<SEC-DOCUMENT>0001437749-14-018250.txt : 20141015
<SEC-HEADER>0001437749-14-018250.hdr.sgml : 20141015
<ACCEPTANCE-DATETIME>20141010163116
ACCESSION NUMBER:		0001437749-14-018250
CONFORMED SUBMISSION TYPE:	S-3ASR
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20141010
DATE AS OF CHANGE:		20141010
EFFECTIVENESS DATE:		20141010

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ISHARES GOLD TRUST
		CENTRAL INDEX KEY:			0001278680
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			NY

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-199257
		FILM NUMBER:		141152714

	BUSINESS ADDRESS:	
		STREET 1:		BLACKROCK INC.
		STREET 2:		400 HOWARD STREET
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94105
		BUSINESS PHONE:		415-670-4879

	MAIL ADDRESS:	
		STREET 1:		BLACKROCK INC.
		STREET 2:		400 HOWARD STREET
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ISHARES COMEX GOLD TRUST
		DATE OF NAME CHANGE:	20040204
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3ASR
<SEQUENCE>1
<FILENAME>iau20141008_s3asr.htm
<DESCRIPTION>FORM S-3ASR
<TEXT>
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<BODY style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; MARGIN-LEFT: 10px; MARGIN-RIGHT: 10px"><A id=TOCLINK2175  href="#TOC">Table Of Contents</A>
<P id=PARA1 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>As filed with the Securities and Exchange Commission on </B><B>October 10, 2014</B><B> </B></FONT></P>
<P id=PARA2 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Registration No. 333-</B></FONT></P>
<P id=PARA4 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA3 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 18pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P>
<P id=PARA5 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>WASHINGTON, D.C. 20549 </B></FONT></P>
<P id=PARA7 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA6 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 18pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>REGISTRATION STATEMENT </B></FONT></P>
<P id=PARA8 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 18pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>ON </B></FONT></P>
<P id=PARA9 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 18pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>FORM S-3 </B></FONT></P>
<P id=PARA10 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 18pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>REGISTRATION STATEMENT </B></FONT></P>
<P id=PARA11 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I><B>UNDER </B></I></FONT></P>
<P id=PARA12 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I><B>THE SECURITIES ACT OF 1933 </B></I></FONT></P>
<P id=PARA14 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA13 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 24pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>iSHARES</B></FONT><FONT style="FONT-SIZE: 24pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top"><B>&#174;</B></FONT></FONT><FONT style="FONT-SIZE: 24pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> GOLD TRUST </B></FONT></P>
<P id=PARA15 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>SPONSORED BY iSHARES</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top"><B>&#174;</B></FONT></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> DELAWARE TRUST SPONSOR LLC </B></FONT></P>
<P id=PARA16 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(Exact name of Registrant as specified in its charter)</B></FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B></B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&nbsp;</B></FONT></P>
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<TD style="WIDTH: 33%; VERTICAL-ALIGN: top">
<P id=PARA17 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>New York</B></FONT></P></TD>
<TD style="WIDTH: 33%; VERTICAL-ALIGN: top">
<P id=PARA18 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>1040</B></FONT></P></TD>
<TD style="WIDTH: 33%; VERTICAL-ALIGN: top">
<P id=PARA19 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>81-6124036</B></FONT></P></TD></TR>
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<TD style="WIDTH: 33%; VERTICAL-ALIGN: top">
<P id=PARA20 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(State or other jurisdiction of</B></FONT></P>
<P id=PARA21 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>incorporation or organization)</B></FONT></P></TD>
<TD style="WIDTH: 33%; VERTICAL-ALIGN: top">
<P id=PARA22 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(Primary Standard Industrial</B></FONT></P>
<P id=PARA23 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Classification Code Number)</B></FONT></P></TD>
<TD style="WIDTH: 33%; VERTICAL-ALIGN: top">
<P id=PARA24 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(I.R.S. Employer</B></FONT></P>
<P id=PARA25 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Identification No.)</B></FONT></P></TD></TR></TABLE>
<P id=PARA27 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>c/o iShares</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top"><B>&#174;</B></FONT></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> Delaware Trust Sponsor LLC </B></FONT></P>
<P id=PARA28 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>400 Howard Street, San Francisco, CA 94105 </B></FONT></P>
<P id=PARA29 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Attn: Product Management Team, </B></FONT></P>
<P id=PARA30 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>iShares Product Research &amp; Development </B></FONT></P>
<P id=PARA31 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(415) 670-2000 </B></FONT></P>
<P id=PARA32 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(Address, including zip code, and telephone number, including area code, of Registrant&#8217;s principal executive offices)</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> </B></FONT></P>
<P id=PARA34 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA33 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>iShares</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top"><B>&#174;</B></FONT></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> Delaware Trust Sponsor LLC </B></FONT></P>
<P id=PARA35 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>400 Howard Street, San Francisco, CA 94105 </B></FONT></P>
<P id=PARA36 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Attn: Product Management Team, </B></FONT></P>
<P id=PARA37 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>iShares Product Research &amp; Development </B></FONT></P>
<P id=PARA38 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(415) 670-2000 </B></FONT></P>
<P id=PARA39 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(Name, address, including zip code, and telephone number, including area code, of agent for service) </B></FONT></P>
<P id=PARA41 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA40 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I><B>Copies to:</B></I></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I><B>&nbsp;</B></I></FONT></P>
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<P id=PARA42 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>David Yeres, Esq.</B></FONT></P>
<P id=PARA43 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Clifford Chance US LLP</B></FONT></P>
<P id=PARA44 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>31 West 52nd Street</B></FONT></P>
<P id=PARA45 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>New York, NY 10019</B></FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA46 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Deepa Damre, Esq.</B></FONT></P>
<P id=PARA47 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>BlackRock, Inc.</B></FONT></P>
<P id=PARA48 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>400 Howard Street</B></FONT></P>
<P id=PARA49 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>San Francisco, CA 94105</B></FONT></P></TD></TR></TABLE>
<P id=PARA52 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA51 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Approximate date of commencement of proposed sale to the public: As soon as practicable after this Registration Statement becomes effective. </FONT></P>
<P id=PARA54 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA53 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box: </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#9744;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT></P>
<P id=PARA56 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA55 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box: </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#9746;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT></P>
<P id=PARA58 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA57 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#9744;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT></P>
<P id=PARA60 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK283  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR283  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM283  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
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<A id=TOCLINK283  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR283  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA283.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA59 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act of 1933, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#9744;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT></P>
<P id=PARA62 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA61 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">If this Form is a registration statement pursuant to General Instruction I.D or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#9746;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT></P>
<P id=PARA64 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA63 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#9744;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT></P>
<P id=PARA66 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA65 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221; and &#8220;smaller reporting company&#8221; in Rule 12b-2 of the Exchange Act. (Check one): </FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt">&nbsp;</P>
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<P id=PARA67 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Large accelerated filer</FONT></P></TD>
<TD style="WIDTH: 68%; VERTICAL-ALIGN: bottom">
<P id=PARA68 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#9746;</FONT></P></TD>
<TD style="WIDTH: 14%; VERTICAL-ALIGN: bottom">
<P id=PARA69 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Accelerated filer </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#9744;</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 16%; VERTICAL-ALIGN: middle">&nbsp; </TD>
<TD style="WIDTH: 69%; VERTICAL-ALIGN: middle">&nbsp; </TD>
<TD style="WIDTH: 15%; VERTICAL-ALIGN: middle">&nbsp; </TD></TR>
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<TD style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<P id=PARA70 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Non-accelerated filer</FONT></P></TD>
<TD style="WIDTH: 68%; VERTICAL-ALIGN: bottom">
<P id=PARA71 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#9744;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> (Do not check if a smaller reporting company)&nbsp;</FONT></P></TD>
<TD style="WIDTH: 14%; VERTICAL-ALIGN: bottom">&nbsp; </TD></TR></TABLE>&nbsp;
<TABLE id=TBL94  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 100%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" colSpan=9>
<P id=PARA73 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>CALCULATION OF THE REGISTRATION FEE </B></FONT></P></TD></TR>
<TR>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 44%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA74 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Title of each Class of</B></FONT></P>
<P id=PARA75 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Securities to be Registered</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA76 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Amount</B></FONT></P>
<P id=PARA77 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>to be</B></FONT></P>
<P id=PARA78 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Registered</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA79 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Proposed</B></FONT></P>
<P id=PARA80 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Maximum</B></FONT></P>
<P id=PARA81 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Offering Price</B></FONT></P>
<P id=PARA82 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Per Unit(1)</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA83 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Proposed</B></FONT></P>
<P id=PARA84 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Maximum</B></FONT></P>
<P id=PARA85 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Aggregate</B></FONT></P>
<P id=PARA86 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Offering Price</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
<TD style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA87 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Amount of</B></FONT></P>
<P id=PARA88 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Registration Fee</B></FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 44%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA89 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 12pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -12pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">iShares</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA90 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">59,050,000</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA91 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">$11.643</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA92 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">$687,489,625</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA93 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">$79,886.29</FONT></P></TD></TR></TABLE>
<TABLE id=TBL284  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

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<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA285><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(1)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA286><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Estimated solely for purposes of calculating the registration fee pursuant to Rule 457(c) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), based on an average of the high and low price of the Shares on NYSE Arca of&nbsp;$11.643 on October 6, 2014.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT></P></FONT></TD></TR></TABLE>
<P id=PARA99 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA98 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>This registration statement is filed pursuant to Rule 415(a)(6) under the Securities Act, and the securities being registered hereunder include&nbsp;21,650,000 unsold securities previously registered under Registration Statement No. 333-187251, filed with the Commission on March 14, 2013. In accordance with Rule 415(a)(6), the filing fee of $45,285.18 previously paid for the registration of such unsold securities will continue to apply to such unsold securities, and the amount of the registration fee calculated above reflects only the new securities being registered. Registration Statement No. 333-187251 will be deemed terminated as of the date of effectiveness of this Registration Statement.</B></FONT></P>
<P id=PARA100 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</P>
<DIV id=PGBK101  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR101  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM101  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK101  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR101  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA101.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&nbsp;</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA332 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 12pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>80,700,000&nbsp;Shares</B></FONT></P>
<P id=PARA335 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA334 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 18pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>iShares</B></FONT><FONT style="FONT-SIZE: 18pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top"><B>&#174;</B></FONT><B> Gold Trust</B></FONT></P>
<P id=PARA337 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA336 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The iShares</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">&#174;</FONT></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> Gold Trust (the &#8220;Trust&#8221;) issues shares (&#8220;Shares&#8221;) representing fractional undivided beneficial interests in its net assets. The assets of the Trust consist primarily of gold held by a custodian on behalf of the Trust. The Trust seeks to reflect generally the performance of the price of gold. The Trust seeks to reflect such performance before payment of the Trust&#8217;s expenses and liabilities. The Shares are listed and trade on NYSE Arca under the symbol &#8220;IAU.&#8221; Market prices for the Shares may be different from the net asset value per Share. iShares</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">&#174;</FONT></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> Delaware Trust Sponsor LLC (the &#8220;Sponsor&#8221;) is the sponsor of the Trust; The Bank of New York Mellon (the &#8220;Trustee&#8221;) is the trustee of the Trust, and JPMorgan Chase Bank N.A., London branch, (the &#8220;Custodian&#8221;) is the custodian of the Trust. The Trust is not an investment company registered under the Investment Company Act of 1940. The Trust is not a commodity pool for purposes of the Commodity Exchange Act.</FONT></P>
<P id=PARA339 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA338 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust intends to issue Shares on a continuous basis. The Trust issues and redeems Shares only in blocks of 50,000 or integral multiples thereof. A block of 50,000 Shares is called a &#8220;Basket.&#8221; These transactions take place in exchange for gold. Only registered broker-dealers that become authorized participants by entering into a contract with the Sponsor and the Trustee may purchase or redeem Baskets. Shares will be offered to the public from time to time at prices that will reflect the price of gold and the trading price of the Shares on NYSE Arca at the time of the offer.</FONT></P>
<P id=PARA341 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA340 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">On October 9, 2014, the Shares closed on NYSE Arca at $11.84 and the London PM Fix was $1,226.75</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(London PM Fix is, as of any day, the price of gold fixed in the afternoon of such day (London time) by the London Gold Market Fixing Ltd.).</FONT></P>
<P id=PARA343 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA342 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Except when aggregated in Baskets, Shares are not redeemable securities.</I></FONT></P>
<P id=PARA345 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA344 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Investing in the Shares involves significant risks. See &#8220;Risk Factors&#8221; starting on page 6.</B></FONT></P>
<P id=PARA347 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA346 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Neither the Securities and Exchange Commission (&#8220;SEC&#8221;) nor any state securities commission has approved or disapproved of the securities offered in this prospectus, or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></FONT></P>
<P id=PARA349 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA348 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Shares are not interests in nor obligations of either the Sponsor or the Trustee.</FONT></P>
<P id=PARA351 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA350 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;iShares&#8221; is a registered trademark of BlackRock Fund Advisors and its affiliates.</FONT></P>
<P id=PARA353 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA352 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The date of this prospectus is October 10, 2014.</FONT></P>
<P id=PARA1662.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK1662  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR1662  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1662  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK1662  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1662  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1662.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA354 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=TOC  name="TOC"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>TABLE</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> OF CONTENTS</B></FONT></P>
<P id=PARA355 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<TABLE id=TBL440  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: top">
<P id=PARA357 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Page</B></FONT></U></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA358 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK1961  href="#BKMK2104"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">PROSPECTUS SUMMARY</FONT></A></P></TD>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 5.6%; VERTICAL-ALIGN: bottom; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff">
<P id=PARA359 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: right; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">1</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA360 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK1964  href="#BKMK2105"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Trust Structure, the Sponsor, the Trustee and the Custodian</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA361 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">1</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA362 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK1966  href="#BKMK2106"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Trust Objective</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA363 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">2</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA364 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK1968  href="#BKMK2107"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Principal Offices</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA365 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">2</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA366 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK1970  href="#BKMK2108"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">THE OFFERING</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA367 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">3</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA368 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK1972  href="#BKMK2109"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">SUMMARY FINANCIAL CONDITION</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA369 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">5</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA370 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK1974  href="#BKMK2110"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">RISK FACTORS</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA371 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">6</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA372 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK1976  href="#BKMK2111"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA373 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">10</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA374 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK1978  href="#BKMK2112"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">USE OF PROCEEDS</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA375 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">11</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA376 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK1980  href="#BKMK2113"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">THE GOLD INDUSTRY</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA377 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">11</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA378 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK1982  href="#BKMK2114"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Introduction</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA379 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">11</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA380 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK1984  href="#BKMK2115"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Market Participants</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA381 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">11</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA382 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK1986  href="#BKMK2116"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">World Gold Supply and Demand (2004-2013)</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA383 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">12</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA384 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK1988  href="#BKMK2117"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Historical Chart of the Price of Gold</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA385 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">13</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA386 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK1990  href="#BKMK2118"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">OPERATION OF THE GOLD MARKET</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA387 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">14</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA388 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK1992  href="#BKMK2119"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Over-the-Counter Market</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA389 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">14</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA390 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK1994  href="#BKMK2120"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Futures Exchanges</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA391 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">14</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA392 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK1996  href="#BKMK2121"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">COMEX</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA393 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">14</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA394 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK1998  href="#BKMK2122"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Exchange Regulation</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA395 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">15</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA396 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2000  href="#BKMK2123"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The London Bullion Market</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA397 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">15</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA398 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2002  href="#BKMK2124"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">London Market Regulation</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA399 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">16</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA400 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2004  href="#BKMK2125"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Not a Regulated Commodity Pool</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA401 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">16</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA402 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2006  href="#BKMK2126"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Other Methods of Investing in Gold</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA403 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">16</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA404 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2008  href="#BKMK2127"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">BUSINESS OF THE TRUST</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA405 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">16</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA406 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2010  href="#BKMK2128"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Trust Objective</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA407 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">16</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA408 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2012  href="#BKMK2129"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Secondary Market Trading</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA409 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">17</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA410 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2014  href="#BKMK2130"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Valuation of Gold; Computation of Net Asset Value</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA411 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">17</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA412 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2016  href="#BKMK2131"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Trust Expenses</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA413 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">17</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA414 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2018  href="#BKMK2132"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Impact of Trust Expenses on the Trust&#8217;s Net Asset Value</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA415 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">18</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA416 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2020  href="#BKMK2133"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">DESCRIPTION OF THE SHARES AND THE TRUST AGREEMENT</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA417 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">18</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA418 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2022  href="#BKMK2134"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Deposit of Gold; Issuance of Baskets</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA419 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">19</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA420 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2024  href="#BKMK2135"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Redemption of Baskets; Withdrawal of Gold</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA421 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">20</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA422 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2026  href="#BKMK2136"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Certificates Evidencing the Shares</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA423 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">20</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA424 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2028  href="#BKMK2137"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Cash and Other Distributions</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA425 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">20</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA426 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2030  href="#BKMK2138"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Voting Rights</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA427 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">21</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA428 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2032  href="#BKMK2139"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Fees and Expenses of the Trustee</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA429 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">21</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA430 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2034  href="#BKMK2140"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Trust Expenses and&nbsp;Gold Sales</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA431 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">21</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA432 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2036  href="#BKMK2141"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Payment of Taxes</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA433 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">21</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA434 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2038  href="#BKMK2142"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Evaluation of Gold and the Trust Assets</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA435 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">21</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA436 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2040  href="#BKMK2143"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Amendment and Termination</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA437 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">22</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 94.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA438 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2042  href="#BKMK2144"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Limitations on Obligations and Liability</FONT></A></P></TD>
<TD style="WIDTH: 5.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA439 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">22</FONT></P></TD></TR></TABLE>
<P id=PARA1663.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK1663  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR1663  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1663  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">i&nbsp;</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK1663  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1663  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1663.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA441 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>TABLE OF CONTENTS</B></FONT></P>
<P id=PARA442 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(continued)</B></FONT></P>
<P id=PARA443 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<TABLE id=TBL506  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: top">
<P id=PARA445 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Page</B></FONT></U></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA446 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2044  href="#BKMK2145"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Requirements for Trustee Actions</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA447 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">23</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA448 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2046  href="#BKMK2146"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">THE SECURITIES DEPOSITORY; BOOK-ENTRY-ONLY SYSTEM; GLOBAL SECURITY</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA449 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">23</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA450 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2048  href="#BKMK2147"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">THE SPONSOR</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA451 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">24</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA452 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2050  href="#BKMK2148"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor&#8217;s Role</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA453 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">24</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA454 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2052  href="#BKMK2149"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Principals and Key Personnel of the Sponsor</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA455 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">24</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA456 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2054  href="#BKMK2150"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor&#8217;s Fee</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA457 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">26</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA458 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2056  href="#BKMK2151"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">THE TRUSTEE</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA459 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">26</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA460 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2058  href="#BKMK2152"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trustee&#8217;s Role</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA461 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">27</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA462 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2060  href="#BKMK2153"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">THE CUSTODIAN</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA463 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">27</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA464 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2062  href="#BKMK2154"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Custodian&#8217;s Role</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA465 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">27</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA466 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2064  href="#BKMK2155"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Custody of the Trust&#8217;s Gold</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA467 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">27</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA468 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2066  href="#BKMK2156"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA469 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">29</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA470 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2068  href="#BKMK2157"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Taxation of the Trust</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA471 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">29</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA472 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2070  href="#BKMK2158"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Taxation of U.S. Shareholders</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA473 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">30</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA474 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2072  href="#BKMK2159"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Maximum 28% Long-Term Capital Gains Tax Rate for U.S. Shareholders Who Are Individuals</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA475 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">30</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA476 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2074  href="#BKMK2160"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">3.8% Tax on Net Investment Income</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA477 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">31</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA478 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2076  href="#BKMK2161"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Brokerage Fees and Trust Expenses</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA479 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">31</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA480 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2078  href="#BKMK2162"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Investment by U.S. Tax-Exempt Shareholders</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA481 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">31</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA482 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2080  href="#BKMK2163"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Investment by Regulated Investment Companies</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA483 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">31</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA484 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2082  href="#BKMK2164"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Investment by Certain Retirement Plans</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA485 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">31</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA486 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2084  href="#BKMK2165"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Taxation of Non-U.S. Shareholders</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA487 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">32</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA488 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2086  href="#BKMK2166"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">United States Information Reporting and Backup Withholding</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA489 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">32</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA490 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2088  href="#BKMK2167"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Taxation in Jurisdictions Other Than the United States</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA491 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">32</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA492 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2090  href="#BKMK2168"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">ERISA AND RELATED CONSIDERATIONS</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA493 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">32</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA494 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2092  href="#BKMK2169"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">PLAN OF DISTRIBUTION</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA495 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">33</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA496 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2094  href="#BKMK2170"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">LEGAL MATTERS</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA497 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">33</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA498 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2096  href="#BKMK2171"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">License Agreement</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA499 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">33</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA500 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2098  href="#BKMK2172"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">EXPERTS</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA501 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">33</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 93.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA502 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2100  href="#BKMK2173"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA503 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">34</FONT></P></TD></TR>
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<P id=PARA504 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK2102  href="#BKMK2174"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">GLOSSARY</FONT></A></P></TD>
<TD style="WIDTH: 6.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA505 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">35</FONT></P></TD></TR></TABLE>
<P id=PARA507 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK1780  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR1780  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1780  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">ii&nbsp;</DIV>
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<A id=TOCLINK1780  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1780  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<DIV id=PGBRDR1782  style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; WIDTH: 98%; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 11px; PADDING-TOP: 11px; PADDING-LEFT: 11px; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 11px">
<P id=PARA1780.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA1664 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2104  name="BKMK2104"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B>PROSPECTUS</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B> SUMMARY</B></FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA1665 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Although the Sponsor believes that this summary is materially complete, you should read the entire prospectus, including &#8220;Risk Factors&#8221; beginning on page </I>6<I>, before making an investment decision about the Shares.</I></FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA1666 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2105  name="BKMK2105"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Trust</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> Structure, the Sponsor, the Trustee and the Custodian</B></FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA1667 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust was formed on January 21, 2005 when an initial deposit of gold was made in exchange for the issuance of three Baskets. The purpose of the Trust is to own gold transferred to the Trust in exchange for Shares issued by the Trust. Each Share represents a fractional undivided beneficial interest in the net assets of the Trust. The assets of the Trust consist primarily of gold held by the Custodian on behalf of the Trust. However, there may be situations where the Trust will unexpectedly hold cash. For example, a claim may arise against a third party, which is settled in cash. In situations where the Trust unexpectedly receives cash or other assets, no new Shares will be issued until after the record date for the distribution of such cash or other property has passed.</FONT></P>
