious Metal in your Unallocated Account, provided that, when New York
is on daylight savings time and London is not on daylight savings time, we shall send the notification by 1:00 p.m. (London time). Notwithstanding anything else to the contrary and in the absence of manifest error, the information contained in such
notification shall represent our official and conclusive records. In addition, we will provide you such information about the increases and decreases to the Precious Metal standing to your credit in your Unallocated Account on a <FONT
STYLE="white-space:nowrap">same-day</FONT> basis at such other times and in such other form as you and we shall agree. In the case of any difference between the information provided by authenticated SWIFT message and the information we provide you
pursuant to the immediately preceding sentence, the SWIFT message will be controlling, and we shall not be liable for your or any third party&#146;s reliance on the information we provide to you by means other than SWIFT message. For each calendar
month, we will provide you within a reasonable time after the end of the month a statement of account for your Unallocated Account. The information and statements to be provided to you by authenticated SWIFT message under this paragraph may also be
made available to you by means of eBTS or by such other means as you and we may agree upon from time to time. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Clause 9.5: Default interest </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The rate of interest applicable under this clause will be 1% above the Secured Overnight Financing Rate (SOFR) for the currency in which the amount is due, or
if such rate is not available, such rate of interest as the Parties shall mutually agree upon in good faith. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>7
<FILENAME>gld-20221130.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!-- DFIN - https://www.dfinsolutions.com/ -->
<!-- CTU Version: Release master Build:20221108.6 -->
<!-- Creation date: 11/30/2022 7:25:35 PM Eastern Time -->
<!-- Copyright (c) 2022 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<xsd:schema
  xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric"
  xmlns:num="http://www.xbrl.org/dtr/type/numeric"
  xmlns:us-types="http://fasb.org/us-types/2022"
  xmlns:gld="http://www.spdrgoldshares.com/20221130"
  xmlns:dei="http://xbrl.sec.gov/dei/2022"
  xmlns:xbrli="http://www.xbrl.org/2003/instance"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xmlns:xbrldt="http://xbrl.org/2005/xbrldt"
  attributeFormDefault="unqualified"
  elementFormDefault="qualified"
  targetNamespace="http://www.spdrgoldshares.com/20221130"
  xmlns:xsd="http://www.w3.org/2001/XMLSchema">
    <xsd:import schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" namespace="http://www.xbrl.org/2003/instance" />
    <xsd:import schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" namespace="http://www.xbrl.org/2003/linkbase" />
    <xsd:import schemaLocation="https://xbrl.sec.gov/dei/2022/dei-2022.xsd" namespace="http://xbrl.sec.gov/dei/2022" />
    <xsd:import schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" namespace="http://www.xbrl.org/dtr/type/numeric" />
    <xsd:import schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" namespace="http://www.xbrl.org/dtr/type/non-numeric" />
    <xsd:import schemaLocation="https://xbrl.sec.gov/naics/2022/naics-2022.xsd" namespace="http://xbrl.sec.gov/naics/2022" />
    <xsd:import schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd" namespace="http://xbrl.org/2005/xbrldt" />
  <xsd:annotation>
    <xsd:appinfo>
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="gld-20221130_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:title="Label Links, all" xlink:type="simple" />
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="gld-20221130_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:title="Presentation Links, all" xlink:type="simple" />
      <link:roleType roleURI="http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation" id="Role_DocumentDocumentAndEntityInformation">
        <link:definition>100000 - Document - Document and Entity Information</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
    </xsd:appinfo>
  </xsd:annotation>
</xsd:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>8
<FILENAME>gld-20221130_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!-- DFIN - https://www.dfinsolutions.com/ -->
<!-- CTU Version: Release master Build:20221108.6 -->
<!-- Creation date: 11/30/2022 7:25:35 PM Eastern Time -->
<!-- Copyright (c) 2022 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<link:linkbase
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
  xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CoverAbstract" xlink:type="locator" xlink:label="dei_CoverAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CoverAbstract" xlink:to="dei_CoverAbstract_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CoverAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Cover [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CoverAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cover [Abstract]</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AmendmentFlag" xlink:type="locator" xlink:label="dei_AmendmentFlag" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_AmendmentFlag_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Amendment Flag</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_AmendmentFlag_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amendment Flag</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCentralIndexKey" xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Central Index Key</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Central Index Key</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentType" xlink:type="locator" xlink:label="dei_DocumentType" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Type</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Type</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentPeriodEndDate" xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Period End Date</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Period End Date</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityRegistrantName" xlink:type="locator" xlink:label="dei_EntityRegistrantName" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Registrant Name</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Registrant Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityIncorporationStateCountryCode" xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Incorporation State Country Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Incorporation State Country Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityFileNumber" xlink:type="locator" xlink:label="dei_EntityFileNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity File Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity File Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityTaxIdentificationNumber" xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Tax Identification Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Tax Identification Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Address Line One</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Address Line One</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine2" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine2" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine2_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Address Line Two</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine2_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Address Line Two</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine3" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine3" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine3_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Address Line Three</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine3_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Address Line Three</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, City or Town</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, City or Town</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, State or Province</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, State or Province</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Postal Zip Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Postal Zip Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">City Area Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">City Area Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Local Phone Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Local Phone Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Written Communications</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Written Communications</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SolicitingMaterial" xlink:type="locator" xlink:label="dei_SolicitingMaterial" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Soliciting Material</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Soliciting Material</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_PreCommencementTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementTenderOffer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Tender Offer</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre Commencement Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_PreCommencementIssuerTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Issuer Tender Offer</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre Commencement Issuer Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_Security12bTitle" xlink:type="locator" xlink:label="dei_Security12bTitle" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Security 12b Title</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Security 12b Title</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_TradingSymbol" xlink:type="locator" xlink:label="dei_TradingSymbol" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_TradingSymbol_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Trading Symbol</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_TradingSymbol_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Trading Symbol</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SecurityExchangeName" xlink:type="locator" xlink:label="dei_SecurityExchangeName" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_SecurityExchangeName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Security Exchange Name</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_SecurityExchangeName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Security Exchange Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityEmergingGrowthCompany" xlink:type="locator" xlink:label="dei_EntityEmergingGrowthCompany" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Emerging Growth Company</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Emerging Growth Company</link:label>
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>9
<FILENAME>gld-20221130_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!-- DFIN - https://www.dfinsolutions.com/ -->
<!-- CTU Version: Release master Build:20221108.6 -->
<!-- Creation date: 11/30/2022 7:25:35 PM Eastern Time -->
<!-- Copyright (c) 2022 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<link:linkbase
    xmlns:link="http://www.xbrl.org/2003/linkbase"
    xmlns:xlink="http://www.w3.org/1999/xlink"
    xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
    xmlns:xbrldt="http://xbrl.org/2005/xbrldt"
    xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation" xlink:href="gld-20221130.xsd#Role_DocumentDocumentAndEntityInformation" xlink:type="simple" />
  <link:presentationLink xlink:type="extended" xlink:role="http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation">
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CoverAbstract" xlink:type="locator" xlink:label="dei_CoverAbstract" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AmendmentFlag" xlink:type="locator" xlink:label="dei_AmendmentFlag" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_AmendmentFlag" order="22.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCentralIndexKey" xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityCentralIndexKey" order="23.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentType" xlink:type="locator" xlink:label="dei_DocumentType" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_DocumentType" order="25.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentPeriodEndDate" xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_DocumentPeriodEndDate" order="26.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityRegistrantName" xlink:type="locator" xlink:label="dei_EntityRegistrantName" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityRegistrantName" order="27.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityIncorporationStateCountryCode" xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityIncorporationStateCountryCode" order="28.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityFileNumber" xlink:type="locator" xlink:label="dei_EntityFileNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityFileNumber" order="29.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityTaxIdentificationNumber" xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityTaxIdentificationNumber" order="30.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressAddressLine1" order="31.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine2" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine2" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressAddressLine2" order="32.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine3" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine3" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressAddressLine3" order="33.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressCityOrTown" order="34.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressStateOrProvince" order="35.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressPostalZipCode" order="36.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_CityAreaCode" order="37.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_LocalPhoneNumber" order="38.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_WrittenCommunications" order="39.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SolicitingMaterial" xlink:type="locator" xlink:label="dei_SolicitingMaterial" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_SolicitingMaterial" order="40.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_PreCommencementTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementTenderOffer" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_PreCommencementTenderOffer" order="41.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_PreCommencementIssuerTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_PreCommencementIssuerTenderOffer" order="42.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_Security12bTitle" xlink:type="locator" xlink:label="dei_Security12bTitle" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_Security12bTitle" order="43.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_TradingSymbol" xlink:type="locator" xlink:label="dei_TradingSymbol" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_TradingSymbol" order="44.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SecurityExchangeName" xlink:type="locator" xlink:label="dei_SecurityExchangeName" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_SecurityExchangeName" order="45.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityEmergingGrowthCompany" xlink:type="locator" xlink:label="dei_EntityEmergingGrowthCompany" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityEmergingGrowthCompany" order="46.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </link:presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>10
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm139938358019296">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Nov. 30, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001222333<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Nov. 30,  2022<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">SPDR&#174; GOLD TRUST<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation State Country Code</a></td>
<td class="text">NY<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-32356<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">81-6124035<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">c/o&#160;World Gold Trust Services, LLC<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">685 Third Avenue<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine3', window );">Entity Address, Address Line Three</a></td>
<td class="text">Suite 2702<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">New York<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10017<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(212)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">317-3800<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre Commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre Commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">SPDR&#174; Gold Trust<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">GLD&#174;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSEArca<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine3">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 3 such as an Office Park</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine3</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>11
<FILENAME>d405829d8k_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2022"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink">
    <link:schemaRef xlink:href="gld-20221130.xsd" xlink:type="simple"/>
    <context id="duration_2022-11-30_to_2022-11-30">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001222333</identifier>
        </entity>
        <period>
            <startDate>2022-11-30</startDate>
            <endDate>2022-11-30</endDate>
        </period>
    </context>
    <dei:AmendmentFlag contextRef="duration_2022-11-30_to_2022-11-30">false</dei:AmendmentFlag>
    <dei:EntityCentralIndexKey
      contextRef="duration_2022-11-30_to_2022-11-30"
      id="Hidden_dei_EntityCentralIndexKey">0001222333</dei:EntityCentralIndexKey>
    <dei:DocumentType contextRef="duration_2022-11-30_to_2022-11-30">8-K</dei:DocumentType>
    <dei:DocumentPeriodEndDate contextRef="duration_2022-11-30_to_2022-11-30">2022-11-30</dei:DocumentPeriodEndDate>
    <dei:EntityRegistrantName contextRef="duration_2022-11-30_to_2022-11-30">SPDR&#xae; GOLD TRUST</dei:EntityRegistrantName>
    <dei:EntityIncorporationStateCountryCode contextRef="duration_2022-11-30_to_2022-11-30">NY</dei:EntityIncorporationStateCountryCode>
    <dei:EntityFileNumber contextRef="duration_2022-11-30_to_2022-11-30">001-32356</dei:EntityFileNumber>
    <dei:EntityTaxIdentificationNumber contextRef="duration_2022-11-30_to_2022-11-30">81-6124035</dei:EntityTaxIdentificationNumber>
    <dei:EntityAddressAddressLine1 contextRef="duration_2022-11-30_to_2022-11-30">c/o&#160;World Gold Trust Services, LLC</dei:EntityAddressAddressLine1>
    <dei:EntityAddressAddressLine2 contextRef="duration_2022-11-30_to_2022-11-30">685 Third Avenue</dei:EntityAddressAddressLine2>
    <dei:EntityAddressAddressLine3 contextRef="duration_2022-11-30_to_2022-11-30">Suite 2702</dei:EntityAddressAddressLine3>
    <dei:EntityAddressCityOrTown contextRef="duration_2022-11-30_to_2022-11-30">New York</dei:EntityAddressCityOrTown>
    <dei:EntityAddressStateOrProvince contextRef="duration_2022-11-30_to_2022-11-30">NY</dei:EntityAddressStateOrProvince>
    <dei:EntityAddressPostalZipCode contextRef="duration_2022-11-30_to_2022-11-30">10017</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode contextRef="duration_2022-11-30_to_2022-11-30">(212)</dei:CityAreaCode>
    <dei:LocalPhoneNumber contextRef="duration_2022-11-30_to_2022-11-30">317-3800</dei:LocalPhoneNumber>
    <dei:WrittenCommunications contextRef="duration_2022-11-30_to_2022-11-30">false</dei:WrittenCommunications>
    <dei:SolicitingMaterial contextRef="duration_2022-11-30_to_2022-11-30">false</dei:SolicitingMaterial>
    <dei:PreCommencementTenderOffer contextRef="duration_2022-11-30_to_2022-11-30">false</dei:PreCommencementTenderOffer>
    <dei:PreCommencementIssuerTenderOffer contextRef="duration_2022-11-30_to_2022-11-30">false</dei:PreCommencementIssuerTenderOffer>
    <dei:Security12bTitle contextRef="duration_2022-11-30_to_2022-11-30">SPDR&#xae; Gold Trust</dei:Security12bTitle>
    <dei:TradingSymbol contextRef="duration_2022-11-30_to_2022-11-30">GLD&#xae;</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="duration_2022-11-30_to_2022-11-30">NYSEArca</dei:SecurityExchangeName>
    <dei:EntityEmergingGrowthCompany contextRef="duration_2022-11-30_to_2022-11-30">false</dei:EntityEmergingGrowthCompany>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>12
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xlsx
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M?!^2!F.,6_0T7X\48JVFL:W&VC$,>8!8\PRA9CC?AT6:&C/5BZPYC0IO0=5
MY3_;U UH]@TT')$%7C&9MC:CY$X*/-S^[PVPPL2.X>V+OP%02P,$%     @
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MC@ 69Y"F& *G$4<P!L !0])T> \^>Q\ETWLJ.?]74_P$4$L#!!0    ( $&
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MU\7!ZQ^4ZD2HN7/08&<B+EA0BJN$7/D=<.I[.T!*1D.QD8E>I6.5Z*U .EK
M>MKBRAE#VQH%.JB]XY8:8P*IL0,@9^O1=#%-)IXPC,^[V?S!9@K(RDT*$3FQ
M!'_'G2/)W55D(TADIJ]X(;+U[/M!3EN#OI'-X_T,:3?D@6)8YL_X>\87_QO.
