<SEC-DOCUMENT>0000930413-11-002699.txt : 20110414
<SEC-HEADER>0000930413-11-002699.hdr.sgml : 20110414
<ACCEPTANCE-DATETIME>20110413184136
ACCESSION NUMBER:		0000930413-11-002699
CONFORMED SUBMISSION TYPE:	S-3ASR
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20110414
DATE AS OF CHANGE:		20110413
EFFECTIVENESS DATE:		20110414

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ETFS Gold Trust
		CENTRAL INDEX KEY:			0001450923
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-173472
		FILM NUMBER:		11757992

	BUSINESS ADDRESS:	
		STREET 1:		ETF SECURITIES USA LLC
		STREET 2:		555 CALIFORNIA STREET, SUITE 2900
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104
		BUSINESS PHONE:		415-404-6332

	MAIL ADDRESS:	
		STREET 1:		ETF SECURITIES USA LLC
		STREET 2:		555 CALIFORNIA STREET, SUITE 2900
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3ASR
<SEQUENCE>1
<FILENAME>c65183_s-3asr.htm
<TEXT>

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<P ALIGN=CENTER><FONT SIZE=2><B>As filed with the Securities and Exchange
Commission on April 13, 2011</B></FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2><B>Registration No. 333-</B></FONT></P>

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<P ALIGN=CENTER><FONT SIZE=4><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B><B><BR>
</B><FONT SIZE=3><B>WASHINGTON, D.C. 20549</B></FONT></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>FORM S-3<BR>
REGISTRATION STATEMENT UNDER<BR>
THE SECURITIES ACT OF 1933</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=5><B>ETFS GOLD TRUST</B></FONT><BR>
<FONT SIZE=2><B>Sponsored by ETF Securities USA LLC</B><BR>
(Exact name of Registrant as specified in its charter)</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>New York</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>26-4587209</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(State or other jurisdiction of<BR>
 incorporation or organization)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(I.R.S. Employer Identification<BR>
 No.)</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2><B>48 Wall Street<BR>
11th Floor<BR>
New York, NY 10005<BR>
(212) 918-4954<BR></B>(Address, including zip code, and telephone number,
including area code, of Registrant&#146;s principal executive offices)</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>Corporation Service Company<BR>
80 State Street<BR>
Albany, NY 12207-2543<BR>
(800) 927-9800</B><BR>
(Name, address, including zip code, and telephone number, including area code,
of agent for service)</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>Copies to:</FONT></P>

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 </TD>
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 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>Kathleen H. Moriarty, Esq.<BR>
 Katten Muchin Rosenman LLP<BR>
 575 Madison Avenue<BR>
 New York, NY 10022</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>Peter J. Shea, Esq.<BR>
 Katten Muchin Rosenman LLP<BR>
 575 Madison Avenue<BR>
 New York, NY 10022</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN="JUSTIFY"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Approximate date of commencement of proposed sale to
the public:</B> From time to time after the effective date of the
Registration Statement.</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 FACE=WINGDINGS>o</FONT></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 FACE=WINGDINGS>x</FONT>
</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 FACE=WINGDINGS>o</FONT></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the
Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering.&nbsp;<FONT FACE=WINGDINGS>o</FONT></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 FACE=WINGDINGS>x</FONT>
</FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 FACE=WINGDINGS>o</FONT></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller
reporting company&#148; in Rule 12b-2 of the Exchange Act.</FONT></P>

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 </TD>
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Large
 accelerated filer <FONT FACE=WINGDINGS>o</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Accelerated
 filer <FONT FACE=WINGDINGS>x</FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Non-accelerated
 filer <FONT FACE=WINGDINGS>o</FONT>
 (Do not check if a smaller reporting company)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Smaller
 reporting company <FONT FACE=WINGDINGS>o</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

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<br>
<br>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P ALIGN=CENTER><FONT SIZE=2><B>CALCULATION OF
REGISTRATION FEE</B></FONT></P>

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 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="41%" VALIGN=BOTTOM>
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 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="11%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
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 </TD>
 <TD VALIGN=BOTTOM>

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 </TD>
 <TD VALIGN=BOTTOM>

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 </TD>
 <TD VALIGN=BOTTOM>

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 </TD>
 <TD VALIGN=BOTTOM>

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 </TD>
 <TD VALIGN=BOTTOM>

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 </TD>
 <TD VALIGN=BOTTOM>

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 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

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 </TD>
 <TD VALIGN=BOTTOM>

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 </TD>
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 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Title of each class of<BR>
 securities to be registered</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Amount<BR>
 to be<BR>
 registered<BR>
 (1)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Proposed<BR>
 maximum<BR>
 offering<BR>
 price per<BR>
 unit</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Proposed<BR>
 maximum<BR>
 aggregate<BR>
 offering price<BR>
 (2)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Amount of<BR>
 registration<BR>
 fee (1)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>ETFS
 Physical Swiss Gold Shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>14,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>144.95</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,029,300,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>235,606</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>Pursuant to Rule&nbsp;429 under the Securities Act of
 1933, the prospectus herein is being filed as a combined prospectus which
 also relates to 1,550,000&nbsp;unsold ETFS Physical Swiss Gold Shares (the
 &#147;Shares&#148;) registered under Registration Statement No. 333-158221, under the
 prospectus dated July 6, 2010, with which a registration fee of $7,726 was
 paid at the time of the filing of the such Registration Statement with
 respect to the unsold Shares. Accordingly, upon effectiveness, this
 Registration Statement will act as a post-effective amendment to such earlier
 Registration Statement. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>Estimated solely for purposes of calculating the
 registration fee pursuant to Rule&nbsp;457(c) under the Securities Act of
 1933 on the basis of the average of the high and low prices ($145.36 and
 $144.54, respectively) of the Shares as reported on April 6, 2011 by NYSE
 Arca, Inc. </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>This
registration statement shall become effective immediately upon filing, as
provided in Rule&nbsp;462(e) under the Securities Act of 1933.</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
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 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

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</TABLE>

<P ALIGN=CENTER><FONT SIZE=2><img src="c65183001_v1.jpg" alt="(ETF SECURITIES LOGO)"></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>15,550,000 ETFS Physical Swiss Gold Shares</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=5><B>ETFS Gold Trust</B></FONT></P>

<P><FONT SIZE=2>The ETFS Gold
Trust (Trust) issues ETFS Physical Swiss Gold Shares (Shares) which represent
units of fractional undivided beneficial interest in and ownership of the
Trust. ETF Securities USA LLC is the sponsor of the Trust (Sponsor), The Bank
of New York Mellon is the trustee of the Trust (Trustee), and JPMorgan Chase
Bank, N.A. is the custodian of the Trust (Custodian). The Trust intends to
issue additional Shares on a continuous basis.</FONT></P>

<P><FONT SIZE=2>The Shares may
be purchased from the Trust only in one or more blocks of 50,000 Shares (a
block of 50,000 Shares is called a Basket). The Trust issues Shares in Baskets
to certain authorized participants (Authorized Participants) on an ongoing
basis as described in &#147;Plan of Distribution.&#148; Baskets will be offered
continuously at the net asset value (NAV) for 50,000 Shares on the day that an
order to create a Basket is accepted by the Trustee. The Trust will not issue
fractions of a Basket.</FONT></P>

<P><FONT SIZE=2>Prior to this
offering, there has been no public market for the Shares. The Shares trade on
the NYSE Arca under the symbol &#147;SGOL.&#148;</FONT></P>

<P><FONT SIZE=2><B>Investing in the Shares involves significant
risks. See &#147;Risk Factors&#148; starting on page 12.</B></FONT></P>

<P><FONT SIZE=2><B>Neither the Securities and Exchange
Commission (SEC) nor any state securities commission has approved or
disapproved of the securities offered in this prospectus, or determined if this
prospectus is truthful or complete. Any representation to the contrary is a
criminal offense.</B></FONT></P>

<P><FONT SIZE=2>The Shares are
neither interests in nor obligations of the Sponsor or the Trustee.</FONT></P>