<P id=PARA1668 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor of the Trust is iShares</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">&#174;</FONT></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> Delaware Trust Sponsor LLC, a Delaware limited liability company and an indirect subsidiary of BlackRock, Inc. <I><B>The Shares are not obligations of, and are not guaranteed by iShares</B></I></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top"><B>&#174;</B></FONT></I></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I><B> Delaware Trust Sponsor LLC, or any of its subsidiaries or affiliates.</B></I></FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA1669 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust is governed by the provisions of the Third Amended and Restated Depositary Trust Agreement (as amended from time to time, the &#8220;Trust Agreement&#8221;) executed on February 28, 2013 by the Sponsor and the Trustee.</FONT></P>
<P id=PARA1670 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust issues Shares only in Baskets of 50,000 or integral multiples thereof. Baskets of Shares may be redeemed by the Trust in exchange for the amount of gold corresponding to their redemption value. Individual Shares are not redeemed by the Trust, but are listed and trade on NYSE Arca under the symbol &#8220;IAU.&#8221; The Trust seeks to reflect generally the performance of the price of gold. The Trust seeks to reflect such performance before payment of the Trust&#8217;s expenses and liabilities. The material terms of the Trust are discussed in greater detail under the section &#8220;Description of the Shares and the Trust Agreement.&#8221; The Trust is not a registered investment company under the Investment Company Act of 1940 and is not required to register under such act.</FONT></P>
<P id=PARA1671 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee&#8217;s fee (the &#8220;Trustee&#8217;s Fee&#8221;), the Custodian&#8217;s fee (the &#8220;Custodian&#8217;s Fee&#8221;), NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses and up to $100,000 per annum in legal fees and expenses.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA1672 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor does not exercise day-to-day oversight over the Trustee or the Custodian. The Sponsor may remove the Trustee and appoint a successor trustee if the Trustee ceases to meet certain objective requirements (including the requirement that it have capital, surplus and undivided profits of at least $150 million) or if, having received written notice of a material breach of its obligations under the Trust Agreement, the Trustee has not cured the breach within thirty days. The Sponsor also has the right to replace the Trustee during the ninety days following any merger, consolidation or conversion in which the Trustee is not the surviving entity or, in its discretion, on the fifth anniversary of the creation of the Trust or on any subsequent third anniversary thereafter. The Sponsor also has the right to approve any new or additional custodian that the Trustee may wish to appoint.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA1673 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trustee is The Bank of New York Mellon and the Custodian is JPMorgan Chase Bank N.A., London branch. The agreement between the Trust and the Custodian is governed by English law.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA1674 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trustee is responsible for the day-to-day administration of the Trust. The responsibilities of the Trustee include (1) processing orders for the creation and redemption of Baskets; (2) coordinating with the Custodian the receipt and delivery of gold transferred to, or by, the Trust in connection with each issuance and redemption of Baskets; (3) calculating the net asset value of the Trust on each business day; and (4) selling the Trust&#8217;s gold as needed to cover the Trust&#8217;s expenses. For a more detailed description of the role and responsibilities of the Trustee see &#8220;Description of the Shares and the Trust Agreement&#8221; and &#8220;The Trustee.&#8221;</FONT></P>
<P id=PARA1781.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></DIV>
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<DIV id=PGFTR1781  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1781  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">1</DIV>
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<A id=TOCLINK1781  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1781  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<DIV id=PGBRDR1784  style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; WIDTH: 98%; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 11px; PADDING-TOP: 11px; PADDING-LEFT: 11px; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 11px">
<P id=PARA1781.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px">&nbsp;</P>
<P id=PARA1678 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Custodian is responsible for safekeeping the gold owned by the Trust. The Custodian is appointed by the Trustee and is responsible to the Trustee only. The general role and responsibilities of the Custodian are further described in &#8220;The Custodian.&#8221; The Custodian has no obligation to accept any additional delivery on behalf of the Trust if, after giving effect to such delivery, the total value of the Trust&#8217;s gold held by the Custodian exceeds $50 billion. If this limit is exceeded, it is anticipated that the Trustee, with the consent of the Sponsor, will retain an additional custodian. If an additional custodian becomes necessary, the Trustee will seek to hire the additional custodian under terms and conditions substantially similar to those in the Custodian Agreement with JPMorgan Chase Bank N.A., London branch. However, because the agreement with the additional custodian will only be negotiated when the need for the additional custodian arises, it may not be possible for the Trustee to locate at that time an additional custodian that agrees to exactly the same terms of the agreement with JPMorgan Chase Bank N.A., London branch. As a result, the new agreement may differ from the current one with JPMorgan Chase Bank N.A., London branch, with respect to issues like duration, fees, maximum amount of gold that the additional custodian will hold on behalf of the Trust, scope of the additional custodian&#8217;s liability and the additional custodian&#8217;s standard of care.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA1679 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2106  name="BKMK2106"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Trust</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> Objective</B></FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA1680 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust seeks to reflect generally the performance of the price of gold. The Trust seeks to reflect such performance before payment of the Trust&#8217;s expenses and liabilities. The Trust is not actively managed. It does not engage in any activities designed to obtain a profit from, or to ameliorate losses caused by, changes in the price of gold. The Trust receives gold deposited with it in exchange for the creation of Baskets of Shares, sells gold as necessary to cover the Trust expenses and other liabilities and delivers gold in exchange for Baskets of Shares surrendered to it for redemption.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA1681 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Shares are intended to constitute a simple and cost-effective means of making an investment similar to an investment in gold. Although the Shares are not the exact equivalent of an investment in gold, they provide investors with an alternative that allows a level of participation in the gold market through the securities market. An investment in Shares is:</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA1682 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Backed by gold held by the Custodian on behalf of the Trust.</I></FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA1683 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Shares are backed by gold, identified on the Custodian&#8217;s books as the property of the Trust, and held by the Custodian in New York, Toronto, London and other locations that may be authorized in the future.</FONT></P>
<P id=PARA1684 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>As accessible and easy to handle as any other investment in shares.</I></FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA1685 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Retail investors may purchase and sell Shares through traditional brokerage accounts at prices expected to be less than the amount required for currently existing means of investing in physical gold. Shares are eligible for margin accounts.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA1686 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Listed.</I></FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA1687 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Shares are listed and trade on NYSE Arca under the symbol &#8220;IAU.&#8221;</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA1688 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Relatively cost efficient.</I></FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA1689 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Because the expenses involved in an investment in physical gold are dispersed among all holders of Shares, an investment in Shares may represent a cost-efficient alternative to investments in gold for investors not otherwise in a position to participate directly in the market for physical gold. See &#8220;Business of the Trust&#8212;Trust Objective.&#8221;</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA1690 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2107  name="BKMK2107"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Principal</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> Offices</B></FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA1691 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor&#8217;s office is located at 400 Howard Street, San Francisco, CA 94105. The Trustee has a Trust office at 2 Hanson Place, 9th Floor, Brooklyn, New York 11217. The Custodian&#8217;s office is located at 125 London Wall, London, EC2Y 5AJ, England.</FONT></P>
<P id=PARA1783.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></DIV>
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<DIV id=PGFTR1783  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1783  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">2</DIV>
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<A id=TOCLINK1783  href="#TOC">Table Of Contents</A>
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<P id=PARA1783.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px">&nbsp;</P>
<P id=PARA1695 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2108  name="BKMK2108"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B>THE</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B> OFFERING</B></FONT></P><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;&nbsp; </FONT>
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<TD style="WIDTH: 36.9%; VERTICAL-ALIGN: top">
<P id=PARA1696 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Offering</FONT></P></TD>
<TD style="WIDTH: 63.1%; VERTICAL-ALIGN: top">
<P id=PARA1698 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Shares represent units of fractional undivided beneficial interest in the net assets of the Trust. </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 36.9%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 63.1%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
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<TD style="WIDTH: 36.9%; VERTICAL-ALIGN: top">
<P id=PARA1699 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Use of proceeds</FONT></P></TD>
<TD style="WIDTH: 63.1%; VERTICAL-ALIGN: top">
<P id=PARA1701 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Proceeds received by the Trust from the issuance and sale of Baskets consist of gold deposits. Such deposits are held by the Custodian on behalf of the Trust until (i) delivered to Authorized Participants in connection with a redemption of Baskets or (ii) sold to pay the fee due to the Sponsor and Trust expenses or liabilities not assumed by the Sponsor. </FONT></P></TD></TR>
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<P id=PARA1702 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">NYSE Arca symbol</FONT></P></TD>
<TD style="WIDTH: 63.1%; VERTICAL-ALIGN: top">
<P id=PARA1704 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">IAU </FONT></P></TD></TR>
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<TD style="WIDTH: 63.1%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
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<P id=PARA1705 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">CUSIP</FONT></P></TD>
<TD style="WIDTH: 63.1%; VERTICAL-ALIGN: top">
<P id=PARA1707 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">464285105 </FONT></P></TD></TR>
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<P id=PARA1708 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Creation and redemption</FONT></P></TD>
<TD style="WIDTH: 63.1%; VERTICAL-ALIGN: top">
<P id=PARA1710 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust issues and redeems Baskets of Shares on a continuous basis (a Basket equals 50,000 Shares). Baskets of Shares are only issued or redeemed in exchange for an amount of gold determined by the Trustee on each day that NYSE Arca is open for regular trading. No Shares are issued unless the Custodian has allocated to the Trust&#8217;s account the corresponding amount of gold. Initially, a Basket required delivery of 5,000 fine ounces of gold. The amount of gold necessary for the creation of a Basket, or to be received upon redemption of a Basket, will decrease over the life of the Trust, due to the payment or accrual of fees and other expenses or liabilities payable by the Trust. On June 24, 2010, after giving effect to the ten-for-one share split that occurred on that date, creation of a Basket required delivery of 489.368 fine ounces of gold. Baskets may be created or redeemed only by Authorized Participants, who pay the Trustee a transaction fee for each order to create or redeem Baskets. See &#8220;Description of the Shares and the Trust Agreement&#8221; for more details. </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 36.9%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 63.1%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 36.9%; VERTICAL-ALIGN: top">
<P id=PARA1711 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net Asset Value</FONT></P></TD>
<TD style="WIDTH: 63.1%; VERTICAL-ALIGN: top">
<P id=PARA1713 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The net asset value of the Trust is obtained by subtracting the Trust&#8217;s expenses and liabilities on any day from the value of the gold owned by the Trust on that day; the net asset value per Share, or NAV, is obtained by dividing the net asset value of the Trust on a given day by the number of Shares outstanding on that date. On each day on which NYSE Arca is open for regular trading, the Trustee determines the NAV as promptly as practicable after 4:00 p.m. (New York time). The Trustee values the Trust&#8217;s gold on the basis of the London PM Fix. If there is no London PM Fix on that day, the Trustee is authorized to use the most recently announced London AM Fix unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for evaluation. See &#8220;Business of the Trust&#8212;Valuation of Gold; Computation of Net Asset Value.&#8221; </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 36.9%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 63.1%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 36.9%; VERTICAL-ALIGN: top">
<P id=PARA1714 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Trust expenses</FONT></P></TD>
<TD style="WIDTH: 63.1%; VERTICAL-ALIGN: top">
<P id=PARA1716 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust&#8217;s only ordinary recurring expense is expected to be the remuneration due to the Sponsor (the &#8220;Sponsor&#8217;s Fee&#8221;). In exchange for the Sponsor&#8217;s Fee, the Sponsor has agreed to assume the following administrative and marketing expenses of the Trust: the Trustee&#8217;s Fee, the Custodian&#8217;s Fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses and up to $100,000 per annum in legal fees and expenses.<BR>The Sponsor&#8217;s Fee is accrued daily at an annualized rate equal to 0.25% of the net asset value of the Trust and is payable monthly in arrears. The Trustee from time to time sells gold in such quantity as is necessary to permit payment of the Sponsor&#8217;s Fee and may also sell gold in such quantities as may be necessary to permit the payment of Trust expenses and liabilities not assumed by the Sponsor. The Trustee </FONT></P></TD></TR></TABLE>
<P id=PARA1788.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></DIV>
<DIV id=PGBK1788  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR1788  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1788  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">3</DIV>
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<A id=TOCLINK1788  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1788  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<DIV id=PGBRDR1790  style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; WIDTH: 98%; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 11px; PADDING-TOP: 11px; PADDING-LEFT: 11px; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 11px">
<P id=PARA1788.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<TABLE id=TBL1756  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">
<P id=PARA1721 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA1722 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">is authorized to sell gold at such times and in the smallest amounts required to permit such payments as they become due, it being the intention to avoid or minimize the Trust&#8217;s holdings of assets other than gold. Accordingly, the amount of gold to be sold may vary from time to time depending on the level of the Trust&#8217;s expenses and liabilities and the market price of gold. See &#8220;Business of the Trust&#8212;Trust Expenses&#8221; and &#8220;Description of the Shares and the Trust Agreement&#8212;Trust Expenses and Gold Sales.&#8221; </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top" colSpan=2>&nbsp;</TD></TR>
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<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">
<P id=PARA1723 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Tax Considerations</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA1725 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Owners of Shares are treated, for U.S. federal income tax purposes, as if they owned a corresponding share of the assets of the Trust. They are also viewed as if they directly received a corresponding share of any income of the Trust, or as if they had incurred a corresponding share of the expenses of the Trust. Consequently, each sale of gold by the Trust constitutes a taxable event to Shareholders. See &#8220;United States Federal Income Tax Consequences&#8212; Taxation of U.S. Shareholders&#8221; and &#8220;ERISA and Related Considerations.&#8221; </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top" colSpan=2>&nbsp;</TD></TR>
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<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">
<P id=PARA1726 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Voting Rights</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA1728 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Owners of Shares do not have any voting rights. See &#8220;Description of the Shares and the Trust Agreement&#8212;Voting Rights.&#8221; </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top" colSpan=2>&nbsp;</TD></TR>
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<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">
<P id=PARA1729 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Suspension of Issuance, Transfers and Redemptions</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA1731 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trustee may suspend the delivery or registration of transfers of Shares, or may refuse a particular deposit or transfer at any time, if the Trustee or the Sponsor think it advisable for any reason. Redemptions may be suspended only (i) during any period in which regular trading on NYSE Arca is suspended or restricted, or the exchange is closed, or (ii) during an emergency as a result of which delivery, disposal or evaluation of gold is not reasonably practicable. See &#8220;Description of the Shares and the Trust Agreement&#8212;Requirements for Trustee Actions.&#8221; </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top" colSpan=2>&nbsp;</TD></TR>
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<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">
<P id=PARA1732 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Limitation on Liability</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA1734 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor and the Trustee: </FONT></P></TD></TR>
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<TD style="WIDTH: 2%; VERTICAL-ALIGN: top" colSpan=2>&nbsp;</TD></TR>
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<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">
<P id=PARA1735 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&#8226;</TD>
<TD style="WIDTH: 62%; VERTICAL-ALIGN: top">
<P id=PARA1736 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">are only obligated to take the actions specifically set forth in the Trust Agreement without negligence or bad faith; </FONT></P></TD></TR>
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<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 62%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">
<P id=PARA1737 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&#8226;</TD>
<TD style="WIDTH: 62%; VERTICAL-ALIGN: top">
<P id=PARA1738 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">are not liable for the exercise of discretion permitted under the Trust Agreement; and </FONT></P></TD></TR>
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<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 62%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">
<P id=PARA1739 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&#8226;</TD>
<TD style="WIDTH: 62%; VERTICAL-ALIGN: top">
<P id=PARA1740 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">have no obligation to prosecute any lawsuit or other proceeding on behalf of the Shareholders or any other person. </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 62%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">
<P id=PARA1741 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA1742 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">See &#8220;Description of the Shares and the Trust Agreement&#8212;Limitations on Obligations and Liability.&#8221; </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 62%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
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<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">
<P id=PARA1743 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Termination events</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA1745 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trustee will terminate the Trust Agreement if: </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 62%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
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<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">
<P id=PARA1746 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&#8226;</TD>
<TD style="WIDTH: 62%; VERTICAL-ALIGN: top">
<P id=PARA1747 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">the Trustee is notified that the Shares are delisted from NYSE Arca and are not approved for listing on another national securities exchange within five business days of their delisting; </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 62%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">
<P id=PARA1748 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&#8226;</TD>
<TD style="WIDTH: 62%; VERTICAL-ALIGN: top">
<P id=PARA1749 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">holders of at least 75% of the outstanding Shares notify the Trustee that they elect to terminate the Trust; </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 62%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">
<P id=PARA1750 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&#8226;</TD>
<TD style="WIDTH: 62%; VERTICAL-ALIGN: top">
<P id=PARA1751 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">60 days have elapsed since the Trustee notified the Sponsor of the Trustee&#8217;s election to resign and a successor trustee has not been appointed and accepted its appointment; </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 62%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">
<P id=PARA1752 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&#8226;</TD>
<TD style="WIDTH: 62%; VERTICAL-ALIGN: top">
<P id=PARA1753 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">the SEC determines that the Trust is an investment company under the Investment Company Act of 1940, as amended, and the Trustee has actual knowledge of that determination; </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 62%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">
<P id=PARA1754 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&#8226;</TD>
<TD style="WIDTH: 62%; VERTICAL-ALIGN: top">
<P id=PARA1755 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">the aggregate market capitalization of the Trust, based on the closing price for the Shares, was less than $350 million for five consecutive trading days and the Trustee receives, within six </FONT></P></TD></TR></TABLE>
<P id=PARA1757 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></DIV>
<DIV id=PGBK1785  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR1785  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1785  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">4</DIV>
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<A id=TOCLINK1785  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1785  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<DIV id=PGBRDR1792  style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; WIDTH: 98%; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 11px; PADDING-TOP: 11px; PADDING-LEFT: 11px; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 11px">
<P id=PARA1785.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<TABLE id=TBL1774  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">
<P id=PARA1760 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA1761 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">months from the last of those trading days, notice that the Sponsor has decided to terminate the Trust; </FONT></P></TD></TR>
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<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top" colSpan=2>&nbsp;</TD></TR>
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<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">
<P id=PARA1762 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&#8226;</TD>
<TD style="WIDTH: 62%; VERTICAL-ALIGN: top">
<P id=PARA1763 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">the CFTC determines that the Trust is a commodity pool under the Commodity Exchange Act and the Trustee has actual knowledge of that determination; or </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 62%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">
<P id=PARA1764 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&#8226;</TD>
<TD style="WIDTH: 62%; VERTICAL-ALIGN: top">
<P id=PARA1765 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">the Trust fails to qualify for treatment, or ceases to be treated, as a grantor trust for United States federal income tax purposes and the Trustee receives notice that the Sponsor has determined that the termination of the Trust is advisable. </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 62%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
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<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">
<P id=PARA1766 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA1767 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">If not terminated earlier by the Trustee, the Trust will terminate on January 19, 2045. See &#8220;Description of the Shares and the Trust Agreement&#8212;Amendment and Termination.&#8221; After termination of the Trust, the Trustee will deliver Trust property upon surrender and cancellation of Shares and, ninety days after termination, may sell any remaining Trust property in a private or public sale, and hold the proceeds, uninvested and in a non-interest bearing account, for the benefit of the holders who have not surrendered their Shares for cancellation. See &#8220;Description of the Shares and the Trust Agreement&#8212;Amendment and Termination.&#8221; </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top" colSpan=2>&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">
<P id=PARA1768 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Authorized Participants</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA1770 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Baskets may be created or redeemed only by Authorized Participants. Each Authorized Participant must be a registered broker-dealer, a participant in DTC, have entered into an agreement with the Trustee (the &#8220;Authorized Participant Agreement&#8221;) and be in a position to transfer gold to, and take delivery of gold from, the Custodian through one or more gold accounts. The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets and for the delivery of gold in connection with such creations or redemptions. A list of the current Authorized Participants can be obtained from the Trustee or the Sponsor. </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top" colSpan=2>&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 36%; VERTICAL-ALIGN: top">
<P id=PARA1771 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Clearance and settlement</FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA1773 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Shares are issued in book-entry form only. Transactions in Shares clear through the facilities of DTC. Investors may hold their Shares through DTC, if they are participants in DTC, or indirectly through entities that are participants in DTC. </FONT></P></TD></TR></TABLE>
<P id=PARA1775 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2109  name="BKMK2109"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B>SUMMARY</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B> FINANCIAL CONDITION</B></FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA1776 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">As of the close of business on September&nbsp;30, 2014, the net asset value of the Trust was $6,351,538,769 and the NAV was $11.78.</FONT></P>
<P id=PARA1777 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></DIV>
<DIV id=PGBK1791  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR1791  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1791  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">5</DIV>
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<A id=TOCLINK1791  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1791  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1791.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA635 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2110  name="BKMK2110"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B>RISK</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B> FACTORS</B></FONT></P>
<P id=PARA638 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA637 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Before making an investment decision, you should consider carefully the risks described below, as well as the other information included in this prospectus.</I></FONT></P>
<P id=PARA640 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA639 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Changes in the administration of the London gold fix and any actual or perceived disruption of that benchmark may have an effect on the price of gold and, therefore, the value of your Shares.</B></FONT></P>
<P id=PARA642 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA641 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The London PM Fix is currently a widely used reference price for determining the daily value of gold. On July 29, 2014, the London Bullion Market Association (&#8220;LBMA&#8221;) and the London Gold Market Fixing Limited (&#8220;LGMFL&#8221;) announced that in late August 2014, they would start soliciting proposals and market consultations with a view to appointing an independent third party to assume responsibility for the administration of the London gold fixing. According to the original announcement, the LBMA and the LGMFL anticipated that the selection of the new administrator would be announced in late September 2014 and the implementation will be completed by the end of 2014. As of the date of this prospectus, the LBMA indicates on its website that it envisages that a third-party administrator of the London Fix will be announced in October 2014 and that implementation will be complete by the end of November 2014.</FONT></P>
<P id=PARA644 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA643 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">These announcements follow press reports in March 2013 that the Commodity Futures Trading Commission (the &#8220;CFTC&#8221;) was reviewing the transparency of the setting of prices of gold and silver in London, and the imposition in May 2014 by the UK&#8217;s Financial Conduct Authority (the &#8220;FCA&#8221;) of a &#163;26 million fine on Barclays Bank plc (one of the participants in the daily London gold fixing) for its failure to implement adequate risk and conflicts of interest management systems in connection with the conduct of one of its traders who, during the afternoon fixing on June 28, 2012, placed and withdrew sell orders allegedly seeking to influence the fixing outcome.</FONT></P>
<P id=PARA646 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA645 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Because the objective of the Trust is to reflect the performance of the price of gold, any actual disruption of market activities resulting in the discovery of the price of gold will have an effect on the value of the Shares. In addition, if there is a perception that the price of gold is susceptible to intentional disruption, or if the new administration proceedings to be announced by the LBMA and the LGMFL later this year are not received with confidence by the markets, the behavior of investors and traders in gold may change, and those changes may have an effect on the price of gold (and, consequently, the value of the Shares). In either case, the intervention of extraneous events disruptive of the normal interaction of supply and demand at any given time may result in distorted prices and losses on an investment in the Shares that, but for such extraneous events, might not have occurred.</FONT></P>
<P id=PARA648 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA647 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Other effects of a disruption of the London gold fix on the operations of the Trust include the potential for an incorrect valuation of the Trust&#8217;s gold, an inaccurate computation of the Sponsor&#8217;s fees, and the sales of gold to cover Trust expenses at prices that do not accurately reflect the fundamentals of the gold market. Each of these events could have an adverse effect on the value of the Shares.</FONT></P>
<P id=PARA650 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA649 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">As of the date of this prospectus, the Sponsor does not have any reason to believe that the London PM Fix (used by the Trust for the daily valuation of its gold, the determination of the Sponsor&#8217;s fee and the price of gold sold to cover Trust expenses) may not fairly represent the price of the gold held by the Trust. Should this situation change, the Sponsor expects to use the powers granted by the Trust&#8217;s governing documents to seek to replace the London PM Fix with a more reliable indicator of the value of the Trust&#8217;s gold. There is no assurance that such alternative value indicator will be identified, or that the process of changing from the London PM Fix to a new benchmark price will not adversely affect the price of the Shares.</FONT></P>
<P id=PARA652 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA651 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Because the Shares are created to reflect the price of the gold held by the Trust, the market price of the Shares will be as unpredictable as the price of gold has historically been. This creates the potential for losses, regardless of whether you hold Shares for a short-, mid- or long-term.</B></FONT></P>
<P id=PARA654 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA653 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares are created to reflect, at any given time, the market price of gold owned by the Trust at that time less the Trust&#8217;s expenses and liabilities. Because the value of Shares depends on the price of gold, it is subject to fluctuations similar to those affecting gold prices. The price of gold has fluctuated widely over the past several years. If gold markets continue to be characterized by the wide fluctuations that they have shown in the past several years, the price of the Shares will change widely and in an unpredictable manner. This exposes your investment in Shares to potential losses if you need to sell your Shares at a time when the price of gold is lower than it was when you made your investment in Shares. Even if you are able to hold Shares for the mid- or long-term you may never realize a profit, because gold markets have historically experienced extended periods of flat or declining prices.</FONT></P>
<P id=PARA656 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK1793  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR1793  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1793  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">6</DIV>
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<A id=TOCLINK1793  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1793  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1793.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA655 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Following an investment in Shares, several factors may have the effect of causing a decline in the prices of gold and a corresponding decline in the price of Shares. Among them:</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<TABLE id=TBL1794  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt">
<P id=PARA1799 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 9pt; VERTICAL-ALIGN: top">
<P id=PARA1797><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1798><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Large sales, including those by the official sector (government, central banks and related institutions), which own a significant portion of the aggregate world holdings. If one or more of these institutions decides to sell in amounts large enough to cause a decline in world gold prices, the price of the Shares will be adversely affected.</FONT></P></FONT></TD></TR></TABLE><BR>
<TABLE id=TBL1795  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

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<TD style="WIDTH: 18pt">
<P id=PARA1802 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 9pt; VERTICAL-ALIGN: top">
<P id=PARA1800><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1801><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">A significant increase in gold hedging activity by gold producers. Should there be an increase in the level of hedge activity of gold producing companies, it could cause a decline in world gold prices, adversely affecting the price of the Shares.</FONT></P></FONT></TD></TR></TABLE><BR>
<TABLE id=TBL1796  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

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<TD style="WIDTH: 18pt">
<P id=PARA1805 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 9pt; VERTICAL-ALIGN: top">
<P id=PARA1803><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1804><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">A significant change in the attitude of speculators and investors towards gold. Should the speculative community take a negative view towards gold, it could cause a decline in world gold prices, negatively impacting the price of the Shares.</FONT></P></FONT></TD></TR></TABLE>
<P id=PARA665 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA664 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Conversely, several factors may trigger a temporary increase in the price of gold prior to your investment in the Shares. If that is the case, you will be buying Shares at prices affected by the temporarily high prices of gold, and you may incur losses when the causes for the temporary increase disappear.</FONT></P>
<P id=PARA667 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA666 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>The amount of gold represented by each Share will decrease over the life of the Trust due to the sales of gold necessary to pay the Sponsor&#8217;s Fee and Trust expenses. Without increases in the price of gold sufficient to compensate for that decrease, the price of the Shares will also decline and you will lose money on your investment in Shares.</B></FONT></P>
<P id=PARA669 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA668 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Although the Sponsor has agreed to assume all organizational and certain ordinary administrative and marketing expenses incurred by the Trust, not all Trust expenses have been assumed by the Sponsor. For example, any taxes and other governmental charges that may be imposed on the Trust&#8217;s property will not be paid by the Sponsor. As part of its agreement to assume some of the Trust&#8217;s ordinary administrative expenses, the Sponsor has agreed to pay legal fees and expenses of the Trust not in excess of $100,000 per annum. Any legal fees and expenses in excess of that amount will be the responsibility of the Trust.</FONT></P>
<P id=PARA671 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA670 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Because the Trust does not have any income, it needs to sell gold to cover the Sponsor&#8217;s Fee and expenses not assumed by the Sponsor. The Trust may also be subject to other liabilities (for example, as a result of litigation) which have also not been assumed by the Sponsor. The only source of funds to cover those liabilities will be sales of gold held by the Trust. Even if there are no expenses other than those assumed by the Sponsor, and there are no other liabilities of the Trust, the Trustee will still need to sell gold to pay the Sponsor&#8217;s Fee. The result of these sales is a decrease in the amount of gold represented by each Share. New deposits of gold, received in exchange for new Shares issued by the Trust, do not reverse this trend.</FONT></P>
<P id=PARA673 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA672 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">A decrease in the amount of gold represented by each Share results in a decrease in its price even if the price of gold has not changed. To retain the Share&#8217;s original price, the price of gold has to increase. Without that increase, the lesser amount of gold represented by the Share will have a correspondingly lower price. If these increases do not occur, or are not sufficient to counter the lesser amount of gold represented by each Share, you will sustain losses on your investment in Shares.</FONT></P>
<P id=PARA675 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA674 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">An increase in the Trust expenses not assumed by the Sponsor, or the existence of unexpected liabilities affecting the Trust, will force the Trustee to sell larger amounts of gold, and will result in a more rapid decrease of the amount of gold represented by each Share and a corresponding decrease in its value.</FONT></P>
<P id=PARA677 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA676 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>The Trust is a passive investment vehicle. This means that the value of your Shares may be adversely affected by Trust losses that, if the Trust had been actively managed, it might have been possible to avoid.</B></FONT></P>
<P id=PARA679 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA678 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trustee does not actively manage the gold held by the Trust. This means that the Trustee does not sell gold at times when its price is high, or acquire gold at low prices in the expectation of future price increases. It also means that the Trustee does not make use of any of the hedging techniques available to professional gold investors to attempt to reduce the risks of losses resulting from price decreases. Any losses sustained by the Trust will adversely affect the value of your Shares.</FONT></P>
<P id=PARA681 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA680 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>The price received upon the sale of Shares may be less than the value of the gold represented by them.</B></FONT></P>
<P id=PARA683 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK1808  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR1808  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1808  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">7</DIV>
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<A id=TOCLINK1808  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1808  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1808.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA682 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The result obtained by subtracting the Trust&#8217;s expenses and liabilities on any day from the price of the gold owned by the Trust on that day is the net asset value of the Trust which, when divided by the number of Shares outstanding on that date, results in the net asset value per Share, or NAV.</FONT></P>
<P id=PARA685 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA684 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares may trade at, above or below their NAV. The NAV will fluctuate with changes in the market value of the Trust&#8217;s assets. The trading prices of Shares will fluctuate in accordance with changes in their NAVs as well as market supply and demand. The amount of the discount or premium in the trading price relative to the NAV may be influenced by non-concurrent trading hours between the major gold markets and NYSE Arca. While the Shares will trade on NYSE Arca until 4:00 p.m. (New York time), liquidity in the market for gold will be reduced after the close of the major world gold markets, including London, Zurich and COMEX. As a result, during this time, trading spreads, and the resulting premium or discount on Shares, may widen.</FONT></P>
<P id=PARA687 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA686 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>The liquidation of the Trust may occur at a time when the disposition of the Trust&#8217;s gold will result in losses to investors in Shares.</B></FONT></P>
<P id=PARA689 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA688 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust will have limited duration. If certain events occur, at any time, the Trustee will have to terminate the Trust. Otherwise, the Trust will terminate automatically on January 19, 2045. See &#8220;Description of the Shares and the Trust Agreement&#8212;Amendment and Termination&#8221; for more information about the termination of the Trust, including when events outside the control of the Sponsor, the Trustee or the Shareholders may prompt the Trust&#8217;s termination.</FONT></P>