M\1'"[K\_L;S63AI_YHOA/UY_ 5!+ 0(4 Q0    ( $& ?E4'04UB@0   +$
M   0              "  0    !D;V-0<F]P<R]A<' N>&UL4$L! A0#%
M  @ 08!^5?LAA&CM    *P(  !$              ( !KP   &1O8U!R;W!S
M+V-O<F4N>&UL4$L! A0#%     @ 08!^59E<G",0!@  G"<  !,
M     ( !RP$  'AL+W1H96UE+W1H96UE,2YX;6Q02P$"% ,4    " !!@'Y5
ME#^:&7L$  #D$0  &               @($,"   >&PO=V]R:W-H965T<R]S
M:&5E=#$N>&UL4$L! A0#%     @ 08!^59^@&_"Q @  X@P   T
M     ( !O0P  'AL+W-T>6QE<RYX;6Q02P$"% ,4    " !!@'Y5EXJ[',
M   3 @  "P              @ &9#P  7W)E;',O+G)E;'-02P$"% ,4
M" !!@'Y5'#AEZC\!   \ @  #P              @ &"$   >&PO=V]R:V)O
M;VLN>&UL4$L! A0#%     @ 08!^520>FZ*M    ^ $  !H
M ( ![A$  'AL+U]R96QS+W=O<FMB;V]K+GAM;"YR96QS4$L! A0#%     @
M08!^5660>9(9 0  SP,  !,              ( !TQ(  %M#;VYT96YT7U1Y
><&5S72YX;6Q02P4&      D "0 ^ @  '10

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>13
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
// Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission.  Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105.
var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0);
e.removeAttribute('id');a.parentNode.appendChild(e)}}
if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'}
e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>14
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

..report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
..report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

..report .nump {
	padding-left: 2em;
}

..report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
..report .text {
	text-align: left;
	white-space: normal;
}

..report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

..report .text .more {
	display: none;
}

..report .text .note {
	font-style: italic;
	font-weight: bold;
}

..report .text .small {
	width: 10em;
}

..report sup {
	font-style: italic;
}

..report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>15
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='utf-8'?>
<FilingSummary>
  <Version>3.22.2.2</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>1</ContextCount>
  <ElementCount>24</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>false</FootnotesReported>
  <SegmentCount>0</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>0</UnitCount>
  <MyReports>
    <Report instance="d405829d8k.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>100000 - Document - Document and Entity Information</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation</Role>
      <ShortName>Document and Entity Information</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>1</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <InputFiles>
    <File doctype="8-K" original="d405829d8k.htm">d405829d8k.htm</File>
    <File>d405829dex106.htm</File>
    <File>d405829dex111.htm</File>
    <File>d405829dex112.htm</File>
    <File>d405829dex41.htm</File>
    <File>d405829dex42.htm</File>
    <File>gld-20221130.xsd</File>
    <File>gld-20221130_lab.xml</File>
    <File>gld-20221130_pre.xml</File>
  </InputFiles>
  <SupplementalFiles/>
  <BaseTaxonomies>
    <BaseTaxonomy items="24">http://xbrl.sec.gov/dei/2022</BaseTaxonomy>
  </BaseTaxonomies>
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>false</HasCalculationLinkbase>
</FilingSummary>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>JSON
<SEQUENCE>17
<FILENAME>MetaLinks.json
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
{
 "instance": {
  "d405829d8k.htm": {
   "axisCustom": 0,
   "axisStandard": 0,
   "contextCount": 1,
   "dts": {
    "inline": {
     "local": [
      "d405829d8k.htm"
     ]
    },
    "labelLink": {
     "local": [
      "gld-20221130_lab.xml"
     ]
    },
    "presentationLink": {
     "local": [
      "gld-20221130_pre.xml"
     ]
    },
    "schema": {
     "local": [
      "gld-20221130.xsd"
     ],
     "remote": [
      "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xl-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xlink-2003-12-31.xsd",
      "http://www.xbrl.org/2005/xbrldt-2005.xsd",
      "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd",
      "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd",
      "https://www.xbrl.org/dtr/type/2020-01-21/types.xsd",
      "https://xbrl.sec.gov/dei/2022/dei-2022.xsd",
      "https://xbrl.sec.gov/naics/2022/naics-2022.xsd"
     ]
    }
   },
   "elementCount": 25,
   "entityCount": 1,
   "hidden": {
    "http://xbrl.sec.gov/dei/2022": 2,
    "total": 2
   },
   "keyCustom": 0,
   "keyStandard": 24,
   "memberCustom": 0,
   "memberStandard": 0,
   "nsprefix": "gld",
   "nsuri": "http://www.spdrgoldshares.com/20221130",
   "report": {
    "R1": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "p",
       "div",
       "div",
       "body",
       "html"
      ],
      "baseRef": "d405829d8k.htm",
      "contextRef": "duration_2022-11-30_to_2022-11-30",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "dei:DocumentType",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "document",
     "isDefault": "true",
     "longName": "100000 - Document - Document and Entity Information",
     "role": "http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation",
     "shortName": "Document and Entity Information",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "p",
       "div",
       "div",
       "body",
       "html"
      ],
      "baseRef": "d405829d8k.htm",
      "contextRef": "duration_2022-11-30_to_2022-11-30",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "dei:DocumentType",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    }
   },
   "segmentCount": 0,
   "tag": {
    "dei_AmendmentFlag": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.",
        "label": "Amendment Flag",
        "terseLabel": "Amendment Flag"
       }
      }
     },
     "localname": "AmendmentFlag",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_CityAreaCode": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Area code of city",
        "label": "City Area Code",
        "terseLabel": "City Area Code"
       }
      }
     },
     "localname": "CityAreaCode",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_CoverAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Cover page.",
        "label": "Cover [Abstract]",
        "terseLabel": "Cover [Abstract]"
       }
      }
     },
     "localname": "CoverAbstract",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "xbrltype": "stringItemType"
    },
    "dei_DocumentPeriodEndDate": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.",
        "label": "Document Period End Date",
        "terseLabel": "Document Period End Date"
       }
      }
     },
     "localname": "DocumentPeriodEndDate",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "dateItemType"
    },
    "dei_DocumentType": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.",
        "label": "Document Type",
        "terseLabel": "Document Type"
       }
      }
     },
     "localname": "DocumentType",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "submissionTypeItemType"
    },
    "dei_EntityAddressAddressLine1": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Address Line 1 such as Attn, Building Name, Street Name",
        "label": "Entity Address, Address Line One",
        "terseLabel": "Entity Address, Address Line One"
       }
      }
     },
     "localname": "EntityAddressAddressLine1",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressAddressLine2": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Address Line 2 such as Street or Suite number",
        "label": "Entity Address, Address Line Two",
        "terseLabel": "Entity Address, Address Line Two"
       }
      }
     },
     "localname": "EntityAddressAddressLine2",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressAddressLine3": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Address Line 3 such as an Office Park",
        "label": "Entity Address, Address Line Three",
        "terseLabel": "Entity Address, Address Line Three"
       }
      }
     },
     "localname": "EntityAddressAddressLine3",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressCityOrTown": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Name of the City or Town",
        "label": "Entity Address, City or Town",
        "terseLabel": "Entity Address, City or Town"
       }
      }
     },
     "localname": "EntityAddressCityOrTown",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressPostalZipCode": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Code for the postal or zip code",
        "label": "Entity Address, Postal Zip Code",
        "terseLabel": "Entity Address, Postal Zip Code"
       }
      }
     },
     "localname": "EntityAddressPostalZipCode",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressStateOrProvince": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Name of the state or province.",
        "label": "Entity Address, State or Province",
        "terseLabel": "Entity Address, State or Province"
       }
      }
     },
     "localname": "EntityAddressStateOrProvince",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "stateOrProvinceItemType"
    },
    "dei_EntityCentralIndexKey": {
     "auth_ref": [
      "r1"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.",
        "label": "Entity Central Index Key",
        "terseLabel": "Entity Central Index Key"
       }
      }
     },
     "localname": "EntityCentralIndexKey",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "centralIndexKeyItemType"
    },
    "dei_EntityEmergingGrowthCompany": {
     "auth_ref": [
      "r1"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate if registrant meets the emerging growth company criteria.",
        "label": "Entity Emerging Growth Company",
        "terseLabel": "Entity Emerging Growth Company"
       }
      }
     },
     "localname": "EntityEmergingGrowthCompany",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityFileNumber": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.",
        "label": "Entity File Number",
        "terseLabel": "Entity File Number"
       }
      }
     },
     "localname": "EntityFileNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "fileNumberItemType"
    },
    "dei_EntityIncorporationStateCountryCode": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Two-character EDGAR code representing the state or country of incorporation.",
        "label": "Entity Incorporation State Country Code",
        "terseLabel": "Entity Incorporation State Country Code"
       }
      }
     },
     "localname": "EntityIncorporationStateCountryCode",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "edgarStateCountryItemType"
    },
    "dei_EntityRegistrantName": {
     "auth_ref": [
      "r1"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.",
        "label": "Entity Registrant Name",
        "terseLabel": "Entity Registrant Name"
       }
      }
     },
     "localname": "EntityRegistrantName",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityTaxIdentificationNumber": {
     "auth_ref": [
      "r1"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.",
        "label": "Entity Tax Identification Number",
        "terseLabel": "Entity Tax Identification Number"
       }
      }
     },
     "localname": "EntityTaxIdentificationNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "employerIdItemType"
    },
    "dei_LocalPhoneNumber": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Local phone number for entity.",
        "label": "Local Phone Number",
        "terseLabel": "Local Phone Number"
       }
      }
     },
     "localname": "LocalPhoneNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_PreCommencementIssuerTenderOffer": {
     "auth_ref": [
      "r3"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.",
        "label": "Pre Commencement Issuer Tender Offer",
        "terseLabel": "Pre Commencement Issuer Tender Offer"
       }
      }
     },
     "localname": "PreCommencementIssuerTenderOffer",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_PreCommencementTenderOffer": {
     "auth_ref": [
      "r4"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.",
        "label": "Pre Commencement Tender Offer",
        "terseLabel": "Pre Commencement Tender Offer"
       }
      }
     },
     "localname": "PreCommencementTenderOffer",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_Security12bTitle": {
     "auth_ref": [
      "r0"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Title of a 12(b) registered security.",
        "label": "Security 12b Title",
        "terseLabel": "Security 12b Title"
       }
      }
     },
     "localname": "Security12bTitle",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "securityTitleItemType"
    },
    "dei_SecurityExchangeName": {
     "auth_ref": [
      "r2"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Name of the Exchange on which a security is registered.",
        "label": "Security Exchange Name",
        "terseLabel": "Security Exchange Name"
       }
      }
     },
     "localname": "SecurityExchangeName",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "edgarExchangeCodeItemType"
    },
    "dei_SolicitingMaterial": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.",
        "label": "Soliciting Material",
        "terseLabel": "Soliciting Material"
       }
      }
     },
     "localname": "SolicitingMaterial",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_TradingSymbol": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Trading symbol of an instrument as listed on an exchange.",
        "label": "Trading Symbol",
        "terseLabel": "Trading Symbol"
       }
      }
     },
     "localname": "TradingSymbol",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "tradingSymbolItemType"
    },
    "dei_WrittenCommunications": {
     "auth_ref": [
      "r6"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.",
        "label": "Written Communications",
        "terseLabel": "Written Communications"
       }
      }
     },
     "localname": "WrittenCommunications",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://www.spdrgoldshares.com//20221130/taxonomy/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    }
   },
   "unitCount": 0
  }
 },
 "std_ref": {
  "r0": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b"
  },
  "r1": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b-2"
  },
  "r2": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "d1-1"
  },
  "r3": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "13e",
   "Subsection": "4c"
  },
  "r4": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "14d",
   "Subsection": "2b"
  },
  "r5": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "14a",
   "Subsection": "12"
  },
  "r6": {
   "Name": "Securities Act",
   "Number": "230",
   "Publisher": "SEC",
   "Section": "425"
  }
 },
 "version": "2.1"
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>18
<FILENAME>0001193125-22-295367-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001193125-22-295367-xbrl.zip
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MCN.BKCH2%#=@G@V2#S@(OS]P ^HQ/I#NB$@ ONR,U#!A ]X&GND @NOQ$UL
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ML?O%JY[_^\SZH$S:'Z*X_M#Q/-!]XNBL?ON)8XZ7HB>:LQMNX#IAF=1'D5O
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MS@^#<8#M;Y+AU'F$U@E<O@":+LA"ZET!=]5P2)I$Y39#$ALJ4JL(D'ZXNA;
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M9P'"Z+IN-U]@6MT;<Y,;.#&*J]3;V)6SMR !A84$71\K;'3@S13BJ3'"4!.