<P><FONT SIZE=2>The Trust
issues Shares from time to time in Baskets, as described in &#147;Creation and
Redemption of Shares.&#148; It is expected that the Shares will be sold to the
public at varying prices to be determined by reference to, among other
considerations, the price of gold and the trading price of the Shares on the
NYSE Arca at the time of each sale.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>The date of this prospectus is April 13,
2011.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><U><B>TABLE OF CONTENTS</B></U></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
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 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>Page</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c65183a001_v1">STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>4</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c65183a002_v1">GLOSSARY OF DEFINED TERMS</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>4</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c65183a003_v1">PROSPECTUS SUMMARY</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>7</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c65183a004_v1">THE OFFERING</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>9</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c65183a005_v1">RISK FACTORS</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>12</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c65183a006_v1">USE OF PROCEEDS</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>19</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c65183a007_v1">OVERVIEW OF THE GOLD INDUSTRY</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>19</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c65183a008_v1">BUSINESS OF THE TRUST</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>25</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c65183a009_v1">DESCRIPTION OF THE TRUST</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>30</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c65183a010_v1">THE SPONSOR</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>31</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c65183a011_v1">THE TRUSTEE</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>32</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c65183a012_v1">THE CUSTODIAN</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>32</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c65183a013_v1">DESCRIPTION OF THE SHARES</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>33</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c65183a014_v1">CUSTODY OF THE TRUST&#146;S GOLD</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>34</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c65183a015_v1">DESCRIPTION OF THE CUSTODY AGREEMENTS</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>35</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c65183a016_v1">CREATION AND REDEMPTION OF SHARES</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>39</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c65183a017_v1">DESCRIPTION OF THE TRUST AGREEMENT</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>44</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c65183a018_v1">UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>54</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c65183a019_v1">ERISA AND RELATED CONSIDERATIONS</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>58</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c65183a020_v1">PLAN OF DISTRIBUTION</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>59</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c65183a021_v1">LEGAL MATTERS</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>61</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c65183a022_v1">EXPERTS</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>61</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c65183a023_v1">INCORPORATION BY REFERENCE OF CERTAIN DOCUMENTS</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>61</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c65183a024_v1">WHERE YOU CAN FIND MORE INFORMATION</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>62</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus, including the materials incorporated by reference herein, contains
information you should consider when making an investment decision about the
Shares. You may rely on the information contained in this prospectus. The Trust
and the Sponsor have not authorized any person to provide you with different
information and, if anyone provides you with different or inconsistent
information, you should not rely on it. This prospectus is not an offer to sell
the Shares in any jurisdiction where the offer or sale of the Shares is not
permitted.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shares are not registered for public sale in any jurisdiction other than the
United States.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>3</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>S<A NAME="c65183a001_v1"></A>TATEMENT
REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus contains &#147;forward-looking statements&#148; with respect to the Trust&#146;s
financial conditions, results of operations, plans, objectives, future
performance and business. Statements preceded by, followed by or that include
words such as &#147;may,&#148; &#147;will,&#148; &#147;should,&#148; &#147;expect,&#148; &#147;plan,&#148; &#147;anticipate,&#148;
&#147;believe,&#148; &#147;estimate,&#148; &#147;predict,&#148; &#147;potential&#148; or similar expressions are
intended to identify some of the forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 and are included, along
with this statement, for purposes of complying with the safe harbor provisions
of that Act. All statements (other than statements of historical fact) included
in this prospectus that address activities, events or developments that will or
may occur in the future, including such matters as changes in commodity prices
and market conditions (for gold and the Shares), the Trust&#146;s operations, the
Sponsor&#146;s plans and references to the Trust&#146;s future success and other similar
matters are forward-looking statements. These statements are only predictions.
Actual events or results may differ materially. These statements are based upon
certain assumptions and analyses the Sponsor made based on its perception of
historical trends, current conditions and expected future developments, as well
as other factors appropriate in the circumstances. Whether or not actual
results and developments will conform to the Sponsor&#146;s expectations and
predictions, however, is subject to a number of risks and uncertainties,
including the special considerations discussed in this prospectus, general
economic, market and business conditions, changes in laws or regulations,
including those concerning taxes, made by governmental authorities or
regulatory bodies, and other world economic and political developments. See
&#147;Risk Factors.&#148; Consequently, all the forward-looking statements made in this
prospectus are qualified by these cautionary statements, and there can be no
assurance that the actual results or developments the Sponsor anticipates will
be realized or, even if substantially realized, that they will result in the
expected consequences to, or have the expected effects on, the Trust&#146;s
operations or the value of the Shares. Moreover, neither the Sponsor nor any
other person assumes responsibility for the accuracy or completeness of the
forward-looking statements. Neither the Trust nor the Sponsor is under a duty
to update any of the forward-looking statements to conform such statements to
actual results or to reflect a change in the Sponsor&#146;s expectations or
predictions.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>GLO<A NAME="c65183a002_v1"></A>SSARY OF
DEFINED TERMS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
this prospectus, each of the following quoted terms have the meanings set forth
after such term:</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Allocated
Account Agreement&#148;&#151;The agreement between the Trustee and the Custodian which
establishes the Trust Allocated Account. The Allocated Account Agreement and
the Unallocated Account Agreement are sometimes referred to together as the
&#147;Custody Agreements.&#148;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;ANAV&#148;&#151;Adjusted
NAV. See &#147;Description of the Trust Agreement&#151;Valuation of Gold, Definition of
Net Asset Value and Adjusted Net Asset Value&#148; for a description of how the ANAV
of the Trust is calculated. The ANAV of the Trust is used to calculate the fees
of the Trustee and the Sponsor.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Authorized
Participant&#148;&#151;A person who (1) is a registered broker-dealer or other securities
market participant such as a bank or other financial institution which is not
required to register as a broker-dealer to engage in securities transactions,
(2) is a participant in DTC, (3) has entered into an Authorized Participant
Agreement with the Trustee and the Sponsor and (4) has established an
Authorized Participant Unallocated Account. Only Authorized Participants may
place orders to create or redeem one or more Baskets.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Authorized
Participant Agreement&#148;&#151;An agreement entered into by each Authorized
Participant, the Sponsor and the Trustee which provides the procedures for the
creation and redemption of Baskets and for the delivery of the gold and any
cash required for such creations and redemptions.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Authorized
Participant Unallocated Account&#148;&#151;An unallocated gold account, either loco
London or loco Zurich, established with the Custodian or a gold bullion
clearing bank by an Authorized Participant. Each Authorized Participant&#146;s
Authorized Participant Unallocated Account will be used to facilitate the
transfer of gold deposits and gold redemption distributions between the
Authorized Participant and the Trust in connection with the creation and
redemption of Baskets.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>4</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Authorized
Participant Unallocated Bullion Account Agreement&#148;&#151;The agreement between an
Authorized Participant and the Custodian or a gold clearing bank which
establishes the Authorized Participant Unallocated Account.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Basket&#148;&#151;A
block of 50,000 Shares is called a &#147;Basket.&#148;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Book
Entry System&#148;&#151;The Federal Reserve Treasury Book Entry System for United States
and federal agency securities.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;CEA&#148;&#151;Commodity
Exchange Act, as amended.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;CFTC&#148;&#151;Commodity
Futures Trading Commission, an independent agency with the mandate to regulate
commodity futures and option markets in the United States.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Clearing
Agency&#148;&#151;Any clearing agency or similar system other than the Book Entry System
or DTC.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Code&#148;&#151;The
United States Internal Revenue Code of 1986, as amended.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Creation
Basket Deposit&#148;&#151;The total deposit required to create a Basket. The deposit will
be an amount of gold and cash, if any, that is in the same proportion to the
total assets of the Trust (net of estimated accrued but unpaid fees, expenses
and other liabilities) on the date an order to purchase one or more Baskets is
properly received as the number of Shares comprising the number of Baskets to
be created in respect of the deposit bears to the total number of Shares
outstanding on the date such order is properly received.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Custodian&#148;
or &#147;JPMorgan&#148;&#151;JPMorgan Chase Bank, N.A., a national banking association and a
market maker, clearer and approved weigher under the rules of the LBMA.
JPMorgan is the custodian of the Trust&#146;s gold.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Custody
Agreements&#148;&#151;The Allocated Account Agreement together with the Unallocated
Account Agreement.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Custody
Rules&#148;&#151;The rules, regulations, practices and customs of the LBMA, the Bank of
England or any applicable regulatory body which apply to gold made available in
physical form by the Custodian.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;DTC&#148;&#151;The
Depository Trust Company. DTC is a limited purpose trust company organized
under New York law, a member of the US Federal Reserve System and a clearing
agency registered with the SEC. DTC will act as the securities depository for
the Shares.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;DTC
Participant&#148;&#151;A participant in DTC, such as a bank, broker, dealer or trust
company.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Evaluation
Time&#148;&#151;The time at which the Trustee will evaluate the gold held by the Trust
and determine both the NAV and the ANAV of the Trust, which is currently as
promptly as practicable after 4:00 p.m., New York time, on each day other than
(1) a Saturday or Sunday or (2) any day on which the NYSE Arca is not open for
regular trading.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Exchange&#148;
or &#147;NYSE Arca&#148;&#151;NYSE Arca, the venue where Shares are listed and traded.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;FINRA&#148;&#151;The
Financial Industry Regulatory Authority, Inc.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;FSA&#148;&#151;The
Financial Services Authority, an independent non-governmental body which
exercises statutory regulatory power under the FSM Act and which regulates the
major participating members of the LBMA in the United Kingdom.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;FSM
Act&#148;&#151;The Financial Services and Markets Act 2000.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Indirect
Participants&#148;&#151;Those banks, brokers, dealers, trust companies and others who
maintain, either directly or indirectly, a custodial relationship with a DTC
Participant.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;LBMA&#148;&#151;The
London Bullion Market Association. The LBMA is the trade association that acts
as the coordinator for activities conducted on behalf of its members and other
participants in the London bullion market. In addition to coordinating market
activities, the LBMA acts as the principal point of contact between the market
and its regulators. A primary function of the LBMA is its involvement in the
promotion of refining standards by maintenance of the &#147;London Good Delivery
Lists,&#148; which are the lists of LBMA accredited melters and assayers of gold.
Further, the LBMA coordinates market clearing and vaulting, promotes good
trading practices and develops standard documentation. The major participating
members of the LBMA are regulated by the FSA in the United Kingdom under the
FSM Act.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>5</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;London
Good Delivery Bar&#148;&#151;A bar of gold meeting the London Good Delivery Standards.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;London
Good Delivery Standards&#148;&#151;The specifications for weight, dimensions, fineness
(or purity), identifying marks and appearance of gold bars as set forth in &#147;The
Good Delivery Rules for Gold and Silver Bars&#148; published by the LBMA. The London
Good Delivery Standards are described in &#147;Operation of the Gold Bullion Market&#151;The
London Bullion Market.&#148;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;London PM Fix&#148;&#151;The afternoon session of the twice daily fix of
the price of an ounce of gold which starts at 3:00 PM London, England time and
is performed in London by the five members of the London gold fix. See
&#147;Operation of the Gold Bullion Market&#151;The London Bullion Market&#148; for a
description of the operation of the London PM Fix.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;NAV&#148;&#151;Net
asset value. See &#147;Description of the Trust Agreement&#151;Valuation of Gold,
Definition of Net Asset Value and Adjusted Net Asset Value&#148; for a description
of how the NAV of the Trust and the NAV per Share are calculated.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;OTC&#148;&#151;The
global Over-the-Counter market for the trading of gold which consists of
transactions in spot, forwards, and options and other derivatives.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Securities
Act&#148;&#151;The Securities Act of 1933, as amended.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Shareholders&#148;&#151;Owners
of beneficial interests in the Shares.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Shares&#148;&#151;Units
of fractional undivided beneficial interest in and ownership of the Trust which
are issued by the Trust and named &#147;ETFS Physical Swiss Gold Shares&#148;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Sponsor&#148;&#151;ETF
Securities USA LLC, a Delaware limited liability company.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;tonne&#148;&#151;One
metric tonne which is equivalent to 1,000 kilograms or 32,150.7465 troy ounces.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Trust&#148;&#151;The
ETFS Gold Trust, a common law trust, formed on September 1, 2009 under New York
law pursuant to the Trust Agreement.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Trust
Agreement&#148;&#151;The Depositary Trust Agreement between the Sponsor and the Trustee
under which the Trust is formed and which sets forth the rights and duties of
the Sponsor, the Trustee and the Custodian.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Trust
Allocated Account&#148;&#151;The allocated gold account of the Trust established with the
Custodian by the Allocated Account Agreement. The Trust Allocated Account will
be used to hold the gold deposited with the Trust in allocated form (<I>i.e.</I>, as individually identified bars of
gold).</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Trustee&#148;
or &#147;BNYM&#148;&#151;The Bank of New York Mellon, a banking corporation organized under
the laws of the State of New York with trust powers. BNYM is the trustee of the
Trust.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Trust
Unallocated Account&#148;&#151;The unallocated gold account of the Trust established with
the Custodian by the Unallocated Account Agreement. The Trust Unallocated
Account will be used to facilitate the transfer of gold deposits and gold
redemption distributions between Authorized Participants and the Trust in
connection with the creation and redemption of Baskets and the sale of gold
made by the Trustee for the Trust.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Unallocated
Account Agreement&#148;&#151;The agreement between the Trustee and the Custodian which
establishes the Trust Unallocated Account. The Allocated Account Agreement and
the Unallocated Account Agreement are sometimes referred to together as the
&#147;Custody Agreements.&#148;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;US
Shareholder&#148;&#151;A Shareholder that is (1) an individual who is treated as a
citizen or resident of the United States for US federal income tax purposes;
(2) a corporation (or other entity treated as a corporation for US federal tax
purposes) created or organized in or under the laws of the United States or any
political subdivision thereof; (3) an estate, the income of which is includible
in gross income for US federal income tax purposes regardless of its source; or
(4) a trust, if a court within the United States is able to exercise primary
supervision over the administration of the trust and one or more US persons
have the authority to control all substantial decisions of the trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Zurich
Sub-Custodian&#148;&#151;The Zurich Sub-Custodian is any firm selected by the Custodian
to hold the Trust&#146;s gold in the Trust Allocated Account in the firm&#146;s Zurich
vault premises on a segregated basis and whose appointment has been </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>6</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>approved by
the Sponsor. The Custodian will use reasonable care in selecting any Zurich
Sub-Custodian. As of the date of the Custody Agreements, the Zurich
Sub-Custodian that the Custodian uses is UBS A.G.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>P<A NAME="c65183a003_v1"></A>ROSPECTUS
SUMMARY</B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
is only a summary of the prospectus and, while it contains material information
about the Trust and its Shares, it does not contain or summarize all of the
information about the Trust and the Shares contained in this prospectus which
is material and/or which may be important to you. You should read this entire
prospectus, including &#147;Risk Factors&#148; beginning on page 12, and the
material incorporated by reference herein before making an investment decision
about the Shares.</I></FONT></P>