<P id=PARA691 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA690 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Upon termination of the Trust, the Trustee will sell gold in the amount necessary to cover all expenses of liquidation, and to pay any outstanding liabilities of the Trust. The remaining gold will be distributed among investors surrendering Shares. Any gold remaining in the possession of the Trustee after 90 days may be sold by the Trustee and the proceeds of the sale will be held by the Trustee until claimed by any remaining holders of Shares. Sales of gold in connection with the liquidation of the Trust at a time of low prices will likely result in losses, or adversely affect your gains, on your investment in Shares.</FONT></P>
<P id=PARA693 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA692 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>There may be situations where an Authorized Participant is unable to redeem a Basket of Shares. To the extent the value of gold decreases, these delays may result in a decrease in the value of the gold the Authorized Participant will receive when the redemption occurs, as well as a reduction in liquidity for all shareholders in the secondary market.</B></FONT></P>
<P id=PARA695 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA694 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Although Shares surrendered by Authorized Participants in Basket-size aggregations are redeemable in exchange for the underlying amount of gold, redemptions may be suspended during any period while regular trading on NYSE Arca is suspended or restricted, or in which an emergency exists that makes it reasonably impracticable to deliver, dispose of, or evaluate gold. If any of these events occurs at a time when an Authorized Participant intends to redeem Shares, and the price of gold decreases before such Authorized Participant is able again to surrender for redemption Baskets of Shares, such Authorized Participant will sustain a loss with respect to the amount that it would have been able to obtain in exchange for the gold received from the Trust upon the redemption of its Shares, had the redemption taken place when such Authorized Participant originally intended it to occur. As a consequence, Authorized Participants may reduce their trading in Shares during periods of suspension, decreasing the number of potential buyers of Shares in the secondary market and, therefore, decreasing the price a Shareholder may receive upon sale.</FONT></P>
<P id=PARA697 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA696 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>The liquidity of the Shares may also be affected by the withdrawal from participation of Authorized Participants.</B></FONT></P>
<P id=PARA699 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA698 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">In the event that one or more Authorized Participants that have substantial interests in Shares withdraw from participation, the liquidity of the Shares will likely decrease which could adversely affect the market price of the Shares and result in your incurring a loss on your investment.</FONT></P>
<P id=PARA701 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA700 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Authorized Participants with large holdings may choose to terminate the Trust.</B></FONT></P>
<P id=PARA703 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA702 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Holders of 75% of the Shares have the power to terminate the Trust. This power may be exercised by a relatively small number of holders. If it is so exercised, investors who wished to continue to invest in gold through the vehicle of the Trust will have to find another vehicle, and may not be able to find another vehicle that offers the same features as the Trust.</FONT></P>
<P id=PARA705 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA704 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>The lack of an active trading market for the Shares may result in losses on your investment at the time of disposition of your Shares.</B></FONT></P>
<P id=PARA707 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<DIV id=PGNUM1809  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">8</DIV>
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<A id=TOCLINK1809  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1809  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1809.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA706 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Although Shares are listed for trading on NYSE Arca, you should not assume that an active trading market for the Shares will develop or be maintained. If you need to sell your Shares at a time when no active market for them exists, such lack of an active market will most likely adversely affect the price you receive for your Shares (assuming you are able to sell them).</FONT></P>
<P id=PARA709 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA708 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>If the process of creation and redemption of Baskets of Shares encounters any unanticipated difficulties, the possibility for arbitrage transactions intended to keep the price of the Shares closely linked to the price of gold may not exist and, as a result, the price of the Shares may fall or otherwise diverge from NAV.</B></FONT></P>
<P id=PARA711 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA710 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">If the processes of creation and redemption of Shares (which depend on timely transfers of gold to and by the Custodian) encounter any unanticipated difficulties, potential market participants, such as the Authorized Participants and their customers, who would otherwise be willing to purchase or redeem Baskets of Shares to take advantage of any arbitrage opportunity arising from discrepancies between the price of the Shares and the price of the underlying gold may not take the risk that, as a result of those difficulties, they may not be able to realize the profit they expect. If this is the case, the liquidity of the Shares may decline and the price of the Shares may fluctuate independently of the price of gold and may fall or otherwise diverge from NAV.</FONT></P>
<P id=PARA713 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA712 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>As an owner of Shares, you will not have the rights normally associated with ownership of other types of shares.</B></FONT></P>
<P id=PARA715 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA714 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares are not entitled to the same rights as shares issued by a corporation. By acquiring Shares, you are not acquiring the right to elect directors, to receive dividends, to vote on certain matters regarding the issuer of your Shares or to take other actions normally associated with the ownership of shares. You will only have the limited rights described under &#8220;Description of the Shares and the Trust Agreement.&#8221;</FONT></P>
<P id=PARA717 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA716 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>As an owner of Shares, you will not have the protections normally associated with ownership of shares in an investment company registered under the Investment Company Act of 1940, or the protections afforded by the Commodity Exchange Act of 1936.</B></FONT></P>
<P id=PARA719 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA718 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust is not registered as an investment company for purposes of United States federal securities laws, and is not subject to regulation by the SEC as an investment company. Consequently, the owners of Shares do not have the regulatory protections provided to investors in investment companies. For example, the provisions of the Investment Company Act that limit transactions with affiliates, prohibit the suspension of redemptions (except under certain limited circumstances) or limit sales loads do not apply to the Trust.</FONT></P>
<P id=PARA721 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA720 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust does not hold or trade in commodity futures contracts regulated by the Commodity Exchange Act (&#8220;CEA&#8221;), as administered by the CFTC. Furthermore, the Trust is not a commodity pool for purposes of the CEA. Consequently, the Trustee is not subject to registration as a commodity pool operator, the owners of Shares do not receive the disclosure document and certified annual report required to be delivered by a commodity pool operator and the owners of Shares do not have the regulatory protections provided to investors in CEA-regulated instruments or commodity pools.</FONT></P>
<P id=PARA723 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA722 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>The value of the Shares will be adversely affected if gold owned by the Trust is lost or damaged in circumstances in which the Trust is not in a position to recover the corresponding loss.</B></FONT></P>
<P id=PARA725 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA724 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Custodian is responsible to the Trust for loss or damage to the Trust&#8217;s gold only under limited circumstances. The agreement with the Custodian contemplates that the Custodian will be responsible to the Trust only if it acts with negligence, fraud or in willful default of its obligations under the Custodian Agreement. In addition, the Custodian has agreed to indemnify the Trust for any loss or liability directly resulting from a breach of the Custodian&#8217;s representations and warranties in the Custodian Agreement, a failure of the Custodian to act in accordance with the Trustee&#8217;s instructions or any physical loss, destruction or damage to the gold held for the Trust&#8217;s account, except for losses due to nuclear accidents, terrorism, riots, acts of God, insurrections, strikes and similar causes beyond the control of the Custodian for which the Custodian will not be responsible to the Trust. The Custodian has no obligation to replace any gold lost under circumstances for which the Custodian is liable to the Trust. The Custodian&#8217;s liability to the Trust, if any, will be limited to the value of any gold lost, or the amount of any balance held on an unallocated basis, at the time of the Custodian&#8217;s negligence, fraud or willful default, or at the time of the act or omission giving rise to the claim for indemnification.</FONT></P>
<P id=PARA727 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<DIV id=PGNUM1810  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">9</DIV>
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<A id=TOCLINK1810  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1810  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1810.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA726 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">In addition, because the Custodian Agreement is governed by English law, any rights which the holders of the Shares may have against the Custodian will be different from, and may be more limited than, those that could have been available to them under the laws of a different jurisdiction. The choice of English law to govern the Custodian agreement, however, is not expected to affect any rights that the holders of the Shares may have against the Trust or the Trustee.</FONT></P>
<P id=PARA729 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA728 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Any loss of gold owned by the Trust will result in a corresponding loss in the NAV and it is reasonable to expect that such loss will also result in a decrease in the value at which the Shares are traded on NYSE Arca.</FONT></P>
<P id=PARA731 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA730 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Gold transferred to the Trust in connection with the creation of Baskets of Shares may not be of the quality required under the Trust Agreement. The Trust will sustain a loss if the Trustee issues Shares in exchange for gold of inferior quality and that loss will adversely affect the value of all existing Shares.</B></FONT></P>
<P id=PARA733 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA732 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The procedures agreed to with the Custodian contemplate that the Custodian must undertake certain tasks in connection with the inspection of gold delivered by Authorized Participants in exchange for Baskets of Shares. The Custodian&#8217;s inspection includes review of the corresponding bar list to ensure that it accurately describes the weight, fineness, refiner marks and bar numbers appearing on the gold bars, but does not include any chemical or other tests designed to verify that the gold received does, in fact, meet the purity requirements referred to in the Trust Agreement. Accordingly, such inspection procedures may not prevent the deposit of gold that fails to meet these purity standards. Each Authorized Participant that deposits gold in the Trust is liable to the Trust if that gold does not meet the requirements of the Trust Agreement. The Custodian will not be responsible or liable to the Trust or to any investor in the event any gold otherwise properly inspected by it does not meet the purity requirements contained in the Trust Agreement. To the extent that Baskets of Shares are issued in exchange for gold of inferior quality and the Trust is not able to recover damages from the Authorized Participant that deposited that gold, the total value of the assets of the Trust will be adversely affected and, with it, the NAV. In these circumstances, it is reasonable to expect that the value at which the Shares trade on NYSE Arca will also be adversely affected.</FONT></P>
<P id=PARA735 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA734 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>The value of the Shares will be adversely affected if the Trust is required to indemnify the Sponsor or the Custodian as contemplated in the Trust Agreement and the Custodian Agreement.</B></FONT></P>
<P id=PARA737 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA736 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Under the Trust Agreement, the Sponsor has a right to be indemnified from the Trust for any liability or expense it incurs without negligence, bad faith or willful misconduct on its part. Similarly, the Custodian Agreement provides for indemnification of the Custodian by the Trust under certain circumstances. This means that it may be necessary to sell assets of the Trust in order to cover losses or liability suffered by the Sponsor or the Custodian. Any sale of that kind would reduce the net asset value of the Trust and the value of the Shares.</FONT></P>
<P id=PARA739 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA738 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2111  name="BKMK2111"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B>STATEMENT</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B> REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></P>
<P id=PARA741 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA740 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">This prospectus includes statements which relate to future events or future performance. In some cases, you can identify such forward-looking statements by terminology such as &#8220;may,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;expect,&#8221; &#8220;plan,&#8221; &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;predict,&#8221; &#8220;potential&#8221; or the negative of these terms or other comparable terminology. All statements (other than statements of historical fact) included in this prospectus that address activities, events or developments that may occur in the future, including such matters as changes in commodity prices and market conditions (for gold and the Shares), the Trust&#8217;s operations, the Sponsor&#8217;s plans and references to the Trust&#8217;s future success and other similar matters are forward-looking statements. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor&#8217;s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed in this prospectus, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. See &#8220;Risk Factors.&#8221; Consequently, all the forward-looking statements made in this prospectus are qualified by these cautionary statements, and there can be no assurance that the actual results or developments the Sponsor anticipates will be realized or, even if substantially realized, that they will result in the expected consequences to, or have the expected effects on, the Trust&#8217;s operations or the value of the Shares. Moreover, neither the Sponsor, nor any other person assumes responsibility for the accuracy or completeness</FONT></P>
<P id=PARA1811.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<DIV id=PGNUM1811  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">10</DIV>
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<A id=TOCLINK1811  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1811  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1811.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA742 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">of the forward-looking statements. Neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in the Sponsor&#8217;s expectations or predictions.</FONT></P>
<P id=PARA744 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA743 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2112  name="BKMK2112"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B>USE</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B> OF PROCEEDS</B></FONT></P>
<P id=PARA746 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA745 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Proceeds received by the Trust from the issuance and sale of Baskets consist of gold deposits. Such deposits are held by the Custodian on behalf of the Trust until (i) delivered to Authorized Participants in connection with redemptions of Baskets or (ii) sold to pay fees due to the Sponsor and Trust expenses and liabilities not assumed by the Sponsor. See &#8220;Business of the Trust&#8212;Trust Expenses.&#8221;</FONT></P>
<P id=PARA748 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA747 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2113  name="BKMK2113"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B>THE</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B> GOLD INDUSTRY</B></FONT></P>
<P id=PARA750 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA749 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2114  name="BKMK2114"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Introduction</B></FONT></A></P>
<P id=PARA752 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA751 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">This section provides a brief introduction to the gold industry by looking at some of the key participants, detailing the primary sources of demand and supply and outlining the role of the &#8220;official&#8221; sector (<I>i.e.</I>, central banks) in the market.</FONT></P>
<P id=PARA754 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA753 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2115  name="BKMK2115"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Market</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> Participants</B></FONT></P>
<P id=PARA756 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA755 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The participants in the world gold industry may be classified in the following sectors: the mining and producer sector, the banking sector, the official sector, the investment sector; and the manufacturing sector. A brief description of each follows.</FONT></P>
<P id=PARA1812.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK1812  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR1812  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1812  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">11</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK1812  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1812  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1812.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><BR></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>The Mining and Producer Sector</I></FONT></P>
<P id=PARA759 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA758 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">This group includes mining companies that specialize in gold and silver production; mining companies that produce gold as a by-product of other production (such as a copper or silver producer); scrap merchants and recyclers.</FONT></P>
<P id=PARA761 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA760 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>The Banking Sector</I></FONT></P>
<P id=PARA763 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA762 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Bullion banks provide a variety of services to the gold market and its participants, thereby facilitating interactions between other parties. Services provided by the bullion banking community include traditional banking products as well as mine financing, physical gold purchases and sales, hedging and risk management, inventory management for industrial users and consumers, and gold deposit and loan instruments.</FONT></P>
<P id=PARA765 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA764 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>The Official Sector</I></FONT></P>
<P id=PARA767 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA766 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The official sector encompasses the activities of the various central banking operations of gold-holding countries. In September 1999 a group of 15 central banks acting to clarify their intentions with respect to their gold holdings signed the Central Bank Gold Agreement commonly called the &#8220;Washington Accord on Gold.&#8221; The signatories included the European Central Bank and the central banks of Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, Sweden, Switzerland, and England. The original agreement limited incremental sales by the 15 signatories to 400 tonnes per annum over the ensuing five-year period. The original Washington Accord on Gold expired in September 2004, and was renewed by almost all of the original signatories for a second five-year period (England did not renew in 2004). The second Washington Accord Agreement expired in September 2009 and was renewed again by all signatories of the second agreement for a third five-year period. In addition, the central banks of Cyprus, Greece, Malta, Slovakia and Slovenia signed the 2009 accord. The fourth Washington Accord Agreement was renewed as of September 2014 by all signatories of the third agreement for a fourth five-year period. In addition, the banks of Estonia, Latvia and Finland signed the fourth agreement. The current per annum limit on gold sales is 400 tonnes, with total sales not to exceed 2,000 tonnes in the five-year period.</FONT></P>
<P id=PARA769 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA768 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>The Investment Sector</I></FONT></P>
<P id=PARA771 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA770 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">This sector includes the investment and trading activities of both professional and private investors and speculators. These participants range from large hedge and mutual funds to day-traders on futures exchanges and retail-level coin collectors.</FONT></P>
<P id=PARA773 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA772 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>The Manufacturing Sector</I></FONT></P>
<P id=PARA775 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA774 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The fabrication and manufacturing sector represents all the commercial and industrial users of gold for whom gold is a daily part of their business. The jewelry industry is a large user of gold. Other industrial users of gold include the electronics and dental industries.</FONT></P>
<P id=PARA777 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA776 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2116  name="BKMK2116"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>World</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> Gold Supply and Demand (2004-2013)</B></FONT></P>
<P id=PARA779 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA778 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The following table sets forth a summary of the world gold supply and demand from 2004 to 2013:</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<TABLE id=TBL892  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; MARGIN-LEFT: 0px; MARGIN-RIGHT: 0px; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 31%; VERTICAL-ALIGN: bottom">
<P id=PARA780 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(tonnes)</B><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top"><B>(1)</B></FONT></FONT></P></TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA781 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2004</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA782 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2005</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA783 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2006</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA784 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2007</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA785 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2008</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA786 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2009</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA787 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2010</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA788 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2011</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA789 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2012</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA790 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2013</B></FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 31%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA791 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Supply</B></FONT></P></TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 31%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA792 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Mine Production</FONT></P></TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA793 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">2,504</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA794 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">2,561</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA795 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">2,496</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA796 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">2,499</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA797 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">2,430</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA798 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">2,613</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA799 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">2,741</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA800 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">2,839</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA801 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">2,861</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA802 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">3,022</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 31%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA803 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Scrap</FONT></P></TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA804 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">881</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA805 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">902</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA806 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">1,132</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA807 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">1,005</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA808 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">1,350</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA809 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">1,726</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA810 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">1,711</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA811 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">1,659</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA812 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">1,634</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA813 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">1,280</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 31%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA814 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net Hedging Supply</FONT></P></TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA815 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">-438</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA816 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">-92</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA817 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">-434</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA818 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">-432</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA819 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">-357</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA820 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">-234</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA821 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">-106</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA822 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">11</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA823 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">-40</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA824 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">-48</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 31%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA825 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Total Supply</B></FONT></P></TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA826 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2,948</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA827 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>3,371</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA828 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>3,194</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA829 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>3,071</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA830 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>3,424</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA831 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>4,104</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA832 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>4,346</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA833 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>4,509</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA834 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>4,455</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA835 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>4,254</B></FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 31%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp; </TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 31%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA836 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Demand</B></FONT></P></TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp; </TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 31%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA837 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Jewellery</FONT></P></TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA838 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">2,619</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA839 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">2,721</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA840 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">2,302</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA841 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">2,425</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA842 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">2,306</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA843 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">1,817</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA844 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">2,034</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA845 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">2,029</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA846 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">1,998</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA847 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">2,361</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 31%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA848 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Industrial Fabrication</FONT></P></TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA849 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">418</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA850 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">440</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA851 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">471</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA852 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">477</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA853 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">464</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA854 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">414</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA855 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">469</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA856 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">458</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA857 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">415</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA858 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">409</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 31%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA859 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8230;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">of which Electronics</FONT></P></TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA860 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">266</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA861 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">286</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA862 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">316</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA863 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">322</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA864 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">311</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA865 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">275</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA866 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">326</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA867 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">320</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA868 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">284</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA869 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">279</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 31%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA870 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8230;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">of which Dental &amp; Medical</FONT></P></TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA871 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">68</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA872 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">62</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA873 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">61</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA874 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">58</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA875 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">56</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA876 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">53</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA877 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">48</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA878 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">43</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA879 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">39</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA880 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">36</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 31%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA881 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8230;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">of which Other Industrial</FONT></P></TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA882 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">85</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA883 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">92</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA884 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">95</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA885 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">98</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA886 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">97</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA887 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">87</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA888 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">95</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA889 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">95</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA890 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">92</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA891 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">93</FONT></P></TD></TR></TABLE>
<P id=PARA1814.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK1814  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR1814  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1814  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">12</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK1814  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1814  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1814.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><BR>
<TABLE id=TBL1014  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 31%; VERTICAL-ALIGN: bottom">
<P id=PARA893 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(tonnes)</B><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top"><B>(1)</B></FONT></FONT></P></TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA894 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2004</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA895 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2005</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA896 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2006</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA897 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2007</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA898 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2008</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA899 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2009</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA900 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2010</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA901 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2011</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA902 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2012</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA903 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2013</B></FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 31%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA904 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net Official Sector</FONT></P></TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA905 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">-479</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA906 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">-663</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA907 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">-365</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA908 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">-484</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA909 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">-235</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA910 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">-34</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA911 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">77</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA912 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">457</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA913 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">544</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA914 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">409</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 31%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA915 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Retail Investment</FONT></P></TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA916 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">361</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA917 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">412</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA918 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">427</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA919 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">442</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA920 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">915</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA921 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">825</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA922 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">1,229</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA923 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">1,569</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA924 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">1,357</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA925 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">1,778</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 31%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA926 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8230;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">of which Bars</FONT></P></TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA927 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">215</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA928 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">263</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA929 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">238</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA930 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">238</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA931 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">654</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA932 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">536</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA933 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">935</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA934 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">1,242</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA935 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">1,036</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA936 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">1,377</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 31%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA937 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8230;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">of which Coins</FONT></P></TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA938 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">146</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA939 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">148</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA940 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">189</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA941 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">204</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA942 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">261</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA943 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">289</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA944 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">295</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA945 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">327</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA946 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">321</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA947 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">401</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 31%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA948 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Physical Demand</B></FONT></P></TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA949 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2,920</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA950 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2,909</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA951 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2,835</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA952 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2,861</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA953 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>3,450</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA954 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>3,023</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA955 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>3,809</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA956 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>4,512</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA957 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>4,315</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA958 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>4,957</B></FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 31%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA959 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Physical Surplus/ Deficit</B></FONT></P></TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA960 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>28</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA961 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>462</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA962 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>359</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA963 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>210</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA964 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>-26</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA965 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>1,081</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA966 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>536</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA967 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>-3</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA968 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>140</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA969 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>-703</B></FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 31%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA970 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">ETF Inventory Build</FONT></P></TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA971 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">133</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA972 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">208</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA973 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">260</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA974 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">253</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA975 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">321</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA976 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">623</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA977 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">382</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA978 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">185</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA979 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">279</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA980 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">-880</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 31%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA981 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Exchange Inventory Build</FONT></P></TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA982 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">83</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA983 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">29</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA984 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">32</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA985 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">-10</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA986 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">34</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA987 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">39</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA988 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">54</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA989 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">-6</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA990 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">-10</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA991 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">-99</FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 31%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA992 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Net Balance</B></FONT></P></TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA993 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>-188</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA994 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>225</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA995 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>67</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA996 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>-33</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA997 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>-381</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA998 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>418</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA999 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>100</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1000 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>-182</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1001 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>-129</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1002 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>277</B></FONT></P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 31%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1003 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Gold Price (London PM, US$/oz)</B></FONT></P></TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1004 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>409.17</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1005 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>444.45</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1006 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>603.77</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1007 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>695.39</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1008 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>871.96</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1009 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>972.35</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1010 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>1,224.52</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1011 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>1,571.52</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1012 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>1,668.98</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1013 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>1,411.23</B></FONT></P></TD></TR></TABLE></P>