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M(HO'ZUEDL=\_UM45I_+O 3<7;C,AWRH2C]>T5,)T#6=#1(>:)1!/85L+M*.
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MBIS33E%STU?DJ8C.J9]QT71WXCB2^C^R[XD7A*A*#/T;WH_N4ER;YDTJ1[A
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M^B%\[=3_-Y?4\3'_@98=BR1#>5*I.,HIM#=0Y]-$0RJH 2N9@@.%BMQ"(W1
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M<7P\E6-G\"B_T#MDCCNF-TF3%-8@5NXP;)^.^>"NZPE[">-U5S-V%<2B.3<
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M]2_5PV&J_$\/AVJ<I.J%'\W\>88GUZM?S[SSP_\#\WOT0-^2#L07?WM.__?
M^WAX</'K/Q_L;&__W;RF?5CSP5EC3TM'BO9/8*3'%^=UJN\K) 3?P47_S='
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MOHK\&>Y;6CR\9<TJBY%"BP 2\$GEGEUN7-KA>N;BW64JW4YE+C")H>+H#HI
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M$ +&)X[\-$5$%"*"X)7BG?QAED1%CG?),!@$4Q-* 3( > !80RZ$'@YNRBM
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M%OH9L336U&?Z(&.!FDSQDVX'[8%%:O:6 .Q^16_82-&SW7\6Q(XBXF"!%TY
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MFE9/AF1('0DUKIAN8@ 8^&#W:2T5_AHT83,#!_MP>1@7Z(?U2\B>=TD42/1
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MV89PC 9%-T&KX/SCX=N+34^G>G@ZR^[ #G"W@S476(&)KBQ3F6&6%6,^A&G
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M=(71\-MR%\-6?*=BBKP@LA9<JN4LATO>U,[N/<0V7QV^_K\&W.N=@N7NO4U
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MVK\%03HY^ ,^_/7B_='K_P]02P,$%     @ 08!^5=\<2FQ\#0  ;4   !
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M-#(N:'1M[+UY;]M8LC?\OP!]!R+SW($-,$[LK)UDC,=;.IY)[,!VIF^_@\&
MDHYL=BA20U)V]'SZM[:S4:0DRY*7M ?WIFV9.CQ+G5I_5?7AT]F7S]L?/AWL
M[&^W6Q_.#L\^'VP?_._3EQM;&Z\_/./?X0_/Y(G@P^[Q_N_![J][QY^/3_[V
MY+=/AV<'3[:#=@L>VE-IJ?+M#_N'_PQ.SW[_?/"W)U=QK[QX]W;C59P^":(D
M/D__]B11_?()C?55/S:(\O,X?5IFPW?/A^7[0'[O9&69#?BC?I:63XOX_ZEW
MF_;W?C2(D_&[LWB@BN!(704GV2""-^U\/OSUZ&]/\OC\ E[U87?[X,=%W(G+
M@-85?'BVN_WAV5=<6-T4-K>6.(<N;0I-8N?+P=$^_/]9<'2\$;P.SHZ#LT\'
MLV:SS UQ)G/Z=?_DP^DW\T8[W)M7__,^N%1Y&7>CY"D=VCN8R)/MO^;J_/V'
M9_"E[>#7X\_[P=G)M].S.YK_UYV3L\.]PZ\[L)T[OYX<'.#&GBY\M*7Z43Z-
MTQZ\X-W+_[G>[+;/+N(BV!FHM ?_7P9K)?[^U[]LOGSS_L.W;?.'#\^^;>.G
M;]^OAT$O*E4OB(H@ZP='V:4:=%3^U[13#-]OO0B#K>=;6V$ HY194%ZHP)Q6
MN[7@>65)+SC+1T49?(WPT7@8P51WSG.E<&X%SEK92=<_%-HE!%':"U34O0BB
M&=]REAU$@RP]#\[@3;M1^IW6#MOX>Y9_#[ZH),G2,$BS,HC3((8IP7G$EW%O
M%"7M5C<:1MVX'(=!9U0&19:H9(S;5^*:E*I,_XP_=5\-[_)V\L;[6/-&[X1_
MRW)XUOG"J<HOXZXJPN#SY[V0)@\C%,,L+;*<AFNWS'BG_''-"FBPD/8??XU&
MY466PP)ZP=!N?^$]'12J!!+.RXL@2P,<O7NA>J-$,<7MX%N""Y4K(#=_63MV
M=.=P"V=:&\&MW[??/AV<'.R<AG:!0 !Z/V3C@HOH4@7#7%W&V:@ 6B'6 <N(
M4UAD5'\+@JL8MHBH6K:O8?WZ;>U6$0W@W;E"FNV/D@2WN<NS4?V^ZL):<'_J
MA=V*M^<47A]GJ;"5YVL1T1 MKW[YPSR#^Z:0,*.2UE_[7,A+AZ>[0$4Y/ _?
MZ>9QA[8WV"E+> 4^*.2%CQ-MZ3,2<5R8/PRB<="!74-6J7IA,,AZ<3^&X> @
MB]%PF-![X??.>.JAX_EE(YYZ%S["1<&2HW0<[*I4]6$I41(<7Z4JQZ'K3Q=?
MTL^ &UW%P*QP*+M26C7N40\/FN<?I\P-[^R<W1W0.Z)WZ"HN+E"*T-8V'RE)
MFCCM)J.>"O[^]4N6GT=IL'<1%<RJPW;K:&-G YD6?![U>C%2%NQE%UX#AP4?
MN@P'></K]T5PCMR/II0YYUC9TV!4V.T,NKF*<&SZ&EQ8-1C2KS#\;E1\5SS5
MJ-O-!D E($7I6S"$GD#=Y*8SJ;=+4%&VCXY_"U&?.SGX>'QR,/U0(MQVW$LF
ML^+=[?/0S8W@H)D1@.8A=Q%G::5'3-)#:].NW+@#,; %2_C15<,2YV@X!G$(
M5Q\+IU%]<1$!S\[5((*EC5(S"IY8$T>_@Z6^V CVHF%<@E:"S HDV4"N#6I#
MJ#+U@+FES'_]Y<L221SB1@Q4E )?@P,N"E!QE-Q-( 4>E09HVJ\[6/K+C>"L
M;D$@+LY!;\Y3/G,\'N3XH _R+B"'R'M1VE4LU7%1271E%*/3$GF'JX&N@9X7
MY;U$%>8A^@()PP':DNU6AAP?>*I^.=!,#V1)!*P-U,9.HNQP,)L^?$@"B,89
MYL!@8^"!Q3HI?\#%8!V#J(2-!Z60N2\<36C$6!(/X,R1F87Z.1SM$LB@1[JP
MK+C+CS!YAL%0Y4"S UH[<]&!ZL7J+D[OU<3IB:A7/U1W5,I1@7A.1V@!X>JZ
MV0A5-51F85>T,G9U$<,/5Q<JM5_%M?54$E^28F?(HH?$BG\%$1_#:J*$C(9V
MJ\S.%9Z?/$J;%Y<C)(/4ZA*LT>GYPOSS*"T&,=P6D$*H&D3= LX%CAHXNTI@
MQ_,LC;NPL#AA9</.T%D+DU0](<N,@2*<.?5&/*=BU$>]!;\@BQWC6'1EG?'O
MX'!?;P1?1WDQ0AX!<Z]7-YN92=BX'TS(L%0QD/=5US&07[-]O-B";^1V.-S^
MURGPS*@$M046=:Z"CRS _PUS.=2.AV?[A_^$G\4=UFX%]'\?AD%1CA/E3U,-
M)F:)'PUA[*<=T(2^/^THN,OJ791<1>,"_68?/IT$IX?_'ZSWQ1,])+GCWOWE
M%_K?D^"WP_VS3W][LOG\^?^81>P=')T=G-R*K^Y&1'5X!-,_.SHX/0U(P3W^
M.%V7(L$&MNRXB2\@D;5;ELHBP]U)>^S'.1C(40?8>7"5Q\!D15MTUNPL .FJ
ML@43._!DFPD51Z$=]OV12 QG.[N?#X*]@\^?3[_N[!T>_?JW)\^?T.]?=_;W
M]>]RCB_Q&'>/3_8/3NACF15_\A3._O/.U].#=_J'J1M</0T\7:;/LY-M^6'?