<P><FONT SIZE=2><B>Trust Structure</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust is a common law trust, formed on September 1, 2009 under New York law
pursuant to the Trust Agreement. The Trust holds gold and from time to time
issues Baskets in exchange for deposits of gold and to distribute gold in
connection with redemptions of Baskets. The investment objective of the Trust
is for the Shares to reflect the performance of the price of gold bullion, less
the Trust&#146;s expenses. The Sponsor believes that, for many investors, the Shares
will represent a cost-effective investment in gold. The material terms of the
Trust Agreement are discussed in greater detail under the section &#147;Description
of the Trust Agreement.&#148; The Shares represent units of fractional undivided
beneficial interest in and ownership of the Trust and are expected to be traded
under the ticker symbol SGOL on the NYSE Arca.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust&#146;s Sponsor is ETF Securities USA LLC. The Sponsor is a Delaware limited
liability company formed on June 17, 2009, and is wholly-owned by ETF
Securities Limited. Under the Delaware Limited Liability Company Act and the
governing documents of the Sponsor, ETF Securities Limited, the sole member of
the Sponsor, is not responsible for the debts, obligations and liabilities of
the Sponsor solely by reason of being the sole member of the Sponsor.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor arranged for the creation of the Trust, the registration of the Shares
for their public offering in the United States and the listing of the Shares on
the NYSE Arca. The Sponsor has agreed to assume the following administrative
and marketing expenses incurred by the Trust: the Trustee&#146;s monthly fee and
out-of-pocket expenses, the Custodian&#146;s fee and expenses reimbursable under the
Custody Agreements, exchange listing fees, SEC registration fees, printing and
mailing costs, audit fees and up to $100,000 per annum in legal expenses. The
Sponsor will also pay the costs of the Trust&#146;s organization and the initial
sale of the Shares, including the applicable SEC registration fees.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee is The Bank of New York Mellon. The Trustee is generally responsible
for the day-to-day administration of the Trust. This includes (1) transferring
the Trust&#146;s gold as needed to pay the Sponsor&#146;s fee in gold (gold transfers are
expected to occur approximately monthly in the ordinary course), (2)
calculating the NAV of the Trust and the NAV per Share, (3) receiving and processing
orders from Authorized Participants to create and redeem Baskets and
coordinating the processing of such orders with the Custodian and The
Depository Trust Company (DTC) and (4) selling the Trust&#146;s gold as needed to
pay any extraordinary Trust expenses that are not assumed by the Sponsor. The
general role, responsibilities and regulation of the Trustee are further
described in &#147;The Trustee.&#148;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian is JPMorgan Chase Bank, N.A. The Custodian is responsible for the
safekeeping of the Trust&#146;s gold deposited with it by Authorized Participants in
connection with the creation of Baskets. The Custodian also facilitates the
transfer of gold in and out of the Trust through gold accounts it will maintain
for Authorized Participants and the Trust. The Custodian is a market maker,
clearer and approved weigher under the rules of the London Bullion Market
Association (LBMA). The Custodian has selected the Zurich Sub-Custodian to hold
the Trust&#146;s allocated gold on the Custodian&#146;s behalf at the Zurich Sub-Custodian&#146;s
Zurich, Switzerland vaulting premises on a segregated basis. The general role,
responsibilities and regulation of the Custodian are further described in &#147;The
Custodian&#148; and &#147;Custody of the Trust&#146;s Gold.&#148;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Detailed
descriptions of certain specific rights and duties of the Trustee and the
Custodian are set forth in &#147;Description of the Trust Agreement&#148; and
&#147;Description of the Custody Agreements.&#148;</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>7</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2><B>Trust Overview</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
investment objective of the Trust is for the Shares to reflect the performance
of the price of gold bullion, less the expenses of the Trust&#146;s operations. The
Shares are designed for investors who want a cost-effective and convenient way
to invest in gold with minimal credit risk.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust is one of several exchange-traded products that seek to track the price
of physical gold bullion (&#147;Gold ETPs&#148;). Some of the distinguishing features of
the Trust and its Shares include holding of physical gold bullion, vaulting of
Trust gold in Zurich, the experience of the Sponsor&#146;s management team, the use
of JPMorgan Chase Bank, N.A. as Custodian, third-party vault inspection and the
allocation of almost all of the Trust&#146;s gold. See &#147;Business of the Trust.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investing in the Shares does not insulate the investor from certain risks,
including price volatility. See &#147;Risk Factors.&#148;</FONT></P>

<P><FONT SIZE=2><B>Principal Offices</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust&#146;s office is located at 48 Wall Street, 11th Floor, New York, New York
10005. The Sponsor&#146;s office is located at ETF Securities, Ordnance House, 31
Pier Road, St. Helier, Jersey JE48PW, Channel Islands and its telephone number
is 011-44-207-448-4330. The Trustee has a trust office at 2 Hanson Place,
Brooklyn, New York 11217. The Custodian is located at 125 London Wall, London,
EC2Y 5AJ, United Kingdom.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>8</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>TH<A NAME="c65183a004_v1"></A>E OFFERING</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="22%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="78%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Offering</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The Shares
 represent units of fractional undivided beneficial interest in and ownership
 of the Trust.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Use of proceeds</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Proceeds
 received by the Trust from the issuance and sale of Baskets, including the
 Shares (as described on the front page of this prospectus), will consist of
 gold deposits and, possibly from time to time, cash. Pursuant to the Trust
 Agreement, during the life of the Trust such proceeds will only be (1) held
 by the Trust, (2) distributed to Authorized Participants in connection with
 the redemption of Baskets or (3) disbursed to pay the Sponsor&#146;s Fee or sold
 as needed to pay the Trust&#146;s expenses not assumed by the Sponsor.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Exchange symbol</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>SGOL</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>CUSIP</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>26922Y10 5</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Creation and redemption</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The Trust
 expects to create and redeem the Shares from time to time, but only in one or
 more Baskets (a Basket equals a block of 50,000 Shares). The creation and
 redemption of Baskets requires the delivery to the Trust or the distribution
 by the Trust of the amount of gold and any cash represented by the Baskets
 being created or redeemed, the amount of which will be based on the combined
 NAV of the number of Shares included in the Baskets being created or
 redeemed. The initial amount of gold required for deposit with the Trust to
 create Shares is 5,000 ounces per Basket. The number of ounces of gold
 required to create a Basket or to be delivered upon the redemption of a
 Basket will gradually decrease over time, due to the accrual of the Trust&#146;s
 expenses and the sale or delivery of the Trust&#146;s gold to pay the Trust&#146;s
 expenses. See &#147;Business of the Trust&#151;Trust Expenses.&#148; Baskets may be created
 or redeemed only by Authorized Participants, who will pay a transaction fee
 for each order to create or redeem Baskets and may sell the Shares included
 in the Baskets they create to other investors. The Trust will not issue
 fractional Baskets. See &#147;Creation and Redemption of Shares&#148; for more details.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Net Asset Value</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The NAV of
 the Trust is the aggregate value of the Trust&#146;s assets less its liabilities
 (which include estimated accrued but unpaid fees and expenses). In
 determining the NAV of the Trust, the Trustee will value the gold held by the
 Trust on the basis of the price of an ounce of gold as set by the afternoon
 session of the twice daily fix of the price of an ounce of gold which starts
 at 3:00 PM London, England time and is performed by the five members of the
 London gold fix (London PM Fix). See &#147;Operation of the Gold Bullion
 Market&#151;The London Bullion Market&#148; for a description of the operation of the
 London gold price fix. The Trustee will determine the NAV of the Trust on
 each day the NYSE Arca is open for regular trading, as promptly as
 practicable after 4:00 p.m. New York time. If no London PM Fix is made on a
 particular evaluation day or has not been announced by 4:00 p.m. New York
 time on a particular evaluation day, the next most recent London gold price
 fix (AM or PM) will be used in the determination of the NAV of the Trust,
 unless the Sponsor determines that such price is inappropriate to use as
 basis for such determination. The Trustee will also determine the NAV per
 Share, which equals the NAV of the Trust, divided by the number of
 outstanding Shares.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>9</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="22%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="74%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Trust expenses</B></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>The Trust&#146;s
 only ordinary recurring charge is expected to be the remuneration due to the
 Sponsor (Sponsor&#146;s Fee). In exchange for the Sponsor&#146;s Fee, the Sponsor has
 agreed to assume the ordinary administrative and marketing expenses that the
 Trust is expected to incur. The Sponsor will also pay the costs of the
 Trust&#146;s organization and the initial sale of the Shares, including the
 applicable SEC registration fees.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Sponsor&#146;s Fee</B></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>The
 Sponsor&#146;s Fee will be accrued daily and will be payable in-kind in gold
 monthly in arrears. The Sponsor, from time to time, may waive all or a
 portion of the Sponsor&#146;s Fee at its discretion for stated periods of time.
 The Sponsor is under no obligation to continue a waiver after the end of such
 stated period, and, if such waiver is not continued, the Sponsor&#146;s Fee will
 thereafter be paid in full. Presently, the Sponsor does not intend to waive
 any of its fee. The Trustee will from time to time deliver gold in such
 quantity as may be necessary to permit payment of the Sponsor&#146;s Fee and sell
 gold in such quantity as may be necessary to permit payment in cash of Trust
 expenses not assumed by the Sponsor. The Trustee is authorized to sell gold
 at such times and in the smallest amounts required to permit such cash
 payments as they become due, it being the intention to avoid or minimize the
 Trust&#146;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&#146;s
 expenses and the market price of gold. See &#147;Business of the Trust&#151;Trust
 Expenses.&#148;<BR><BR>Each
 delivery or sale of gold by the Trust to pay the Sponsor&#146;s Fee or other
 expenses will be a taxable event to Shareholders. See &#147;United States Federal
 Tax Consequences&#151;Taxation of US Shareholders.&#148;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Termination events</B></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>The Trustee
 will terminate and liquidate the Trust if one of the following events occurs:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 face=wingdings>&#216;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>the Shares
 are delisted from the 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 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 face=wingdings>&#216;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Shareholders
 acting in respect of at least 75% of the outstanding Shares notify the
 Trustee that they elect to terminate the Trust;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 face=wingdings>&#216;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>60 days have
 elapsed since the Trustee notified the Sponsor of the Trustee&#146;s election to
 resign and a successor trustee has not been appointed and accepted its
 appointment;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 face=wingdings>&#216;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>the SEC
 determines that the Trust is an investment company under the Investment
 Company Act of 1940 and the Trustee has actual knowledge of that
 determination;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 face=wingdings>&#216;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>the
 aggregate market capitalization of the Trust, based on the closing price for
 the Shares, was less than $350 million (as adjusted for inflation by
 reference to the US Consumer Price Index) at any time after the first
 anniversary after the Trust&#146;s formation and the Trustee receives, within six
 months after the last trading date on which the aggregate market
 capitalization of the Trust was less than $350 million, notice from the
 Sponsor of its decision to terminate the Trust;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>10</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="22%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="74%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 face=wingdings>&#216;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>the CFTC
 determines that the Trust is a commodity pool under the Commodity Exchange
 Act of 1936 and the Trustee has actual knowledge of that determination;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 face=wingdings>&#216;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>the Trust
 fails to qualify for treatment, or ceases to be treated, for US federal
 income tax purposes, as a grantor trust, and the Trustee receives notice from
 the Sponsor that the Sponsor determines that, because of that tax treatment
 or change in tax treatment, termination of the Trust is advisable;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 face=wingdings>&#216;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>60 days have
 elapsed since DTC ceases to act as depository with respect to the Shares and
 the Sponsor has not identified another depository which is willing to act in
 such capacity; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 face=wingdings>&#216;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>the Trustee
 elects to terminate the Trust after the Sponsor is deemed conclusively to
 have resigned effective immediately as a result of the Sponsor being adjudged
 bankrupt or insolvent, or a receiver of the Sponsor or of its property being
 appointed, or a trustee or liquidator or any public officer taking charge or
 control of the Sponsor or of its property or affairs for the purpose of
 rehabilitation, conservation or liquidation.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Upon the
 termination of the Trust, the Trustee will sell the Trust&#146;s gold and, after
 paying or making provision for the Trust&#146;s liabilities, distribute the
 proceeds to Shareholders surrendering Shares. See &#147;Description of the Trust
 Agreement&#151;Termination of the Trust.&#148;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Authorized Participants</B></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Baskets may
 be created or redeemed only by Authorized Participants. Each Authorized
 Participant must (1) be a registered broker-dealer or other securities market
 participant such as a bank or other financial institution which is not
 required to register as a broker-dealer to engage in securities transactions,
 (2) be a participant in DTC, (3) have entered into an agreement with the
 Trustee and the Sponsor (Authorized Participant Agreement) and (4) have
 established an unallocated gold account with the Custodian or a gold bullion
 clearing bank (Authorized Participant Unallocated Account). The Authorized
 Participant Agreement provides the procedures for the creation and redemption
 of Baskets and for the delivery of gold and any cash required for such
 creations or redemptions. A list of the current Authorized Participants can
 be obtained from the Trustee or the Sponsor. See &#147;Creation and Redemption of
 Shares&#148; for more details.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Clearance and settlement</B></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>The Shares
 will be evidenced by one or more global certificates that the Trustee will
 issue to DTC. The Shares will be available only in book-entry form.
 Shareholders may hold their Shares through DTC, if they are participants in
 DTC, or indirectly through entities that are participants in DTC.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2><B>Summary of Financial Condition</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the close of business on April 12, 2011, the NAV of the Trust, which
represents the value of the gold deposited into and held by the Trust, was
$1,304,562,710.51 and the NAV per Share was $144.15058.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>11</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>R<A NAME="c65183a005_v1"></A>ISK FACTORS</B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should consider carefully the risks described below before making an investment
decision. You should also refer to the other information included in this
prospectus, including the Trust&#146;s financial statements and related notes, as
reported in our Annual Report on Form 10-K for the fiscal year ended December
31, 2010 which are incorporated by reference herein.</I></FONT></P>