<P id=PARA1016 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1015 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Note: Totals may not add due to independent rounding. Net producer hedging is the change in the physical market impact of mining companies&#8217; gold loans, forwards and options positions.</FONT></P>
<P id=PARA1018 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1017 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(1) &#8220;Tonne&#8221; refers to one metric ton. This is equivalent to 1,000 kilograms or 32,150.7465 troy ounces.</FONT></P>
<P id=PARA1020 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1019 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Source</B>: <I>Gold Survey 2014</I>, GFMS, Thomson Reuters</FONT></P>
<P id=PARA1022 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1021 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2117  name="BKMK2117"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Historical</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> Chart of the Price of Gold</B></FONT></P>
<P id=PARA1024 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1023 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The price of gold is volatile and its fluctuations are expected to have a direct impact on the value of the Shares. However, movements in the price of gold in the past, and any past or present trends, are not a reliable indicator of future movements. Movements may be influenced by various factors, including announcements from central banks regarding a country&#8217;s reserve gold holdings, agreements among central banks, fluctuations in the value of the U.S. dollar, political uncertainties around the world, and economic concerns.</FONT></P>
<P id=PARA1026 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1025 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The following chart illustrates the changes in the London PM Fix gold prices from December 2003 through September 2014:</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><IMG src="iau_graph.jpg" width=549 height=382></P>
<P id=PARA1027 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT>&nbsp;</P>
<P id=PARA1029 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Source: LBMA</FONT></P>
<P id=PARA1031 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK1815  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR1815  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1815  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">13</DIV>
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<A id=TOCLINK1815  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1815  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1815.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA1030 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2118  name="BKMK2118"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B>OPERATION</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B> OF THE GOLD MARKET</B></FONT></P>
<P id=PARA1033 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1032 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The global trade in gold consists of Over-the-Counter (&#8220;OTC&#8221;) transactions in spot, forwards, and options and other derivatives, together with exchange-traded futures and options.</FONT></P>
<P id=PARA1035 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1034 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2119  name="BKMK2119"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Over</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>-the-Counter Market</B></FONT></P>
<P id=PARA1037 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1036 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The OTC gold market includes spot, forward, and option and other derivative transactions conducted on a principal-to-principal basis. While this is a global, nearly 24-hour per day market, its main centers are London, New York and Zurich.</FONT></P>
<P id=PARA1039 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1038 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Five members of the LBMA, the trade association that acts as the coordinator for activities conducted on behalf of its members and other participants in the London bullion market, act as OTC market-makers and most OTC market trades are cleared through London. The LBMA plays an important role in setting OTC gold trading industry standards. A London Gold Delivery Bar (as described below), which is acceptable for settlement of any OTC transaction, will be acceptable for delivery to the Trust in connection with the issuance of Baskets of Shares.</FONT></P>
<P id=PARA1041 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1040 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2120  name="BKMK2120"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Futures</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> Exchanges</B></FONT></P>
<P id=PARA1043 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1042 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Future exchanges seek to provide a neutral, regulated marketplace for the trading of derivatives contracts for commodities. Future contracts are defined by the exchange for each commodity. For each commodity traded, the contract specifies the precise quality and quantity standards. The contract&#8217;s terms and conditions also define the location and timing of physical delivery.</FONT></P>
<P id=PARA1045 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1044 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">An exchange does not buy or sell those contracts, but seeks to offer a transparent forum where members, on their own behalf or on the behalf of customers, can trade the contracts in a safe, efficient and orderly manner.</FONT></P>
<P id=PARA1047 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1046 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The most significant gold futures exchanges are the COMEX, operated by Commodities Exchange, Inc., a subsidiary of New York Mercantile Exchange, Inc., and the Tokyo Commodity Exchange (&#8220;TOCOM&#8221;). The COMEX is the largest exchange in the world for trading metals futures and options and has been trading gold since 1974. The TOCOM has been trading gold since 1982.</FONT></P>
<P id=PARA1049 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1048 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2121  name="BKMK2121"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>COMEX</B></FONT></A></P>
<P id=PARA1051 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1050 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Gold futures opened for trading on the COMEX on December 31, 1974, coinciding with the lifting of the U.S. Government&#8217;s ban on gold ownership by private citizens in the United States. During regular trading hours at COMEX, the commodity contracts are traded through open outcry; a verbal auction in which all bids, offers and trades must be publicly announced to all members. The prices at which each commodity trades throughout the day serve as world benchmarks. They are immediately transmitted around the world by a wide variety of price-reporting services under arrangement with the exchange. Electronic trading is offered by the exchange after regular market hours. Except for brief breaks to switch between open outcry and electronic trading in the evening and the morning, gold trades almost 24 hours a day, five business days a week.</FONT></P>
<P id=PARA1053 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1052 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The COMEX rules and procedures seek to ensure the integrity of the trading process. They are complemented by a system designed to ensure the quality of the physical gold used for delivery under the futures contracts. For gold to be eligible for delivery upon a COMEX contract, it must be deposited into an exchange-licensed depository from a source that is capable of guaranteeing the gold&#8217;s quality. The three sources include: (1) a refiner approved for COMEX gold delivery, (2) an assayer approved to assay such gold, or (3) from another licensed depository, when it entered that depository via either (1) or (2). Gold can only be moved from any of these sources by a COMEX-approved deliverer. Throughout every step, the gold bar must be accompanied by a complete documentary history of its movement. If this chain of integrity is broken at any point, the bar is not eligible and either must be re-assayed to prove its quality or sent back to the refinery to be recast.</FONT></P>
<P id=PARA1055 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1054 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The trading unit of COMEX gold futures contracts is 100 troy ounces. Gold bars tendered for delivery can be cast in the form of either one bar or three one-kilogram bars. In either form, the gross weight of the bar or bars tendered for each contract must be within a five-percent tolerance. The bars must assay at not less than 995 fineness, <I>i.e.</I> 99.5% pure gold. The weight, fineness, bar number and identifying stamp of the refiner must be clearly incised on each bar by the approved refiner. The buyer taking delivery pays for the actual gold content, called the fine weight, in the bar. The fine weight is determined by multiplying the gross weight of the bar or bars tendered for each contract by their fineness. For</FONT></P>
<P id=PARA1816.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<DIV id=PGFTR1816  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1816  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">14</DIV>
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<A id=TOCLINK1816  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1816  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1816.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA1056 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">example, a bar with a gross weight of 100 oz. with a fineness of 995, has a fine weight of 99.5 troy ounces. Delivery of COMEX gold is based on negotiable warehouse receipts, called warrants, for specific bars identified on the receipt which are stored in licensed depositories located in New York City.</FONT></P>
<P id=PARA1058 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1057 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">All procedures described above are set forth in the COMEX rules and regulations as in effect as of the date of this prospectus. These rules and regulations are established by the Board of Directors of the NYMEX and subject to change by that body.</FONT></P>
<P id=PARA1060 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1059 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2122  name="BKMK2122"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Exchange</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> Regulation</B></FONT></P>
<P id=PARA1062 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1061 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">In addition to the public nature of the pricing, futures exchanges in the United States are regulated at two levels, internal and external governmental supervision. The internal is performed through self-regulation and consists of regular monitoring of the following: the open-outcry process to ensure that it is conducted in conformance with all exchange rules; the financial condition of all exchange member firms to ensure that they continuously meet financial commitments; and the positions of commercial and non-commercial customers to ensure that physical delivery and other commercial commitments can be met, and that pricing is not being improperly affected by the size of any particular customer positions. External governmental oversight is performed by the CFTC, which reviews all the rules and regulations of United States futures exchanges and monitors their enforcement. The CFTC oversees the operation of the U.S. commodity futures markets, including COMEX. One of the principal public policy objectives of the Commodity Exchange Act is to ensure the integrity of the markets it oversees and the reliability of the prices of trades on those markets. The Commodity Exchange Act and CFTC require markets, including COMEX, to have rules and procedures to prevent market manipulation, abusive trade practice and fraud and the CFTC conducts regular review of the markets&#8217; rule enforcement programs.</FONT></P>
<P id=PARA1064 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1063 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2123  name="BKMK2123"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>The</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> London Bullion Market</B></FONT></P>
<P id=PARA1066 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1065 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Most trading in physical gold is conducted on the OTC market, predominantly in London. LBMA coordinates various OTC-market activities, including clearing and vaulting, acts as the principal intermediary between physical gold market participants and the relevant regulators, promotes good trading practices and develops standard market documentation. In addition, the LBMA promotes refining standards for the gold market by maintaining the &#8220;London Good Delivery List,&#8221; which identifies refiners of gold that have been approved by the LBMA.</FONT></P>
<P id=PARA1068 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1067 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">In the OTC market, gold bars that meet the specifications for weight, dimensions, fineness (or purity), identifying marks (including the assay stamp of an LBMA-acceptable refiner) and appearance described in &#8220;The Good Delivery Rules for Gold and Silver Bars&#8221; published by the LBMA are referred to as &#8220;London Good Delivery Bars.&#8221; A London Good Delivery Bar (typically called a &#8220;400 ounce bar&#8221;) must contain between 350 and 430 fine troy ounces of gold (1 troy ounce = 31.1034768 grams), with a minimum fineness (or purity) of 995 parts per 1000 (99.5%), be of good appearance and be easy to handle and stack. The fine gold content of a gold bar is calculated by multiplying the gross weight of the bar (expressed in units of 0.025 troy ounces) by the fineness of the bar. A London Good Delivery Bar must also bear the stamp of one of the refiners identified on the London Good Delivery List.</FONT></P>
<P id=PARA1070 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1069 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Twice daily during London trading hours there is a fix which provides reference gold prices for that day&#8217;s trading. OTC market participants typically use the morning (AM) or afternoon (PM) London fix, as quoted by various financial information sources, to determine the price of a long-term contract or as a general basis for valuations. Formal participation in the London fix is traditionally limited to five members, each of which is a bullion dealer and a member of the LBMA. The chairmanship rotates annually among the five member firms. The morning session of the fix starts at 10:30 AM London time and the afternoon session starts at 3:00 PM London time, with each fix conducted over the telephone. The current members of the gold fixing are The Bank of Nova Scotia&#8212;Scotia Mocatta, Barclays Capital plc, Deutsche Bank AG London, HSBC, and Soci&#233;t&#233; G&#233;n&#233;rale Corporate &amp; Investment Banking. Other market participants may participate in the trading on the fix only through one of the five gold fixing members by placing orders either directly with one of the five fixing members or other bullion dealers that will in turn communicate the orders to a fixing member. The chairman initiates the fixing by suggesting a &#8220;trying price&#8221;, which reflects the prevailing market price at the open of the fix, based on the net interest. The fixing members relay the &#8220;trying price&#8221; to their dealing rooms, and the price of gold is adjusted up or down in the course of the fix until all buy and sell orders are matched, at which time the price is declared fixed and relayed to the market through various media.</FONT></P>
<P id=PARA1072 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<DIV id=PGFTR1817  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1817  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">15</DIV>
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<A id=TOCLINK1817  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1817  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1817.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA1071 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">As of the date of this prospectus, the LBMA is in the process of designating a third-party administrator of the London Fix, and it is anticipated that the procedures described in the preceding paragraph will change substantially. See &#8220;Risk Factors&#8211;Changes in the administration of the London gold fix and any actual or perceived disruption of that benchmark may have an effect on the price of gold and, therefore, the value of your Shares.&#8221;</FONT></P>
<P id=PARA1074 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1073 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2124  name="BKMK2124"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>London</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> Market Regulation</B></FONT></P>
<P id=PARA1076 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1075 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Following the enactment of the Financial Markets Act 2012, the Prudential Regulation Authority of the Bank of England is responsible for regulating most of the financial firms that are active in the bullion market, and the Financial Conduct Authority is responsible for consumer and competition issues. Trading in spot, forwards and wholesale deposits in the bullion market is subject to the Non-Investment Products Code adopted by market participants.</FONT></P>
<P id=PARA1078 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1077 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2125  name="BKMK2125"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Not</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> a Regulated Commodity Pool</B></FONT></P>
<P id=PARA1080 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1079 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust does not trade in gold futures contracts on COMEX or on any other futures exchange. The Trust takes delivery of physical gold that complies with the COMEX gold delivery rules or the LBMA gold delivery rules. Because the Trust does not trade in gold futures contracts on any futures exchange, the Trust is not regulated by the CFTC under the Commodity Exchange Act as a &#8220;commodity pool,&#8221; and is not operated by a CFTC-regulated commodity pool operator. Investors in the Trust do not receive the regulatory protections afforded to investors in regulated commodity pools, nor may COMEX or any futures exchange enforce its rules with respect to the Trust&#8217;s activities. In addition, investors in the Trust do not benefit from the protections afforded to investors in gold futures contracts on regulated futures exchanges.</FONT></P>
<P id=PARA1082 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1081 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2126  name="BKMK2126"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Other</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> Methods of Investing in Gold</B></FONT></P>
<P id=PARA1084 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1083 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust competes with other financial vehicles, including traditional debt and equity securities issued by companies in the gold industry and other securities backed by or linked to gold, direct investments in gold and investment vehicles similar to the Trust.</FONT></P>
<P id=PARA1086 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1085 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2127  name="BKMK2127"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B>BUSINESS</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B> OF THE TRUST</B></FONT></P>
<P id=PARA1088 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1087 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The activities of the Trust are limited to (1) issuing Baskets of Shares in exchange for the gold deposited with the Custodian as consideration, (2) selling gold as necessary to cover the Sponsor&#8217;s Fee, Trust expenses not assumed by the Sponsor and other liabilities, and (3) delivering gold in exchange for Baskets of Shares surrendered for redemption. The Trust is not actively managed. It does not engage in any activities designed to obtain a profit from, or to ameliorate losses caused by, changes in the price of gold.</FONT></P>
<P id=PARA1090 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1089 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2128  name="BKMK2128"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Trust</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> Objective</B></FONT></P>
<P id=PARA1092 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1091 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust seeks to reflect generally the performance of the price of gold. The Trust seeks to reflect such performance before payment of the Trust&#8217;s expenses and liabilities. The Shares are intended to constitute a simple and cost-effective means of making an investment similar to an investment in gold. An investment in physical gold requires expensive and sometimes complicated arrangements in connection with the assay, transportation, warehousing and insurance of the metal. Traditionally, such expense and complications have resulted in investments in physical gold being efficient only in amounts beyond the reach of many investors. The Shares have been designed to remove the obstacles represented by the expense and complications involved in an investment in physical gold, while at the same time having an intrinsic value that reflects, at any given time, the price of the gold owned by the Trust at such time less the Trust expenses and liabilities. Although the Shares are not the exact equivalent of an investment in gold, they provide investors with an alternative that allows a level of participation in the gold market through the securities market.</FONT></P>
<P id=PARA1094 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1093 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">An investment in Shares is:</FONT></P>
<P id=PARA1096 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1095 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Backed by gold held by the Custodian on behalf of the Trust.</I></FONT></P>
<P id=PARA1098 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1097 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Shares are backed by the assets of the Trust. The Trustee&#8217;s arrangements with the Custodian contemplate that at the end of each business day there can be in the Trust account maintained by the Custodian no gold in an unallocated form. Accordingly, the Trust&#8217;s gold holdings are identified on the Custodian&#8217;s books as the property of the Trust and held in New York, Toronto, London and other locations that may be authorized in the future.</FONT></P>
<P id=PARA1100 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<DIV id=PGNUM1818  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">16</DIV>
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<A id=TOCLINK1818  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1818  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1818.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA1099 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>As accessible and easy to handle as any other investment in shares.</I></FONT></P>
<P id=PARA1102 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1101 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Retail investors may purchase and sell Shares through traditional brokerage accounts. Because the intrinsic value of each Share is a function of the price of only a fraction of an ounce of gold held by the Trust, the cash outlay necessary for an investment in Shares should be less than the amount required for currently existing means of investing in physical gold. Shares are eligible for margin accounts.</FONT></P>
<P id=PARA1104 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1103 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Listed.</I></FONT></P>
<P id=PARA1106 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1105 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Shares are listed and trade on NYSE Arca under the symbol &#8220;IAU.&#8221;</FONT></P>
<P id=PARA1108 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1107 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Relatively cost efficient.</I></FONT></P>
<P id=PARA1110 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1109 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Because the expenses involved in an investment in physical gold are dispersed among all holders of Shares, an investment in Shares may represent a cost-efficient alternative to investments in gold for investors not otherwise in a position to participate directly in the market for physical gold.</FONT></P>
<P id=PARA1112 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1111 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2129  name="BKMK2129"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Secondary</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> Market Trading</B></FONT></P>
<P id=PARA1114 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1113 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">While the Trust seeks to reflect generally the performance of the price of gold less the Trust&#8217;s expenses and liabilities, Shares may trade at, above or below their NAV. The NAV of Shares will fluctuate with changes in the market value of the Trust&#8217;s assets. The trading prices of Shares will fluctuate in accordance with changes in their NAV as well as market supply and demand. The amount of the discount or premium in the trading price relative to the NAV may be influenced by non-concurrent trading hours between the major gold markets and NYSE Arca. While the Shares trade on NYSE Arca until 4:00 p.m. (New York time), liquidity in the market for gold may be reduced after the close of the major world gold markets, including London, Zurich and COMEX. As a result, during this time, trading spreads, and the resulting premium or discount, on Shares may widen. However, given that Baskets of Shares can be created and redeemed in exchange for the underlying amount of gold, the Sponsor believes that the arbitrage opportunities may provide a mechanism to mitigate the effect of such premium or discount.</FONT></P>
<P id=PARA1116 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1115 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2130  name="BKMK2130"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Valuation</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> of Gold; Computation of Net Asset Value</B></FONT></P>
<P id=PARA1118 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1117 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">On each business day, as soon as practicable after 4:00 p.m. (New York time), the Trustee evaluates the gold held by the Trust and determines the net asset value of the Trust. For purposes of making these calculations, a business day means any day other than a day when NYSE Arca is closed for regular trading.</FONT></P>
<P id=PARA1120 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1119 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trustee values the Trust&#8217;s gold on the basis of that day&#8217;s announced London PM Fix. If there is no announced London PM Fix on a business day the Trustee is authorized to use the most recently announced London AM Fix unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for evaluation.</FONT></P>
<P id=PARA1122 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1121 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Once the value of the gold has been determined, the Trustee subtracts all accrued fees, expenses and other liabilities of the Trust from the total value of the gold and all other assets of the Trust. The resulting figure is the net asset value of the Trust. The Trustee determines the NAV by dividing the net asset value of the Trust by the number of Shares outstanding at the time the computation is made.</FONT></P>
<P id=PARA1124 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1123 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2131  name="BKMK2131"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Trust</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> Expenses</B></FONT></P>
<P id=PARA1126 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1125 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust&#8217;s only ordinary recurring expense is expected to be the Sponsor&#8217;s Fee. In exchange for the Sponsor&#8217;s Fee, the Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee&#8217;s Fee, the Custodian&#8217;s Fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses and up to $100,000 per annum in legal fees and expenses.</FONT></P>
<P id=PARA1128 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1127 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor&#8217;s Fee is accrued daily at an annualized rate equal to 0.25% of the net asset value of the Trust and is payable monthly in arrears. The Trustee will, when directed by the Sponsor, and, in the absence of such direction, may, in its discretion, sell gold in such quantity and at such times, as may be necessary to permit payment of the Sponsor&#8217;s Fee and of Trust expenses or liabilities not assumed by the Sponsor. The Trustee is authorized to sell gold at such times and in the smallest amounts required to permit such payments as they become due, it being the intention to avoid or minimize the Trust&#8217;s holdings of assets other than gold. Accordingly, the amount of gold to be sold will vary from time to time depending on the level of the Trust&#8217;s expenses and the market price of gold. The Custodian has agreed to purchase</FONT></P>
<P id=PARA1819.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK1819  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR1819  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1819  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">17</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK1819  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1819  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1819.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA1129 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">from the Trust, at the request of the Trustee, gold needed to cover Trust expenses at a price equal to the price used by the Trustee to determine the value of the gold held by the Trust on the date of the sale.</FONT></P>
<P id=PARA1131 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1130 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Cash held by the Trustee pending payment of the Trust&#8217;s expenses will not bear any interest. Each sale of gold by the Trust will be a taxable event to Shareholders. See &#8220;United States Federal Income Tax Consequences&#8212;Taxation of U.S. Shareholders.&#8221;</FONT></P>
<P id=PARA1133 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1132 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2132  name="BKMK2132"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Impact</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> of Trust Expenses on the Trust&#8217;s Net Asset Value</B></FONT></P>
<P id=PARA1135 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1134 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust sells gold to raise the funds needed for the payment of the Sponsor&#8217;s Fee and all Trust expenses or liabilities not assumed by the Sponsor. See &#8220;The Sponsor&#8212;The Sponsor&#8217;s Fee.&#8221; The purchase price received as consideration for such sales is the Trust&#8217;s sole source of funds to cover its liabilities. The Trust does not engage in any activity designed to derive a profit from changes in the price of gold. Gold not needed to redeem Baskets of Shares, or to cover the Sponsor&#8217;s Fee and Trust expenses or liabilities not assumed by the Trustee, will be held in physical form by the Custodian. As a result of the recurring sales of gold necessary to pay the Sponsor&#8217;s Fee and the Trust expenses or liabilities not assumed by the Sponsor, the net asset value of the Trust and, correspondingly, the fractional amount of gold represented by each Share will decrease over the life of the Trust. New deposits of gold, received in exchange for additional new Baskets issued by the Trust, do not reverse this trend.</FONT></P>
<P id=PARA1137 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1136 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The following table, prepared by the Sponsor, illustrates the anticipated impact of the sales of gold discussed above on the fractional amount of gold represented by each outstanding Share. It assumes that the only sales of gold will be those needed to pay the Sponsor&#8217;s Fee and that the price of gold and the number of Shares remain constant during the three-year period covered. The table does not show the impact of any extraordinary expenses the Trust may incur. Any such extraordinary expenses, if and when incurred, will accelerate the decrease in the fractional amount of gold represented by each Share.</FONT></P>
<P id=PARA1139 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1138 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Calculation of NAV:</FONT></P>
<TABLE id=TBL1179  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL1179.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL1179.finRow.1.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL1179.finRow.1.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA1140 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Year 1</B></FONT></P></TD>
<TD id=TBL1179.finRow.1.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL1179.finRow.1.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL1179.finRow.1.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA1141 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Year 2</B></FONT></P></TD>
<TD id=TBL1179.finRow.1.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL1179.finRow.1.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL1179.finRow.1.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA1142 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Year 3</B></FONT></P></TD>
<TD id=TBL1179.finRow.1.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR id=TBL1179.finRow.2 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA1143 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Hypothetical gold price per&nbsp;ounce</FONT></P></TD>
<TD id=TBL1179.finRow.2.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1179.finRow.2.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL1179.finRow.2.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">1,200.00</TD>
<TD id=TBL1179.finRow.2.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL1179.finRow.2.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1179.finRow.2.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL1179.finRow.2.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">1,200.00</TD>
<TD id=TBL1179.finRow.2.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL1179.finRow.2.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1179.finRow.2.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL1179.finRow.2.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">1,200.00</TD>
<TD id=TBL1179.finRow.2.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL1179.finRow.3 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA1147 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Sponsor&#8217;s Fee</FONT></P></TD>
<TD id=TBL1179.finRow.3.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1179.finRow.3.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1179.finRow.3.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">0.25</TD>
<TD id=TBL1179.finRow.3.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>%</TD>
<TD id=TBL1179.finRow.3.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1179.finRow.3.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1179.finRow.3.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">0.25</TD>
<TD id=TBL1179.finRow.3.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>%</TD>
<TD id=TBL1179.finRow.3.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1179.finRow.3.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1179.finRow.3.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">0.25</TD>
<TD id=TBL1179.finRow.3.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>%</TD></TR>
<TR id=TBL1179.finRow.4 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA1151 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares of Trust, beginning</FONT></P></TD>
<TD id=TBL1179.finRow.4.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1179.finRow.4.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1179.finRow.4.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">1,000,000</TD>
<TD id=TBL1179.finRow.4.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL1179.finRow.4.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1179.finRow.4.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1179.finRow.4.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">1,000,000</TD>
<TD id=TBL1179.finRow.4.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL1179.finRow.4.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1179.finRow.4.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1179.finRow.4.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">1,000,000</TD>
<TD id=TBL1179.finRow.4.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL1179.finRow.5 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA1155 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Ounces of gold in Trust, beginning</FONT></P></TD>
<TD id=TBL1179.finRow.5.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1179.finRow.5.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1179.finRow.5.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">10,000.00</TD>
<TD id=TBL1179.finRow.5.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL1179.finRow.5.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1179.finRow.5.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1179.finRow.5.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">9,975.00</TD>
<TD id=TBL1179.finRow.5.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL1179.finRow.5.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1179.finRow.5.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1179.finRow.5.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">9,950.06</TD>
<TD id=TBL1179.finRow.5.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL1179.finRow.6 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA1159 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Beginning net asset value of the Trust </FONT></P></TD>
<TD id=TBL1179.finRow.6.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1179.finRow.6.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL1179.finRow.6.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">12,000,000</TD>
<TD id=TBL1179.finRow.6.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL1179.finRow.6.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1179.finRow.6.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL1179.finRow.6.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">11,970,000</TD>
<TD id=TBL1179.finRow.6.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL1179.finRow.6.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1179.finRow.6.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL1179.finRow.6.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">11,940,075</TD>
<TD id=TBL1179.finRow.6.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL1179.finRow.7 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA1163 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Ounces of gold to be sold to cover the Sponsor&#8217;s Fee*</FONT></P></TD>
<TD id=TBL1179.finRow.7.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1179.finRow.7.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1179.finRow.7.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">25.00</TD>
<TD id=TBL1179.finRow.7.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL1179.finRow.7.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1179.finRow.7.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1179.finRow.7.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">24.94</TD>
<TD id=TBL1179.finRow.7.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL1179.finRow.7.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1179.finRow.7.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1179.finRow.7.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">24.88</TD>
<TD id=TBL1179.finRow.7.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL1179.finRow.8 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA1167 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Ounces of gold in Trust, ending</FONT></P></TD>
<TD id=TBL1179.finRow.8.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1179.finRow.8.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1179.finRow.8.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">9,975.00</TD>
<TD id=TBL1179.finRow.8.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL1179.finRow.8.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1179.finRow.8.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1179.finRow.8.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">9,950.06</TD>
<TD id=TBL1179.finRow.8.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL1179.finRow.8.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1179.finRow.8.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1179.finRow.8.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">9,925.19</TD>
<TD id=TBL1179.finRow.8.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL1179.finRow.9 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA1171 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Ending net asset value of the Trust</FONT></P></TD>