M$-#6_P#5/SO;MW_YIZR%5VM)33_H#_#VC?X<_CEQ7J77X!!ZG!9@5[V++K.X
M%UQS#97)H=LF@.V O3W":])@EBW#-;G]V_')YWW7'WIZ</+/P[V#4W;S-!N%
M-6_?O/;;(R!MXRKZZFRUO\W.F,YV?3HX_/73&1S>:__PG,_M+FX]:1Q]=8>X
MO3M^Y\ZL0GWFGDT^0=^^WL9W0%]4N?WH![H981E_>4[_N^;)/"N>!7_/"C6\
M"$Y0>[^,2E 3IAW2"K?Q"/29FVQDW4)N?1%G<9G<:!5?60&/$K ;452@@G&,
MRI7*71X%_T'NO,V"_%$,/(J!>6) GPZ"W9VC?P3''X.C@]^"WX]/_A%\@8,\
M/KH-&6 "'H\RX)[)@(,<#;6=C>!+UAL_4/9?6</#X_S[<0X&938?F[\#,Q*L
M9VN@'&4;8NC"YZ#>+2UB66^&/]JN2X0E8&QU[]/!_C<0ZSL!^L?O A[Q;7OG
MV]FGXQ/8Z?W 04J<RHRN':>Z%M?; ZL[+H/345P4"N@75"VPJV-X:.W;Z<XZ
MFD538F6OES$%)'KX(0Q.H^Y%P;?IK]%@^#[8RR:L^Q6]'%:.+]>ZIG:,R302
M%>7DZ_V\\77E,_ITNKL73)S#8=J=ZD-;RJO_CLN3<*(S@UN@@2\JS^,D"3Z/
M4XQSY5E?D0\7U'^]^^W67I8/5[[]>OEEE"9J7*7&6]B*$SA^B1\%7Z(<@ZCM
MUBV\]]ONZ2T?^C_CO!RA+,U!)MHW/DJV94BV@__]=+A[>#:?8%N5ZG2*D7-"
MF*C>QJ/J\H@(G8H(O4- Z(KU]BI0KP9N*2C3=HM#'B)X;OPOAM\^?#R&S757
M-J=]%PARG SJ?A^553U,U?8N@UXVZB0*[V4/ ^/.GYYL;VTQ$\*);/-T?'#L
M=2?4[^.48$*G9R>'_SC8_L]_X"3X1^\ML]_Q9)NPNQ[B4" *'55>*94N[2PJ
MJ-%Z0)M'$KM'OPO6-M@I$-G#L%321:,  ;>%P*VN#],--$IW62#=)<"=9\%T
M\53F@.JZ,-U@7I0NRB>FG%N6DZ??OGS9.?G]UB&)9TY@MH ]5 @S:K=P0S0-
M>+CDH0,?L)\>TMO1.=*,DM_<0C;T_"4=CL:J]?-L$)0P*1H/_AN:"S<MA%Q#
M(G8.'M1YIP@,_E. 4M4I<_!9X+#MEH93Y5DQ5-UR!,:7AFIU5))= 06.TICQ
MVOT\Z@IR<<1WBIXRN-68&$I1,F:F%V2(8RTNXJ&_J142O8C@.RZ%"@*'@)8,
ML468)2%0*O#:/FU6$TP69W%^CJ IG#2M '$T%S#W')>.&*8"Y[D&&E$(O'6=
MCXYG%*QQ]H =(713"1CKZ6V^AG\BVCKK]XFW9BEPF"H5#3+8A5SA98#_G,=%
MF3.DM$#,UT! P7;#X"\?LWP0G#Y]0>344]TDPM$M#D4VQC%F<&$'/[H747JN
MP(X;"$*HW5JS6W^PYR4_I#T#^D>,D0]ZGB1>1A='?3CT8*V;)0G/)1DS(,*\
MYL1=XJE>HOMF WPR2+BAI<<IM&.IUAU-8,(]C7[>"+XA"(ZO>>4Z^!A]A)5:
M6D+$<5&,E(/K#0WJ5PW,Q[@Q81,2/V02*"_R;'3.:^N#"$KXD&1M^VJ8%7&9
MY6.9'YS7$%%G]JSVS[RS0L)'B!7( .08/3, SY#>&<-A*TT!<E6B 2*R\+TD
M30@ZB&D\B"$#BLU5S^-(#3?+8U#>VMRGO@&C2+(N7>*=+D'!JLRE,E+--T!$
M+4%WNJDRQQA!H]H6=.R$..84&=6-@0>ZF'&XD P)G+*->,&8RUDFIZD*[FDL
M_(@N!;G(2-OYFG0U7>"'5E$ X@WV-*(\G. ZSN0\P+1-AP##N3(P8N2_FN\Y
MQ+<6>[.K0^0'!,B7 >&!>2?J)6XTS72_,G#=1)&XP@IOJ5^8R[ FEKL13"CR
M\ZC8Q'/J)'#(*%&?[P";@2/7'"5&B*9S<?&N\ASYUKJW=3Q% LK)S[J4%0;@
MZ3IUS\NE3;UOD?0PCWIC[$R,P.*JW7*H +\_L3%\)PK+@5$4Y9*-X21?3-V%
M&;MYH9**LC0Y7\YT)"2L72-MPR+[!I+(^1K+U:E?G/,<10DPF[I!)A+ZB<XS
M3!7RB(?UE"@I,@^G/I$B8S=C=Y0DN-GZ=98?XL+<"34^B6ZP:]VCU;%TPPXF
M&9(GE";WX2NH;IBT![8F.JQG;D>[-?,;FHE6Y[(0YP'1<6]VV54+%UI,19?D
MG1D[X6%'*VJW],DUW91&PM1I  N)^&;6,TW">\8W.H,_#!N<D1-6<. >V%L?
MR75[/MFGFT\#F?NC>_N&CHE=U8TP1S"%C\3^[ )9.68P97RAGH#:/26/I,S5
M.U$1@P83E92G,H3/X$J.<LD-;;>2N.][-;0=^^H]_]M#ZRSN4 PX9';'_Y)?
M26=>H0RDC"X1E8ZIN<-)1)N_O'CAN3NL]8)_PL<\SY;8EUD7!L+ILKAJ$N*X
M(31%)69+D0UH7>B<0+_$)4\&1X7M&R4E.3?PKQV%FZ'3;MPT=/(1!.X&\"=P
M)IB"*TD]V2A!HX\4NKA$PPN,V!&9:Y1>A;!\E4LR3.</X'?XF%6[Q49]:M)C
M\,DDCCIH!H[98U-H%P5^1V_7U!TI+F1>ES$0C:/ )AC;QZP49UFB$0^!H8GW
MM.+UT?EIL&\LC<CG<Y52"D^AT+F#?T\YAT82T?$VX=:2![GT&2@..$PB=-PB
MM1ZCU*B:?W>0$W3=-$4K$!9*4ZSH_G"@3!6P!%*'R$5!?@>;CZ<-<+K.FC9L
M>I:WPT)A%?JI=7+,?,RFG95YEMS!V<#>G*,SB]U:^@)9_768JT%<B&^+Z1%Q
M?.)9DD4-1B5Y^D&G34TIA,C)J#46)=&@[ W>*QA8UP' QRDLY25 WZ:GVDM6
MV]S M&:^0G"]N\:!1O2$MPSUBQXJ]3I-75M0F+-754#0"PJ_#6!CM3+B^J]
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M/5V9@2+5N^.GGW$F^ C\I3>"[3BAP37Q ,GB2?(EX4]XH]?UP+!4)%,*99.
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MHPMYT8(:[1:Y(*Q4,4F35Q=23)MT&GJ(8?P6#U-F%4PNAY^-2[<*J.>WY(I
M<W3'G&RQZF5D5@Z?#B^H_K:IRWT?$IH"Q[9L\JK,$4LG,M M:XQ0BB9EO1D<
M09D]-4CC_EAW+VG>WN;W:R8UWXZ'Z*O#F&$9HZ>B7KGPC=&]18W1QCUMMXQ%
M-/>>@M)H-U/BA;AM\RU;KV"JJ(6581"6*'ZEQLM*R"E8F)IJ/1C+):=ZS73O
M>IJI1V:+ZT(;-O7F+I&,+RR2L6"4U%HD5V8'"$! C'6@19T"YMB0/=44_V$,
MK@Z(U,)A)S-)=+W_"8"MA;])4QJ$-8TGP0$D:2Q<E2=!D46+0"Q=_*\+)4"8
MY'0P D9*@"*E;Y092EH+@=:(N]<S%$O0?]": BT(82_13*%9CA@IDJL^IN=8
M5+^[U+.*EJ8= $BDG!CMM#(R( <7'CJ1,<Y^ =P;R81GG#UVU2 8*4=U^<3Q
M%WWHDF>3*P'.)&Z2H9O':?J>S0OHH-T8.JN^"\#5E$./NM_3["I1O7/E0)D+
M-!\["JY"7P Y*L'.'EA+!U'C1)]H:/+&"<RC2QOL*T;\* /0\48,F%!,?'L]
MH&0+;G-"2I2]G)&<#]QA)R=_E'<I"9@N>;6^@#^.7.W:<4XLE+@R4FA'TB]K
MMQ@<C7^H?I$B)6;8B5EIA K%[B^S[U;M:SB1T3#CM!*3SN%C!S>"'18%<#!Z
M?L^JDZ(=UZ)"H\X+MWG5+K/'V[==N^O>S:_D/42=(DNP_0M5"9=NE_:1- NR
M#BC_4C"#SIB"I$B6/FD@F>UI\+@0@!1"<)+?>XHAEFJB^ <>&F,N@'=A"!N&
MQ'U_[ZAAID^@[;J(YV:&I O5NXP+5>E*1ZDU[,CIP1G#G,OH![/>_XX4R)K"
M.W4Q)LA6K?3Q*]Z[( ;:PB[&TTE@$;,#:W^($?-VR\DW"C5'SH9Q*F:S3L71
M35>U0Y;'$R'B&?OH[4P9>_6>88J75D'MQGEW-"AH)AY41J> 5$SUJN] G)56
M+'Q7R&FHT@30PY"JQ71A'X:C'(Y5O&1]%16QS)7X;H%0.*$#DMD5H@">?"0
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M\MO&.G[+G;'3U6.FH3O?L<"K"HG<]MC_!B9-@ZN( MLUGO]9792D\8P4$?'
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MQ"Q1LUHI&"!<<[ >KE$U6A_:7"2=@=3<1:<V27A*YP.WHJ"P$JGBSTGIE,?
M6?LE9@N(OXQ=>+U*CHOE<$[%]G/\>M]WS)873AI(Z2 \*\E9H7;OS2JRA(QB
M$)4EV\;R@03X[UTRK-20_P[+MBFO)&'0H,G&F!@;749Q@CZ54"N89,*$.E,D
M!1L,%23-OBZRD8"^W>Y7$]X=9V?G]*S&F.9!O:%4X=9N( FK<K0%(\<^F>I]
MI@06QC3JUM':,>C7LK_U ^NN![_5@-+J_5ANF37.WY^JPK5;ON?8N[?Z8K 2
M4&H;R$UBMD*PTE<#_P@WG=*K?(O(^U8UX6:>"A:8U]_SH'F<84W*MN@1J*M(
MVIMA(9ULQ.8#/\A%FVPJ+69*]2<;A-15F7.^9'1%(I82+D[AF!E98Z1EHFO9
MG64\SM5,@DL?&/<(5BZG7Z0JO"8T(AC&QDL=,AJF/X)[65R@(UU:LM.QZ4'+
MC,]"!SU&VC@WZ6#*NDGZ+H.^8XMC\SF)UT,ID")&\%UEE4]O)21N*%W,15?D
MIZ 3",E\0";'39BRX_</O0,-A5<+ T,;0!@#W0_Y.>KW@?%2%P"VJ^JZV->-
MDN5T=6'[%?[DR"FJY4#F79V#[&M@#D[V:EP% \D0:'F5)FD//>X:"TVM>@2<
M'3("GHT- X%?8^@0F0]PTGFJQGKG^GJ2%5K'8:CF1'H))"^<9ATQ2"/=D)Q]
M)C4KX$8T-A>3.5 EXO/.6I"X*-238;CIMKXP_VHQ?%=@A @$UHM%E<'8UYK!