<P><FONT SIZE=2><B>The
value of the Shares relates directly to the value of the gold held by the Trust
and fluctuations in the price of gold could materially adversely affect an
investment in the Shares.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shares are designed to mirror as closely as possible the performance of the
price of gold bullion, and the value of the Shares relates directly to the
value of the gold held by the Trust, less the Trust&#146;s liabilities (including
estimated accrued but unpaid expenses). The price of gold has fluctuated widely
over the past several years. Several factors may affect the price of gold,
including:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Global gold supply and
 demand, which is influenced by such factors as forward selling by gold
 producers, purchases made by gold producers to unwind gold hedge positions,
 central bank purchases and sales, and production and cost levels in major
 gold-producing countries such as South Africa, the United States and
 Australia;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Investors&#146; expectations
 with respect to the rate of inflation;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Currency exchange rates;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Interest rates;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Investment and trading
 activities of hedge funds and commodity funds; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Global or regional political,
 economic or financial events and situations.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, investors should be aware that there is no assurance that gold will
maintain its long-term value in terms of purchasing power in the future. In the
event that the price of gold declines, the Sponsor expects the value of an
investment in the Shares to decline proportionately.</FONT></P>

<P><FONT SIZE=2><B>The
Shares may trade at a price which is at, above or below the NAV per Share and
any discount or premium in the trading price relative to the NAV per Share may
widen as a result of non-concurrent trading hours between the NYSE Arca and
London, Zurich and COMEX.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shares may trade at, above or below the NAV per Share. The NAV per Share
fluctuates with changes in the market value of the Trust&#146;s assets. The trading
price of the Shares fluctuates in accordance with changes in the NAV per Share
as well as market supply and demand. The amount of the discount or premium in
the trading price relative to the NAV per Share may be influenced by
non-concurrent trading hours between the NYSE Arca and the major gold markets.
While the Shares trade on the NYSE Arca until 4:00 PM New York time, liquidity
in the market for gold is reduced after the close of the major world gold
markets, including London, Zurich and the COMEX. As a result, during this time,
trading spreads, and the resulting premium or discount on the Shares, may
widen.</FONT></P>

<P><FONT SIZE=2><B>Purchasing
activity in the gold market associated with the purchase of Baskets from the
Trust may cause a temporary increase in the price of gold. This increase may
adversely affect an investment in the Shares.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchasing
activity associated with acquiring the gold required for deposit into the Trust
in connection with the creation of Baskets may temporarily increase the market
price of gold, which will result in higher prices for the Shares. Temporary
increases in the market price of gold may also occur as a result of the
purchasing activity of other market participants. Other gold market
participants may attempt to benefit from an increase in the market price of
gold that may result from increased purchasing activity of gold connected with
the issuance of Baskets. Consequently, the market price </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>12</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>of gold may decline
immediately after Baskets are created. If the price of gold declines, the
trading price of the Shares may also decline.</FONT></P>

<P><FONT SIZE=2><I><B>The Shares and
their value could decrease if unanticipated operational or trading problems
arise.</B></I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
may be unanticipated problems or issues with respect to the mechanics of the
Trust&#146;s operations and the trading of the Shares that could have a material
adverse effect on an investment in the Shares. In addition, although the Trust
is not actively &#147;managed&#148; by traditional methods, to the extent that
unanticipated operational or trading problems or issues arise, the Sponsor&#146;s
past experience and qualifications may not be suitable for solving these
problems or issues.</FONT></P>

<P><FONT SIZE=2><B>If the
process of creation and redemption of Baskets 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.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 who would otherwise be willing to
purchase or redeem Baskets 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 Shares may decline and the price of the Shares may fluctuate
independently of the price of gold and may fall.</FONT></P>

<P><FONT SIZE=2><B>The
liquidity of the Shares may be affected by the withdrawal from participation of
one or more Authorized Participants.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that one or more Authorized Participants having substantial interests
in Shares or otherwise responsible for a significant portion of the Shares&#146;
daily trading volume on the Exchange 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><FONT SIZE=2><B>Shareholders
do not have the protections associated with ownership of shares in an
investment company registered under the Investment Company Act of 1940 or the
protections afforded by the Commodity Exchange Act (&#147;CEA&#148;)</B><I>.</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust is not registered as an investment company under the Investment Company
Act of 1940 and is not required to register under such act. Consequently,
Shareholders do not have the regulatory protections provided to investors in
investment companies. The Trust does and will not hold or trade in commodity
futures contracts regulated by the CEA, as administered by the CFTC.
Furthermore, the Trust is not a commodity pool for purposes of the CEA, and
neither the Sponsor nor the Trustee is subject to regulation by the CFTC as a
commodity pool operator or a commodity trading advisor in connection with the
Shares. Consequently, Shareholders do not have the regulatory protections
provided to investors in CEA-regulated instruments or commodity pools.</FONT></P>

<P><FONT SIZE=2><B>The
Trust may be required to terminate and liquidate at a time that is
disadvantageous to Shareholders.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Trust is required to terminate and liquidate, such termination and
liquidation could occur at a time which is disadvantageous to Shareholders,
such as when gold prices are lower than the gold prices at the time when
Shareholders purchased their Shares. In such a case, when the Trust&#146;s gold is
sold as part of the Trust&#146;s liquidation, the resulting proceeds distributed to
Shareholders will be less than if gold prices were higher at the time of sale.</FONT></P>

<P><FONT SIZE=2><B>The lack
of an active trading market for the Shares may result in losses on investment
at the time of disposition of the Shares. </B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>13</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
Shares are listed for trading on the NYSE Arca, it cannot be assumed that an
active trading market for the Shares will develop or be maintained. If an
investor needs to sell Shares at a time when no active market for Shares
exists, such lack of an active market will most likely adversely affect the
price the investor receives for the Shares (assuming the investor is able to
sell them).</FONT></P>

<P><FONT SIZE=2><B>Shareholders
do not have the rights enjoyed by investors in certain other vehicles.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
interests in an investment trust, the Shares have none of the statutory rights
normally associated with the ownership of shares of a corporation (including,
for example, the right to bring &#147;oppression&#148; or &#147;derivative&#148; actions). In
addition, the Shares have limited voting and distribution rights (for example,
Shareholders do not have the right to elect directors and do not receive
dividends).</FONT></P>

<P><FONT SIZE=2><B>An
investment in the Shares may be adversely affected by competition from other
methods of investing in gold.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust competes with other financial vehicles, including traditional debt and
equity securities issued by companies in the gold industry and other securities
backed by or linked to gold, direct investments in gold and investment vehicles
similar to the Trust. Market and financial conditions, and other conditions
beyond the Sponsor&#146;s control, may make it more attractive to invest in other
financial vehicles or to invest in gold directly, which could limit the market
for the Shares and reduce the liquidity of the Shares.</FONT></P>