<TD id=TBL1179.finRow.9.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1179.finRow.9.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL1179.finRow.9.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">11,970,000</TD>
<TD id=TBL1179.finRow.9.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL1179.finRow.9.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1179.finRow.9.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL1179.finRow.9.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">11,940,075</TD>
<TD id=TBL1179.finRow.9.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL1179.finRow.9.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1179.finRow.9.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL1179.finRow.9.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">11,910,225</TD>
<TD id=TBL1179.finRow.9.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL1179.finRow.10 style="BACKGROUND-COLOR: #cceeff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; MARGIN-TOP: 0px; BACKGROUND-COLOR: #cceeff">
<P id=PARA1175 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Ending NAV</FONT></P></TD>
<TD id=TBL1179.finRow.10.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1179.finRow.10.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL1179.finRow.10.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">11.97</TD>
<TD id=TBL1179.finRow.10.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL1179.finRow.10.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1179.finRow.10.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL1179.finRow.10.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">11.94</TD>
<TD id=TBL1179.finRow.10.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL1179.finRow.10.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1179.finRow.10.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL1179.finRow.10.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">11.91</TD>
<TD id=TBL1179.finRow.10.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR></TABLE>
<P id=PARA1180 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">
<HR style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 10%; BORDER-BOTTOM: medium none; COLOR: #000000; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000" align="left">
</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales occur daily, but the Sponsor&#8217;s Fee is payable monthly in arrears.</FONT></P>
<P id=PARA1182 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1181 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2133  name="BKMK2133"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B>DESCRIPTION</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B> OF THE SHARES AND THE TRUST AGREEMENT</B></FONT></P>
<P id=PARA1184 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1183 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust was formed on January 21, 2005 when an initial deposit of gold was made in exchange for the issuance of three Baskets. The purpose of the Trust is to own gold transferred to the Trust in exchange for Shares issued by the Trust. The Trust is governed by the Trust Agreement among the Sponsor, the Trustee, the registered holders and beneficial owners of Shares and all persons that deposit gold for the purpose of creating Shares. The Trust Agreement sets out the rights of depositors of gold and registered holders of Shares and the rights and obligations of the Sponsor and the Trustee. New York law governs the Trust Agreement, the Trust and the Shares. The following is a summary of material provisions of the Trust Agreement. It is qualified by reference to the entire Trust Agreement, which is filed as an exhibit to the registration statement of which the prospectus is a part.</FONT></P>
<P id=PARA1186 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1185 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Each Share represents a fractional undivided beneficial interest in the net assets of the Trust. The assets of the Trust consist primarily of gold held by the Custodian on behalf of the Trust. However, the Trust is expected to make daily sales of gold to pay the Sponsor&#8217;s Fee and to cover expenses and liabilities not assumed by the Sponsor. Such sales result in the Trust holding cash for brief periods of time. In addition, there may be other situations where the Trust may hold cash. For example, a claim may arise against the Custodian, an Authorized Participant, or any other third party, which is settled in cash. In those situations where the Trust unexpectedly receives cash or any other assets, the Trust Agreement</FONT></P>
<P id=PARA1820.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK1820  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR1820  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1820  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">18</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK1820  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1820  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1820.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA1187 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">provides that no deposits of gold will be accepted (<I>i.e</I>., there will be no issuance of new Shares) until after the record date for the distribution of such cash or other property has passed. The Trust issues Shares only in Baskets of 50,000 or integral multiples thereof. Baskets of Shares may be redeemed by the Trust in exchange for the amount of gold represented by the aggregate number of Shares redeemed. The Trust is not a registered investment company under the Investment Company Act of 1940 and is not required to register under such act.</FONT></P>
<P id=PARA1189 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1188 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2134  name="BKMK2134"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Deposit</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> of Gold; Issuance of Baskets</B></FONT></P>
<P id=PARA1191 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1190 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust creates and redeems Shares on a continuous basis but only in Baskets of 50,000 Shares. Upon the deposit of the corresponding amount of gold with the Custodian, and the payment of the Trustee&#8217;s applicable fee and of any expenses, taxes or charges (such as stamp taxes or stock transfer taxes or fees), the Trustee will deliver the appropriate number of Baskets to the DTC account of the depositing Authorized Participant. Only Authorized Participants can deposit gold and receive Baskets of Shares in exchange. As of the date of this prospectus,</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">ABN AMRO Clearing Chicago LLC,</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Barclays Capital Inc.,</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Citigroup Global Markets, Inc.,</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Credit Suisse Securities (USA), LLC,</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Deutsche Bank Securities Inc.,</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Goldman Sachs &amp; Co.,</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Goldman Sachs Execution &amp; Clearing L.P.,</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">J.P. Morgan Securities LLC,</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Knight&nbsp;Capital Americas&nbsp;LLC,</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Merrill Lynch Professional Clearing Corp., Morgan Stanley &amp; Co. LLC, Newedge Group SA,</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Scotia Capital (USA) Inc.,</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">UBS Securities LLC,</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Virtu Financial BD LLC</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">and Virtu Financial Capital Markets LLC are the only Authorized Participants. The Sponsor and the Trustee maintain a current list of Authorized Participants. Gold deposited with the Custodian must</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">either (a) meet the requirements to be delivered in settlement of a COMEX gold futures contract pursuant to rules adopted by COMEX, or (b) meet the London Good Delivery Standards.</FONT></P>
<P id=PARA1193 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1192 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Before making a deposit, the Authorized Participant must deliver to the Trustee a written purchase order indicating the number of Baskets it intends to acquire and the location or locations where it expects to make the corresponding deposit of gold with the Custodian. The Trustee will acknowledge the purchase order unless it or the Sponsor decides to refuse the deposit as described below under &#8220;Requirements for Trustee Actions.&#8221; The date the Trustee receives that order determines the Basket Gold Amount the Authorized Participant needs to deposit. However, orders received by the Trustee after 3:59 p.m. (New York time) on a business day are treated as received on the next following business day. The Trustee has entered into an agreement with the Custodian which contains arrangements so that gold can be delivered to the Custodian in New York, New York (United States), Toronto, Canada, London, England or at other locations that may be authorized in the future.</FONT></P>
<P id=PARA1195 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1194 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">If the Trustee accepts the purchase order, it transmits to the Authorized Participant, via facsimile or electronic mail message, no later than 5:00 p.m. (New York time) on the date such purchase order is received, or deemed received, a copy of the purchase order endorsed &#8220;Accepted&#8221; by the Trustee and indicating the Basket Gold Amount that the Authorized Participant must deliver to the Custodian in exchange for each Basket. Prior to the Trustee&#8217;s acceptance as specified above, a purchase order only represents the Authorized Participant&#8217;s unilateral offer to deposit gold in exchange for Baskets of Shares and has no binding effect upon the Trust, the Trustee, the Custodian or any other party.</FONT></P>
<P id=PARA1197 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1196 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Basket Gold Amount necessary for the creation of a Basket changes from day to day. The initial Basket Gold Amount at the time of creation of the Trust</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">was 5,000 fine ounces of gold. On June 24, 2010, after the ten-for-one share split that became effective on that date, the Basket Gold Amount was 489.368 fine ounces of gold. On each day that NYSE Arca is open for regular trading, the Trustee adjusts the quantity of gold constituting the Basket Gold Amount as appropriate to reflect sales of gold, any loss of gold that may occur, and accrued expenses. The computation is made by the Trustee as promptly as practicable after 4:00 p.m. (New York time). See &#8220;Operation of the Gold Market&#8212;The London Bullion Market&#8221; for a description of how the London PM Fix is determined, and &#8220;Business of the Trust&#8212;Valuation of Gold; Computation of Net Asset Value&#8221; for a description of how the Trustee determines the NAV. The Trustee determines the Basket Gold Amount for a given business day by multiplying the NAV by the number of Shares in each Basket (50,000) and dividing the resulting product by that day&#8217;s London PM Fix. Fractions of a fine ounce of gold smaller than 0.001 fine ounce are disregarded for purposes of the computation of the Basket Gold Amount. The Basket Gold Amount so determined is communicated via facsimile or electronic mail message to all Authorized Participants, and made available on the Sponsor&#8217;s website for the Shares. NYSE Arca also publishes the Basket Gold Amount determined by the Trustee as indicated above.</FONT></P>
<P id=PARA1199 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1198 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Because the Sponsor has assumed what are expected to be most of the Trust&#8217;s expenses, and the Sponsor&#8217;s Fee accrues daily at the same rate (<I>i.e</I>., 1 / 365th of the net asset value of the Trust multiplied by 0.25%), in the absence of any extraordinary expenses or liabilities, the amount of gold by which the Basket Gold Amount decreases each day is predictable. The Trustee intends to make available on each business day through the same channels used to</FONT></P>
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<DIV id=PGFTR1821  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1821  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">19</DIV>
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<A id=TOCLINK1821  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1821  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1821.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA1200 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">disseminate the actual Basket Gold Amount determined by the Trustee as indicated above an indicative Basket Gold Amount for the next business day. Authorized Participants may use that indicative Basket Gold Amount as guidance regarding the amount of gold that they may expect to have to deposit with the Custodian in respect of purchase orders placed by them on such next business day and accepted by the Trustee. The agreement entered into with each Authorized Participant provides, however, that once a purchase order has been accepted by the Trustee, the Authorized Participant will be required to deposit with the Custodian the Basket Gold Amount determined by the Trustee on the effective date of the purchase order.</FONT></P>
<P id=PARA1202 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1201 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">No Shares are issued unless and until the Custodian has informed the Trustee that it has allocated to the Trust&#8217;s account at the Custodian&#8217;s the corresponding amount of gold.</FONT></P>
<P id=PARA1204 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1203 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2135  name="BKMK2135"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Redemption</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> of Baskets; Withdrawal of Gold</B></FONT></P>
<P id=PARA1206 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1205 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Authorized Participants, acting on authority of the registered holder of Shares, may surrender Baskets of Shares in exchange for the corresponding Basket Gold Amount announced by the Trustee. Upon the surrender of such Shares and the payment of the Trustee&#8217;s applicable fee and of any expenses, taxes or charges (such as stamp taxes or stock transfer taxes or fees), the Trustee will deliver to the order of the redeeming Authorized Participant the amount of gold corresponding to the redeemed Baskets. Shares can only be surrendered for redemption in Baskets of 50,000 Shares each.</FONT></P>
<P id=PARA1208 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1207 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Before surrendering Baskets of Shares for redemption, an Authorized Participant must deliver to the Trustee a written request indicating the number of Baskets it intends to redeem and the location where it would like to take delivery of the gold represented by such Baskets. The date the Trustee receives that order determines the Basket Gold Amount to be received in exchange. However, orders received by the Trustee after 3:59 p.m. (New York time) on a business day are treated as received on the next following business day.</FONT></P>
<P id=PARA1210 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1209 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Custodian may make the gold available for collection at its office or at the office of a sub-custodian if the gold is being held by a sub-custodian. Gold is delivered at the locations designated by the Trustee, in consultation with the Custodian. Redeeming Authorized Participants are entitled to express a preference as to where they would like to have gold delivered, but have no right to receive delivery at a specified location.</FONT></P>
<P id=PARA1212 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1211 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Unless otherwise agreed to by the Custodian, gold is delivered to the redeeming Authorized Participants in the form of physical bars only (except that any amount of less than 430 ounces may be transferred to an unallocated account of or as ordered by, the redeeming Authorized Participant).</FONT></P>
<P id=PARA1214 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1213 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Redemptions may be suspended only (i) during any period in which regular trading on NYSE Arca is suspended or restricted or the exchange is closed (other than scheduled holiday or weekend closings), or (ii) during an emergency as a result of which delivery, disposal or evaluation of gold is not reasonably practicable.</FONT></P>
<P id=PARA1216 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1215 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2136  name="BKMK2136"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Certificates</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> Evidencing the Shares</B></FONT></P>
<P id=PARA1218 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1217 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Shares are evidenced by certificates executed and delivered by the Trustee on behalf of the Trust. DTC has accepted the Shares for settlement through its book-entry settlement system. So long as the Shares are eligible for DTC settlement, there will be only one global certificate evidencing shares that will be registered in the name of a nominee of DTC. Investors will be able to own Shares only in the form of book- entry security entitlements with DTC or direct or indirect participants in DTC. No investor will be entitled to receive a separate certificate evidencing Shares. Because Shares can only be held in the form of book- entries through DTC and its participants, investors must rely on DTC, a DTC participant and any other financial intermediary through which they hold Shares to receive the benefits and exercise the rights described in this section. Investors should consult with their broker or financial institution to find out about the procedures and requirements for securities held in DTC book-entry form.</FONT></P>
<P id=PARA1220 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1219 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2137  name="BKMK2137"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Cash</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> and Other Distributions</B></FONT></P>
<P id=PARA1222 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1221 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">If the Sponsor and Trustee determine that there is more cash being held in the Trust than is needed to pay the Trust&#8217;s expenses for the next month, the Trustee will distribute the extra cash to DTC.</FONT></P>
<P id=PARA1224 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<DIV id=PGNUM1822  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">20</DIV>
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<A id=TOCLINK1822  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1822  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1822.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA1223 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">If the Trust receives any property other than gold or cash, the Trustee will distribute that property to DTC by any means it thinks is lawful, equitable and feasible. If it cannot make the distribution in that way, the Trustee will sell the property and distribute the net proceeds, in the same way as it does with cash.</FONT></P>
<P id=PARA1226 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1225 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Registered holders of Shares are entitled to receive these distributions in proportion to the number of Shares owned. Before making a distribution, the Trustee may deduct any applicable withholding taxes and any fees and expenses of the Trust that have not been paid. The Trustee distributes only whole U.S. dollars and cents and is not required to round fractional cents to the nearest whole cent. The Trustee is not responsible if it decides that it is unlawful or impractical to make a distribution available to registered holders.</FONT></P>
<P id=PARA1228 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1227 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2138  name="BKMK2138"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Voting</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> Rights</B></FONT></P>
<P id=PARA1230 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1229 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares do not have any voting rights. However, registered holders of at least 25% of the Shares have the right to require the Trustee to cure any material breach by it of the Trust Agreement, and registered holders of at least 75% of the Shares have the right to require the Trustee to terminate the Trust Agreement as described below.</FONT></P>
<P id=PARA1232 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1231 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2139  name="BKMK2139"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Fees</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> and Expenses of the Trustee</B></FONT></P>
<P id=PARA1234 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1233 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Each deposit of gold for the creation of Baskets of Shares and each surrender of Baskets of Shares for the purpose of withdrawing Trust property (including if the Trust Agreement terminates) must be accompanied by a payment to the Trustee of a fee of $500 (or such other fee as the Trustee, with the prior written consent of the Sponsor, may from time to time announce).</FONT></P>
<P id=PARA1236 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1235 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trustee is entitled to reimburse itself from the assets of the Trust for all expenses and disbursements incurred by it for extraordinary services it may provide to the Trust or in connection with any discretionary action the Trustee may take to protect the Trust or the interests of the holders.</FONT></P>
<P id=PARA1238 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1237 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2140  name="BKMK2140"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Trust</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> Expenses and&nbsp;Gold Sales</B></FONT></P>
<P id=PARA1240 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1239 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">In addition to the fee payable to the Sponsor (See &#8220;The Sponsor&#8212;The Sponsor&#8217;s Fee&#8221;), the following expenses are paid out of the assets of the Trust:</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
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<TD style="WIDTH: 9pt; VERTICAL-ALIGN: top">
<P id=PARA1827><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1828><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">any expenses or liabilities of the Trust that are not assumed by the Sponsor;</FONT></P></FONT></TD></TR></TABLE><BR>
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<TD style="WIDTH: 18pt">
<P id=PARA1832 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 9pt; VERTICAL-ALIGN: top">
<P id=PARA1830><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1831><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">any taxes and other governmental charges that may fall on the Trust or its property;</FONT></P></FONT></TD></TR></TABLE><BR>
<TABLE id=TBL1825  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt">
<P id=PARA1835 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 9pt; VERTICAL-ALIGN: top">
<P id=PARA1833><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1834><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">expenses and costs of any action taken by the Trustee or the Sponsor to protect the Trust and the rights and interests of holders of Shares; and</FONT></P></FONT></TD></TR></TABLE><BR>
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<TR>
<TD style="WIDTH: 18pt">
<P id=PARA1838 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 9pt; VERTICAL-ALIGN: top">
<P id=PARA1836><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1837><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">any indemnification of the Sponsor as described below.</FONT></P></FONT></TD></TR></TABLE>
<P id=PARA1251 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1250 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trustee sells the Trust&#8217;s gold from time to time as necessary to permit payment of the fees and expenses that the Trust is required to pay. See &#8220;Business of the Trust&#8212;Trust Expenses.&#8221;</FONT></P>
<P id=PARA1253 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1252 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trustee is not responsible for any depreciation or loss incurred by reason of sales of gold made in compliance with the Trust Agreement.</FONT></P>
<P id=PARA1255 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1254 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2141  name="BKMK2141"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Payment</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> of Taxes</B></FONT></P>
<P id=PARA1257 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1256 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trustee may deduct the amount of any taxes owed from any distributions it makes. It may also sell trust assets, by public or private sale, to pay any taxes owed. Registered holders of Shares will remain liable if the proceeds of the sale are not enough to pay the taxes.</FONT></P>
<P id=PARA1259 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1258 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2142  name="BKMK2142"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Evaluation</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> of Gold and the Trust Assets</B></FONT></P>
<P id=PARA1261 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1260 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">See &#8220;Business of the Trust&#8212;Valuation of Gold; Computation of Net Asset Value.&#8221;</FONT></P>
<P id=PARA1263 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<DIV id=PGFTR1842  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1842  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">21</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK1842  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1842  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1842.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA1262 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2143  name="BKMK2143"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Amendment</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> and Termination</B></FONT></P>
<P id=PARA1265 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1264 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor and the Trustee may agree to amend the Trust Agreement without the consent of the holders of Shares. If an amendment imposes or increases fees or charges, except for taxes and other governmental charges, or prejudices a substantial right of holders of Shares, it will not become effective for outstanding Shares until 30 days after the Trustee notifies DTC of the amendment. <I>At the time an amendment becomes effective, by continuing to hold Shares, investors are deemed to agree to the amendment and to be bound by the Trust Agreement as amended.</I></FONT></P>
<P id=PARA1267 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1266 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trustee will terminate the Trust Agreement if:</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
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<TR>
<TD style="WIDTH: 18pt">
<P id=PARA1852 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 9pt; VERTICAL-ALIGN: top">
<P id=PARA1850><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1851><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">the Trustee is notified that the Shares are delisted from NYSE Arca and are not approved for listing on another national securities exchange within five business days of their delisting;</FONT></P></TD></TR></TABLE><BR>
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<TD style="WIDTH: 18pt">
<P id=PARA1855 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 9pt; VERTICAL-ALIGN: top">
<P id=PARA1853><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1854><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">holders of at least 75% of the outstanding Shares notify the Trustee that they elect to terminate the Trust;</FONT></P></FONT></TD></TR></TABLE><BR>
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<TD style="WIDTH: 18pt">
<P id=PARA1858 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 9pt; VERTICAL-ALIGN: top">
<P id=PARA1856><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1857><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">60 days have elapsed since the Trustee notified the Sponsor of the Trustee&#8217;s election to resign and a successor trustee has not been appointed and accepted its appointment;</FONT></P></FONT></TD></TR></TABLE><BR>
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<TD style="WIDTH: 18pt">
<P id=PARA1861 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 9pt; VERTICAL-ALIGN: top">
<P id=PARA1859><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1860><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">the SEC determines that the Trust is an investment company under the Investment Company Act of 1940, as amended, and the Trustee has actual knowledge of that determination;</FONT></P></FONT></TD></TR></TABLE><BR>
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<TD style="WIDTH: 18pt">
<P id=PARA1864 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 9pt; VERTICAL-ALIGN: top">
<P id=PARA1862><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1863><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">the aggregate market capitalization of the Trust, based on the closing price for the Shares, was less than $350 million on each of five consecutive trading days and the Trustee receives, within six months from the last of those trading days, notice that the Sponsor has decided to terminate the Trust;</FONT></P></FONT></TD></TR></TABLE><BR>
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<TD style="WIDTH: 18pt">
<P id=PARA1867 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 9pt; VERTICAL-ALIGN: top">
<P id=PARA1865><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1866><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">the CFTC determines that the Trust is a commodity pool under the Commodity Exchange Act and the Trustee has actual knowledge of that determination; or</FONT></P></FONT></TD></TR></TABLE><BR>
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<TD style="WIDTH: 18pt">
<P id=PARA1870 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 9pt; VERTICAL-ALIGN: top">
<P id=PARA1868><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1869><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">the Trust fails to qualify for treatment, or ceases to be treated, as a grantor trust for United States federal income tax purposes and the Trustee receives notice that the Sponsor has determined that the termination of the Trust is advisable.</FONT></P></FONT></TD></TR></TABLE>
<P id=PARA1284 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1283 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">If not terminated earlier by the Trustee, the Trust will terminate on January 19, 2045. The Trustee will notify DTC at least 30 days before the date for termination of the Trust Agreement. After termination, the Trustee and its agents will do the following under the Trust Agreement but nothing else: (i) collect distributions pertaining to Trust property; (ii) pay the Trust&#8217;s expenses and sell gold as necessary to meet those expenses; and (iii) deliver Trust property upon surrender and cancellation of Shares. Ninety days or more after termination, the Trustee may sell any remaining Trust property by public or private sale. After that, the Trustee will hold the money it received on the sale, as well as any other cash it is holding under the Trust Agreement for the pro rata benefit of the registered holders that have not surrendered their Shares. It will not invest the money and has no liability for interest. The Trustee&#8217;s only obligations will be to account for the money and other cash, after deduction of applicable fees, Trust expenses and taxes and governmental charges.</FONT></P>
<P id=PARA1286 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1285 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2144  name="BKMK2144"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Limitations</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> on Obligations and Liability</B></FONT></P>
<P id=PARA1288 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1287 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust Agreement expressly limits the obligations and liabilities of the Sponsor and the Trustee. The Sponsor and the Trustee:</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
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<TD style="WIDTH: 18pt">
<P id=PARA1884 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 9pt; VERTICAL-ALIGN: top">
<P id=PARA1882><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1883><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">are obligated to take only the actions specifically set forth in the Trust Agreement without negligence or bad faith;</FONT></P></FONT></TD></TR></TABLE><BR>
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<TD style="WIDTH: 18pt">
<P id=PARA1887 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 9pt; VERTICAL-ALIGN: top">
<P id=PARA1885><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1886><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">are not liable if either of them is prevented or delayed by law or circumstances beyond their control from performing their respective obligations under the Trust Agreement;</FONT></P></FONT></TD></TR></TABLE><BR>
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<TD style="WIDTH: 18pt">
<P id=PARA1890 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 9pt; VERTICAL-ALIGN: top">
<P id=PARA1888><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1889><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">are not liable if they exercise or fail to exercise discretion permitted under the Trust Agreement;</FONT></P></FONT></TD></TR></TABLE><BR>
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<TR>
<TD style="WIDTH: 18pt">
<P id=PARA1893 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 9pt; VERTICAL-ALIGN: top">
<P id=PARA1891><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1892><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">have no obligation to prosecute a lawsuit or other proceeding related to the Shares or the Trust&#8217;s property on behalf of any holders of Shares or on behalf of any other person; and</FONT></P></FONT></TD></TR></TABLE><BR>
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<TD style="WIDTH: 18pt">
<P id=PARA1896 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 9pt; VERTICAL-ALIGN: top">
<P id=PARA1894><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1895><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">may rely upon any advice or information from other persons they believe in good faith to be competent to provide such advice or information.</FONT></P></FONT></TD></TR></TABLE>
<P id=PARA1301 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1300 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">In addition, under the Trust Agreement, the Trust is obligated to indemnify the Sponsor and its shareholders, directors, officers, employees, affiliates and subsidiaries for any liability or expense incurred by any such person that arises out of or in connection with the performance of obligations under the Trust Agreement or any actions taken in accordance with</FONT></P>
<P id=PARA1901.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<A id=TOCLINK1901  href="#TOC">Table Of Contents</A>
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<P id=PARA1302 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">the provisions of the Trust Agreement, absent such person&#8217;s negligence, bad faith, willful misconduct, willful malfeasance or reckless disregard of such person&#8217;s duties and obligations.</FONT></P>
<P id=PARA1304 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1303 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2145  name="BKMK2145"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Requirements</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> for Trustee Actions</B></FONT></P>
<P id=PARA1306 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1305 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Before the Trustee delivers or registers a transfer of Shares, makes a distribution on Shares, or permits withdrawal of Trust property, the Trustee may require:</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
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<P id=PARA1907 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 9pt; VERTICAL-ALIGN: top">
<P id=PARA1905><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1906><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">payment of stock transfer or other taxes or other governmental charges and transfer or registration fees charged by third parties for the transfer of any Shares or Trust property;</FONT></P></FONT></TD></TR></TABLE><BR>
<TABLE id=TBL1903  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

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<TD style="WIDTH: 18pt">
<P id=PARA1910 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 9pt; VERTICAL-ALIGN: top">
<P id=PARA1908><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1909><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">satisfactory proof of the identity and genuineness of any signature or other information it deems necessary; and</FONT></P></FONT></TD></TR></TABLE><BR>
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<TD style="WIDTH: 18pt">
<P id=PARA1913 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 9pt; VERTICAL-ALIGN: top">
<P id=PARA1911><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1912><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">compliance with regulations it may establish, from time to time, consistent with the Trust Agreement, including presentation of transfer documents.</FONT></P></FONT></TD></TR></TABLE>
<P id=PARA1315 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1314 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trustee may suspend the delivery or registration of transfers of Shares, or may refuse a particular deposit or transfer at any time when the transfer books of the Trustee are closed or if the Trustee or the Sponsor thinks it necessary or advisable for any reason. Redemptions may be suspended only (i) during any period in which regular trading on NYSE Arca is suspended or restricted or the exchange is closed (other than scheduled holiday or weekend closings), or (ii) during an emergency as a result of which delivery, disposal or evaluation of gold is not reasonably practicable.</FONT></P>
<P id=PARA1317 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1316 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2146  name="BKMK2146"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B>THE</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B> SECURITIES DEPOSITORY; BOOK-ENTRY-ONLY SYSTEM; GLOBAL SECURITY</B></FONT></P>
<P id=PARA1319 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1318 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">DTC acts as securities depository for the Shares. DTC is a limited-purpose trust company organized under the laws of the State of New York, a member of the Federal Reserve System, a &#8220;clearing corporation&#8221; within the meaning of the New York Uniform Commercial Code, and a &#8220;clearing agency&#8221; registered pursuant to the provisions of Section 17A of the Exchange Act. DTC was created to hold securities of its participants and to facilitate the clearance and settlement of transactions in those securities among DTC Participants through electronic book-entry changes. This eliminates the need for physical movement of securities certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations, some of whom (and/or their representatives) own DTC. Access to the DTC system is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly. DTC agrees with and represents to its participants that it will administer its book-entry system in accordance with its rules and by-laws and requirements of law.</FONT></P>
<P id=PARA1321 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1320 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Individual certificates are not issued for the Shares. Instead, a global certificate is signed by the Trustee on behalf of the Trust, registered in the name of Cede &amp; Co., as nominee for DTC, and deposited with the Trustee on behalf of DTC. The global certificate represents all of the Shares outstanding at any time.</FONT></P>
<P id=PARA1323 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1322 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Upon the settlement date of any creation, transfer or redemption of Shares, DTC will credit or debit, on its book-entry registration and transfer system, the number of Shares so created, transferred or redeemed to the accounts of the appropriate DTC Participants. The Trustee and the DTC Participants will designate the accounts to be credited and charged in the case of creation or redemption of Shares.</FONT></P>
<P id=PARA1325 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1324 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Beneficial ownership of the Shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants. Owners of beneficial interests in the Shares will be shown on, and the transfer of ownership is effected only through, records maintained by DTC, with respect to DTC Participants, the records of DTC Participants, with respect to Indirect Participants, and the records of Indirect Participants with respect to beneficial owners that are not DTC Participants or Indirect Participants. Beneficial owners are expected to receive from or through a DTC Participant a written confirmation relating to their purchase of the Shares.</FONT></P>
<P id=PARA1327 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1326 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Investors may transfer Shares through DTC by instructing the DTC Participant or Indirect Participant through which they hold their Shares to transfer the Shares. Transfers will be made in accordance with standard securities industry practice.</FONT></P>
<P id=PARA1329 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1328 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">DTC may decide to discontinue providing its service for the Shares by giving notice to the Trustee and the Sponsor. Under these circumstances, the Trustee and the Sponsor will either find a replacement for DTC to perform its functions</FONT></P>
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<DIV id=PGFTR1916  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1916  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">23</DIV>
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<A id=TOCLINK1916  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1916  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1916.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA1330 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">at a comparable cost or, if a replacement is unavailable, deliver separate certificates for Shares to the DTC Participants having Shares credited to their accounts.</FONT></P>
<P id=PARA1332 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1331 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The rights of the Shareholders generally must be exercised by DTC Participants acting on their behalf in accordance with the rules and procedures of DTC.</FONT></P>
<P id=PARA1334 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1333 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust Agreement provides that, as long as the Shares are represented by a global certificate registered in the name of DTC or its nominee, the Trustee will be entitled to treat DTC as the holder of the Shares.</FONT></P>
<P id=PARA1336 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1335 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2147  name="BKMK2147"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B>THE</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B> SPONSOR</B></FONT></P>
<P id=PARA1338 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1337 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor of the Trust is iShares</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">&#174;</FONT></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> Delaware Trust Sponsor LLC, a Delaware limited liability company and an indirect subsidiary of BlackRock, Inc. The Sponsor&#8217;s principal office is located at 400 Howard Street, San Francisco, CA 94105.</FONT></P>
<P id=PARA1340 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1339 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2148  name="BKMK2148"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>The</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> Sponsor&#8217;s Role</B></FONT></P>
<P id=PARA1342 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1341 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee&#8217;s Fee, the Custodian&#8217;s Fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses and up to $100,000 per annum in legal fees and expenses.</FONT></P>
<P id=PARA1344 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1343 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor does not exercise day-to-day oversight over the Trustee or the Custodian. The Sponsor may remove the Trustee and appoint a successor trustee if the Trustee ceases to meet certain objective requirements (including the requirement that it have capital, surplus and undivided profits of at least $150 million) or if, having received written notice of a material breach of its obligations under the Trust Agreement, the Trustee has not cured the breach within 30 days. The Sponsor also has the right to replace the Trustee during the 90 days following any merger, consolidation or conversion in which the Trustee is not the surviving entity or, in its discretion, on the fifth anniversary of the creation of the Trust or on any subsequent third anniversary thereafter. The Sponsor also has the right to approve any new or additional custodian that the Trustee may wish to appoint.</FONT></P>
<P id=PARA1346 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1345 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2149  name="BKMK2149"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Principals</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> and Key Personnel of the Sponsor</B></FONT></P>
<P id=PARA1348 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1347 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Patrick Dunne is the President and Chief Executive Officer, Jack Gee is the Chief Financial Officer and a Director and Charles Park is the Chief Compliance Officer of the Sponsor.</FONT></P>
<P id=PARA1350 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1349 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor is managed by a Board of Directors composed of Philip Jensen, Peter F. Landini, Kimun Lee, Jack Gee and Paul Lohrey.</FONT></P>