MBH6MB<_TX7*S3_$M?5 PJ!,.\P'D[S,\H)CJSA*?.32WT'$9=27"XD[<JQ_@
MOG_ZEI!&@W5.VBT.4=9D8=/1UK:<02X(^M73W/9"RO+S*(W_'S_PWBDE0%6J
MNO9[C:?/A6&YNP&Q4?QFG:-L9B((7KQ873H^M9KWD:\00? J'<%MU98^Z=QD
MF[,;>^HV<G:O7NG:CK-DGWYFN5I])57\(G+_33C!'9*\QQW=NXA%6<ANWKJ]
M=<T$Y&\<44./ KFUB]*KG^7ASM#%^%0B,VY+6%U@J2X+RS0%(H] !I05ER:M
M"U5@^CON_VA<[1U$OI-=9R='8"&-I%V2<6!@"0&*?U?_UJ?^O-AY%O0R<CVC
MB47!;>KX*P:,BG*2XMCR%B$Q!+?$NV^^2_H7Z0H)]N_E]E:>Q\R7IR_1.A$%
M44\O&\34,88"N*4T>^.X0F62E3XQ]'#//(UQ29,"#D]0,0V!!Y324T(_BX<*
MKTU4Y&!9VBTI*65A!]Y^/ECGRYM'Y\L-:F-J\N226<:?=RUV$HK+-ZRTF@NU
MHNSRP= G.S.!JT@8"LE\\CS."H@PB G$ET2=6*%R"B)HE3RC $.'.BD:N6+>
M[# 3\UDET=9<WNJEK>%^UUCSY(V^SI<SX./VFM^=+\:43F(=7>J/<<8QEUXT
MNKJOJD\3A8Z>C.'/&%1T[,,%2IK5M,/Y56BG)!@'_PBK#62 F,E,US.2MJ0Z
M?(['*6$1Z>9-1J/'\U]56U@99=WJZGJ#%E;8L5!?H\8>S%+8"Y;C-U;8&Y=1
MU=JGJ.?F1E;T\1J_*\HI E!Z?(F_?PV-V[G"GHIM=.OJ@S?0M)UW>3TA?<VZ
M4FBK0<$!0E]$P]%Q/+=KIO]5Z[_!+K1Y##R! J=PJY33+O+T8,]Q^%+!43D6
MN.99/W3^.'1@F%.^XO=PYD_+C%UJ>5S0]1IQ 2F$FUAN3?KD-&Y]9[H5,)L?
M!#UAB+7SO!S#B7L,IRX?+SV4'"\7%HX^=_+\<KEV=CWQL:*8HX95C"^:$UP#
MG %N9I%P1C:5];S>U.ZLQ&!<Z3"\^5R\H030&PX3 [/4Q5+=9.<9?@Z?:V)P
MU? [CYOE9#+4P7G/<TRI3M4Y,!)%8(=.U$..4%YPM[$DZ8\2)!;=F+#.'S!%
MMVKDMW51<H8*4 =;ECM&3+* ,<RL?DM%XPJ]_$VRCVTEJ)#A_4Q]CJT?.A[Q
MZ4_JVEHDM;$AF.-!HU0$=KZZJ%S"KQ.\B,2_D=24;B"_)"RD6,MCUS76:<Y2
M4Z?0J>0Z=8)WY,B6[DBQ[XFUF)M^EC>>'RW9Q+38Q^_X27L27N!MD2\7P>9S
M=+C"L/ #&:U(YEB> =B&8N<0Z6NU8QDESE9JT +]VC<O5X*RYZN,/)8<KBDK
M:X[H] IY\T0,+*\$BWQ4FO*6DM4QC&(&5D1C&D$K,LZ*VJUAG0:S&!>QP);4
ME U&[T+,/9)B'S1*F!*JKBP".R&GCHY7%1IQ4JWNYP>D0\U5\-)<P)]"#3.;
MIF$C0)"^1)>6OV;0/M@B-L:*GX;^O)#01'$#26SQ*!;+4"<12ANK#&*O6NUS
M&B)PL93D5U\_"H/K;A]AG#B7J7X?+8G%L/#ZB6&^3904F3](/Q**N.X!3!7*
M]CO._D^*F;"Q&'A854\<PU 7PV9J9M6!L;#7)6B2,U?HF--I1>*$E)PF5*I*
M,2$8&<N^7Y9%RR7H:VZF14AZT O=T3X:*-?"M(16:-%J$\,H+<?-!_*2E.JB
M[-45@$G(2A@?AB1>K!/"MZCP+'@APJ?@,+LF<JWW[0$WL'G[Z*2[0>[G5"]8
MK0.^EAS-_8 +.I6Q3&=_5>J>R>XJXL9!1;FEAXE-$R ?C4*X#F@/EIS^R*5@
M=8X.#G73D(#K2:LS*1V_@VN0D?T:3[(PSH_PM\!'ZVHFAOH&,%[QR9B=1CT7
M>9E!J(64U5!,S(!V>XCL:I0*'JR;Y3H>#6R&ZIY,^O?URI@Y-VM(45"K$>'4
MYY0?&&FHT>X:%%C4?VMP<KID!2F5!.@U0;"^!,B<MYBZNQ-.JZ$.+%;OB./M
M0CL>-F[(^1:49]R7>L3\$S=+UT%,=&O'LML$ *:F":BNMEMNGP/S1]?-Y[2F
M6$C)O ,WK_+=O)/2N$+HU.[3@- )2RS]$_[0R;-6<\ R\UI_)PVR"NBJVCM7
M*J]R#CB& %2/R-5$JPE+ V =64\00/HAFJ1ISXCP)]./44B^2<5!QZ1'VC54
M37KE'+WQ3',)ZZ-R3!IVI>GRA^AN*@S@7#XW.27X69EA.1!0DC$%J73^(,%5
MSH&=&5K!G#=T#]$DM,Z#>+L.2 J:!@+??<4%IZKKRYG73FEQ:.OL4K3=W0#,
MH?5*\G-3FFLQ_>D<?B,XRG2)Z_-1G'"65#^/1KU1HE*.K51"^&OS1 0VL9)P
M)2C@L#BO1()+^:9BMDP*XQ(8%$/RL!/D?"HSRV!BDG?API!NEF)72QJ&MSA;
M?*+JJFYT2>4*\7O-274Y2(6\E\AUH*)/7@3#A?7-Z2SET!.*C)0B2469=;^C
M'X1^&RA,FYDOZI3E[E$Z01FEVT,17-1Y@1[?#F]&)V$GPQL:X*'7D4S I-7Q
MJRDW;K%H5I;[CVP]=QYYB8^$PFOKMME Z):QK_Z>3JY;"ZC5+=0"<HM1?HEJ
M&Q6!=9,PJV&LC1FR,Y@4G5@:;%BR=YL*D(^E/@L),EW1#CV<J"T;!1=;E%A]
M1$<1&<@ZD63O'8X;<?3_9FJ;R'&02F1/J0'[H]/_#(#&C,HBJ!;5-SLF@36O
M_*#$K:I!Y^O8 F9:G1*O=$2(J"=,1C:!7=^9HT4XJ'^E$>CB :E&TE';B >=
M$;89PD-JCL3Z[W!OA5%S4+1RXV6I=D7=1'HCY?HRJBS9#2M["HG'Y76@SS2#
MP+HB5XZVVSQQ1^]KMZIOYV'70[V-N 2:AI37KXM^.P%NKG;1'2$MJ9[I26/B
MX?KK?LQ[:@B&=#&TRDR+80;M3]E#(*#Z^B5Z&,I9,>!_NO+-[V<VA'Y,X]!B
M,TFOKM*1NU")URIFBM[74:Y%-=D\RD>O/T1OU"^/WJC59!1L4B8>9A5\C@<.
MX/.S+K[-V05'%.&K2"&/=Y;-56+GR*^:;!E>T^+&E:FYR8WQHI@^TV-70C>)
MX@&'X4,;L;R&BNEVT*E:_NU6Q?1WW1P^2((3\T!:HM6*C^4YR]4>6L+&6>*Z
MCMP<?BOK!\@2_,VH[@0-9]]*,=E\--2&=D\ED6ERZW20D"IS_6K7W%%A^-#@
MCFK< X6>13^J=#G35*_I'< ^O;&KAIFN &7T(]391HR]X$_*:#"D'U&P(XR=
M_$[X)^PO16U3\91@@NQ?U:=!W84C&A<'Y.+MW/J9*@M5"D:1PE>?9R<SE8Q]
MLI2:4^G"BJU5UR]6IB3S@&_'@R&5:C/1?5T*L'Z#JR[I*C=P/:U6]:(.M;87
M>Q)=N>K!Y,2F)NA9X*+1P"V"T7$FZ@LL'XUYB\KLG'?% $3<GFIPA:.$G7LZ
M'8\C/SP[4Z6/-:CTKC/#MKA.D\F7YL*J,ZZ(EUXM95NX#HV-M;K%Z.JJ_/E]
M!6MR#GP &R6EF"H8VN>(OJ5<7<;J2LHWD%)&=?0$X:FUP;L -_D[S?VN#W1%
M$\HXQBF?6:.2-][4_)E6#TN4.XDQ!!IA5WFJJ9J*]L<P2-+L-=57X5(>%AM)
MSDU6R'7)1)DQ[CG;DE2,2[RP@D+A1<3X\]J+Y[H%):A*Z+%$V]TO("1,S!;#
MX,1F8D0JRI,8F:QY[SL/@5%)$*I8%5N@I[@H4IJ9_]8&,J\4;ZN6FX_F3DBK
M1NE,6S^=PV1331@3G^7#+#=5N>+4@Z.:(DRFWWR[Y3=P;<Y<V7J^]L=Z%9:J
M&;N4^/.8KG/6];4[*QGG=WC!N'G2'E>@"?9TSEY%_;3,S>BC&7?QR:Z,8B=E
M2 N+879L=I,-&-@FW.\D8G_+>;2HWE&_U6D$:&2<+.,"Q)72SC*\L4S14A2A
MU.#"2;IE0[-+<1X1QDQ]@^B[,YQN!UJM#XF_X@[CHZ08$@1'UZ>UC]E D@T-
MUD9ZZ^*\97,&Q[S(7^-"2W0_59)0W@TC.:/;W\*?QP0L1>TJG  .DU=.=M=<
MM)"U#PQ%LCP4 ' HN2[:&*C0WG2&94Y:O#X"RRY\/'9AG#3.ID>F/*RW31IX
M9;0@/MSW=T#N'2)WG:(_=2-H$XDU$T];<S6-N7':B$(;Z ZT[9;=/^M:0=RM
MT#VU.GUJ):S9_-!-8*!J9PTS0'$<2[B(,?U8LDE4R,BD3+J9L_!]K.P;O-SZ
MQ=2A<M;*'27[P+Y3JESA6HB>D/$P&=0CB:[UO%M%^>I.<_(]. F8^V?5&X,M
MP=/Y*QA"[X,O<=*! PP^?_X:6N^<CX(FO5DP5-/)G;Q]M !6]0C&$:>BU5#5
MP0Y?6##-RKCH4^V=&5TGP5)#EL"L,"K?/5S?U^;SG]WY!5\YV]G]?* ?WCT^
MV3\X>0KO_;SS]?3@G?YAZL9-ML#@8?[VY/F38.\ 2'5G?__PZ%?S^^G7G3W]
MN[NF;9K/":\^^%OPQ-FOF" %[Z+++.[)@_OZRR]A._XI^P';;_:&E[FY\>'9
MV;[^BOLG[TLN804^904W):WW065.GH9X":?22Z3)-GG0"@:38X26\W\\_*04
M'=!:&8EJ^ 7?]GN6?R<HJJO ,J"L@1=I_Y_/C*2V%E;[RJX4!^.\NEI47(#Y
MAZX);(-67#S6%L8MG?*PZ$TDJZSZ;3]Y#*\='1O\<X+_()5ZNK'=_M>6A31R
M%(^#_!FH?NN>4KW)@(T*AK)0V6=)+!$?1-.= 'T2]%-XR#:HQ-Q!]K-RGRG=
ME:+=FG%;]A5\'.4ZC8=P$T:@-U&]SDY"8\<4/:LK#3KW97N\$[=X)U[<\SL!