<P><FONT SIZE=2><B>The
price of gold may be affected by the sale of ETVs tracking gold markets.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent existing exchange traded vehicles (&#147;ETVs&#148;) tracking gold markets
represent a significant proportion of demand for physical gold bullion, large
redemptions of the securities of these ETVs could negatively affect physical
gold bullion prices and the price and NAV of the Shares.</FONT></P>

<P><FONT SIZE=2><B>Crises
may motivate large-scale sales of gold which could decrease the price of gold
and adversely affect an investment in the Shares.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
possibility of large-scale distress sales of gold in times of crisis may have a
short-term negative impact on the price of gold and adversely affect an
investment in the Shares. For example, the 2008 financial credit crisis
resulted in significantly depressed prices of gold largely due to forced sales
and deleveraging from institutional investors such as hedge funds and pension
funds. Crises in the future may impair gold&#146;s price performance which would, in
turn, adversely affect an investment in the Shares.</FONT></P>

<P><FONT SIZE=2><B>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:</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>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>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>A significant change in
 the attitude of speculators, investors and central banks towards gold. Should
 the speculative community take a negative view towards gold or central
 banking authorities determine to sell national gold reserves, either event
 could cause a decline in world gold prices, negatively impacting the price of
 the Shares.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>A widening of interest
 rate differentials between the cost of money and the cost of gold could
 negatively affect the price of gold which, in turn, could negatively affect
 the price of the Shares.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>A combination of rising
 money interest rates and a continuation of the current low cost of borrowing
 gold could improve the economics of selling gold forward. This could result
 in an increase in hedging by gold mining </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>14</FONT></P>

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<BR>

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 <P><FONT SIZE=2>companies and short
 selling by speculative interests, which would negatively affect the price of
 gold. Under such circumstances, the price of the Shares would be similarly
 affected.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2><B>The
Trust&#146;s gold may be subject to loss, damage, theft or restriction on access.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is a risk that part or all of the Trust&#146;s gold could be lost, damaged or stolen.
Access to the Trust&#146;s gold could also be restricted by natural events (such as
an earthquake) or human actions (such as a terrorist attack). Any of these
events may adversely affect the operations of the Trust and, consequently, an
investment in the Shares.</FONT></P>

<P><FONT SIZE=2><B>The
Trust&#146;s lack of insurance protection and the Shareholders&#146; limited rights of
legal recourse against the Trust, the Trustee, the Sponsor, the Custodian, any
Zurich Sub-Custodian and any other sub-custodian exposes the Trust and its
Shareholders to the risk of loss of the Trust&#146;s gold for which no person is
liable.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust does not insure its gold. The Custodian maintains insurance with regard
to its business on such terms and conditions as it considers appropriate in
connection with its custodial obligations and is responsible for all costs,
fees and expenses arising from the insurance policy or policies. The Trust is
not a beneficiary of any such insurance and does not have the ability to
dictate the existence, nature or amount of coverage. Therefore, Shareholders
cannot be assured that the Custodian maintains adequate insurance or any
insurance with respect to the gold held by the Custodian on behalf of the
Trust. In addition, the Custodian and the Trustee do not require the Zurich
Sub-Custodian or any other direct or indirect sub-custodians to be insured or
bonded with respect to their custodial activities or in respect of the gold
held by them on behalf of the Trust. Further, Shareholders&#146; recourse against
the Trust, the Trustee and the Sponsor, under New York law, the Custodian, the
Zurich Sub-Custodian and any other sub-custodian, under English law, and any
sub-custodians under the law governing their custody operations is limited.
Consequently, a loss may be suffered with respect to the Trust&#146;s gold which is
not covered by insurance and for which no person is liable in damages.</FONT></P>

<P><FONT SIZE=2><B>The
Custodian&#146;s limited liability under the Custody Agreements and English law may
impair the ability of the Trust to recover losses concerning its gold and any recovery
may be limited, even in the event of fraud, to the market value of the gold at
the time the fraud is discovered.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
liability of the Custodian is limited under the Custody Agreements. Under the
Custody Agreements between the Trustee and the Custodian which establish the
Trust Unallocated Account and the Trust Allocated Account, the Custodian is
only liable for losses that are the direct result of its own negligence, fraud
or willful default in the performance of its duties. Any such liability is
further limited, in the case of the Allocated Account Agreement, to the market
value of the gold held in the Trust Allocated Account at the time such
negligence, fraud or willful default is discovered by the Custodian and, in the
case of the Unallocated Account Agreement, to the amount of gold credited to
the Trust Unallocated Account at the time such negligence, fraud or willful
default is discovered by the Custodian. Under each Authorized Participant
Unallocated Bullion Account Agreement (between the Custodian and an Authorized
Participant establishing an Authorized Participant Unallocated Account), the
Custodian is not contractually or otherwise liable for any losses suffered by
any Authorized Participant or Shareholder that are not the direct result of its
own gross negligence, fraud or willful default in the performance of its duties
under such agreement, and in no event will its liability exceed the market
value of the balance in the Authorized Participant Unallocated Account at the
time such gross negligence, fraud or willful default is discovered by the
Custodian. For any Authorized Participant Unallocated Bullion Account Agreement
between an Authorized Participant and another gold clearing bank, the liability
of the gold clearing bank to the Authorized Participant may be greater or
lesser than the Custodian&#146;s liability to the Authorized Participant described
in the preceding sentence, depending on the terms of the agreement. In
addition, the Custodian will not be liable for any delay in performance or any
non-performance of any of its obligations under the Allocated Account
Agreement, the Unallocated Account Agreement or the Authorized Participant
Unallocated Bullion Account Agreement by reason of any cause beyond its
reasonable control, including acts of God, war or terrorism. As a result, the
recourse of the Trustee or the investor, under English law, is limited.
Furthermore, under English common law, the Custodian, the Zurich Sub-</FONT></P>

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<P><FONT SIZE=2>Custodian or any
subcustodian will not be liable for any delay in the performance or any
non-performance of its custodial obligations by reason of any cause beyond its
reasonable control.</FONT></P>

<P><FONT SIZE=2><B>The
obligations of the Custodian, the Zurich Sub-Custodian and any other
subcustodians are governed by English law, which may frustrate the Trust in
attempting to seek legal redress against the Custodian, the Zurich
Sub-Custodian or any subcustodian concerning its gold.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations of the Custodian under the Custody Agreements are, and the
Authorized Participant Unallocated Bullion Account Agreements may be, governed
by English law. The Custodian has entered into arrangements with the Zurich
Sub-Custodian and may enter into arrangements with other subcustodians for all
or a significant portion of the Trust&#146;s gold, which arrangements may also be
governed by English law. The Trust is a New York common law trust. Any United
States, New York or other court situated in the United States may have
difficulty interpreting English law (which, insofar as it relates to custody arrangements,
is largely derived from court rulings rather than statute), LBMA rules or the
customs and practices in the London custody market. It may be difficult or
impossible for the Trust to sue the Zurich Sub-Custodian or any other
subcustodian in a United States, New York or other court situated in the United
States. In addition, it may be difficult, time consuming and/or expensive for
the Trust to enforce in a foreign court a judgment rendered by a United States,
New York or other court situated in the United States.</FONT></P>

<P><FONT SIZE=2><B>Although
the relationship between the Custodian and the Zurich Sub-Custodian concerning
the Trust&#146;s allocated gold is expressly governed by English law, a court
hearing any legal dispute concerning that arrangement may disregard that choice
of law and apply Swiss law, in which case the ability of the Trust to seek
legal redress against the Zurich Sub-Custodian may be frustrated.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations of the Zurich Sub-Custodian under its arrangement with the
Custodian with respect to the Trust&#146;s allocated gold is expressly governed by
English law. Nevertheless, a court in the United States, England or Switzerland
may determine that English law should not apply and, instead, apply Swiss law
to that arrangement. Not only might it be difficult or impossible for a United
States or English court to apply Swiss law to the Zurich Sub-Custodian&#146;s
arrangement, but application of Swiss law may, among other things, alter the
relative rights and obligations of the Custodian and the Zurich Sub-Custodian
to an extent that a loss to the Trust&#146;s gold may not have adequate or any legal
redress. Further, the ability of the Trust to seek legal redress against the
Zurich Sub-Custodian may be frustrated by application of Swiss law.</FONT></P>

<P><FONT SIZE=2><B>The
Trust may not have adequate sources of recovery if its gold is lost, damaged,
stolen or destroyed.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Trust&#146;s gold is lost, damaged, stolen or destroyed under circumstances
rendering a party liable to the Trust, the responsible party may not have the
financial resources sufficient to satisfy the Trust&#146;s claim. For example, as to
a particular event of loss, the only source of recovery for the Trust might be
limited to the Custodian, the Zurich Sub-Custodian or any other subcustodians
or, to the extent identifiable, other responsible third parties (e.g., a thief
or terrorist), any of which may not have the financial resources (including
liability insurance coverage) to satisfy a valid claim of the Trust.</FONT></P>

<P><FONT SIZE=2><B>Shareholders
and Authorized Participants lack the right under the Custody Agreements to
assert claims directly against the Custodian, the Zurich Sub-Custodian and any
subcustodian.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Shareholders nor any Authorized Participant have a right under the Custody
Agreements to assert a claim of the Trustee against the Custodian, the Zurich
Sub-Custodian or any subcustodian. Claims under the Custody Agreements may only
be asserted by the Trustee on behalf of the Trust.</FONT></P>

<P><FONT SIZE=2><B>The
Custodian is reliant on the Zurich Sub-Custodian for the safekeeping of all or
a substantial portion of the Trust&#146;s gold. Furthermore, the Custodian has
limited obligations to oversee or monitor the Zurich Sub-Custodian. </B></FONT></P>

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<P><FONT SIZE=2><B>As a
result, failure by any Zurich Sub-Custodian to exercise due care in the
safekeeping of the Trust&#146;s gold could result in a loss to the Trust.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold
generally trades on a loco London or loco Zurich basis whereby the physical
gold is held in vaults located in London or Zurich or is transferred into
accounts established in London or Zurich. The Custodian does not have a vault
in Zurich and is reliant on the Zurich Sub-Custodian for the safekeeping of all
or a substantial portion of the Trust&#146;s allocated gold. Other than obligations
to (1) use reasonable care in appointing the Zurich Sub-Custodian, (2) require any
Zurich Sub-Custodian to segregate the gold held by it for the Trust from any
other gold held by it for the Custodian and any other customers of the
Custodian by making appropriate entries in its books and records and (3) ensure
that the Zurich Sub-Custodian provide confirmation to the Trustee that it has
undertaken to segregate the gold held by it for the Trust, the Custodian is not
liable for the acts or omissions of the Zurich Sub-Custodian. Other than as
described above, the Custodian does not undertake to monitor the performance by
the Zurich Sub-Custodian of its custody functions. The Trustee&#146;s obligation to
monitor the performance of the Custodian is limited to receiving and reviewing
the reports of the Custodian. The Trustee does not monitor the performance of
the Zurich Sub-Custodian or any other subcustodian. In addition, the ability of
the Trustee and the Sponsor to monitor the performance of the Custodian may be
limited because under the Custody Agreements, the Trustee and the Sponsor have
only limited rights to visit the premises of the Custodian or the Zurich
Sub-Custodian for the purpose of examining the Trust&#146;s gold and certain related
records maintained by the Custodian or Zurich Sub-Custodian.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of the above, any failure by any Zurich Sub-Custodian to exercise due
care in the safekeeping of the Trust&#146;s gold may not be detectable or
controllable by the Custodian or the Trustee and could result in a loss to the
Trust.</FONT></P>