<P id=PARA1352 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1351 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Patrick Dunne</I>, 45, became a principal of the Sponsor in September 2011 and has served as its President and Chief Executive Officer since September 2011. Since October 2013, Mr. Dunne&nbsp;was a principal and associated person, performing supervisory and managerial functions,&nbsp;of BlackRock Asset Management International Inc., a former commodity pool operator that withdrew its commodity pool operator registration in February 2014. Mr.&nbsp;Dunne served as Global Chief Operating Officer of the iShares</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">&#174;</FONT></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> business from October 2010 to October 2011. Prior to that, Mr.&nbsp;Dunne served as Global Head of Securities Lending and Cash Management business from December 2005 to April 2008. Prior to that, Mr.&nbsp;Dunne served as Head of Securities Lending, North America from August 2003 to December 2005; Chief Operating Officer of Barclays Global Investor Services Europe business from January 2002 to August 2003; Head of Strategy, Barclays Global Investor Services North America, a financial services firm,&nbsp;from August 2000 to December 2001; Head of Fixed Income Trading from February 1995 to August 1999; Senior Fixed Income Trader from February 1994 to March 1995; and Fixed Income Portfolio Manager from February 1992 to February 1994. Mr.&nbsp;Dunne became a registered associated person of BlackRock Fund Advisors, a commodity trading advisor registered with the CFTC, in May 1995. Mr.&nbsp;Dunne joined BlackRock Institutional Trust Company, N.A., a national banking association and a commodity trading advisor registered with the CFTC, in October 1991 as an Equity Portfolio Manager in the Portfolio Management Group and became a registered associated person of BlackRock Institutional Trust Company, N.A. in March 1998. Mr.&nbsp;Dunne served as a principal of Barclays Global Investors Ltd., a commodity trading advisor formerly registered with the CFTC, from May 2003 to December 2005 and as a registered associated person of Barclays Global Investors Ltd. from September 2003 to December 2005. Prior to joining BlackRock Institutional Trust Company, N.A., Mr.&nbsp;Dunne served as a Marketing Research Associate at Merrill Lynch&nbsp;&amp; Co., a financial services firm,&nbsp;from May 1991 to October 1991. Mr.&nbsp;Dunne earned a Bachelor of Arts degree in economics from the University of California at Berkeley in 1991 and a Master of Science degree in management from the Stanford Graduate School of Business in 2000.</FONT></P>
<P id=PARA1917.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<DIV id=PGNUM1917  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">24</DIV>
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<A id=TOCLINK1917  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1917  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1917.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA1354 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1353 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Jack Gee</I>, 55, became a principal of the Sponsor in September 2011 and serves as its Chief Financial Officer. Since December 2011, Mr.&nbsp;Gee was a principal of BlackRock Asset Management International Inc., a former commodity pool operator that withdrew its commodity pool operator registration in February 2014, and serves as its Chief Financial Officer, Chief Operating Officer and Director. Mr.&nbsp;Gee served as Director of US Fund Administration of BlackRock Institutional Trust Company N.A., a national banking association and a commodity trading advisor registered with the CFTC,&nbsp;from September 2004 to January 2010. Since January 2010, Mr.&nbsp;Gee has served as Managing Director, performing supervisory and managerial functions,&nbsp;of BlackRock Institutional Trust Company, N.A. Prior to joining BlackRock Institutional Trust Company, N.A., Mr.&nbsp;Gee served as Chief Financial Officer of Parnassus Investments, an investment adviser registered with the SEC, from March 2004 to September 2004; Chief Financial Officer of Cazenave Partners, an investment adviser registered with the SEC, from October 2003 to March 2004; Controller of Paul Capital Partners, an investment firm focusing on the secondary private equity and healthcare market, from October 2002 to October 2003; Chief Financial Officer of Fremont Investment Advisors, Inc., an investment adviser formerly registered with the SEC, from October 1997 to September 2002. Mr.&nbsp;Gee earned a Bachelor of Science degree in accounting from the California State University in 1982.</FONT></P>
<P id=PARA1356 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1355 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Charles Park</I>, 47, became a principal of the Sponsor in December 2012 and serves as Chief Compliance Officer for that entity and the iShares business. Mr. Park became a principal of BlackRock Fund Advisors in December 2012 and performs supervisory and managerial functions. Mr. Park became a principal of BlackRock Advisors LLC in June 2014 and performs supervisory and managerial functions. BlackRock Advisors LLC is a commodity pool operator and commodity trading advisor registered with the CFTC. Since December 2012,&nbsp;Mr. Park was a principal of BlackRock Asset Management International Inc., a former commodity pool operator that withdrew its commodity pool operator registration in February 2014, and served as its Chief Compliance Officer. Mr. Park joined BlackRock Institutional Trust Company, N.A., a national banking association and a commodity trading advisor registered with the CFTC, in August 2006 and performs supervisory and managerial functions. Prior to joining BlackRock Institutional Trust Company, N.A., Mr. Park served as Chief Compliance Officer of American Century Investment Management, Inc., a commodity pool operator and commodity trading advisor, from October 1995 to July 2006. Mr. Park earned a Bachelor of Arts degree in economics from the University of Michigan in 1989 and a Juris Doctor from the University of Michigan in 1992.</FONT></P>
<P id=PARA1358 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1357 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Philip Jensen, </I>55, became a principal of the Sponsor in September 2009, and is Chairman of the Sponsor&#8217;s audit committee. Since June 2001, Mr.&nbsp;Jensen has served as Partner and Chief Financial Officer of Paul Capital Partners, an investment firm focusing on the secondary private equity and healthcare market. Mr.&nbsp;Jensen received his Bachelor of Science from San Francisco State University and is a certified public accountant.</FONT></P>
<P id=PARA1360 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1359 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Peter F. Landini</I>, 63, became a principal of the Sponsor in September 2009 and is a member of the Sponsor&#8217;s audit committee. In January 2003, Mr.&nbsp;Landini joined RBP Investment Advisors, Inc., a financial planning consultancy firm, for which he presently serves as Partner and Wealth Manager. Mr.&nbsp;Landini received his Bachelor of Science degree in Accounting from Santa Clara University and an MBA in Finance from Golden Gate University. Mr.&nbsp;Landini is a certified financial planner and is a member of the Financial Planning Association.</FONT></P>
<P id=PARA1362 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1361 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Kimun Lee</I>, 68, became a principal of the Sponsor in September 2009, and is a member of the Sponsor&#8217;s audit committee. Mr.&nbsp;Lee is a California-registered investment adviser and has conducted his consulting business under the name Resources Consolidated since January 1980. Since September 2010, Mr.&nbsp;Lee has served as a member of the Board of directors of Firsthand Technology Value Fund, Inc., a mutual fund company. Since April 2013, Mr.&nbsp;Lee has served as a member of the Board of directors of Firsthand Funds, a mutual fund company. Since April 2014, Mr. Lee has served as a member of the Board of directors of FundX, a mutual fund company. Until January 2005 Mr.&nbsp;Lee also served as a member of the board of directors of Fremont Mutual Funds, Inc., a mutual fund company. Mr.&nbsp;Lee received his Bachelor of Arts from the University of the Pacific and an MBA from University of Nevada, Reno. He also completed the executive education program on corporate governance at Stanford Graduate School of Business.</FONT></P>
<P id=PARA1364 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1363 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Paul Lohrey</I>, 52, CFA, became a principal of the Sponsor in April 2014&nbsp;and performs supervisory and managerial functions.&nbsp;Mr. Lohrey joined BlackRock, Inc., a global asset management firm, as a Managing Director in June 2010.&nbsp; Prior to joining BlackRock, Inc., Mr. Lohrey served as Chief Investment Officer, Europe for The Vanguard Group, an asset management firm,&nbsp;from August 1994 to May 2010.&nbsp; Mr. Lohrey earned a Bachelor of Arts degree in economics from Duke University in 1984 and an MBA in Finance from the University of Chicago in 1986.</FONT></P>
<P id=PARA1366 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1365 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Greg Savage</I>, 43, became a principal and associated person of the Sponsor in July 2012 and performs supervisory and managerial functions.&nbsp;Since March 2009, Mr. Savage was&nbsp;a principal and associated person, performing supervisory and managerial functions,&nbsp;of BlackRock Asset Management International Inc., a former commodity pool operator that</FONT></P>
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<P id=PARA1367 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">withdrew its commodity pool operator registration in February 2014. Mr. Savage has served as a Senior Portfolio Manager and Team Leader for BlackRock Fund Advisors, an investment advisor registered with the SEC and a commodity trading advisor registered with the CFTC, since September 2007 and became a principal and associated person of that entity in March 2009. Mr. Savage also served as a Portfolio Manager for BFA from March 2001 to September 2007. Mr. Savage served as a Transition Services Manager for BlackRock Institutional Trust Company, N.A., a national banking association and commodity trading advisor registered with the CFTC, from June 1999 to March 2001 and became an associated person of that entity in June 2007. Mr. Savage received his Bachelor of Science in Accounting from the University of Colorado at Boulder and is a CFA charterholder. He has the FINRA Series 7, 63 and 3 licenses.</FONT></P>
<P id=PARA1369 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1368 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Russ Koesterich</I>, 47, became a principal of the Sponsor in June 2012 and performs supervisory and managerial functions. Mr. Koesterich became a principal of BlackRock Fund Advisors in July 2012 and performs supervisory and managerial functions. Mr. Koesterich joined BlackRock Institutional Trust Company, N.A., a national banking association and a commodity trading advisor registered with the CFTC, in March 2005, and performs supervisory and managerial functions. Since October 2010, Mr. Koesterich has served as Global Head of Strategy of the iShares</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">&#174;</FONT></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> business. Mr. Koesterich served as a Senior Portfolio manager from March 2005 to March 2007, Head of U.S. Strategy for Active Equity from April 2007 to December 2008 and Head of Global Strategy for Active Equity from January 2009 to September 2010. Prior to joining BlackRock Institutional Trust Company, N.A., Mr. Koesterich served as Head of North American Strategy of State Street Bank and Trust, a national banking association, from June 2002 to March 2005. Mr. Koesterich earned a Bachelor of Arts degree in history from Brandeis University in 1987, a Juris Doctor degree from Boston College in 1990 and an MBA from Columbia University in 1995.</FONT></P>
<P id=PARA1371 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1370 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Daniel Waltcher</I>, 51, became a principal and serves as Secretary and Managing Director, performing supervisory and managerial functions,&nbsp;of the Sponsor since February 2012. Mr. Waltcher joined BlackRock Fund Advisors in December 2009 as a Director and has been its principal, performing supervisory and managerial functions, since January 2010 and its Secretary since February 2012. Since November 2012, Mr. Waltcher has been a principal, performing supervisory and managerial functions,&nbsp;of BlackRock Advisors, LLC, an investment management company registered with the CFTC as a commodity trading advisor, commodity pool operator and swap firm. Mr. Waltcher has served as Deputy General Counsel and Managing Director of BlackRock Inc., a global asset management firm, since January 2005. From October 1998 to December 2001, Mr. Waltcher served as Director and Senior Counsel at BlackRock, Inc. and from January 2002 to December 2004, he served as Managing Director and Senior Counsel at that entity. Mr. Waltcher became a principal and serves as Managing Director, performing supervisory and managerial functions,&nbsp;of BlackRock Asset Management International Inc., a former commodity pool operator that withdrew its commodity pool operator registration in February 2014, BlackRock Financial Management Inc, an investment management company and a commodity trading advisor registered with the CFTC, BlackRock Institutional Trust Company, N.A., a national banking association and a commodity trading advisor registered with the CFTC and BlackRock Investment Management LLC, an investment management company since February 2012. Previously, Mr. Waltcher was Senior Counsel of Chancellor Capital Management, Inc., a money management firm, from July 1995 to September 1998 and an associate at Simpson Thacher &amp; Bartlett, a law firm, from October 1989 to June 1995. Mr. Waltcher received his Bachelor of Arts from Cornell University in 1984 and his JD from Cornell Law School in 1989.</FONT></P>
<P id=PARA1373 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1372 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">BlackRock Asset Management International Inc. became a principal of the Sponsor in June 2009.</FONT></P>
<P id=PARA1375 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1374 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2150  name="BKMK2150"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>The</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> Sponsor&#8217;s Fee</B></FONT></P>
<P id=PARA1377 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1376 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor&#8217;s Fee accrues daily and is paid monthly in arrears at an annualized rate equal to 0.25% of the net asset value of the Trust.</FONT></P>
<P id=PARA1379 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1378 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2151  name="BKMK2151"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B>THE</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B> TRUSTEE</B></FONT></P>
<P id=PARA1381 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1380 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Bank of New York Mellon, a banking corporation organized under the laws of the State of New York with trust powers, serves as the Trustee. The Bank of New York Mellon has a trust office at 2 Hanson Place, 9th Floor, Brooklyn, New York 11217. The Bank of New York Mellon is subject to supervision by the New York State Department of Financial Services and the Board of Governors of the Federal Reserve System. Information regarding creation and redemption Basket Gold Amount, NAV of the Trust, transaction fees and the names of the parties that have each executed an Authorized Participant Agreement may be obtained from The Bank of New York Mellon by calling the following number:</FONT></P>
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<P id=PARA1382 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(212) 815-6250. A copy of the Trust Agreement is available for inspection at The Bank of New York Mellon&#8217;s trust office identified above. The Bank of New York Mellon had at least $150 million in capital and retained earnings as of December 31, 2013.</FONT></P>
<P id=PARA1384 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1383 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2152  name="BKMK2152"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>The</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> Trustee&#8217;s Role</B></FONT></P>
<P id=PARA1386 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1385 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trustee is responsible for the day-to-day administration of the Trust. This includes (i) processing orders for the creation and redemption of Baskets; (ii) coordinating with the Custodian the receipt and delivery of gold transferred to, or by, the Trust in connection with each issuance and redemption of Baskets; (iii) calculating the net asset value of the Trust on each business day; and (iv) selling the Trust&#8217;s gold as needed to cover the Trust&#8217;s expenses. In addition, the Trustee will prepare the financial statements of the Trust.</FONT></P>
<P id=PARA1388 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1387 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trustee&#8217;s Fees are paid by the Sponsor.</FONT></P>
<P id=PARA1390 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1389 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trustee and any of its affiliates may from time to time purchase or sell Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.</FONT></P>
<P id=PARA1392 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1391 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2153  name="BKMK2153"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B>THE</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B> CUSTODIAN</B></FONT></P>
<P id=PARA1394 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1393 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">JPMorgan Chase Bank N.A., a national banking association acting through its London branch, serves as the Custodian of the Trust&#8217;s gold.</FONT></P>
<P id=PARA1396 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1395 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2154  name="BKMK2154"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>The</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> Custodian&#8217;s Role</B></FONT></P>
<P id=PARA1398 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1397 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Custodian is responsible for safekeeping the gold deposited with it in connection with the creation of Baskets. The Custodian is appointed by the Trustee and is responsible to the Trustee only. The Custodian has no obligation to accept any additional delivery on behalf of the Trust if, after giving effect to such delivery, the total value of the Trust&#8217;s gold held by the Custodian exceeds $50 billion. If this limit is exceeded, the Sponsor anticipates that the Trustee, with the consent of the Sponsor, would retain an additional custodian. While the Sponsor will seek any agreement with an additional custodian to be at least as protective of the interests of the Trust as the current agreement with the Custodian is, the actual terms and conditions of such agreement will only be negotiated at the time such additional custodian becomes necessary. The identity of such additional custodian, as well as market conditions prevailing at the time, may, among other factors, result in the need to hire an additional custodian under terms and conditions significantly different from those in the agreement with JPMorgan Chase Bank N.A., London branch. For example, the duration of the agreement with the additional custodian, its fees, the maximum amount of gold that the additional custodian will hold on behalf of the Trust, the scope of the additional custodian&#8217;s liability (including with respect to gold held by subcustodians) and the additional custodian&#8217;s standard of care may not be exactly the same as in the agreement with JPMorgan Chase Bank N.A., London branch.</FONT></P>
<P id=PARA1400 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1399 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Custodian is responsible for conducting certain limited inspections of the gold delivered by an Authorized Participant and exercising a level of care similar to that used for its own account. However, the Custodian is not responsible for conducting any chemical or other tests designed to verify that such gold meets the purity requirements referred to in the Trust Agreement.</FONT></P>
<P id=PARA1402 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1401 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Custodian&#8217;s Fees are paid by the Sponsor.</FONT></P>
<P id=PARA1404 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1403 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Custodian has agreed to purchase from the Trust, at the request of the Trustee, gold needed to cover Trust expenses at a price equal to the price used by the Trustee to determine the value of the gold held by the Trust on the date of the sale.</FONT></P>
<P id=PARA1406 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1405 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Custodian and any of its subsidiaries and affiliates may from time to time purchase or sell Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.</FONT></P>
<P id=PARA1408 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1407 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2155  name="BKMK2155"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Custody</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> of the Trust&#8217;s Gold</B></FONT></P>
<P id=PARA1410 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1409 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The following is a description of the material provisions of the Custodian Agreement between the Trustee and JPMorgan Chase Bank N.A., London branch, as the Custodian, under which the Custodian will hold the gold that belongs to the Trust. For additional information, see the Custodian Agreement filed as an exhibit to the registration statement of which</FONT></P>
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<P id=PARA1411 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">this prospectus is a part. The Custodian&#8217;s registered office is 125 London Wall, London, EC2Y 5AJ, England. English law governs the Custodian Agreement.</FONT></P>
<P id=PARA1413 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1412 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Custodian will receive and hold gold that is deposited for the account of the Trust. The Custodian will release gold from the Trust&#8217;s account when instructed in writing by the Trustee, and not otherwise.</FONT></P>
<P id=PARA1415 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1414 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Custodian may keep the Trust&#8217;s gold at locations in New York, Toronto or London, or with the consent of the Trustee and the Sponsor, in other places. The Custodian may, at its own expense and risk, use subcustodians to discharge its obligations to the Trust under the Custodian Agreement. The Custodian has agreed that it will only retain subcustodians if they agree to grant to the Trustee and the independent registered public accounting firm of the Trust access to records and inspection rights similar to those granted by JPMorgan Chase Bank N.A., London branch, in its agreement with the Trustee. The Custodian will remain responsible to the Trustee for any gold held by any subcustodian appointed by the Custodian to the same extent as if such gold were held by the Custodian itself.</FONT></P>
<P id=PARA1417 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1416 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">When instructed by the Trustee, the Custodian will make gold from the Trust&#8217;s account available for collection at its office or at the office of a subcustodian where the gold is being held or will deliver up to 430 ounces of gold on an unallocated basis to any account maintained with it or, if the Custodian considers it lawful and practical, to an account maintained with any other custodial institution. As a result, in connection with redemptions of shares, gold may be received on an unallocated basis in an account maintained anywhere (if the Custodian considers it lawful and practical to do so), or gold may be collected at any of the physical locations where the Custodian is holding the Trust&#8217;s gold in England, the United States&nbsp;or Canada, to the extent the gold is available in any particular location.</FONT></P>
<P id=PARA1419 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1418 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Custodian has agreed to use reasonable care in the performance of its duties to the Trust, and will only be responsible for any loss or damage suffered by the Trust as a direct result of the Custodian&#8217;s negligence, fraud or willful default in the performance of its duties. The Custodian&#8217;s liability to the Trust, if any, will be limited to the value of any gold lost, or the amount of any balance held on an unallocated basis, at the time of the Custodian&#8217;s negligence, fraud or willful default.</FONT></P>
<P id=PARA1421 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1420 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">None of the Custodian, or its directors, employees, agents or affiliates will incur any liability to the Trust if, by reason of any law or regulation, or of an act of God, terrorism or other circumstance beyond the Custodian&#8217;s control, the Custodian is prevented or forbidden from, or delayed in, performing its obligations under the Custodian Agreement. The Custodian has agreed to indemnify the Trustee for any loss or liability directly resulting from a breach of the Custodian&#8217;s representations and warranties in the Custodian Agreement, a failure of the Custodian to act in accordance with the Trustee&#8217;s instructions or any physical loss, destruction or damage to the gold held for the Trust&#8217;s account, except for losses due to nuclear accidents, terrorism, riots, acts of God, insurrections, strikes and similar causes beyond the control of the Custodian for which the Custodian will not be responsible to the Trust. The Custodian will be responsible for the Trust&#8217;s gold held at subcustodians to the same extent as if that gold were in the Custodian&#8217;s own vault.</FONT></P>
<P id=PARA1423 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1422 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust has agreed to indemnify the Custodian for any loss incurred in connection with the Custodian Agreement, other than losses due to the Custodian&#8217;s negligence, fraud or willful default.</FONT></P>
<P id=PARA1425 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1424 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Custodian may hold gold for the account of the Trust on an unallocated basis. However, the Custodian must allocate gold bars to the account of the Trust so that no gold is held for the Trust&#8217;s account on an unallocated basis at the end of each business day of the Custodian.</FONT></P>
<P id=PARA1427 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1426 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Custodian has agreed to maintain insurance in support of its custodial obligations under the Custodian Agreement, including covering any loss of gold. The Custodian has the right to reduce, cancel or allow to expire without replacement this insurance coverage, provided that it gives prior written notice to the Trustee. In the case of a cancellation or expiration without replacement, the required notice must be at least 30 days prior to the last day of coverage. The insurance is held for the benefit of the Custodian, not for the benefit of the Trust or the Trustee, and the Trustee may not submit a claim under the insurance maintained by the Custodian.</FONT></P>
<P id=PARA1429 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1428 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Either the Trustee or the Custodian may terminate the Custodian Agreement as of a date on or after January 1, 2015, by giving not less than 180 business days written notice to the other party.</FONT></P>
<P id=PARA1431 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1430 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trustee has agreed to submit to the non-exclusive jurisdiction of English courts in connection with any dispute arising under the Custodian Agreement. This submission to jurisdiction by the Trustee does not affect any right that the holders of the Shares may otherwise have to institute proceedings against the Trust, the Trustee or the Custodian before any other court of competent jurisdiction.</FONT></P>
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<A id=TOCLINK1921  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1921  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1921.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1432 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2156  name="BKMK2156"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B>UNITED</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B> STATES FEDERAL INCOME TAX CONSEQUENCES</B></FONT></P>
<P id=PARA1435 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1434 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The following discussion of the material United States federal income tax consequences that generally will apply to the purchase, ownership and disposition of Shares by a U.S. Shareholder (as defined below), and certain United States federal income consequences that may apply to an investment in Shares by a Non-U.S. Shareholder (as defined below), represents, insofar as it describes conclusions as to United States federal income tax law and subject to the limitations and qualifications described therein, the opinion of Clifford Chance US LLP, special United States federal income tax counsel to the Sponsor. The discussion below is based on the Code, Treasury Regulations promulgated thereunder and judicial and administrative interpretations of the Code, all as in effect on the date of this prospectus and all of which are subject to change either prospectively or retroactively. The tax treatment of Shareholders may vary depending upon their own particular circumstances. Certain Shareholders (including banks, financial institutions, insurance companies, tax-exempt organizations, broker- dealers, traders, Shareholders that are partnerships for United States federal income tax purposes, persons holding Shares as a position in a &#8220;hedging,&#8221; &#8220;straddle,&#8221; &#8220;conversion,&#8221; or &#8220;constructive sale&#8221; transaction for United States federal income tax purposes, persons whose &#8220;functional currency&#8221; is not the U.S. dollar, or other investors with special circumstances) may be subject to special rules not discussed below. In addition, the following discussion applies only to investors who will hold Shares as &#8220;capital assets&#8221; within the meaning of section 1221 of the Code. Moreover, the discussion below does not address the effect of any state, local or foreign tax law on an owner of Shares. Purchasers of Shares are urged to consult their own tax advisers with respect to all federal, state, local and foreign tax law considerations potentially applicable to their investment in Shares.</FONT></P>
<P id=PARA1437 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1436 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">For purposes of this discussion, a &#8220;U.S. Shareholder&#8221; is a Shareholder that is:</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
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<P id=PARA1928 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 9pt; VERTICAL-ALIGN: top">
<P id=PARA1926><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1927><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">an individual who is treated as a citizen or resident of the United States for United States federal income tax purposes;</FONT></P></FONT></TD></TR></TABLE><BR>
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<TD style="WIDTH: 18pt">
<P id=PARA1931 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 9pt; VERTICAL-ALIGN: top">
<P id=PARA1929><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1930><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">a corporation (or entity treated as a corporation for United States federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia;</FONT></P></FONT></TD></TR></TABLE><BR>
<TABLE id=TBL1924  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt">
<P id=PARA1934 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 9pt; VERTICAL-ALIGN: top">
<P id=PARA1932><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1933><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">an estate, the income of which is includible in gross income for United States federal income tax purposes regardless of its source; or</FONT></P></FONT></TD></TR></TABLE><BR>
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<TD style="WIDTH: 18pt">
<P id=PARA1937 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 9pt; VERTICAL-ALIGN: top">
<P id=PARA1935><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8226;</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1936><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">a trust, if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons have the authority to control all substantial decisions of the trust, or a trust that has made a valid election under applicable Treasury Regulations to be treated as a domestic trust.</FONT></P></FONT></TD></TR></TABLE>
<P id=PARA1448 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1447 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">A Shareholder that is not (i) a U.S. Shareholder as defined above or (ii) a partnership for United States federal income tax purposes is considered a &#8220;Non-U.S. Shareholder&#8221; for purposes of this discussion.</FONT></P>
<P id=PARA1450 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1449 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2157  name="BKMK2157"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Taxation</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> of the Trust</B></FONT></P>
<P id=PARA1452 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1451 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor and the Trustee will treat the Trust as a &#8220;grantor trust&#8221; for United States federal income tax purposes. In the opinion of Clifford Chance US LLP, special United States federal income tax counsel to the Sponsor, the Trust will be classified as a &#8220;grantor trust&#8221; for United States federal income tax purposes. As a result, the Trust itself will not be subject to United States federal income tax. Instead, the Trust&#8217;s income and expenses will &#8220;flow through&#8221; to the Shareholders, and the Trustee will report the Trust&#8217;s income, gains, losses and deductions to the IRS on that basis. The opinion of Clifford Chance US LLP represents only its best legal judgment and is not binding on the IRS or any court. Accordingly, there can be no assurance that the IRS will agree with the conclusions of counsel&#8217;s opinion and it is possible that the IRS or another tax authority could assert a position contrary to one or all of those conclusions and that a court could sustain that contrary position. Neither the Sponsor nor the Trustee will request a ruling from the IRS with respect to the classification of the Trust for United States federal income tax purposes. If the IRS were to assert successfully that the Trust is not classified as a &#8220;grantor trust,&#8221; the Trust would be classified as a partnership for United States federal income tax purposes, which may affect timing and other tax consequences to the Shareholders.</FONT></P>
<P id=PARA1454 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1453 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The following discussion assumes that the Trust will be classified as a &#8220;grantor trust&#8221; for United States federal income tax purposes.</FONT></P>
<P id=PARA1456 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<DIV id=PGFTR1941  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
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<A id=TOCLINK1941  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1941  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1941.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA1455 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2158  name="BKMK2158"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Taxation</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> of U.S. Shareholders</B></FONT></P>
<P id=PARA1458 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1457 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shareholders will be treated, for United States federal income tax purposes, as if they directly owned a pro rata share of the underlying assets held in the Trust. Shareholders also will be treated as if they directly received their respective pro rata shares of the Trust&#8217;s income, if any, and as if they directly incurred their respective pro rata shares of the Trust&#8217;s expenses. In the case of a Shareholder that purchases Shares for cash, its initial tax basis in its pro rata share of the assets held in the Trust at the time it acquires its Shares will be equal to its cost of acquiring the Shares. In the case of a Shareholder that acquires its Shares as part of a creation of a Basket, the delivery of gold to the Trust in exchange for the underlying gold represented by the Shares will not be a taxable event to the Shareholder, and the Shareholder&#8217;s tax basis and holding period for the Shareholder&#8217;s pro rata share of the gold held in the Trust will be the same as its tax basis and holding period for the gold delivered in exchange therefor. For purposes of this discussion, and unless stated otherwise, it is assumed that all of a Shareholder&#8217;s Shares are acquired on the same date and at the same price per Share. Shareholders that hold multiple lots of Shares, or that are contemplating acquiring multiple lots of Shares, should consult their own tax advisers as to the determination of the tax basis and holding period for the underlying gold related to such Shares.</FONT></P>
<P id=PARA1460 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1459 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">When the Trust sells gold, for example to pay expenses, a Shareholder will recognize gain or loss in an amount equal to the difference between (a) the Shareholder&#8217;s pro rata share of the amount realized by the Trust upon the sale and (b) the Shareholder&#8217;s tax basis for its pro rata share of the gold that was sold. A Shareholder&#8217;s tax basis for its share of any gold sold by the Trust generally will be determined by multiplying the Shareholder&#8217;s total basis for its share of all of the gold held in the Trust immediately prior to the sale, by a fraction the numerator of which is the amount of gold sold, and the denominator of which is the total amount of the gold held in the Trust immediately prior to the sale. After any such sale, a Shareholder&#8217;s tax basis for its pro rata share of the gold remaining in the Trust will be equal to its tax basis for its share of the total amount of the gold held in the Trust immediately prior to the sale, less the portion of such basis allocable to its share of the gold that was sold.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The delivery to the Trust of gold in specified denominations (<I>e.g.</I>, COMEX gold in denominations of 100 ounces) and the subsequent delivery by the Trust of gold in different denominations (<I>e.g.</I>, LBMA gold in denominations of 400 ounces) will not constitute a taxable event.</FONT></P>
<P id=PARA1462 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1461 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Upon a Shareholder&#8217;s sale of some or all of its Shares, the Shareholder will be treated as having sold the portion of its pro rata share of the gold held in the Trust at the time of the sale that is attributable to the Shares sold. Accordingly, the Shareholder generally will recognize gain or loss on the sale in an amount equal to the difference between (a) the amount realized pursuant to the sale of the Shares, and (b) the Shareholder&#8217;s tax basis for the portion of its pro rata share of the gold held in the Trust at the time of sale that is attributable to the Shares sold, as determined in the manner described in the preceding paragraph.</FONT></P>
<P id=PARA1464 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1463 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">A redemption of some or all of a Shareholder&#8217;s Shares in exchange for the underlying gold represented by the Shares redeemed generally will not be a taxable event to the Shareholder.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">In addition, a Shareholder that acquires its Shares as part of a creation of a Basket by the delivery to the Trust of gold in specified denominations (<I>e.g.</I>, COMEX gold in denominations of 100 ounces), the subsequent redemption of its Shares for gold delivered by the Trust in different denominations (<I>e.g.</I>, LBMA gold in denominations of 400 ounces) will not constitute a taxable event, provided that the amount of gold received upon redemption contains the equivalent metallic content of the gold delivered upon creation, less amounts accrued or sold to pay the Trust&#8217;s expenses and other charges. The Shareholder&#8217;s tax basis for the gold received in the redemption generally will be the same as the Shareholder&#8217;s tax basis for the portion of its pro rata share of the gold held in the Trust immediately prior to the redemption that is attributable to the Shares redeemed. The Shareholder&#8217;s holding period with respect to the gold received should include the period during which the Shareholder held the Shares redeemed. A subsequent sale of the gold received by the Shareholder will be a taxable event.</FONT></P>
<P id=PARA1466 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1465 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">After any sale or redemption of less than all of a Shareholder&#8217;s Shares, the Shareholder&#8217;s tax basis for its pro rata share of the gold held in the Trust immediately after such sale or redemption generally will be equal to its tax basis for its share of the total amount of the gold held in the Trust immediately prior to the sale or redemption, less the portion of such basis which is taken into account in determining the amount of gain or loss recognized by the Shareholder upon such sale or, in the case of a redemption, is treated as the basis of the gold received by the Shareholder in the redemption.</FONT></P>
<P id=PARA1468 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1467 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2159  name="BKMK2159"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Maximum</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> 28% Long-Term Capital Gains Tax Rate for U.S. Shareholders Who Are Individuals</B></FONT></P>
<P id=PARA1470 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1469 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Under current law, gains recognized by individuals from the sale of &#8220;collectibles,&#8221; including gold, held for more than one year are taxed at a maximum rate of 28%, rather than the current maximum 20% rate applicable to most other long-term</FONT></P>
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<A id=TOCLINK1942  href="#TOC">Table Of Contents</A>
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<P id=PARA1471 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">capital gains. For these purposes, gain recognized by an individual upon the sale of an interest in a trust that holds collectibles is treated as gain recognized on the sale of collectibles, to the extent that the gain is attributable to unrealized appreciation in value of the collectibles held by the Trust. Therefore, any gain recognized by an individual U.S. Shareholder attributable to a sale of Shares held for more than one year, or attributable to the Trust&#8217;s sale of any gold which the Shareholder is treated (through its ownership of Shares) as having held for more than one year, generally will be taxed at a maximum rate of 28%. The tax rates for capital gains recognized upon the sale of assets held by an individual U.S. Shareholder for one year or less or by a taxpayer other than an individual United States taxpayer are generally the same as those at which ordinary income is taxed.</FONT></P>
<P id=PARA1473 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1472 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2160  name="BKMK2160"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>3.8%</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> Tax on Net Investment Income</B></FONT></P>
<P id=PARA1475 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1474 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Health Care Reform and Education Reconciliation Act of 2010 (Pub. Law 111-152) requires certain U.S. Shareholders who are individuals to pay a 3.8% tax on the lesser of the excess of their modified adjusted gross income over a threshold amount ($250,000 for married persons filing jointly and $200,000 for single taxpayers) or their &#8220;net investment income,&#8221; which generally includes capital gains from the disposition of property. This tax is in addition to any capital gains taxes due on such investment income. A similar tax will apply to estates and trusts. U.S. Shareholders should consult their own tax advisers regarding the effect, if any, this law may have on their investment in the Shares.</FONT></P>
<P id=PARA1477 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1476 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2161  name="BKMK2161"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Brokerage</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> Fees and Trust Expenses</B></FONT></P>
<P id=PARA1479 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1478 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Any brokerage or other transaction fee incurred by a Shareholder in purchasing Shares will be treated as part of the Shareholder&#8217;s tax basis in the underlying assets of the Trust. Similarly, any brokerage fee incurred by a Shareholder in selling Shares will reduce the amount realized by the Shareholder with respect to the sale.</FONT></P>
<P id=PARA1481 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1480 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shareholders will be required to recognize the full amount of gain or loss upon a sale of gold by the Trust (as discussed above), even though some or all of the proceeds of such sale are used by the Trustee to pay Trust expenses. Shareholders may deduct their respective pro rata shares of each expense incurred by the Trust to the same extent as if they directly incurred the expense. Shareholders who are individuals, estates or trusts, however, may be required to treat some or all of the expenses of the Trust as miscellaneous itemized deductions. Individuals may deduct certain miscellaneous itemized deductions only to the extent they exceed 2% of adjusted gross income. In addition, such deductions may be subject to limitations under applicable provisions of the Code.</FONT></P>
<P id=PARA1483 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1482 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2162  name="BKMK2162"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Investment</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> by U.S. Tax-Exempt Shareholders</B></FONT></P>
<P id=PARA1485 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1484 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Certain U.S. Shareholders (&#8220;U.S. Tax-Exempt Shareholders&#8221;) are subject to United States federal income tax only on their &#8220;unrelated business taxable income&#8221; (&#8220;UBTI&#8221;). Unless they incur debt in order to purchase Shares, it is expected that U.S. Tax-Exempt Shareholders should not realize UBTI in respect of income or gains from the Shares. U.S. Tax-Exempt Shareholders should consult their own independent tax advisers regarding the United States federal income tax consequences of holding Shares in light of their particular circumstances.</FONT></P>