MQTVW ;NNV#+(<3%!W1121>W\#S"*BEXL(5)26,G4TEET?8]4T85.1J>X]N0]
M'&MHHJ_@D;SF)*^7]Y*\/ >$SW5MS?M0,Z">RX$F@ON//.C&1/+J7A*)4=T(
MCR3P=B=X,+>("QDB,[7V%.BC;J_<B=C&=5YF&FK74371LM8D9$KL*<(D?@+T
MXZ]IECY%;%%11-1E<85\D(RTGY[&7]]O&L?B_NC@$"\&$]O00V5-U(B86Z$3
MQ]ZC'%V<?-[<4_*97ZE?DU(7D4E9M#Y$QUU.'C9L^FW*!E+TKMVJ]SA:HC1^
M=GZ!TUU#NP13;.P@J918%%N<B^NZV I_D:X!,FFJ "NN?DGV+"S45+1&\83[
M8.!'E>#&]/[V8=$[ZY 8$'?[SQAKVZ#$*6IC>K$Q76K\F9.ZEV;H+\Z& 74]
M=O+$BDJ#=([04YAH*(EFY/>F))U4]1KF$' -0T&^V(!#C1W.,9IJU1TO;"O1
M@I=U+S/*M2[VB'^%S4W%E>" [3&J@DB7/,YZ'BR'-DN_Y-$DN^G5^N4>7BUL
M48#%&2ZIM9DHJU(=!C/G=$(670<N!254:^!2?879=0FEDVBWK[BV+-"-\D#1
MY#=59Q%;R!E=8=#)HKR'_^F-0[?[54Y5X+IC#R^V8/*"I#85H\' J^MZZJ,"
MG$+V%<?Q9 1<9SE'J5^VRW^Q!)>]VZEE\CQB4L0C;K4-YGK>$N?^<ZS<:2*#
M.3X(32R^CXWOD5A+*1TU7:<D_L'UXA2('D5RIZ>^I>3OI*,MUA]E[<V#0<_O
M(4?PH&JA;2"$]V>BNT4=B,T#AGNWTFU&1*:WW)")YK[B-FR\JY4.8),8;AYJ
MYI66?)U>QJ7)=., *:[<3^ 62$$72:B7$GF"%(.97,998BX]PE7A'65<DO<<
MD]"I#@-?S[44.:#[@ 'K2/LF9&6Z06,2#04N@I@'O,7 ;01,<_/)<&-4#8A@
M.*84UVL.:SA]J";*M-;X3G3/#4SO-!\-LKP\CU#5ZB&WPX$8"M.@7#S(2/WF
M8Z3^@3!G0R#S<.%VJQ.EWZGQ&]TN[C'O=6=CC<#M4(JTWX'[E%*=99U" E<\
MQ3K+B:)RR[J5E!W"&Y4KZ=-O:*ND54-&NC<ZF7-^0O4:U^1$5<)OK&I*NG.V
MLG>KUZTQWW37%2&2=.$1SB;F;T@Q:9VHHE-3Z%>_F0:6<%*,#Q;$&C?,P:^0
M08?Q /G^%$V3ZH_9/@>4-8&&BV9!/6SQ"SO]QXA!\5:IG4R]J&5KR"-K-Q_U
MH$>;:&$5Z%X"8F;["83 77))JQDN()^;93,F?+%$UN@ U ^DBYS6"[*NI+7.
M4A#"!32$< X5P;^KYF'J@J-3,:K7<_[;V6[-=_D>70\WOF;W$H$S\YHQZI4[
MJ-I.39Y"3R4GGG:BA(&A%TJ5_M^EV 0V"0^UX$58F2EL(E*8:R1HHF84,":?
MP1<Q.8PN(,ZD4I)Z7K3-)"*9DU<[2G#"C+-3TCU>;D/#8#P;OQ]MD7EY)^BW
MAV$?K\Z-K\Z]!.I<\^KHNX(%T#!'&7.AJ0Z(HR86?F6T0CNV0RKK[KBVY]0+
M,2N,A!&V3K4ZHOGV'!IA913=/CDJ*6.4I2A5^AJ' 5M&3OTPHRV280NW/.NR
M<,+GP)ZI>B<#ZYSD*BUS>R=7P!RHJJUTCG9O]N-]OO%]OI_(*$=O%%]4*&;=
M>7Q)!:BX>I;.K,0V7%S@H,[;'5I'%C4N;K>XO*$#XQ:OCE29)Q5.%U?G9VV1
M=GF&[E70-% H3T6"YV-8341%__HN>N'0?G5//$L[# _<_.7E<PHC:\?4&C[/
M+ZS_EE1G?$_;\.B/ONG5N*]X,#_5Z9J@9AL<N> <OD)(ZB0NOK=;'RF-".NZ
MOMI\CZ3%S>181 8H(C"55.7%13QDATZI$LRB&U&Y1I)58UU%R*D2:J\TIUA&
M/1BJP"S?2&ZRYUOP<RQDD7*9Y6;QK'<UU-MU=?/L/[-VZQ2 \+ZY[V"+="/B
MNC=X<9[@HUAU6'9C#R."_QVA;ZN8-G:M.WC6\UST96QG7VB. MO#W_I,E9)L
MM33]!)!\UH]RPWL<6(MGX%)  <4[O-)1]7-IE$Y[BIH%97&B[8W61B,DA2(B
M7,, VX?D4LC>)=9J_YH+(*6-.1C5RO,O#VU[Z=#W)4J=/&G+$U5BE.B?&.KT
MNM)$8R7;4% 2INJ<01%--, T$2 =+*I_@-RGJ(?B'DL-4ZGTZB:#UU25\(=I
M;D1G-5F*##F#SL]AN+1M7'1'E.;(LCN!-V*)(6_[6+IC\XJ"2@))4[N>K?(&
M?Q@-G&HU'(+1295,E-UQR- I57+A"51J@0!=MN!?@;GP@Y-:J ,=FRR$)_$B
MZE+0 9H BSH:7L"77IL&6;UV:VWSE=NN8=U4_>]$16QFBRKY>88[ GN 5<.)
MT C6(R]]N'F;6S][-&B5)?21+Z=:2GA7B7A3%SN"%!QD(!9+S8,#4X>@F=)K
M.ITAR*(TB"A!/S4/8+[<4=W(PY_9"X>:]_Q5[4M=8+RVX,'J>J'1Q9^LW&#*
M)4V T.39GL20JM4'J#X!5E6W7^4\3G=[X7O#4=Z]< N;>G" *1WE2:4+O7V^
M1O. %6\S*5:F\L2LJA.!4W2"Y$A=U8E@+2YUJ0TNB80)6)/2N0E!Y&,7KP\"
M;JXZP.U>==V:>06+@(=NM>!$5U=2R)AK!/_X^N57+%W C0,(F;)PI0FWQ*U?
M:B+XN2M-2#U]K]3$W/H%>MY9[YZH^T#<8K["$88/4$46GY;=F6LTT'B(7D*X
M5E$><^<)0\2.:BE]/O0$809T\[#.%?S>;EWK2DV[1)YV5JT755O*XQKY'W?3
M%L]>J-LN[%*];6SD_CS7;7YJ$*=]I99"8-$? JN+)O+4ZN$@VG;@:BQE&:&4
M"+0^4% Q/(E=[7%1KMOF\(>@:UF;EDI7.5"7 G16WD*..]2NT4\WG5ZNAH+G
M?LF;ICI.&K(ONU73-8="))6F%01'C/(<OCF> $ 6K'R4S(RPAEFNM93.C)(X
M=R![U?*+/;5;"S.%!RZ"$4^YJ(BHX0E^74V&R=M[4_CWWNO9A)JR*IP]_1+E
MW]E[NG.N7,*'27G%_5YN;*[]US1;J7[-J3*AW?JWWA;%:(G6O804'"=J"KW,
MB-J#0DX%,/NT<2EWSD7\'9[<$)O?1@F,%.6([J>:6WC8>-L[6,29K PT-.EB
M&(.-)X<S0RB>?#/A\&2:CLAAB5W'FD]C\P4^O/D*17>E=89;F+_JV_04%Z(B
M?M%ZB+98G#24H=2Q:GY87YPI;02FS$[:/S=>ABFG\8"KX&^^>/0HK:;FZ"NJ
M.6KYT1?Q#( B?>()YP*I*N+ZW\S<WP>'. .K6V&IJWK2FZ4>O5Y5?=&S9AW%
M5F,.M=*A4Z9T>53B.""/N4B1YDBZ\*])%JLZ]J<H1B9&C5X4<D-Q>V$-#>'>
ML[Y#7WPNH612^H?215::IYI;V;8U%"ZN;=E>.BE<$X,)?UO;L=6)R82\4.G3
MVAK7;&](=<^U7?NU81ZG["UW.D)2XMU$71/JF5QM7:D$IE)3ZQ.K_^XYY9-3
M:JPWR$3WT-XM=LM13?L$;=B(ZEN(3C93VZWF]DS4_&ZJ#V\/6:M_J#BS:&7T
MFSL#IT\4HO'B8H@="I P,/937$@; \>HS]W 7"*5'C,/"E%W^.8=CGQ'^M:8
M&^H:6%"<PV08>N(+:0 4[PDBV CVLF%L(T_XW%SUT&UE>B$5[]S=-=..$ARJ
MOJ?I]),D)=0D"OP7A2YG"E(L2G2ZJ=6?5\.?.NO!45;B9IO"4EYD:"HGP=2!
M.JZD<UNKAIY;JI><LHE$>HF2&0A&]EW.WFFOQAIRB2@W^@YV0C,2PQ"CQN5X
MMXT+W;/#R;ODH7;5%@Q$XR9A/>%$]81M;:.^OB!=O#*%T@7H0Z=SB/$53YD]
MEGZ6Z=?Q"@+Z2%$OT_]V ,^+J##]PK%K&T^1P\'$8V$J6 :L>%_A'7W=1@&9
M%;*%J>[_J8T,Z&*PCIXD,U?KG56[-;'<"I;#7=''PZ.3G4HXU$V<QX_YF3TI
M?H:VWM3F9ZNY5-VI0I_63:>GH=6<A#/M=@23EZ,D!*>^'@P^XZMX$5T*V9)6
M7ME*E_NZ;+5&M(;<':?JTJU>#.Z>FG'O]SO@8;VIVUWI#H<W4GN.&DJTNRP+
M#\8M;]JX4R),W.A;X04L"Q/'8UXC)^R4')I5F1Q(X2O<)I(@^^(Z"#[2L01K
MMI'R_D>W@_)E''E-AJ(XX0"9&N'296V:[[O.'%"?(K2/\>"G,@#8(^3>EYD$
MY2RLP.;357I<.*^M[V'A^ ;#V@XZ=FC.^6''P"QQ%;H3";7<;1#-$Q5"0D=E
M,(?,OH+KG+*WL]SPT%GR_$UCW 8N%.>,ACIY&)4ZZH<>!MC8!=LJ72J!3L6T
M%<*$W297,9/8_D>):4A+:F3OU.DOD+(5L"INTP.W-H^D]1;Y +J*4;.3I(2C
M8D*EBGH,YYL@+MN/-$FX@MR$IZOQ7+$3]250-O<O))\/SHJ=-UF_O-)\M53=
M"^RLE2#B)Y:ZYEYH&?M=7TU[&[I*W+UU=I66#0M%R*$3^YJO#^=J>*-:1PZ!