<P><FONT SIZE=2><B>The
Custodian relies on its Zurich Sub-Custodian to hold the gold allocated to the
Trust Allocated Account and used to settle redemptions. As a result, settlement
of gold in connection with redemptions loco London may require more than three
days.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian is reliant on its Zurich Sub-Custodian to hold the gold allocated to
the Trust Allocated Account in order to effect redemption of Shares. As a
result, in the case for redemption orders electing gold deliveries to be
received loco London, it may take longer than three business days for gold to be
credited to the Authorized Participant Unallocated Account, which may result in
a delay of settlement of the redemption order that is settled loco London.</FONT></P>

<P><FONT SIZE=2><B>Because
neither the Trustee nor the Custodian oversees or monitors the activities of
subcustodians who may hold the Trust&#146;s gold, failure by the subcustodians to
exercise due care in the safekeeping of the Trust&#146;s gold could result in a loss
to the Trust.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Allocated Account Agreement, the Custodian may appoint from time to time
one or more subcustodians to hold the Trust&#146;s gold on a temporary basis pending
delivery to the Custodian. The subcustodians which the Custodian currently uses
are the Bank of England, Barclays Bank plc, Brink&#146;s Global Services Inc.,
Deutsche Bank AG, HSBC Bank USA, N.A., The Bank of Nova Scotia-ScotiaMocatta,
Union Bank of Switzerland (UBS), Via Mat International and the Custodian may
use other LBMA clearing members that provide bullion vaulting and clearing
services to third parties. The Custodian has selected the Zurich Sub-Custodian,
and the Zurich Sub-Custodian maintains custody of all of the Trust&#146;s allocated
gold for the Custodian. The Custodian is required under the Allocated Account
Agreement to use reasonable care in appointing the Zurich Sub-Custodian and any
other subcustodians, making the Custodian liable only for negligence or bad
faith in the selection of such subcustodians, and has an obligation to use
commercially reasonable efforts to obtain delivery of the Trust&#146;s gold from any
subcustodians appointed by the Custodian. Otherwise, the Custodian is not
liable for the acts or omissions of its subcustodians. These subcustodians may
in turn appoint further subcustodians, but the Custodian is not responsible for
the appointment of these further subcustodians. The Custodian does not
undertake to monitor the performance by subcustodians of their custody
functions or their selection of further subcustodians. The Trustee does not
monitor the performance of the Custodian other than to review the reports provided
by the Custodian pursuant to the Custody Agreements and does not undertake to
monitor the performance of any subcustodian. Furthermore, except for the Zurich
Sub-Custodian, the Trustee may have no right to visit the premises of </FONT></P>

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<P><FONT SIZE=2>any subcustodian for the
purposes of examining the Trust&#146;s gold or any records maintained by the
subcustodian, and no subcustodian will be obligated to cooperate in any review
the Trustee may wish to conduct of the facilities, procedures, records or
creditworthiness of such subcustodian. In addition, the ability of the Trustee
to monitor the performance of the Custodian may be limited because under the
Allocated Account Agreement and the Unallocated Account Agreement the Trustee
has only limited rights to visit the premises of the Custodian and the Zurich
Sub-Custodian for the purpose of examining the Trust&#146;s gold and certain related
records maintained by the Custodian and the Zurich Sub-Custodian.</FONT></P>

<P><FONT SIZE=2><B>The
obligations of any subcustodian of the Trust&#146;s gold are not determined by contractual
arrangements but by LBMA rules and London bullion market customs and practices,
which may prevent the Trust&#146;s recovery of damages for losses on its gold
custodied with subcustodians.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
for the Custodian&#146;s arrangement with the Zurich Sub-Custodian, there are
expected to be no written contractual arrangements between subcustodians that
hold the Trust&#146;s gold and the Trustee or the Custodian because traditionally
such arrangements are based on the LBMA&#146;s rules and on the customs and practices
of the London bullion market. In the event of a legal dispute with respect to
or arising from such arrangements, it may be difficult to define such customs
and practices. The LBMA&#146;s rules may be subject to change outside the control of
the Trust. Under English law, neither the Trustee nor the Custodian would have
a supportable breach of contract claim against a subcustodian for losses
relating to the safekeeping of gold. If the Trust&#146;s gold is lost or damaged
while in the custody of a subcustodian, the Trust may not be able to recover
damages from the Custodian or the subcustodian. Whether a subcustodian will be
liable for the failure of subcustodians appointed by it to exercise due care in
the safekeeping of the Trust&#146;s gold will depend on the facts and circumstances
of the particular situation. Shareholders cannot be assured that the Trustee
will be able to recover damages from subcustodians whether appointed by the
Custodian or by another subcustodian for any losses relating to the safekeeping
of gold by such subcustodians.</FONT></P>

<P><FONT SIZE=2><B>Gold
bullion allocated to the Trust in connection with the creation of a Basket may
not meet the London Good Delivery Standards and, if a Basket is issued against
such gold, the Trust may suffer a loss.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Trustee nor the Custodian independently confirms the fineness of the gold
allocated to the Trust in connection with the creation of a Basket. The gold
bullion allocated to the Trust by the Custodian may be different from the
reported fineness or weight required by the LBMA&#146;s standards for gold bars
delivered in settlement of a gold trade (London Good Delivery Standards), the
standards required by the Trust. If the Trustee nevertheless issues a Basket
against such gold, and if the Custodian fails to satisfy its obligation to
credit the Trust the amount of any deficiency, the Trust may suffer a loss.</FONT></P>

<P><FONT SIZE=2><B>Gold
held in the Trust&#146;s unallocated gold account and any Authorized Participant&#146;s
unallocated gold account is not segregated from the Custodian&#146;s assets. If the
Custodian becomes insolvent, its assets may not be adequate to satisfy a claim
by the Trust or any Authorized Participant. In addition, in the event of the
Custodian&#146;s insolvency, there may be a delay and costs incurred in identifying
the bullion held in the Trust&#146;s allocated gold account.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold
which is part of a deposit for a purchase order or part of a redemption
distribution is held for a time in the Trust Unallocated Account and,
previously or subsequently in, the Authorized Participant Unallocated Account
of the purchasing or redeeming Authorized Participant. During those times, the
Trust and the Authorized Participant, as the case may be, have no proprietary
rights to any specific bars of gold held by the Custodian and are each an
unsecured creditor of the Custodian with respect to the amount of gold held in
such unallocated accounts. In addition, if the Custodian fails to allocate the
Trust&#146;s gold in a timely manner, in the proper amounts or otherwise in
accordance with the terms of the Unallocated Account Agreement, or if a
subcustodian fails to so segregate gold held by it on behalf of the Trust,
unallocated gold will not be segregated from the Custodian&#146;s assets, and the
Trust will be an unsecured creditor of the Custodian with respect to the amount
so held in the event of the insolvency of the Custodian. In the event the
Custodian becomes insolvent, the Custodian&#146;s assets might not be adequate to
satisfy a claim by the Trust or the Authorized Participant for the amount of
gold held in their respective unallocated gold accounts.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>18</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of the insolvency of the Custodian, a liquidator may seek to freeze
access to the gold held in all of the accounts held by the Custodian, including
the Trust Allocated Account. Although the Trust would be able to claim
ownership of properly allocated gold, the Trust could incur expenses in
connection with asserting such claims, and the assertion of such a claim by the
liquidator could delay creations and redemptions of Baskets.</FONT></P>

<P><FONT SIZE=2><B>In
issuing Baskets, the Trustee relies on certain information received from the
Custodian which is subject to confirmation after the Trustee has relied on the
information. If such information turns out to be incorrect, Baskets may be
issued in exchange for an amount of gold which is more or less than the amount
of gold which is required to be deposited with the Trust.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian&#146;s definitive records are prepared after the close of its business
day. However, when issuing Baskets, the Trustee relies on information reporting
the amount of gold credited to the Trust&#146;s accounts which it receives from the
Custodian during the business day and which is subject to correction during the
preparation of the Custodian&#146;s definitive records after the close of business.
If the information relied upon by the Trustee is incorrect, the amount of gold
actually received by the Trust may be more or less than the amount required to
be deposited for the issuance of Baskets.</FONT></P>

<P><FONT SIZE=2><B>The sale
of the Trust&#146;s gold to pay expenses not assumed by the Sponsor at a time of low
gold prices could adversely affect the value of the Shares.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee sells gold held by the Trust to pay Trust expenses not assumed by the
Sponsor on an as-needed basis irrespective of then-current gold prices. The Trust
is not actively managed and no attempt will be made to buy or sell gold to
protect against or to take advantage of fluctuations in the price of gold.
Consequently, the Trust&#146;s gold may be sold at a time when the gold price is
low, resulting in a negative effect on the value of the Shares.</FONT></P>

<P><FONT SIZE=2><B>The
value of the Shares will be adversely affected if the Trust is required to
indemnify the Sponsor or the Trustee under the Trust Agreement.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Trust Agreement, each of the Sponsor and the Trustee has a right to be
indemnified from the Trust for any liability or expense it incurs without gross
negligence, bad faith or willful misconduct on its part. That means the Sponsor
or the Trustee may require the assets of the Trust to be sold in order to cover
losses or liability suffered by it. Any sale of that kind would reduce the NAV
of the Trust and the value of the Shares.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>U<A NAME="c65183a006_v1"></A>SE OF PROCEEDS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds
received by the Trust from the issuance and sale of Baskets, including the
Shares (which are described on the front page of this prospectus), will consist
of gold deposits and, possibly from time to time, cash. Pursuant to the Trust
Agreement, during the life of the Trust such proceeds will only be (1) held by
the Trust, (2) distributed to Authorized Participants in connection with the
redemption of Baskets or (3) disbursed to pay the Sponsor&#146;s Fee or sold as
needed to pay the Trust&#146;s expenses not assumed by the Sponsor.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>O<A NAME="c65183a007_v1"></A>VERVIEW OF THE
GOLD INDUSTRY</B></FONT></P>

<P><FONT SIZE=2><B>Introduction</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 &#147;official&#148; sector (<I>i.e.</I>,
central banks) in the market.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>19</FONT></P>

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<P><FONT SIZE=2><B>Market Participants</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
participants in the world gold market 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><FONT SIZE=2><B>Mining and Producer Sector</B>
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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><FONT SIZE=2><B>Banking Sector</B> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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><FONT SIZE=2><B>The Official Sector</B> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
official sector encompasses the activities of the various central banking
operations of gold-holding countries. According to statistics released by the
World Gold Council, central banks are estimated to hold approximately 32,000
tonnes of gold reserves, or approximately 20% of existing above- ground stocks.
Since September 2009, the European Central Bank and 18 other central banks have
operated under the Central Bank Gold Agreement (CBGA). The CBGA maintains a cap
on lending and derivatives activities and allows a maximum level of sales of
400 tonnes per year, with an overall total of no more than 2,000 tonnes
permitted during the five-year life of the CBGA. </FONT></P>