<P id=PARA1487 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1486 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2163  name="BKMK2163"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Investment</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> by Regulated Investment Companies</B></FONT></P>
<P id=PARA1489 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1488 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Mutual funds and other investment vehicles which are &#8220;regulated investment companies&#8221; within the meaning of Code section 851 should consult with their tax advisers concerning (i) the likelihood that an investment in Shares, although they are a &#8220;security&#8221; within the meaning of the Investment Company Act of 1940, may be considered an investment in the underlying gold for purposes of Code section 851(b), and (ii) the extent to which an investment in Shares might nevertheless be consistent with preservation of their qualification under Code section 851.</FONT></P>
<P id=PARA1491 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1490 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2164  name="BKMK2164"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Investment</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> by Certain Retirement Plans</B></FONT></P>
<P id=PARA1493 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1492 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Section 408(m) of the Code provides that the purchase of a &#8220;collectible&#8221; as an investment for an IRA, or for a participant-directed account maintained under any plan that is tax-qualified under section 401(a) of the Code, is treated as a taxable distribution from the account to the owner of the IRA, or to the participant for whom the plan account is maintained, of an amount equal to the cost to the account of acquiring the collectible. The Trust has received a private letter ruling from the IRS which provides that the purchase of Shares by an IRA or a participant-directed account maintained under a plan that is tax-qualified under section 401(a) of the Code, will not constitute the acquisition of a</FONT></P>
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<A id=TOCLINK1943  href="#TOC">Table Of Contents</A>
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<P id=PARA1494 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">collectible or be treated as resulting in a taxable distribution to the IRA owner or plan participant under Code section 408(m). However, in the event any redemption of Shares results in the distribution of gold bullion to an IRA or a participant-directed account maintained under a plan that is tax-qualified under Section 401(a) of the Code, such distribution would constitute the acquisition of a collectible to the extent provided under section 408(m) of the Code. See &#8220;ERISA and Related Considerations.&#8221;</FONT></P>
<P id=PARA1496 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1495 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2165  name="BKMK2165"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Taxation</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> of Non-U.S. Shareholders</B></FONT></P>
<P id=PARA1498 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1497 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">A Non-U.S. Shareholder generally will not be subject to United States federal income tax with respect to gain recognized upon the sale or other disposition of Shares, or upon the sale of gold by the Trust, unless (1) the Non-U.S. Shareholder is an individual and is present in the United States for 183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States sources; or (2) the gain is effectively connected with the conduct by the Non-U.S. Shareholder of a trade or business in the United States and certain other conditions are met.</FONT></P>
<P id=PARA1500 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1499 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2166  name="BKMK2166"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>United</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> States Information Reporting and Backup Withholding</B></FONT></P>
<P id=PARA1502 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1501 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trustee will file certain information returns with the IRS, and provide certain tax-related information to Shareholders, in connection with the Trust. Each Shareholder will be provided with information regarding its allocable portion of the Trust&#8217;s annual income (if any) and expenses. A U.S. Shareholder may be subject to United States backup withholding tax in certain circumstances unless it provides its taxpayer identification number and complies with certain certification procedures. Non-U.S. Shareholders may have to comply with certification procedures to establish that they are not a United States person in order to avoid the information reporting and backup withholding tax requirements.</FONT></P>
<P id=PARA1504 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1503 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The amount of any backup withholding will be allowed as a credit against a Shareholder&#8217;s United States federal income tax liability and may entitle such a Shareholder to a refund, provided that the required information is furnished to the IRS in a timely manner.</FONT></P>
<P id=PARA1506 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1505 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2167  name="BKMK2167"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Taxation</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> in Jurisdictions Other Than the United States</B></FONT></P>
<P id=PARA1508 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1507 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Prospective purchasers of Shares that are based in or acting out of a jurisdiction other than the United States are advised to consult their own tax advisers as to the tax consequences, under the laws of such jurisdiction (or any other jurisdiction other than the United States to which they are subject), of their purchase, holding, sale and redemption of or any other dealing in Shares and, in particular, as to whether any value added tax, other consumption tax or transfer tax is payable in relation to such purchase, holding, sale, redemption or other dealing.</FONT></P>
<P id=PARA1510 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1509 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2168  name="BKMK2168"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B>ERISA</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B> AND RELATED CONSIDERATIONS</B></FONT></P>
<P id=PARA1512 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1511 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Employee Retirement Income Security Act of 1974 (&#8220;ERISA&#8221;) and/or section 4975 of the Code impose certain requirements on employee benefit plans and certain other plans and arrangements, including individual retirement accounts and annuities, Keogh plans, and certain collective investment funds or insurance company general or separate accounts in which such plans or arrangements are invested, that are subject to ERISA and/or the Code (collectively, &#8220;Plans&#8221;), and on persons who are fiduciaries with respect to the investment of assets treated as &#8220;plan assets&#8221; of a Plan. Investments by Plans are subject to the fiduciary requirements and the applicability of prohibited transaction restrictions under ERISA.</FONT></P>
<P id=PARA1514 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1513 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Government plans and some church plans are not subject to the fiduciary responsibility provisions of ERISA or the provisions of section 4975 of the Code, but may be subject to substantially similar rules under state or other federal law. Fiduciaries of any such plans are advised to consult with their counsel prior to an investment in Shares.</FONT></P>
<P id=PARA1516 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1515 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">In contemplating an investment of a portion of Plan assets in Shares, the Plan fiduciary responsible for making such investment should carefully consider, taking into account the facts and circumstances of the Plan, the &#8220;Risk Factors&#8221; discussed above and whether such investment is consistent with its fiduciary responsibilities, including, but not limited to: (a) whether the fiduciary has the authority to make the investment under the appropriate governing plan instrument; (b) whether the investment would constitute a direct or indirect non-exempt prohibited transaction with a party in interest; (c) the Plan&#8217;s funding objectives; and (d) whether under the general fiduciary standards of investment</FONT></P>
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<P id=PARA1517 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">prudence and diversification such investment is appropriate for the Plan, taking into account the overall investment policy of the Plan, the composition of the Plan&#8217;s investment portfolio and the Plan&#8217;s need for sufficient liquidity to pay benefits when due.</FONT></P>
<P id=PARA1519 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1518 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2169  name="BKMK2169"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B>PLAN</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B> OF DISTRIBUTION</B></FONT></P>
<P id=PARA1521 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1520 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust issues Shares in Baskets to Authorized Participants in exchange for deposits of gold on a continuous basis. Because new Shares can be created and issued on an ongoing basis, at any point during the life of the Trust, a &#8220;distribution,&#8221; as such term is used in the Securities Act, will be occurring. Authorized Participants, other broker-dealers and other persons are cautioned that some of their activities will result in their being deemed participants in a distribution in a manner which would render them statutory underwriters and subject them to the prospectus-delivery and liability provisions of the Securities Act. For example, an Authorized Participant, other broker-dealer firm or its client will be deemed a statutory underwriter if it purchases a Basket from the Trust, breaks the Basket down into the constituent Shares and sells the Shares to its customers; or if it chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary market demand for the Shares. A determination of whether a particular market participant is an underwriter must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that would lead to designation as an underwriter.</FONT></P>
<P id=PARA1523 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1522 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Investors that purchase Shares through a commission/fee-based brokerage account may pay commissions/fees charged by the brokerage account. We recommend that investors review the terms of their brokerage accounts for details on applicable charges. Dealers that are not &#8220;underwriters&#8221; but are participating in a distribution (as contrasted to ordinary secondary trading transactions), and thus dealing with Shares that are part of an &#8220;unsold allotment&#8221; within the meaning of Section 4(a)(3)(C) of the Securities Act, would be unable to take advantage of the prospectus- delivery exemption provided by Section 4(a)(3) of the Securities Act.</FONT></P>
<P id=PARA1525 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1524 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor intends to qualify the Shares in states selected by the Sponsor and that sales be made through broker-dealers who are members of Financial Industry Regulatory Authority, Inc. (&#8220;FINRA&#8221;). Investors intending to create or redeem Baskets through Authorized Participants in transactions not involving a broker-dealer registered in such investor&#8217;s state of domicile or residence should consult their legal advisor regarding applicable broker-dealer or securities regulatory requirements under the state securities laws prior to such creation or redemption.</FONT></P>
<P id=PARA1527 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1526 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Because FINRA views the Shares as interests in a direct participation program, no FINRA-member, or person associated with a member, will participate in a public offering of Shares except in compliance with Rule 2310 of the FINRA Rules. The Authorized Participants do not receive from the Trust or the Sponsor any compensation in connection with an offering of the Shares.</FONT></P>
<P id=PARA1529 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1528 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2170  name="BKMK2170"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B>LEGAL</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B> MATTERS</B></FONT></P>
<P id=PARA1531 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1530 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The validity of the Shares has been passed upon for the Sponsor by Clifford Chance US LLP, New York, New York, who, as special United States tax counsel to the Sponsor, has also rendered an opinion regarding the material federal income tax consequences relating to the Shares.</FONT></P>
<P id=PARA1533 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1532 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2171  name="BKMK2171"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>License</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> Agreement</B></FONT></P>
<P id=PARA1535 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1534 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">On January 29, 2004, The Bank of New York Mellon granted to the original Sponsor of the Trust (the &#8220;Licensee&#8221;) a perpetual, worldwide, non-exclusive, non-transferable license under The Bank of New York Mellon&#8217;s patents and patent applications that cover securitized gold products solely for the purpose of establishing, operating and marketing any securitized gold financial product that is sold, sponsored or issued by the Licensee.</FONT></P>
<P id=PARA1537 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1536 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2172  name="BKMK2172"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B>EXPERTS</B></FONT></A></P>
<P id=PARA1539 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1538 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The financial statements and management&#8217;s assessment of the effectiveness of internal control over financial reporting (which is included in Management&#8217;s Report on Internal Control over Financial Reporting) incorporated in this prospectus by reference to the Trust&#8217;s Annual Report on Form 10-K for the year ended December 31, 2013 have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.</FONT></P>
<P id=PARA1945.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<DIV id=PGFTR1945  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1945  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">33</DIV>
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<A id=TOCLINK1945  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1945  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1945.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1540 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2173  name="BKMK2173"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B>WHERE</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B> YOU CAN FIND MORE INFORMATION; INCORPORATION OF CERTAIN<BR>INFORMATION BY REFERENCE</B></FONT></P>
<P id=PARA1543 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1542 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">This prospectus is a part of a registration statement on Form S-3 filed by the Sponsor with the SEC under the Securities Act. As permitted by the rules and regulations of the SEC, this prospectus does not contain all of the information contained in the registration statement and the exhibits and schedules thereto. For further information about the Trust and about the securities offered hereby, you should consult the registration statement and the exhibits and schedules thereto. You should be aware that statements contained in this prospectus concerning the provisions of any documents filed as an exhibit to the registration statement or otherwise filed with the SEC are not necessarily complete, and in each instance reference is made to the copy of such document as so filed.</FONT></P>
<P id=PARA1545 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1544 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust files annual, quarterly and current reports and other information with the Securities and Exchange Commission (Commission File Number 001-32418). These filings contain important information which does not appear in this prospectus. For further information about the Trust, you may read and copy these filings at the SEC&#8217;s Internet site (www.sec.gov) or at its public reference room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the public reference room by calling the SEC at 1-800-SEC-0330.</FONT></P>
<P id=PARA1547 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1546 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The SEC allows the &#8220;incorporation by reference&#8221; of information into this prospectus, which means that information may be disclosed to you by referring you to other documents filed or which will be filed with the SEC. The following documents filed or to be filed by the Trust are so incorporated by reference:</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
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<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA1949><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">1.</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1950><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Annual Report on Form 10-K for the fiscal year ended December 31, 2013;</FONT></P></FONT></TD></TR></TABLE><BR>
<TABLE id=TBL1947  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA1951><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">2.</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1952><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">All Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed or furnished by the Trust since the end of the fiscal year covered by the Annual Report on Form 10-K referred to above; and</FONT></P></FONT></TD></TR></TABLE><BR>
<TABLE id=TBL1948  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA1953><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">3.</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA1954><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The description of the Shares contained in the registration statement on Form 8-A filed with the SEC on January 25, 2005.</FONT></P></FONT></TD></TR></TABLE>
<P id=PARA1556 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1555 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">In addition, unless otherwise provided therein, any reports filed by the Trust with the SEC pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this prospectus and before the termination or completion of this offering shall be deemed to be incorporated by reference in this prospectus and to be a part of it from the filing dates of such documents and shall automatically update or supersede, as applicable, any information included in, or incorporated by reference into this prospectus.</FONT></P>
<P id=PARA1558 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1557 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Certain statements in and portions of this prospectus update and replace information in the above listed documents incorporated by reference. Likewise, statements in or portions of a future document incorporated by reference in this prospectus may update and replace statements in and portions of this prospectus or the above listed documents.</FONT></P>
<P id=PARA1560 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1559 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor will provide you without charge, upon your written or oral request, a copy of any or all of the information that has been incorporated by reference into this prospectus but not delivered with the prospectus. Please direct your written or telephone requests to iShares</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">&#174;</FONT></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> Delaware Trust Sponsor LLC, 400 Howard Street, San Francisco, CA 94105, Attention: Mutual Fund Administration (Tel: 1-800-474-2737). You may also obtain information about the Trust by visiting its website at www.iShares.com. Information contained in the Trust&#8217;s website is not part of this prospectus.</FONT></P>
<P id=PARA1562 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<DIV id=PGFTR1957  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1957  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">34</DIV>
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<A id=TOCLINK1957  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1957  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1957.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA1561 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK2174  name="BKMK2174"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase"><B>GLOSSARY</B></FONT></A></P>
<P id=PARA1564 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1563 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">In this prospectus, each of the following terms has the meaning set forth below:</FONT></P>
<P id=PARA1566 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1565 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;Authorized Participant&#8221;&nbsp;&#8212; A person who, at the time of submitting to the Trustee an order to create or redeem one or more Baskets (i) is a registered broker-dealer, (ii) is a DTC Participant or an Indirect Participant, and (iii) has in effect a valid Authorized Participant Agreement.</FONT></P>
<P id=PARA1568 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1567 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;Authorized Participant Agreement&#8221; &#8212; An agreement entered into by an Authorized Participant, the Sponsor and the Trustee that provides the procedures for the creation and redemption of Baskets.</FONT></P>
<P id=PARA1570 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1569 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;Basket&#8221; &#8212; A block of 50,000 Shares (as such number may be increased or decreased pursuant to the Trust Agreement).</FONT></P>
<P id=PARA1572 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1571 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;Basket&nbsp;Gold Amount&#8221; &#8212; The amount of gold (measured in Fine Ounces), determined on each Business Day by the Trustee, which Authorized Participants must transfer to the Trust in exchange for a Basket, or will receive in exchange for each Basket surrendered for redemption.</FONT></P>
<P id=PARA1574 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1573 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;Business Day&#8221; &#8212; Any day other than: (i) a Saturday or a Sunday, or (ii) a day on which NYSE Arca is closed for regular trading.</FONT></P>
<P id=PARA1576 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1575 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;CFTC&#8221; &#8212; Commodity Futures Trading Commission, an independent agency with the mandate to regulate commodity futures and option markets in the United States, or any successor governmental agency in the United States.</FONT></P>
<P id=PARA1578 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1577 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;Code&#8221; &#8212; The United States Internal Revenue Code of 1986, as amended.</FONT></P>
<P id=PARA1580 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1579 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;COMEX&#8221; &#8212; The exchange market on&nbsp;gold futures contracts operated by Commodity Exchange, Inc., a subsidiary of New York Mercantile Exchange, Inc.</FONT></P>
<P id=PARA1582 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1581 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;Commodity Exchange Act&#8221; or &#8220;CEA&#8221; &#8212; The United States Commodity Exchange Act of 1936, as amended.</FONT></P>
<P id=PARA1584 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1583 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;Custodian&#8221; &#8212; JPMorgan Chase Bank, N.A., a national banking association acting through its London branch.</FONT></P>
<P id=PARA1586 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1585 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;Custodian Agreement&#8221; &#8212; The agreement, governed by English law,&nbsp;between the Trustee and the Custodian&nbsp;regarding the custody of the Trust&#8217;s gold.</FONT></P>
<P id=PARA1588 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1587 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;DTC&#8221; &#8212; The Depository Trust Company, a limited purpose trust company organized under the New York Banking Law, a &#8220;banking organization&#8221; within the meaning of the New York Banking Law, a member of the United States Federal Reserve System, a &#8220;clearing corporation&#8221; within the meaning of the New York Uniform Commercial Code and a &#8220;clearing agency&#8221; registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934.</FONT></P>
<P id=PARA1590 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1589 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;DTC Participant&#8221; &#8212; An entity that has an account with DTC.</FONT></P>
<P id=PARA1592 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1591 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;ERISA&#8221; &#8212; The Employee Retirement Income Security Act of 1974, as amended.</FONT></P>
<P id=PARA1594 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1593 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;Exchange Act&#8221; &#8212; The United States Securities Exchange Act of 1934, as amended.</FONT></P>
<P id=PARA1596 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1595 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;Fine Ounce&#8221; &#8212; An Ounce of 100% pure gold. The number of Fine Ounces in a gold bar may be calculated by multiplying the gross weight in Ounces by the fineness, expressed as a fraction of the fine metal content in parts per 1000.</FONT></P>
<P id=PARA1598 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1597 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;FINRA&#8221; &#8212; Financial Industry Regulatory Authority, Inc.</FONT></P>
<P id=PARA1600 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1599 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;Indirect Participant&#8221; &#8212; An entity that has access to the DTC clearing system by clearing securities through, or maintaining a custodial relationship with, a DTC Participant.</FONT></P>
<P id=PARA1602 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1601 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;IRA&#8221; &#8212; Individual retirement account.</FONT></P>
<P id=PARA1604 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1603 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;IRS&#8221; &#8212; Internal Revenue Service.</FONT></P>
<P id=PARA1606 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1605 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;LBMA&#8221; &#8212; The London Bullion Market Association, a trade association that acts as the coordinator for activities conducted on behalf of its members and other participants in the London bullion market.</FONT></P>
<P id=PARA1608 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK1958  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR1958  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1958  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">35</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK1958  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1958  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1958.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA1607 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;London Good Delivery Bar&#8221; &#8212; A bar of&nbsp;gold meeting the London Good Delivery Standards.</FONT></P>
<P id=PARA1610 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1609 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;London Good Delivery Standards&#8221; &#8212; The specifications for weight, dimensions, fineness (or purity), identifying marks and appearance of gold bars as set forth in &#8220;The Good Delivery Rules for Gold and Silver Bars&#8221; published by the LBMA.</FONT></P>
<P id=PARA1612 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1611 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;London PM Fix&#8221; &#8212; As of any day, the price of gold fixed in the afternoon of such day (London time) by the London Gold Market Fixing Ltd.</FONT></P>
<P id=PARA1614 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1613 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;NAV&#8221; &#8212; Net asset value per Share. See &#8220;Business of the Trust &#8212; Valuation of Gold; Computation of Net Asset Value&#8221; for a description of how the net asset value of the Trust and the NAV are calculated.</FONT></P>
<P id=PARA1616 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1615 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;Non-U.S. Shareholder&#8221; &#8212; A&nbsp;shareholder that is not a U.S. Shareholder.</FONT></P>
<P id=PARA1618 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1617 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;NYMEX&#8221; &#8212; New York Mercantile Exchange, Inc.</FONT></P>
<P id=PARA1620 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1619 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;NYSE Arca&#8221; &#8212; The NYSE Arca Marketplace operated by NYSE Arca Equities, Inc.</FONT></P>
<P id=PARA1622 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1621 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;OTC&#8221; &#8212; The global Over-the-Counter market for the trading of&nbsp;gold which consists of transactions in spot, forwards, and options and other derivatives.</FONT></P>
<P id=PARA1624 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1623 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;Ounce&#8221; &#8212; A troy ounce, equal to 1.0971428 ounces avoirdupois. &#8220;Avoirdupois&#8221; is the system of weights used in the U.S. and Great Britain for goods other than precious metals, gems and drugs. In that system, a pound has 16 ounces and an ounce has 16 drams.</FONT></P>
<P id=PARA1626 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1625 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;Plan&#8221; &#8212; Any (a) employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the fiduciary responsibility provisions of ERISA, as set forth in Title I thereof, (b) plan described in Section 4975(e)(1) of the Code that is subject to Section 4975 of the Code, including individual retirement accounts and Keogh plans, (c) entity whose underlying assets include plan assets by reason of a plan&#8217;s investment in such entity.</FONT></P>
<P id=PARA1628 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1627 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;SEC&#8221; &#8212; The Securities and Exchange Commission of the United States, or any successor governmental agency in the United States.</FONT></P>
<P id=PARA1630 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1629 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;Securities Act&#8221; &#8212; The United States Securities Act of 1933, as amended.</FONT></P>
<P id=PARA1632 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1631 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;Shareholders&#8221; &#8212; Owners of beneficial interests in the Shares.</FONT></P>
<P id=PARA1634 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1633 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;Shares&#8221; &#8212; Units of fractional undivided beneficial interest in the net assets of the Trust which are issued by the Trust.</FONT></P>
<P id=PARA1636 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1635 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;Sponsor&#8221; &#8212; iShares</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">&#174;</FONT></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> Delaware Trust Sponsor LLC, an indirect subsidiary of BlackRock, Inc.</FONT></P>
<P id=PARA1638 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1637 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;TOCOM&#8221; &#8212; The Tokyo Commodity Exchange.</FONT></P>
<P id=PARA1640 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1639 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;Tonne&#8221; &#8212; One metric ton which is equivalent to 1,000 kilograms or 32,150.7465 troy ounces.</FONT></P>
<P id=PARA1642 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1641 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;Trust&#8221; &#8212; The iShares</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">&#174;</FONT>&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Gold Trust, a New York trust formed pursuant to the Trust Agreement.</FONT></P>
<P id=PARA1644 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1643 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;Trust Agreement&#8221; &#8212; The Third Amended and Restated Depositary Trust Agreement dated February 28, 2013, among the Sponsor, The Bank of New York Mellon, the registered and beneficial owners from time to time of Shares and all persons that deposit&nbsp;gold for creation of Shares under which the Trust is governed.</FONT></P>
<P id=PARA1646 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1645 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;Trustee&#8221; &#8212; The Bank of New York Mellon, a banking corporation organized under the laws of the State of New York with trust powers.</FONT></P>
<P id=PARA1648 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1647 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;Unallocated&#8221; &#8212;&nbsp;Gold is said to be held in unallocated form at a custodian when the person in whose name&nbsp;gold is so held is entitled to receive delivery of&nbsp;gold in the amount standing to the credit of that person&#8217;s account, but that person has no ownership interest in any particular&nbsp;gold that the custodian maintaining the account owns or holds. In contrast,&nbsp;gold is held in &#8220;allocated&#8221; form when specific bars of&nbsp;gold held by the custodian are identified as the property of the person holding the &#8220;allocated&#8221; account.</FONT></P>
<P id=PARA1650 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1649 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&#8220;U.S. Shareholder&#8221; &#8212; A Shareholder that is (1) an individual who is treated as a citizen or resident of the United States for United States federal income tax purposes; (2) a corporation&nbsp;(or an entity treated as a corporation for&nbsp;United States federal income tax purposes)&nbsp;created or organized in or under the laws of the United States or any political subdivision thereof; (3) an estate, the income of which is includible in gross income for United States federal income tax purposes</FONT></P>
<P id=PARA1959.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK1959  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR1959  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1959  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">36</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK1959  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1959  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1959.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA1651 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">regardless of its source; or (4) a trust, if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons have the authority to control all substantial decisions of the trust, or a trust that has made a valid election under applicable Treasury Regulations to be treated as a domestic trust.</FONT></P>
<P id=PARA1652 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK1960  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR1960  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1960  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">37</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK1960  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR1960  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1960.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<HR style="MARGIN-BOTTOM: 2px; BORDER-TOP: medium none; HEIGHT: 3px; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; COLOR: #000000; BORDER-LEFT: medium none; MARGIN-TOP: 0px; BACKGROUND-COLOR: #000000">

<HR style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; POSITION: relative; COLOR: #000000; BORDER-LEFT: medium none; MARGIN-TOP: 0px; TOP: 0px; BACKGROUND-COLOR: #000000">

<P id=PARA1653 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1654 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 24pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 24pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 24pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 24pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 24pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>iShares</B></FONT><FONT style="FONT-SIZE: 24pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">&#174;</FONT></B></FONT><FONT style="FONT-SIZE: 24pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> Gold Trust</B></FONT></P>
<P id=PARA1656 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1655 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 18pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>80,700,000&nbsp;Shares</B></FONT></P>
<P id=PARA1657 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA1658 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1659 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 18pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>PROSPECTUS</B></FONT></P>
<P id=PARA1661 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1660 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 12pt; FONT-FAMILY: Arial, Helvetica, sans-serif">October 10, 2014</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">IS-P-IAU-1014</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
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<A id=TOCLINK331  href="#TOC">Table Of Contents</A>
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<P id=PARA103 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>PART II&#8212;INFORMATION NOT REQUIRED IN PROSPECTUS</B></FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&nbsp;</B></FONT></P>
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<P id=PARA329><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 14.</FONT></B></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA330><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Other Expenses of Issuance and Distribution. </B></FONT></P></FONT></B></TD></TR></TABLE>
<P id=PARA108 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA107 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The trust shall not bear any expenses incurred in connection with the issuance and distribution of the securities being registered. These expenses shall be paid by the sponsor.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 45pt; VERTICAL-ALIGN: top">
<P id=PARA109 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 15.</B></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA110 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Indemnification of Directors and Officers. </B></FONT></P></TD></TR></TABLE>
<P id=PARA113 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA112 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Section 5.6(b) of the Trust Agreement provides that the trustee shall indemnify the sponsor, its directors, employees and agents against, and hold each of them harmless from, any loss, liability, cost, expense or judgment (including reasonable fees and expenses of counsel) (i) caused by the negligence or bad faith of the trustee or (ii) arising out of any information furnished in writing to the sponsor by the trustee expressly for use in the registration statement, or any amendment thereto, or in a periodic report filed with the SEC relating to the Shares that is not materially altered by the sponsor. </FONT></P>
<P id=PARA115 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA114 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Section 5.6(d) of the Trust Agreement provides that the sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries shall be indemnified from the trust and held harmless against any loss, liability or expense incurred without their (1) negligence, bad faith, willful misconduct or willful malfeasance arising out of or in connection with the performance of its obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement or (2) reckless disregard of their obligations and duties under the Trust Agreement.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<P id=PARA116 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 16.</B></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA117 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Exhibits. </B></FONT></P></TD></TR></TABLE>
<P id=PARA120 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA119 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(a) Exhibits</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<P id=PARA121 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Exhibit No</B></FONT></P></TD>
<TD style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&nbsp; </TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" colSpan=2>
<P id=PARA122 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Description</B></FONT></P></TD>
<TD style="WIDTH: 2.7%; VERTICAL-ALIGN: bottom" colSpan=2>&nbsp; </TD>
<TD style="WIDTH: 39.1%; VERTICAL-ALIGN: bottom">&nbsp; </TD></TR>
<TR>
<TD style="WIDTH: 14.7%; VERTICAL-ALIGN: middle" colSpan=2>&nbsp; </TD>
<TD style="WIDTH: 43.5%; VERTICAL-ALIGN: middle" colSpan=3>&nbsp; </TD>
<TD style="WIDTH: 41.7%; VERTICAL-ALIGN: middle" colSpan=3>&nbsp; </TD></TR>
<TR>
<TD style="WIDTH: 14.7%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA123 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">4.1</FONT></P></TD>
<TD style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&nbsp; </TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA124 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Third Amended and Restated Depositary Trust Agreement</FONT></P></TD>
<TD style="WIDTH: 2.7%; VERTICAL-ALIGN: bottom" colSpan=2>&nbsp; </TD>
<TD style="WIDTH: 39.1%; VERTICAL-ALIGN: top">
<P id=PARA125 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Incorporated by reference to Exhibit 4.1 filed with the Annual Report on Form 10-K filed by the Registrant on February 28, 2013</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 14.7%; VERTICAL-ALIGN: middle" colSpan=2>&nbsp; </TD>
<TD style="WIDTH: 43.5%; VERTICAL-ALIGN: middle" colSpan=3>&nbsp; </TD>
<TD style="WIDTH: 41.7%; VERTICAL-ALIGN: middle" colSpan=3>&nbsp; </TD></TR>
<TR>
<TD style="WIDTH: 14.7%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA126 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">4.2</FONT></P></TD>
<TD style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&nbsp; </TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA127 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Standard Terms for Authorized Participant Agreements</FONT></P></TD>
<TD style="WIDTH: 2.7%; VERTICAL-ALIGN: bottom" colSpan=2>&nbsp; </TD>
<TD style="WIDTH: 39.1%; VERTICAL-ALIGN: top">
<P id=PARA128 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Incorporated by reference to Exhibit 4.2 filed with the Amendment No. 1 to Annual Report on Form 10-K filed by the Registrant on November 12, 2008</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 14.7%; VERTICAL-ALIGN: middle" colSpan=2>&nbsp; </TD>
<TD style="WIDTH: 43.5%; VERTICAL-ALIGN: middle" colSpan=3>&nbsp; </TD>
<TD style="WIDTH: 41.7%; VERTICAL-ALIGN: middle" colSpan=3>&nbsp; </TD></TR>
<TR>
<TD style="WIDTH: 14.7%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA129 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">5</FONT></P></TD>
<TD style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&nbsp; </TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA130 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Opinion of Clifford Chance US LLP as to legality</FONT></P></TD>
<TD style="WIDTH: 2.7%; VERTICAL-ALIGN: bottom" colSpan=2>&nbsp; </TD>
<TD style="WIDTH: 39.1%; VERTICAL-ALIGN: top">
<P id=PARA131 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Filed herewith</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 14.7%; VERTICAL-ALIGN: middle" colSpan=2>&nbsp; </TD>
<TD style="WIDTH: 43.5%; VERTICAL-ALIGN: middle" colSpan=3>&nbsp; </TD>
<TD style="WIDTH: 41.7%; VERTICAL-ALIGN: middle" colSpan=3>&nbsp; </TD></TR>
<TR>
<TD style="WIDTH: 14.7%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA132 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">8</FONT></P></TD>
<TD style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&nbsp; </TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA133 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Opinion of Clifford Chance US LLP as to tax matters</FONT></P></TD>
<TD style="WIDTH: 2.7%; VERTICAL-ALIGN: bottom" colSpan=2>&nbsp; </TD>
<TD style="WIDTH: 39.1%; VERTICAL-ALIGN: top">
<P id=PARA134 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Filed herewith</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 14.7%; VERTICAL-ALIGN: middle" colSpan=2>&nbsp; </TD>
<TD style="WIDTH: 43.5%; VERTICAL-ALIGN: middle" colSpan=3>&nbsp; </TD>
<TD style="WIDTH: 41.7%; VERTICAL-ALIGN: middle" colSpan=3>&nbsp; </TD></TR>
<TR>
<TD style="WIDTH: 14.7%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA135 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">10.1</FONT></P></TD>
<TD style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&nbsp; </TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA136 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">First Amended and Restated Custodian Agreement between The Bank of New York Mellon and JPMorgan Chase Bank N.A., London branch</FONT></P></TD>
<TD style="WIDTH: 2.7%; VERTICAL-ALIGN: bottom" colSpan=2>&nbsp; </TD>
<TD style="WIDTH: 39.1%; VERTICAL-ALIGN: top">
<P id=PARA137 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Incorporated by reference to Exhibit 10.1 filed with Current Report on Form 8-K on September 2, 2010</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 14.7%; VERTICAL-ALIGN: middle" colSpan=2>&nbsp; </TD>
<TD style="WIDTH: 43.5%; VERTICAL-ALIGN: middle" colSpan=3>&nbsp; </TD>
<TD style="WIDTH: 41.7%; VERTICAL-ALIGN: middle" colSpan=3>&nbsp; </TD></TR>
<TR>
<TD style="WIDTH: 14.7%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA138 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">10.2</FONT></P></TD>
<TD style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&nbsp; </TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA139 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Sub-license Agreement</FONT></P></TD>
<TD style="WIDTH: 2.7%; VERTICAL-ALIGN: bottom" colSpan=2>&nbsp; </TD>
<TD style="WIDTH: 39.1%; VERTICAL-ALIGN: top">
<P id=PARA140 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Incorporated by reference to Exhibit 10.2 filed with the Amendment No. 1 to Annual Report on Form 10-K filed by the Registrant on November 12, 2008</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 14.7%; VERTICAL-ALIGN: middle" colSpan=2>&nbsp; </TD>
<TD style="WIDTH: 43.5%; VERTICAL-ALIGN: middle" colSpan=3>&nbsp; </TD>
<TD style="WIDTH: 41.7%; VERTICAL-ALIGN: middle" colSpan=3>&nbsp; </TD></TR>
<TR>