MQDV2<0G="K.#7XQ/;=KM@46;AD^@!<=B=IL4&B>4,71VRU.XW7XS=#12362R
M%(\)#SH%<QK\>TIWB&8.N*<[>.&QG'@MO%@ .O!&L=ND6YA,QC9QT+I%NZ55
M_8.]BAHEJ"I/F%ZI3@'ZC-.#:&K+V]!NB],]1.H"<9L?2MY0J<<8=8%8Z<F9
M$#92.TOA/2@7@M.GP8OP ;O<7CZZW!8'<955IIJK078I"*O8=YL9(>1S;?S$
M^MFG(S13X%.2.DNBG[(H2@>O-/,F!&Z3%S()Y1;P6(M>@1=^1SS:"M/D16(+
M6J,3I[W^\MNG_T L+.V27$QD2+T\NK+6;9.HGILMUGAUZB<[&O88'US/<5CC
MIS,FAXU_Q$N:[9UWJ'I-WN(SY/G8!/%7L#EF]MISNMXY\=W"KV #)IG2;:M,
M"S8T%1@KA@[2+N/,0,,@MXU;62<*C.21-I'[0$N%32IU.J#5%,0-IM?#)7W,
MEQKV.2*2J,N]I*A(.'?Q4Z"T8:]XU.YHNV0FN&5Z4:PYZA0_C2JL+*7=DK6$
M&$43"S4!"Y\6CA3*&FFH2V"-38M&ROY5F 3)+27AAS+Z0?Y!*K<KN< \U9P0
M>B$G%U+W1YTRF0U-KF1B6N6:XEG?8RY=D49<[J8?_^ 0-#J3X>(:)"1;#[Q6
M\7M*@HB3G.DTL46S!EB=%%<?:7G.F5^Y[5PJVR N;Z0<LY7^9NLVGP*(\.J-
M$%&>&Z5&<=4U5+>FM\;+F\@5P_'=4FK%5XNW1=B>G7&@QUB1X\[O]1N^UQ=Q
MKJ,$N^39 F,C!UK@.WZ $(7:D *)@*E-P,.*ZRBV:7^8&F#ZP?O7C$JM8 _&
MWE-^IF-F-:X186LX!X3\&'N\?D5CUT;7;2$E#=@V@8W.(S2:Q/\NS57Q0'DJ
M3IBX@_4FX ?ZHY--K$=@H3\Q!*(:3-^^%$0]Q>"YQSI+D:R3Z((VFJ1K9N+T
M<:^VNK,=;7.2I?*;<5O2D V;=.=$^9:(\B/MQI?H#P7L1??D#AI(1H!&;#%S
MV:'(R2?!3TP':*>R6R@YTJSX8#UR_X]]-SQG#Z6HWWJRQJ/"MB[FV$]'C3.T
M>\K"=7E(RBE*T+BPCG)B4"P4?LV(G5Y%G'%.S;/C8A":.B??>T! Z.5-^J.T
MJV-$?3#)47Q1O3%@E9+;7<>.= DF!.Z+*<][)O._BG.JV.1TQF8&/QB.4#GL
M1UW=%3PP3:51EPL#_A>W/LY)N^O%A;3C1G;?&R&'1X] 5S!L.LO,EDZ1WPF>
M+1.JIK$7HV$>!:S:PB>=K"=U('7JNOSJU.*DCGB@<CSU/J,N.%'-%II054U*
MO/<U369\Q-PDD6FI2CQW?K]^X<[)@TY\/LK YCBDFEM<-X$OVF%_0E2Q;HZ+
M= U\]T](25?8T5-W3:'%2VBYX!)4N@4!J7.]&#.[K1E4VP=>QZ'!TAA>9"DZ
MW%#Q\K,K3.E%4>6<6CM<^2HEG2ST=$+6X$HLD5A*DZ&2KEZJZO1V"J/.RK(C
M8X#=FY@J&%M -IN&GL(I*L A52:;>)4>H' T5?8Y4MMN5 1E;VB<D,.OYG<3
M.D6WV5 W&"$IA3CSJ:^%>XQ540MG-'I_6#.\ #OCE/H]B+,6.SKE5-"LW>+'
M!Z@SDWL'W976NVCZIQMW:J'$%<29(1B/$=0"J1'243GK.YV4Q5^U^2H .W=4
M,K^0;!$^4Z/Q3ZQ76@KKH5[:,:PQS4O8&Y5/C_O]X(S FG7=,KZ:OLCK&^W6
M8=\C-ZWV2 $H/;.Z,Y@X2P.CK3_,.O,&F0X335H)-;->8Z+^W;&]@1YYVBOG
M7$R@&[>9- ,)A ]P^2&Z[,XM)^!:DJCS&%8^FX(,M/^6KFFN/"GI7\T=2\C!
M5#INM_1TI]+L<DAV(8JMNV$/&1CXZM%+N1+M8.LY P/CHJN2)$H5: @6Q7>K
M(>9HG?44[0I%SO %5#SM7=,>J$D7C67$,.&/QT=G7E64>0N6T!'_[<E?^OWG
M\+\GVQ].STX._W&P;5)",!<$]=CO:OO#:'N'/J:9[L!FC8 @]1^?R3<_/,/)
M;,\[I2?;FAE*ODFA\RHD6"+ ?ZPUW&.CNZGALV9/>D"#;M/X!0?4B +"V(-)
M<(PE09#G-#!3EAZQY*]+K)E#TAC6,\8QG@>P5,.CG-R#@7.J?A:#;>Y ;AL,
MF=9H<1A@1S9PK=UM/G \[GX?#OR;'J9#:J2F[4U@@[UL1$VKAIC[D)X[?WJR
M#2M0%/-'"KW^F<-9#$W/>RR[0MZKYNUR3WPZFF&#XI(T["C'88NZT-B]V4<C
M+2?VL=V:9R?I#"IJ1E4!Q<#Z,#89WUBQ5"-?T3NR]B+OZ4!A-'9(FH(LXFS6
MHEMP'G($?FT93*3 ;,DQ4.W@VFM9W1Y7 B$Q4QV3+Y %\02)#J6H!"86''B!
ML"@JM1R82CW["/>P(S1M?I9*VKS[10Y%56= [F-G%K->KP$KB\X+'Z*PFOO=
MA2[R1O";!-(1/[NV^5SVV.2^ $5II0UYNSN9H4BR^9BD+(>*B&A'>%WHPHHH
M TG3DJ7> IMF6+ )Z4",2IW+A9]HL$N[-=\21.Z<?MT_^7#ZK::,V9M7H$!<
M8KH6[-]3TI;>486NO^;J'#@$?&F;'?\<H'%%E.,J=E#P_@ZMU\@5$P04;GYO
M;NVR) RCNN8Z(.9J3=CW#;,[MYQP.0-([=4^F;4^\MGJ*!RY#;6CJ]W2*@P"
MU(&#!_=(.L(E_72ZNZ<#TU;YM2&P*"DRX**$PL0[G/IEZVL*DM%E;[=PX,"F
M1+N7ZEN*L*TN 8=W1TF"F[;#505<>(&C+#L:\J[U:>BN75,#M#[\L*A*K33X
M^]<O2]@ (&]_!W#<FTUU@1LZORDRX7BZV8J7==#U5M&N9Q3==%<7-:G$!&%_
M[))MD,#7W:_#6!LU=H>OWFK,X.Q",J%1,E?;X3#QQ%'JYJ%QA,L4-]812Z<"
MPQ277)\#2S;2Q,61M ^RW>I'W2(>$'+(I;1O+H51.8:*<=QLGYI%W#Y"M$.N
MC=\B@KC#GF(Q3LZ69Z?&#A9UYB@457"T!:09(\204.DI:MK3V2!3:)(90Q_O
M@!WJ*54_D"I/LEE7D6L4<935@#R%0DWTV%I*R9@+:V@\N=.^Q5:AL".>(P*(
M:M?@;:9WYB$7@-9Q-AFIW=)_%3U5Q^00,DV>:T:&,%"$=R*VK&/!W0B%*9']
M,%14$Q-!6C)5W4E"8=_,H4JJQ:9"64:'*X<Z/6YD]@_9X?KZT>&ZS%PEN/Y'
ME'RA03:F_*0-I")=$?^DMNE>1-2W[81F<31$3TEVEDDR+DWEE7,@X]0KCU"+
MHS!/PKOP0NKJV[9@3$<GKX(^K!%Y(7V*?HYSQ8E5<<_4"!%L&)?;@%]\[T@_
MSC%DFD1%08(4LT3*49YJ8]BF)=!+=,2?*G-TL_,4Q0DP2D0'4!$ZS-C"D,N:
M00MZX5AM[Z]+#?V[5^8KV4(+.;SF5QM1K/X(2;H"2QXLKDPQ,H5E-$S=RFA4
M<?"G* \&*N* '%7TZ-G<KG&PYL7>ZH\HE )DD?X[E:Q&+4NGYS'!5 AO8WEN
MS.KN46X'EAS7D ,\V#+4-Y!$JI2CYUND48MR%8'@*L>-DZT[@OG<G-]2JK5B
M^09.A"Z9O;X>C_!K=E>N/)Z<HY:*C@LJB?-]6]8IENBH/"UU[.Z1IR2<2,23
M.<)"5VJ:88K:#2Z6C;X3($G?*P:R%!H@C]2D=.X4:ER<SYO$-CBN]44-HS4/
MH0 .6).;Q\I861HI2,+3$>5V95)'>Z? 619U\3W&ER2)$QZYC LR%T0I-;39
MB=DC9 I/QZDHD(XR:XIXZ&V2 )G?IZ7PYV>E:L0SO9,4,S1]Z/6VT,J1Z=7F
M[5F:N4T)I8!_B#!4P8N3HNK &TWA60=Y4OAEY5BA=PL1<-I4?9$4G1C/FPQW
MDK4=@8^,=3<.BIU(BQEY@Q_P'*C\W*#,T1G,OY" ,!!L>19GD"4QU]N4'>#W
M$,)\E)!:0]8A.:QQ:*ZT*ZF$IFL<CT+II'IZ7+["S+"Z6?RGT'\MDY'J21:W
M@-?17, RG#&I,PYI=RK=#V1(\Q+.(1#"]!ZJA:=2KH;&7->LGR-8-9O@[P 7
M/,:74L$6;2[%_?'D.>O#TR6!+Q!JS\8MQ1]S>X4X+3+U>P?.N.#I*.'B$RB+
M-V:4U$!_3[VF&XW@3D:EJ-F&SL4?;'?8=&#.;:)TZ53^XG8,YG$G4:J@?@Q3
MQK%].Z9EI-P!!*-/;.975JQA3S]'5^^Y-09K"']W.JC7LFNK7- 8FG]P?WJL
M8ET+7L/%ZT;MA%9 *X$<(:;;XEI.5:D2YX+0-XBE#+@2M5&(^.6RS0XXU(QF
M6F!S5XR"<HN[\1"&7]=-Z;DQ!E:A=!-6G'8:A%^C!EVR.,$VZRQYMZ4X0YT'
M"@'+DF'A\;LXQ]Q^G.68&VESFCO++K=OO;E<8/&4_H8%[GY1;5YV).GFE?25
M0'MVQ?&[F^74RP&>_1*E%^AK2TW5.QZV+K&%8>LQM]B('<^'S8L((I@U%:(<
MT3Y3@,4M:N$1#L(:[*A!&7UGW507-7=JHW-V&97,H@@.)A7A"V"S1P-@3BFS
MLQ13HDRF648)20PSIXU-HK%4R81'1\H[E#YL%"Y&WF(LWT+EEU*&@WG%8$"]
MY\@=%<5I=1\*>;]3%D,/H7UJ5-=!.\4[8\=B9AR[-J9)E775;T<B:;9$O^FH
MB%9[N8*.17]HG=YLZ.TK,^?KP-2^;>]A1$'E..MZW4\$N_JANB,A65&0!QD5
M[;'?#SDO"=:G^\G6U:%%BHIA+709AG6I18ZZ20.%DA%+Y%AFYU0C(ZP9WFG&
M@W/4N"NR@8T/,D0:Q]00Q^_8<6LCD(/VNT"HLG[=! M33,SE'YA^0%6(N"^T
M1&OZ>JND&*>R-?5EX^SF3OA[+$D]9#?FFT<WYM+N[05I!X=$.T!U'B@3&W("
M8TF8]'6=!].6K-*HQR=I#'J RHD-Q'35(.%8> %,U=/0E+"SF!<U&:MR+3M[
MS:0,Q57D-2E#7Q5) 2G4998U>?/N0!N+:;\/P%;(G<YGC69RC0J);B L26*#
M)"2<O*"($\.Q][_J,G;"QLWO*D8H*4';X'QEL@\K,7SI\<$J.T99RRLEJ0_Z