<P><FONT SIZE=2><B>The Investment Sector</B>
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
sector includes the investment and trading activities of both professional
&amp; 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><FONT SIZE=2><B>The Manufacturing Sector</B>
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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><FONT SIZE=2><B>World Gold Supply and Demand 1999&#150;2008 (in
tonnes) </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth a summary of the world gold supply and demand for
the last 10 years and is based on information reported in the GFMS Gold Survey
2009. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>20</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="29%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>1999</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>2000</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>2003</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>2004</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>2005</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>2006</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>2007</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>2008</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Mine production</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,603</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,620</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,646</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,618</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,623</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,494</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,550</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,485</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,478</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,416</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Official sector sales</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>477</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>479</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>520</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>547</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>620</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>479</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>663</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>365</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>484</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>246</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Old gold scrap</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>620</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>619</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>749</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>872</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>985</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>878</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>898</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,129</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>958</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,218</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Net producer hedging</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>506</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Implied net disinvestment</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>298</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Total reported supply(1)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>4,206</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>4,017</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>3,915</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>4,037</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>4,227</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>3,866</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>4,111</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>3,979</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>3,920</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>3,880</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Gold fabrication in carat jewelry</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>3,139</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>3,204</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>3,008</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,660</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,483</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,617</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,712</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,288</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,404</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,159</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Gold fabrication&#151;other</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>592</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>557</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>474</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>481</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>515</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>555</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>580</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>648</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>671</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>691</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Bar hoarding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>269</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>242</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>261</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>264</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>180</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>257</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>264</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>235</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>236</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>384</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Implied net investment and producer
 de-hedging</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>206</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>171</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>631</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,050</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>438</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>556</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>808</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>608</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>646</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Investment in ETFs and Related Products(2)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>39</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>133</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>208</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>260</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>253</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>321</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Total identifiable demand(1)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>4,206</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>4,017</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>3,915</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>4,037</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>4,227</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>3,866</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>4,111</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>3,979</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>3,920</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>3,880</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Figures may
 not add to totals due to independent rounding.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Includes:
 Gold Bullion Securities, SPDR<SUP>&reg;</SUP> Gold Trust, NewGold Debentures,
 Central Fund of Canada and Central Gold Trust, Barclays Global Investors
 iShares Comex Gold Trust, ZKB Gold, Goldist, ETFS Physical Gold, Xetra-Gold,
 Julius Baer Physical Gold Fund.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following are some of the main characteristics of the gold market illustrated
by the table: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold
supply over the past ten years has averaged 4,016 tonnes with primary
production (new mine output) accounting for approximately two thirds of the
total. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is a slight overall decrease in gold supply when comparing the average 5-year
period ended 2003 to the average 5-year period ended 2008 at 4,080 tonnes and
3,951 tonnes respectively. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>21</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
biggest source of demand for gold output over the period shown has come from
the jewelry sector which has accounted for an average of 66% of all demand.
Demand from this sector has typically exceeded annual world mine production,
meaning additional sources of supply have been relied upon to fill the gap.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
significant new source of demand has been from the Investment in Exchange
Traded Funds and related products comprising of 1,217 tonnes over 7 years and a
cumulative average growth rate of 95%.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statistics
published by Gold Fields Mineral Services Ltd Gold Survey 2009.</FONT></P>

<P><FONT SIZE=2><B>Historical Chart of the Price of Gold </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
price of gold is volatile and fluctuations are expected to have a direct impact
on the value of the Shares. However, movements in the price of gold in the past
are not a reliable indicator of future movements. Movements may be influenced
by various factors, including announcements from central banks regarding a
country&#146;s reserve gold holdings, agreements among central banks, political
uncertainties around the world, and economic concerns.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following chart illustrates the movements in the price of an ounce of gold in
US dollars from December 1999 to December 2009:</FONT></P>


<P ALIGN="CENTER"><FONT SIZE=2><img src="c65183002_v1.jpg" alt="(LINE GRAPH)"></FONT></P>

<P><FONT SIZE=2><I>Source: Bloomberg</I></FONT></P>

<P><FONT SIZE=2><B>Operation of the Gold Bullion Market</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
global trade in gold consists of Over-the-Counter (OTC) transactions in spot,
forwards, and options and other derivatives, together with exchange-traded
futures and options.</FONT></P>

<P><FONT SIZE=2><B>Global Over-The-Counter Market</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
OTC market trades on a 24-hour per day continuous basis and accounts for most
global gold trading.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>22</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market
makers, as well as others in the OTC market, trade with each other and with
their clients on a principal-to-principal basis. All risks and issues of credit
are between the parties directly involved in the transaction. Market makers
include the market-making members of the LBMA, the trade association that acts
as the coordinator for activities conducted on behalf of its members and other
participants in the London bullion market. The ten market-making members of the
LBMA are: Barclays Bank plc, Deutsche Bank AG, HSBC Bank USA, N.A. (through its
London branch), Goldman Sachs International, JPMorgan Chase Bank, ScotiaMocatta
(a division of the Bank of Nova Scotia), Soci&eacute;t&eacute; G&eacute;n&eacute;rale, Mitsui &amp; Co
Precious Metals Inc, Royal Bank of Canada, and UBS AG. The OTC market provides
a relatively flexible market in terms of quotes, price, size, destinations for
delivery and other factors. Bullion dealers customize transactions to meet
clients&#146; requirements. The OTC market has no formal structure and no
open-outcry meeting place.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
main centers of the OTC market are London and New York. Mining companies,
central banks, manufacturers of jewelry and industrial products, together with
investors and speculators, tend to transact their business through one of these
market centers. Centers such as Dubai and several cities in the Far East also
transact substantial OTC market business, typically involving jewelry and small
bars (1 kilogram or less) and will hedge their exposure by selling into one of
these main OTC centers. Bullion dealers have offices around the world and most
of the world&#146;s major bullion dealers are either members or associate members of
the LBMA. Of the nine market-making members of the LBMA, six offer clearing
services. There are a further 59 full members, plus a number of associate
members around the world. The number of LBMA market-making, clearing and full
members reported in this prospectus are as of July 19, 2010. These numbers may
change from time to time as new members are added and existing members drop
out.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the OTC market, the standard size of gold trades between market makers ranges
between 5,000 and 10,000 ounces. Bid-offer spreads are typically 50 US cents
per ounce. Certain dealers are willing to offer clients competitive prices for
much larger volumes, including trades over 100,000 ounces, although this will
vary according to the dealer, the client and market conditions, as transaction
costs in the OTC market are negotiable between the parties and therefore vary
widely. Cost indicators can be obtained from various information service
providers as well as dealers.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidity
in the OTC market can vary from time to time during the course of the 24-hour
trading day. Fluctuations in liquidity are reflected in adjustments to dealing
spreads&#151;the differential between a dealer&#146;s &#147;buy&#148; and &#147;sell&#148; prices. The period
of greatest liquidity in the gold market generally occurs at the time of day
when trading in the European time zones overlaps with trading in the United
States, which is when OTC market trading in London, New York and other centers
coincides with futures and options trading on the COMEX. This period lasts for
approximately four hours each New York business day morning.</FONT></P>

<P><FONT SIZE=2><B>The London Bullion Market</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
the market for physical gold is distributed globally, most OTC market trades
are cleared through London. In addition to coordinating market activities, the
LBMA acts as the principal point of contact between the market and its
regulators. A primary function of the LBMA is its involvement in the promotion
of refining standards by maintenance of the &#147;London Good Delivery Lists,&#148; which
are the lists of LBMA accredited melters and assayers of gold. The LBMA also
coordinates market clearing and vaulting, promotes good trading practices and
develops standard documentation.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
terms &#147;loco London&#148; gold and &#147;loco Zurich&#148; gold refer to gold physically held
in London and Zurich, respectively, that meets the specifications for weight,
dimensions, fineness (or purity), identifying marks (including the assay stamp
of a LBMA acceptable refiner) and appearance set forth in &#147;The Good Delivery
Rules for Gold and Silver Bars&#148; published by the LBMA. Gold bars meeting these
requirements are described in this prospectus from time to time as &#147;London Good
Delivery Bars.&#148; The unit of trade in London is the troy ounce, whose conversion
between grams is: 1,000 grams = 32.1507465 troy ounces and 1 troy ounce =
31.1034768 grams. A London Good Delivery Bar is acceptable for delivery in
settlement of a transaction on the OTC market. Typically referred to as
400-ounce bars, a London Good Delivery Bar must contain between 350 and 430
fine troy ounces of gold, with a minimum fineness (or purity) of 995 parts per
1,000 (99.5%), be of good appearance and be easy to handle and stack. The fine
gold content of a gold bar is calculated by multiplying the gross weight of the
bar (expressed in units of 0.025 troy ounces) by the fineness of the bar. A
London Good Delivery Bar must also bear the stamp of one of the melters and
assayers who are on the LBMA</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>23</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>approved list.
Unless otherwise specified, the gold spot price always refers to that of a
London Good Delivery Bar. Business is generally conducted over the phone and
through electronic dealing systems.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twice
daily during London trading hours there is a fix which provides reference gold
prices for that day&#146;s trading. Many long-term contracts will be priced on the
basis of either the morning (AM) or afternoon (PM) London fix, and market
participants will usually refer to one or the other of these prices when
looking for a basis for valuations. The London fix is the most widely used
benchmark for daily gold prices and is quoted by various financial information
sources.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 now
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. The members of the gold fixing are currently The Bank of Nova
Scotia&#151;ScotiaMocatta, Deutsche Bank AG, HSBC Bank USA, N.A., Soci&eacute;t&eacute; G&eacute;n&eacute;rale
and Barclays Bank plc. Any other market participant wishing to participate in
the trading on the fix is required to do so through one of the five gold fixing
members.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orders
are placed either with one of the five fixing members or with another bullion
dealer who will then be in contact with a fixing member during the fixing. The
fixing members net-off all orders when communicating their net interest at the
fixing. The fix begins with the fixing chairman suggesting a &#147;trying price,&#148;
reflecting the market price prevailing at the opening of the fix. This is
relayed by the fixing members to their dealing rooms which have direct
communication with all interested parties. Any market participant may enter the
fixing process at any time, or adjust or withdraw his order. The gold price is
adjusted up or down until all the buy and sell orders are matched, at which
time the price is declared fixed. All fixing orders are transacted on the basis
of this fixed price, which is instantly relayed to the market through various
media. The London fix is widely viewed as a full and fair representation of all
market interest at the time of the fix.</FONT></P>