<TD style="WIDTH: 14.7%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA141 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">10.3</FONT></P></TD>
<TD style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&nbsp; </TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA142 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">First Amendment to First Amended and Restated Custodian Agreement between The Bank of New York Mellon and JPMorgan Chase Bank N.A., London branch.</FONT></P></TD>
<TD style="WIDTH: 2.7%; VERTICAL-ALIGN: bottom" colSpan=2>&nbsp; </TD>
<TD style="WIDTH: 39.1%; VERTICAL-ALIGN: top">
<P id=PARA143 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Incorporated by reference to Exhibit 10.1 filed with Current Report on Form 8-K on February 14, 2012</FONT></P></TD></TR></TABLE>
<P id=PARA287 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;<FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<DIV id=PGFTR288  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM288  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
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<A id=TOCLINK288  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR288  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA288.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<TD style="WIDTH: 14.7%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA144 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">10.4</FONT></P></TD>
<TD style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&nbsp; </TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA145 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Assignment, Delegation and Assumption Agreement between BlackRock Asset Management International Inc. and iShares Delaware Trust Sponsors LLC</FONT></P></TD>
<TD style="WIDTH: 2.7%; VERTICAL-ALIGN: bottom" colSpan=2>&nbsp; </TD>
<TD style="WIDTH: 39.1%; VERTICAL-ALIGN: top">
<P id=PARA146 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Incorporated by reference to Exhibit 10.4 filed with the Post-Effective Amendment No. 1 to Registration Statement No. 333-184325 on November 16, 2012</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 14.7%; VERTICAL-ALIGN: top" colSpan=2>&nbsp;</TD>
<TD style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: top" colSpan=2>&nbsp;</TD>
<TD style="WIDTH: 2.7%; VERTICAL-ALIGN: bottom" colSpan=2>&nbsp;</TD>
<TD style="WIDTH: 39.1%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 14.7%; VERTICAL-ALIGN: top" colSpan=2>23.1</TD>
<TD style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: top" colSpan=2>Consent of PricewaterhouseCoopers LLP</TD>
<TD style="WIDTH: 2.7%; VERTICAL-ALIGN: bottom" colSpan=2>&nbsp;</TD>
<TD style="WIDTH: 39.1%; VERTICAL-ALIGN: top">Filed herewith</TD></TR>
<TR>
<TD style="WIDTH: 14.7%; VERTICAL-ALIGN: top" colSpan=2>&nbsp;</TD>
<TD style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: top" colSpan=2>&nbsp;</TD>
<TD style="WIDTH: 2.7%; VERTICAL-ALIGN: bottom" colSpan=2>&nbsp;</TD>
<TD style="WIDTH: 39.1%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 14.7%; VERTICAL-ALIGN: top" colSpan=2>23.2</TD>
<TD style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: top" colSpan=2>Consent of Clifford Chance US LLP</TD>
<TD style="WIDTH: 2.7%; VERTICAL-ALIGN: bottom" colSpan=2>&nbsp;</TD>
<TD style="WIDTH: 39.1%; VERTICAL-ALIGN: top">Included in Exhibits 5 and 8</TD></TR>
<TR>
<TD style="WIDTH: 14.7%; VERTICAL-ALIGN: top" colSpan=2>&nbsp;</TD>
<TD style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: top" colSpan=2>&nbsp;</TD>
<TD style="WIDTH: 2.7%; VERTICAL-ALIGN: bottom" colSpan=2>&nbsp;</TD>
<TD style="WIDTH: 39.1%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 14.7%; VERTICAL-ALIGN: top" colSpan=2>24.1</TD>
<TD style="WIDTH: 3.6%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: top" colSpan=2>Powers of attorney are included on the signature page to this registration statement</TD>
<TD style="WIDTH: 2.7%; VERTICAL-ALIGN: bottom" colSpan=2>&nbsp;</TD>
<TD style="WIDTH: 39.1%; VERTICAL-ALIGN: top">&nbsp;</TD></TR></TABLE>
<P id=PARA157 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA156 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(b) Financial Statement Schedules </FONT></P>
<P id=PARA159 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA158 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Not applicable.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 45pt; VERTICAL-ALIGN: top">
<P id=PARA160 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 17.</B></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA161 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Undertakings. </B></FONT></P></TD></TR></TABLE>
<P id=PARA164 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA163 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The undersigned Registrant hereby undertakes: </FONT></P>
<P id=PARA166 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA165 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 24.45pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: </FONT></P>
<P id=PARA168 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA167 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 48.95pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(i) To include any prospectus required by section 10(a)(3) of the Securities Act of 1933; </FONT></P>
<P id=PARA170 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA169 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 48.95pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement; and </FONT></P>
<P id=PARA172 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA171 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 48.95pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement. </FONT></P>
<P id=PARA174 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA173 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 48.95pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Provided, however</I>, That: </FONT></P>
<P id=PARA176 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA175 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 24.45pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(A) Paragraphs (1)(i) and (1)(ii) of this section do not apply if the registration statement is on Form S-8 (&#167;239.16b of this chapter), and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in the registration statement; and </FONT></P>
<P id=PARA178 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA177 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 24.45pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(B) Paragraphs (1)(i), (1)(ii) and (1)(iii) of this section do not apply if the registration statement is on Form S-3 (&#167;239.13 of this chapter) or Form F-3 (&#167;239.33 of this chapter) and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) (&#167;230.424(b) of this chapter) that is part of the registration statement. </FONT></P>
<P id=PARA180 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK289  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR289  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM289  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
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<A id=TOCLINK289  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR289  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA289.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA179 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 24.45pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(C) <I>Provided, further, however, </I>that paragraphs (1)(i) and (1)(ii) do not apply if the registration statement is for an offering of asset-backed securities on Form S-1 (&#167;239.11 of this chapter) or Form S-3 (&#167;239.13 of this chapter), and the information required to be included in a post-effective amendment is provided pursuant to Item 1100(c) of Regulation AB (&#167;229.1100(c)). </FONT></P>
<P id=PARA182 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA181 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 24.45pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof. </FONT></P>
<P id=PARA184 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA183 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 24.45pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. </FONT></P>
<P id=PARA186 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA185 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 24.45pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(4) If the registrant is a foreign private issuer, to file a post-effective amendment to the</FONT></P>
<P id=PARA188 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA187 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 24.45pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">registration statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Act need not be furnished, provided, that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, with respect to registration statements on Form F-3, a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3) of the Act or Rule 3-19 of this chapter if such financial statements and information are contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the Form F-3. </FONT></P>
<P id=PARA190 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA189 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 24.45pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(5) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser: </FONT></P>
<P id=PARA192 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA191 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 48.95pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(i) If the registrant is relying on Rule 430B (&#167;230.430B of this chapter): </FONT></P>
<P id=PARA194 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA193 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 79.55pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(A) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) (&#167;230.424(b)(3) of this chapter) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and </FONT></P>
<P id=PARA196 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA195 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 79.55pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) (&#167;230.424(b)(2), (b)(5), or (b)(7) of this chapter) as part of a registration statement in reliance or Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) (&#167;230.415(a)(1)(i), (vii), or (x) of this chapter) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of an included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability proposes of the issuer and any person that is at that date an underwriter such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof. <I>Provided, however</I>, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchase with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or </FONT></P>
<P id=PARA198 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<DIV id=PGFTR290  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM290  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
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<A id=TOCLINK290  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR290  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA290.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA197 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 48.95pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(ii) If the registrant is subject to Rule 430C (&#167;230.430C of this chapter), each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A (&#167;230.430A of this chapter), shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use. </FONT></P>
<P id=PARA199 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 24.45pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA200 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 24.45pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;(6) That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities: The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: </FONT></P>
<P id=PARA202 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA201 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 48.95pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424 (&#167;230.424 of this chapter); </FONT></P>
<P id=PARA204 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA203 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 48.95pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; </FONT></P>
<P id=PARA206 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA205 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 48.95pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and </FONT></P>
<P id=PARA208 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA207 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 48.95pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. </FONT></P>
<P id=PARA210 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA209 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 24.45pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(7) That, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&#8217;s annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof. </FONT></P>
<P id=PARA212 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA211 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 24.45pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(8) That insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue. </FONT></P>
<P id=PARA213.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<A id=TOCLINK213  href="#TOC">Table Of Contents</A>
<DIV id=PGHDR213  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA213.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA214 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>SIGNATURES</B></FONT></P>
<P id=PARA216 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA215 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of San Francisco, California, on October 10, 2014. </FONT></P>
<P id=PARA217 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<P id=PARA292 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">iShares</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">&#174;</FONT></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> Delaware Trust Sponsor LLC</FONT></P>
<P id=PARA219 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Sponsor of the iShares</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">&#174;</FONT></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> Gold Trust*</FONT></P></TD></TR>
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<TD style="WIDTH: 55%">
<P id=PARA294 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="WIDTH: 2%">
<P id=PARA295 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="WIDTH: 43%">
<P id=PARA296 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD></TR>
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<P id=PARA297 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="WIDTH: 2%">
<P id=PARA298 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">By:&nbsp;</P></TD>
<TD style="WIDTH: 43%; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA299 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">/s/ Patrick Dunne&nbsp;</P></TD></TR>
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<P id=PARA300 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="WIDTH: 2%">
<P id=PARA301 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="WIDTH: 43%">
<P id=PARA302 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt"><B>Patrick Dunne</B></P></TD></TR>
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<TD style="WIDTH: 55%">
<P id=PARA303 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="WIDTH: 2%">
<P id=PARA304 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="WIDTH: 43%">
<P id=PARA305 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">Chief Executive Officer, Principal Executive Officer, President</P></TD></TR>
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<TD style="WIDTH: 55%">
<P id=PARA306 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="WIDTH: 2%">
<P id=PARA307 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="WIDTH: 43%">
<P id=PARA308 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD></TR>
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<TD style="WIDTH: 55%">
<P id=PARA309 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="WIDTH: 2%">
<P id=PARA310 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">By:&nbsp;</P></TD>
<TD style="WIDTH: 43%; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA311 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">/s/ Jack Gee&nbsp;</P></TD></TR>
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<TD style="WIDTH: 55%">
<P id=PARA312 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="WIDTH: 2%">
<P id=PARA313 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="WIDTH: 43%">
<P id=PARA314 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt"><B>Jack Gee</B></P></TD></TR>
<TR>
<TD style="WIDTH: 55%">
<P id=PARA315 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="WIDTH: 2%">
<P id=PARA316 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="WIDTH: 43%">
<P id=PARA317 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">Chief Financial Officer, Principal Accounting Officer</P></TD></TR></TABLE>
<P id=PARA236 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B></B></FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>POWER OF ATTORNEY </B></FONT></P>
<P id=PARA238 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA237 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Each person whose signature appears below hereby constitutes Patrick Dunne, Jack Gee, Paul Lohrey, Philip Jensen, Peter F. Landini and Kimun Lee, and each of them singly, his true and lawful attorneys-in-fact with full power to sign on behalf of such person, in the capacities indicated below, any and all amendments to this registration statement and any subsequent related registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, and generally to do all such things in the name and on behalf of such person, in the capacities indicated below, to enable the Registrant to comply with the provisions of the Securities Act of 1933 and all requirements of the Securities and Exchange Commission thereunder, hereby ratifying and confirming the signature of such person as it may be signed by said attorneys-in-fact, or any of them, on any and all amendments to this registration statement or any such subsequent related registration statement. </FONT></P>
<P id=PARA240 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA239 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities* and on the dates indicated. </FONT></P>
<P id=PARA242 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA241 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 24.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=TBL278  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA243 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Signature</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&nbsp; </TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA244 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Capacity</B></FONT></P></TD>
<TD style="WIDTH: 2.1%; VERTICAL-ALIGN: bottom">&nbsp; </TD>
<TD style="WIDTH: 21.9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA245 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Date</B></FONT></P></TD></TR>
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<TD style="WIDTH: 1%; VERTICAL-ALIGN: middle">&nbsp; </TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: middle">&nbsp; </TD>
<TD style="WIDTH: 2.1%; VERTICAL-ALIGN: middle">&nbsp; </TD>
<TD style="WIDTH: 21.9%; VERTICAL-ALIGN: middle">&nbsp; </TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA246 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">/s/ Patrick Dunne</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: top">
<P id=PARA248 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 12pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -12pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Chief Executive Officer, President</FONT></P></TD>
<TD style="WIDTH: 2.1%; VERTICAL-ALIGN: top">
<P id=PARA250 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 21.9%; VERTICAL-ALIGN: bottom">
<P id=PARA251 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">September 30, 2014</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top">
<P id=PARA252 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Patrick Dunne</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 2.1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 21.9%; VERTICAL-ALIGN: top">&nbsp; </TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: middle">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: middle">&nbsp; </TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: middle">&nbsp; </TD>
<TD style="WIDTH: 2.1%; VERTICAL-ALIGN: middle">&nbsp; </TD>
<TD style="WIDTH: 21.9%; VERTICAL-ALIGN: middle">&nbsp; </TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA253 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">/s/ Jack Gee</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: bottom">
<P id=PARA255 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Director, Chief Financial Officer, Principal Accounting Officer</FONT></P></TD>
<TD style="WIDTH: 2.1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 21.9%; VERTICAL-ALIGN: bottom">
<P id=PARA256 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">September 29, 2014</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top">
<P id=PARA257 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Jack Gee</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 2.1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 21.9%; VERTICAL-ALIGN: top">&nbsp; </TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: middle">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: middle">&nbsp; </TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: middle">&nbsp; </TD>
<TD style="WIDTH: 2.1%; VERTICAL-ALIGN: middle">&nbsp; </TD>
<TD style="WIDTH: 21.9%; VERTICAL-ALIGN: middle">&nbsp; </TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA258 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">/s/ Paul Lohrey</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: top">
<P id=PARA260 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 12pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -12pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Director</FONT></P></TD>
<TD style="WIDTH: 2.1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 21.9%; VERTICAL-ALIGN: top">
<P id=PARA262 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">September 29, 2014</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top">
<P id=PARA264 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Paul Lohrey</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 2.1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 21.9%; VERTICAL-ALIGN: top">&nbsp; </TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: middle">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: middle">&nbsp; </TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: middle">&nbsp; </TD>
<TD style="WIDTH: 2.1%; VERTICAL-ALIGN: middle">&nbsp; </TD>
<TD style="WIDTH: 21.9%; VERTICAL-ALIGN: middle">&nbsp; </TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA266 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">/s/ Philip Jensen</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: top">
<P id=PARA267 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 12pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -12pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Director</FONT></P></TD>
<TD style="WIDTH: 2.1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 21.9%; VERTICAL-ALIGN: top">
<P id=PARA268 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">October 4, 2014</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top">
<P id=PARA269 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Philip Jensen</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 2.1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 21.9%; VERTICAL-ALIGN: top">&nbsp; </TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: middle">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: middle">&nbsp; </TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: middle">&nbsp; </TD>
<TD style="WIDTH: 2.1%; VERTICAL-ALIGN: middle">&nbsp; </TD>
<TD style="WIDTH: 21.9%; VERTICAL-ALIGN: middle">&nbsp; </TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA270 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">/s/ Peter F. Landini</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: top">
<P id=PARA271 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 12pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -12pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Director</FONT></P></TD>
<TD style="WIDTH: 2.1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 21.9%; VERTICAL-ALIGN: top">
<P id=PARA272 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">October 7, 2014</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top">
<P id=PARA273 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Peter F. Landini</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 2.1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 21.9%; VERTICAL-ALIGN: top">&nbsp; </TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: middle">&nbsp; </TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: middle">&nbsp; </TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: middle">&nbsp; </TD>
<TD style="WIDTH: 2.1%; VERTICAL-ALIGN: middle">&nbsp; </TD>
<TD style="WIDTH: 21.9%; VERTICAL-ALIGN: middle">&nbsp; </TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA274 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">/s/ Kimun Lee</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: top">
<P id=PARA275 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 12pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -12pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Director</FONT></P></TD>
<TD style="WIDTH: 2.1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 21.9%; VERTICAL-ALIGN: top">
<P id=PARA276 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">October 7, 2014</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: top">
<P id=PARA277 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Kimun Lee</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 2.1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 21.9%; VERTICAL-ALIGN: top">&nbsp; </TD></TR></TABLE><BR>
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<P id=PARA279 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">* The Registrant is a trust and the persons are signing in their capacities as officers or directors of iShares&#174; Delaware Trust Sponsor LLC, the sponsor of the Registrant.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT></P>
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<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>2
<FILENAME>ex5.htm
<DESCRIPTION>EXHIBIT 5
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<P id=PARA67 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: right; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Exhibit 5</B></FONT></P>
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<P id=PARA56 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">&nbsp;</FONT></P>
<P id=PARA57 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 30.7%; VERTICAL-ALIGN: top">
<P id=PARA58 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">CLIFFORD CHANCE US LLP</FONT></B></P>
<P id=PARA59 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA60 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">31 West 52nd Street</FONT></P>
<P id=PARA61 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">New York, NY 10019-6131</FONT></P>
<P id=PARA62 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA63 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">Tel +1 212 878 8000</FONT></P>
<P id=PARA64 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">Fax +1 212 878 8375</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA65 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">www.cliffordchance.com</FONT></P></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">October 10, 2014</FONT></P>
<P id=PARA2 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA4 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA5 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA6 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">iShares<SUP style="vertical-align: baseline; position: relative; bottom:.33em;">&#174;</SUP> Delaware Trust Sponsor LLC</FONT></P>
<P id=PARA7 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">400 Howard Street</FONT></P>
<P id=PARA8 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">San Francisco, California 94105 </FONT></P>
<P id=PARA9 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA10 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Re:</B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>iShares</B><SUP style="vertical-align: baseline; position: relative; bottom:.33em;"><B>&#174;</B></SUP><B> Gold Trust</B> </FONT></P>
<P id=PARA11 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA12 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Ladies and Gentlemen: </FONT></P>
<P id=PARA13 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA14 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">We have served as counsel to iShares<SUP style="vertical-align: baseline; position: relative; bottom:.33em;">&#174;</SUP> Delaware Trust Sponsor LLC, a Delaware limited liability company, in its capacity as the sponsor (in such capacity, the &#8220;<B>Sponsor</B>&#8221;) of the iShares<SUP style="vertical-align: baseline; position: relative; bottom:.33em;">&#174;</SUP> Gold Trust (the &#8220;<B>Trust</B>&#8221;) in connection with the preparation and filing on the date hereof with the Securities and Exchange Commission of an automatic shelf Registration Statement on Form S-3 (the &#8220;<B>Registration Statement</B>&#8221;) under the Securities Act of 1933, as amended (the &#8220;<B>Securities Act</B>&#8221;), for the continuous offering of shares representing fractional undivided beneficial interests in the net assets of the Trust (the &#8220;<B>Shares</B>&#8221;). </FONT></P>
<P id=PARA15 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA16 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">In connection with the preparation of this opinion, we have examined copies of the following documents: </FONT></P>
<P id=PARA17 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=MTAB19  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA20 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">1.</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA21 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Third Amended and Restated Depositary Trust Agreement (the &#8220;<B>Depositary Trust Agreement</B>&#8221;), dated as of February 28, 2013, between the Sponsor and The Bank of New York Mellon, a New York banking corporation, as trustee (in such capacity, the &#8220;<B>Trustee</B>&#8221;). </FONT></P></TD></TR></TABLE>
<P id=PARA22 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<TR>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA25 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">2.</FONT></P></TD>
<TD style="MARGIN-BOTTOM: 0px; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA26 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: justify; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The First Amended and Restated Custodian Agreement, dated September 2, 2010, between the Trustee and JPMorgan Chase Bank N.A., a national banking association acting through its London branch, as custodian (in such capacity, the &#8220;<B>Custodian</B>&#8221;), as amended as of February 10, 2012.</FONT></P></TD></TR></TABLE>
<P id=PARA27 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<TR>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA30 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">3.</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA31 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Registration Statement. </FONT></P></TD></TR></TABLE>
<P id=PARA32 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA35 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">4.</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA36 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Such other records or documents as we have deemed necessary or appropriate as a basis for the opinion set forth herein. </FONT></P></TD></TR></TABLE>
<P id=PARA37 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA38 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">In such examination, we have assumed the following: (i) the authenticity of original documents and the genuineness of all signatures; (ii) the conformity to the originals of all documents submitted to us as copies; and (iii) the accuracy and completeness of the information, representations and warranties contained in the records, documents, instruments and certificates we have reviewed. </FONT></P>
<P id=PARA39 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<DIV id=PGNUM87  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">- 1- &nbsp;</DIV>
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<P id=PARA90 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><B>CLIFFORD CHANCE US LLP</B></P></TD></TR></TABLE>
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<P style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT face="Times New Roman"></FONT>&nbsp;</P>
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<P id=PARA40 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">In rendering the opinion contained herein, we have relied with respect to certain factual matters solely upon the representations, certifications and other information contained in the documents listed in the second paragraph of this letter. We have not made or undertaken to make any independent investigation to establish or verify the accuracy or completeness of such factual representations, certifications and other information. </FONT></P>
<P id=PARA41 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA42 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">We express no opinion as to matters of law in any jurisdiction other than the State of New York. </FONT></P>
<P id=PARA43 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA44 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Except as otherwise expressly set forth in this letter, our opinions are based solely upon the law and the facts as they exist on the date hereof and we undertake no, and disclaim any, obligation to advise you of any subsequent change in law or facts or circumstances which might affect any matter or opinion set forth herein. </FONT></P>
<P id=PARA45 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA46 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Based on the foregoing and subject to the qualifications set forth in this letter, we are of the opinion that the Shares, when issued in accordance with the terms of the Depositary Trust Agreement, including the receipt by the Custodian, on behalf of the Trustee, of the consideration required for the issuance of Shares, will be legally issued, fully paid and non-assessable. </FONT></P>
<P id=PARA47 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA48 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement and to the use of our name where it appears in the Registration Statement. </FONT></P>
<P id=PARA49 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA50 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Very truly yours, </FONT></P>
<P id=PARA51 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA52 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">/s/ Clifford Chance US LLP</FONT></P>
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<DOCUMENT>
<TYPE>EX-8
<SEQUENCE>3
<FILENAME>ex8.htm
<DESCRIPTION>EXHIBIT 8
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<P id=PARA35 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: right; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Exhibit 8</B></FONT></P>
<P id=PARA36 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: left; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 35.2%; VERTICAL-ALIGN: top">&nbsp; </TD>
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<P id=PARA37 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P></TD>
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<P id=PARA38 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">CLIFFORD CHANCE US LLP</FONT></B></P>
<P id=PARA39 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA40 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">31 West 52nd Street</FONT></P>
<P id=PARA41 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">New York, NY 10019-6131</FONT></P>
<P id=PARA42 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA43 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">Tel +1 212 878 8000</FONT></P>
<P id=PARA44 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; TEXT-TRANSFORM: uppercase">Fax +1 212 878 8375</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA45 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">www.cliffordchance.com</FONT></P></TD></TR></TABLE>
<P id=PARA1 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT>&nbsp;</P>
<P id=PARA2 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">October 10, 2014</FONT></P>
<P id=PARA3 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA4 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">iShares<SUP style="vertical-align: baseline; position: relative; bottom:.33em;">&#174;</SUP> Delaware Trust Sponsor LLC</FONT></P>
<P id=PARA5 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">400 Howard Street</FONT></P>
<P id=PARA6 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">San Francisco, CA 94105</FONT></P>
<P id=PARA7 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<P id=PARA10 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Re:<SUP style="vertical-align: baseline; position: relative; bottom:.33em;"></SUP></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA11 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">iShares<SUP style="vertical-align: baseline; position: relative; bottom:.33em;">&#174;</SUP> Gold Trust Registration Statement on Form S-3</FONT></P></TD></TR></TABLE>
<P id=PARA12 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA13 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Ladies and Gentlemen:</FONT></P>
<P id=PARA14 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA15 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">We have acted as legal counsel to iShares<SUP style="vertical-align: baseline; position: relative; bottom:.33em;">&#174;</SUP> Delaware Trust Sponsor LLC, a Delaware limited liability company (the &#8220;<B>Company</B>&#8221;), in connection with the preparation and filing under the Securities Act of 1933, as amended (the &#8220;<B>Securities Act</B>&#8221;), and the rules and regulations of the Securities and Exchange Commission promulgated thereunder</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">, of a registration statement on Form S-3 (the &#8220;<B>Registration Statement</B>&#8221;) relating to the continuous offering of shares (the &#8220;<B>Shares</B>&#8221;) representing units of fractional undivided beneficial interest in and ownership of the iShares<SUP style="vertical-align: baseline; position: relative; bottom:.33em;">&#174;</SUP> Gold Trust (the &#8220;<B>Trust</B>&#8221;), an investment trust governed by the Third Amended and Restated Depositary Trust Agreement dated February 28, 2013 (the &#8220;<B>Trust Agreement</B>&#8221;), entered into by and between the Company as sponsor, The Bank of New York Mellon, a New York banking corporation in its capacity as the trustee of the Trust and the registered and beneficial owners from time to time of Shares and all persons that deposit gold for creation of Shares. In connection therewith, you have requested our opinion with respect to certain U.S. federal income tax matters. Capitalized terms not otherwise defined herein shall have the meanings given to them in the Trust Agreement.</FONT></P>
<P id=PARA16 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA17 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">In rendering the opinions expressed herein, we have examined and relied on the Trust Agreement; the Registration Statement; originals or copies, certified or otherwise identified to our satisfaction, of all such agreements, certificates and other statements of corporate officers and other representatives of the Company; and such other documents, records and instruments as we have deemed necessary in order to enable us to render the opinion referred to in this letter.</FONT></P>
<P id=PARA18 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA19 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">In our examination of the foregoing documents, we have assumed, with your consent, that all documents reviewed by us are original documents, or true and accurate copies of original documents, and have not been subsequently amended; the signatures of each original document are genuine; each party who executed the document had proper authority and capacity; all representations and statements set forth in such documents are true and correct; and all obligations imposed by any such documents on the parties thereto have been or will be performed or satisfied in accordance with their terms.</FONT></P>
<P id=PARA20 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA21 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Our opinions are based upon the Internal Revenue Code of 1986, as amended (the &#8220;<B>Code</B>&#8221;), Treasury Regulations promulgated thereunder, pertinent judicial decisions, current interpretive rulings and pronouncements of the Internal Revenue Service (the &#8220;<B>IRS</B>&#8221;), and such other authorities as we have considered relevant, in effect as of the date hereof, all of which are subject to legislative, judicial or administrative change or differing interpretation, possibly with retroactive effect. Our opinions are not binding on the IRS, and no assurance can be given that the conclusions expressed herein will not be challenged by the IRS or sustained by a court.</FONT></P>
<P id=PARA22 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK47  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR47  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM47  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">- 1 -&nbsp;</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>

<DIV id=PGHDR47  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA47.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<TABLE  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0>

<TR>
<TD style="WIDTH: 33%">
<P id=PARA48 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="WIDTH: 33%">
<P id=PARA49 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="WIDTH: 33%">
<P id=PARA50 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><B>CLIFFORD CHANCE&nbsp;US LLP</B>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT face="Times New Roman"></FONT>&nbsp;</P>
<P id=PARA23 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Based upon and subject to the foregoing, (i) we are of the opinion, although not free from doubt due to the lack of directly governing authority, that the Trust will be classified as a &#8220;grantor trust&#8221; for U.S. federal income tax purposes, and (ii) we confirm that the discussion in the Registration Statement under the caption &#8220;United States Federal Income Tax Consequences,&#8221; to the extent it consists of statements of law and legal conclusions, and subject to the limitations and qualifications set forth therein, constitutes our opinion as to the material U.S. federal income tax consequences that will apply under currently applicable law to the purchase, ownership and disposition of the Shares.</FONT></P>
<P id=PARA24 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA25 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The opinions stated above represent our conclusions as to the application of the U.S. federal income tax laws existing as of the date of this letter. Further, the opinions set forth above represent our conclusions based upon the assumptions, documents, facts and representations referred to above. Any material amendments to such documents, changes in any significant facts or inaccuracy of such assumptions or representations could affect the accuracy of our opinions. Although we have made such inquiries and performed such investigations as we have deemed necessary to fulfill our professional responsibilities as counsel, we have not undertaken an independent investigation of all of the facts referred to in this letter and the certificates and other statements of corporate officers and other representatives of the Company.</FONT></P>
<P id=PARA26 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA27 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The opinions set forth in this letter are (i) limited to those matters expressly covered and no opinion is expressed in respect of any other matter, (ii) as of the date hereof, and (iii) rendered by us at the request of the Company. We assume no obligation to update our opinions for events or changes in the law occurring after the effective date of the Registration Statement.</FONT></P>
<P id=PARA28 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA29 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">We hereby consent to the filing of this opinion with the Securities and Exchange Commission as an exhibit to the Registration Statement and to the references therein to us. In giving such consent, we do not hereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act, or the rules and regulations of the Securities and Exchange Commission promulgated thereunder.</FONT></P>
<P id=PARA30 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA31 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Very truly yours,</FONT></P>
<P id=PARA32 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA33 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">/s/ Clifford Chance US LLP</FONT></P>
<P id=PARA34 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P>
<P style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">- 2 -</P></BODY></HTML>
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<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>4
<FILENAME>ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<P id=PARA15 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: right; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Exhibit 23.1</B></FONT></P>
<P id=PARA16 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: left; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA2 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><U>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</U></FONT></P>
<P id=PARA4 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA3 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA5 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">We hereby consent to the incorporation by reference in this Registration Statement on Form S-3 of our report dated February 28, 2014 relating to the financial statements, and the effectiveness of internal control over financial reporting, which appears in the iShares<SUP style="vertical-align: baseline; position: relative; bottom:.33em;">&#174;</SUP> Gold Trust&#8217;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2013. We also consent to the reference to us under the heading &#8220;Experts&#8221; in such Registration Statement. </FONT></P>
<P id=PARA6 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA7 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA8 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=TBL12  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 40%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 100%; VERTICAL-ALIGN: middle">
<P id=PARA9 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">/s/PricewaterhouseCoopers LLP</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 100%; VERTICAL-ALIGN: top">&nbsp; </TD></TR>
<TR>
<TD style="WIDTH: 100%; VERTICAL-ALIGN: bottom">
<P id=PARA10 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">San Francisco, California</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 100%; VERTICAL-ALIGN: bottom">
<P id=PARA11 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">October 10, 2014</FONT></P></TD></TR></TABLE>
<P id=PARA13 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA14 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P></BODY></HTML>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