MW.K:#^A\8M:^ EWD1_O(P^ BNU*7G!4CN4(-<4>/\0K[IIA57%C;0\L++V6U
M03^_3<'Y!WM/<*4V=GC(RHB=_*30B%'<)\:69T50;-4(556;A1=*^W*L4:FZ
M9D!+.[-S\L9N1MYX(A\OF)J.)Y5O='H199+PBS#7GE)F296OYM_%CNTQ^]L4
MR:ST_,IHCUA"6RIQF(75]VE469L9UJ12.G:Q-6;K58UJ,J^H%=98PH*I)B/8
M7U4XN2Q+ Q=1#]0*C&$2D,&R7QWX'+$3V<&&MUL]Q:5#N#0Z013CH@LLD5,V
M";B(4Q-7@E\]5"GG\DTC1GKH*A*2G'U6U#]N@6-P5<6FXW#86F@+<DUX#JC+
MI? ,+G<PDK))UAEF6,?UEA?J(DG2]*N 3TP-!#D9K=*SG]\O-6*\"QHR$^A3
ME.M<YP9IM^(!VJ)@W>$]D,>5S]DUT 4NAN/P:2J;9\>[?;;X7<*K8*\2.F#/
M,<>-?M)N)5%Z/D(G^*BHU4-J;09V-,@7NQ>@DZ0NQD&0&;HQ%7N2!R/JH!I3
MTT5=%(/X*AV3AC#82=KD32E[Z]8D<%3P6]4^$G'5@[T*-,S[>*IMZ,WGP=JA
M#_CA$@N;;X*UQOH2Z[Y/KZ"QE7&$-18MVD#=_79I:D"K/R:^\:V PR^LIFNS
M D;T%UD.'AZ9<$:59+>DNQ(GB]7HM6S1505KN_7?453$WJ?<E+V2EF[U-V:&
M,AF$ YK2I)$K@DE$ZZJYZ*PQCB9=5\!%X,U^8[7LK6ZC+2XSJ07'8>'*WQ@,
M1#F46'$&@_IEMB'?6 !:?!-;\</A]K].3;3L*][WCW30Q;]A*H?;#]<&?OMH
M R^M$],13/_LZ.#T-/CMT\')P?'':?4<_:)H%>D:>I6QO/+Z%UA(E*J)3*B(
M+)6,UX9%$<B<:JNK:G.!R/B*J;P9 W L7)@ZV$Y(;F=KMH:+=I6O-GNO-H/W
MR,%I&C^K&WTE^E_#$IYNSCC/B>C^-I(?-Z#?EA],@_FW__.$6UN;/^C&\?PZ
MNQ+]H/_]%S<=X.6L[]=]:7FSIH[>=G_T^3C, (&:/6 &&)\+KKGQE<EAI@]"
M+8!PCI"5;.\>_1Y\4<".4X0+ -V>DB.=H2Y@IUAS R7T;I1^]\(A_-50NX+0
MMD&XP&7<0TT-B_IVR:1 <22N*+@QCG)-%WE9R4KN/E?/4%^AR2=HP,6_ZFWG
M]5AF%8+S(Z (<4!HG>?/K\E#14NXYK]3]-^::6]>5VINUW-POY^]3_G.\ X%
M?SHX_/73&=RGU_YA.9_;D]BZ@V=J5K*Z.[R].WYW VJ?FTPW;YM,#6'<]C7^
M^7?T=@GT*!JHGW-#[Q_I_KQ[?4?$2Q5Z?_(=O74J_3-LZNV2Z0YC46YE3Z]?
MQ9U1VLL"H&^]?![\"M9Z>A43@@I^+%W@^;74V+M>S%MWYM>S?,H+-GMT4L#R
M*IA\3#(?R_^@ME2;I&$ %NWF\ZVWKR?2$II2#+:"3U%:8'6"KTF$X=]*ML%*
MW8HSYK:;9]GW9 PFMK&Y-S>W-M_437*E9ARBT=&'_2XX./L83)_TKWDV&D[D
MXK!G 1W^=R6!ZEUPCL]M/A?<4D99Y<TB4V:E1"L:YVII3BL,-R*79K=K,'-3
M;B>PL+V&M9JN,IM35! B2R>@AMBB *L)<2D*>(B3E=87(*/;5HI^FNG=/ROS
MEBTBG4=W$V5SNM1XL_GVZ8O-5T]?OMW<K,_X6YHNN;GU]"V\:>OU+YXF=B="
MZ:9?O5TZ^*A3*&^##MZNF [>O-AZ^OKUFZ>_O'SS%@/PO[QZ^<LC/5R+'I9[
M( >8CO%N24>PU)FILM\M!O^WDXX'%/+:Z&:#1U*Y'JD\M#VZ3??*G\5E]>"(
MX*<\_$>B>"2*Q\-?-(ZQ#%/H_I+!(WG<[*M+L9 >R>-G)8][;##=?SS6RT?#
MY;J(1/34(]"R'H=G:CU'<]4I?O>X^RO"@ZZ,C_M\&?Y!\+CG^+Y--/K+>PY&
MW]JZ(:[[S9L*KONV[HE'=K]E>=)SNSCHV&L8?/Z\=_N7V)N<SMM8"?I[M?+K
M=CG?0T>D/B)/'];&_00 O4<@7LW6O'[[2IJ4[U!-KC#8>E->:+S7-: -UX=P
M.*@L^:G=VGS^'/%+#S>,O;:UN;4>O-A\\_3%V^?/[V 52W$Q\"I>OWW[]/G+
MS;M8Q3VVA)<Z,RI0(>7A_N\YJ"L;67Y>G:AHBUH_#QYD0O0OCPG12]K+@__]
M=+A[>$8=4*_?L.8F;[ZI.G[\>3\X._EV>G;K,_]X?/(E./X(IN?)V>''PX/]
M8.?;V:?C$R"2_>#KP<GI\=$I_MW]= <>W3L$'7^QZ2ZA,Y N>1'E7+ C!>T5
M.\2C+B;%UBPL$"M&80DPZ<Z]1L49HU3*/TQTN.:"#^MN_GJ947UZJ37!52FP
MCK,M(*JKA5YB50JLRJ.P"*?3 [>^(Z"NC4V5/9C;A:8[N"EN(;56G03]:=5O
M_&II2S05VZW:14PKL;/Y=AFJ6/U"W[6Q;N=B?O>'^R^*P':U ,UM.J.N71IA
M:6ZFQYH'MUSSX&=R"MRZ+_PGVKM'A\J#H;J?:?-NE^Q,M:V?9/=NG?1^M@U\
M]+\_%,K[B?;N4=0^&*K[F3;O4=0^*-+[V3:PZL>_97\B]P&@SEMA\"_T)?X;
M_DO.Q'^CL^U?V%(G2L?P*=7_QKK!ICO.V"DT+A[&!/OD]+B,)9?/Q+KG[1:5
MQ:2.D+9I9=;O<U=+4_T2FP-&7,P\SHUG4]Z!I?6IDB:,=(&>.2J,*X.XCYG7
M3A3C1&]EEWJW3+@^BU4X#]LM1M/4>T"E(Y?NO?"O>E_?OR>J@>O?5X6+"0/N
MW?<O_,^_O7KL>"R.>[E2MU3[I..\W<JNT@!+Y].WSU4ZPM:8]JM3/:<KH?;#
M-/@M+JFQWV^Z;T7IWP"@'$/AN+2+N'B&WND+;EXEG814E'@W0W?X[%&O-)>8
MD^SJ895R79J_\N5,?^$J_(VO;OK2EW?G;SP==8IN'G>D U1QE>72A /CF,%
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M-"Y4DN!>4D66J[A0[58O+H99H72&P2A%=UY'8>&7+NX^@I6+H,BR-,0?XB*
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M-R_3768<9*CRF$)8JY DCQ;US9P3NDKTWJU7B;YI R);+/FV9_[;\0F\VYG
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M\EL6&P9JA=3+DHZG:QIZ'P^&%"=BMS-5*45QFXW..6\9*U$ 5]-A2^V!UHD
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M/X1%_E*SR+NSR+TR%NFJ#7YV'Y9':B'?2:Z2JV1_+5.8JRUA=W/;WZ>'G[6
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M^%JW2Q7C2E@"8<M;$F#+!E>Z*W:63J%Y-/"L,G6Z<%"K1\\JG<+&SP(2OSN
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MJI;1MY( CF@T'\IL*);5\ POIAY0TH7>M#HCES8)5(5&]4>CNZZ>6A65'Z(
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MQ2:17"\9]R)A.;$64I38P.^$MFG[QZ21;]D.OKE+;*^"(&2[8-K[<A4J_!!
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MY E2J:(;8<93D*27X4PG\#QLH<I^3DWYI*ZJ&5(?#79FAFDZS\$JEPB4;R]
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M!1^-R!/KDJT;S_6\++,1SB@DBA[-@Q;#A!2+,YL-RQS6UV4#=G.IJM7H=C(
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MTIFI1THP=@,\72WY+?%Y*5@JQQOCE@96>K3"E@>&$Y :1Z#_A'#/,2893B<
MHJ>?=1VKO=.RSDK5\BH* RNRKJ:P!H=!0+U]$8_'!!([P/9:TOT@CD*J0Q3X
M7)I+Z@4KT4_KLI@[7H@UBDRUTQ38%I*WN0<YA*/05!-K7+LQ$>,@Y+9DI&F
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M\!V^8V\ ,O/+GY[1*4[7UM;<?>:VYJ,=YFVDO(!^JTKT[U:2SQE^"-+"139
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M!ZRF$6H+FBXIM20QMT7=3]#,L'U%*G@#WL9EELW2MS_])&F86X/IS800LK:
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M%ND;@=6'P\3-_;WYPJ%.H26,#4SQ0Y$V6!]21<);EH%R'<@*05K)&G37)LK
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M+LZ8?^:A7#SR#U!+ 0(4 Q0    ( $& ?E5H]^ Q#A$  '%[   .
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M-#$N:'1M4$L! A0#%     @ 08!^5?R[B6FQ^0  G[ & !
M ( !I/8  &0T,#4X,CED97@T,BYH=&U02P$"% ,4    " !!@'Y5?\_N+#T#
M  !<"P  $               @ &#\ $ 9VQD+3(P,C(Q,3,P+GAS9%!+ 0(4
M Q0    ( $& ?E6(R<).F08  +E)   4              "  >[S 0!G;&0M
M,C R,C$Q,S!?;&%B+GAM;%!+ 0(4 Q0    ( $& ?E4\"F5?T@0   XN   4
M              "  ;GZ 0!G;&0M,C R,C$Q,S!?<')E+GAM;%!+!08
.."0 ) #<"  "]_P$    !

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