<P><FONT SIZE=2><B>The Zurich Bullion Market</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
London, the second principal center for spot or physical gold trading is
Zurich. For eight hours a day, trading occurs simultaneously in London and
Zurich&#151;with Zurich normally opening and closing an hour earlier than London.
During these hours, Zurich closely rivals London in its influence over the spot
price because of the importance of the three major Swiss banks&#151;Credit Suisse,
Swiss Bank Corporation, and Union Bank of Switzerland (UBS)&#151;in the physical
gold market. Each of these banks has long maintained its own refinery, often
taking physical delivery of gold and processing it for other regional markets.
The loco Zurich bullion specification is the same as for the London bullion
market, which allows for gold physically located in Zurich to be quoted loco
London and vice versa.</FONT></P>

<P><FONT SIZE=2><B>Futures Exchanges</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
most significant gold futures exchanges are the COMEX and the Tokyo Commodity
Exchange (TOCOM). The COMEX is the largest exchange in the world for trading
precious metals futures and options and has been trading gold since 1974. The
TOCOM has been trading gold since 1982. Trading on these exchanges is based on
fixed delivery dates and transaction sizes for the futures and options
contracts traded. Trading costs are negotiable. As a matter of practice, only a
small percentage of the futures market turnover ever comes to physical delivery
of the gold represented by the contracts traded. Both exchanges permit trading
on margin. Margin trading can add to the speculative risk involved given the
potential for margin calls if the price moves against the contract holder. The
COMEX operates through a central clearance system. On June 6, 2003, TOCOM
adopted a similar clearance system. In each case, the exchange acts as a
counterparty for each member for clearing purposes.</FONT></P>

<P><FONT SIZE=2><B>Other Exchanges</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are other gold exchange markets, such as the Istanbul Gold Exchange (trading
gold since 1995), the Shanghai Gold Exchange (trading gold since October 2002),
the Hong Kong Chinese Gold &amp; Silver Exchange Society (trading gold since
1918) and the Singapore Mercantile Exchange (trading gold since 2010).</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>24</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2><B>Market Regulation</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
global gold markets are overseen and regulated by both governmental and
self-regulatory organizations. In addition, certain trade associations have
established rules and protocols for market practices and participants. In the
United Kingdom, responsibility for the regulation of the financial market
participants, including the major participating members of the LBMA, falls
under the authority of the Financial Services Authority (FSA) as provided by
the Financial Services and Markets Act 2000 (FSM Act). Under this act, all
UK-based banks, together with other investment firms, are subject to a range of
requirements, including fitness and properness, capital adequacy, liquidity,
and systems and controls.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
FSA is responsible for regulating investment products, including derivatives,
and those who deal in investment products. Regulation of spot, commercial
forwards, and deposits of gold and silver not covered by the FSM Act is
provided for by The London Code of Conduct for Non-Investment Products, which
was established by market participants in conjunction with the Bank of England.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
TOCOM has authority to perform financial and operational surveillance on its
members&#146; trading activities, scrutinize positions held by members and
large-scale customers, and monitor the price movements of futures markets by
comparing them with cash and other derivative markets&#146; prices. To act as a
Futures Commission Merchant Broker, a broker must obtain a license from Japan&#146;s
Ministry of Economy, Trade and Industry (METI), the regulatory authority that
oversees the operations of the TOCOM.</FONT></P>

<P><FONT SIZE=2><B>Not A Regulated Commodity Pool</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust will not trade in gold futures contracts on the COMEX or on any other
futures exchange. The Trust will take delivery of physical gold that complies
the LBMA gold delivery rules. Because the Trust will not trade in gold futures
contracts on any futures exchange, the Trust with not be regulated by the CFTC
under the Commodity Exchange Act as a &#147;commodity pool,&#148; and will not be
operated by a CFTC-regulated commodity pool operator. Investors in the Trust
will not receive the regulatory protections afforded to investors in regulated commodity
pools, nor may the COMEX or any futures exchange enforce its rules with respect
to the Trust&#146;s activities. In addition, investors in the Trust will not benefit
from the protections afforded to investors in gold futures contracts on
regulated futures exchanges.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>B<A NAME="c65183a008_v1"></A>USINESS OF THE
TRUST</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
activities of the Trust are limited to (1) issuing Baskets in exchange for the
gold deposited with the Custodian as consideration, (2) delivering gold as
necessary to cover the Sponsor&#146;s Fee and selling gold as necessary to pay Trust
expenses not assumed by the Sponsor and other liabilities and (3) delivering
gold in exchange for Baskets 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><FONT SIZE=2><B>Trust Objective</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
investment objective of the Trust is for the Shares to reflect the performance
of the price of gold bullion, less the Trust&#146;s expenses. The 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. Although the
Shares will not be 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><FONT SIZE=2><B>Strategy Behind the Shares</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shares are intended to offer investors an opportunity to participate in the
gold market through an investment in securities. The logistics of storing and
insuring gold are dealt with by the Custodian and the related expenses are
built into</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>25</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>the price of
the Shares. Therefore, the investor does not have any additional tasks or costs
over and above those associated with dealing in any other publicly traded
security.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shares are intended to provide institutional and retail investors with a simple
and cost-efficient means, with minimal credit risk, of gaining investment
benefits similar to those of holding gold bullion. The Shares offer an
investment that is:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Easily Accessible and Relatively Cost Efficient.</I>
 Investors can access the gold market through a traditional brokerage account.
 The Sponsor believes that investors will be able to more effectively
 implement strategic and tactical asset allocation strategies that use gold by
 using the Shares instead of using the traditional means of purchasing,
 trading and holding gold and for many investors, transaction costs related to
 the Shares will be lower than those associated with the purchase, storage and
 insurance of physical gold.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Exchange Traded and Transparent.</I> The Shares
 will trade on the NYSE Arca, providing investors with an efficient means to
 implement various investment strategies. Upon effectiveness of the
 registration statement of which this prospectus is a part, the Shares will be
 eligible for margin accounts and will be backed by the assets of the Trust,
 and the Trust will not hold or employ any derivative securities. Furthermore,
 the value of the Trust&#146;s holdings will be reported on the Trust&#146;s website
 daily.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Minimal Credit Risk.</I> The Shares represent an
 interest in physical bullion owned by the Trust (other than an amount held in
 unallocated form which is not sufficient to make up a whole bar or which is
 held temporarily in unallocated form to effect a creation or redemption of
 Shares). Physical bullion of the Trust in the Custodian&#146;s possession is not
 subject to borrowing arrangements with third parties. Other than the gold
 temporarily being held in an unallocated gold account with the Custodian, the
 physical bullion of the Trust is not subject to counterparty or credit risks.
 See &#147;Risk Factors&#151;Gold held in the Trust&#146;s unallocated gold account and any
 Authorized Participant&#146;s unallocated gold account is not segregated from the
 Custodian&#146;s assets....&#148; This contrasts with most other financial products
 that gain exposure to bullion through the use of derivatives that are subject
 to counterparty and credit risks.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>The Trust
 differentiates itself from competing Gold ETPs in the following ways:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Location of Gold Vault.</I> The Trust&#146;s custodian
 holds gold bullion in a secure vault in Zurich. This custodial arrangement
 differentiates the Trust from other Gold ETPs, which may custody gold in
 locations such as the United States, Canada, the United Kingdom or Singapore
 or which may use financial instruments to seek their investment objectives.
 The geographic and political considerations of owning gold in Zurich may
 appeal to certain investors.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>26</FONT></P>

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<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Experienced Management Team</I>. The management
 team of the Sponsor&#146;s parent, ETF Securities Limited, pioneered the first
 Gold ETP backed by physical gold in Australia in 2003. Since that time and
 including their activities with the Sponsor, the management team of ETF
 Securities Limited has established a long track record of operating Gold ETPs
 backed by physical gold, including listings in Australia, Europe, Japan and
 the United States.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Gold Bar List</I>. In the interests of
 transparency, the custodian maintains a list of the uniquely identifiable
 gold bars held by the Trust. This list is updated daily and published at
 etfsecurities.com/msl/index_us.asp. Although other Gold ETPs that custody
 physical gold bullion, such as the ETFS Gold Trust, may utilize similar
 disclosure, United States and Non-United States Gold ETPs that do not hold
 gold in allocated form do not maintain inventory reports of bullion holdings.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Vault Inspection. </I>The Sponsor has contracted
 with a specialist bullion assaying firm to provide biannual inspections of
 the bullion bars held on behalf of the Trust. One audit will be conducted at
 the end of each calendar year and the other at random, with the consent of
 the Custodian, on a date selected by the Sponsor. Other Gold ETPs may not
 allow third party inspections of bullion bar holdings.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Custodian. </I>The custodian of the Trust&#146;s gold
 is JPMorgan Chase Bank, NA (the &#147;Custodian&#148;). The custodian may be different
 for other Gold ETPs.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Allocated Gold</I>. The Trust holds physical
 gold in allocated form with the Custodian in the Custodian&#146;s Zurich
 vaulting premises. The physical allocated bullion of the Trust is not subject
 to counterparty or credit risks. A small portion of the Trust&#146;s physical
 gold bullion, which amount is not expected to exceed 430 ounces at the close
 of any given day, will be held in unallocated form. This may differ from other
 Gold ETPs that provide gold exposure through other means, such as the use of
 financial instruments.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>27</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Structure</I>. The Shares intend to track the
 performance of the price of gold bullion, less the Trust&#146;s expenses. The
 Trust seeks to achieve this objective by holding physical gold bullion. This
 structure may be different from other Gold ETPs that seek to track the
 performance of the price of gold bullion through the use of commodity futures
 contracts or through derivatives.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Sponsor&#146;s Fee</I>. The Sponsor&#146;s Fee associated
 with the Trust is a competitive factor that may influence an investor&#146;s
 decision to purchase Shares.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&#147;<B>Secondary Market Trading</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
the Trust&#146;s investment objective is for the Shares to reflect the performance
of gold bullion, less the expenses of the Trust, the Shares may trade in the
secondary market on the NYSE Arca at prices that are lower or higher relative
to their net asset value, which is the value of the Trust&#146;s assets less its liabilities
(&#147;NAV&#148;), per Share may be influenced by non-concurrent trading hours between
the NYSE Arca and the Commodity Exchange, Inc., a subsidiary of New York
Mercantile Exchange, Inc. (&#147;COMEX&#148;), and the London and Zurich bullion markets.
While the Shares will trade on the NYSE Arca until 4:00 PM New York time,
liquidity in the global gold market will be reduced after the close of the
COMEX at 1:30 PM New York time. As a result, during this time, trading spreads,
and the resulting premium or discount, on the Shares may widen.</FONT></P>

<P><FONT SIZE=2><B>Trust Expenses</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust&#146;s only ordinary recurring expense is expected to be the Sponsor&#146;s Fee. In
exchange for the Sponsor&#146;s Fee, the Sponsor has agreed to assume the following
administrative and marketing expenses incurred by the Trust: the Trustee&#146;s
monthly fee and out-of-pocket expenses, the Custodian&#146;s fee and reimbursement
of the Custodian&#146;s expenses under the Custody Agreements (defined below),
Exchange listing fees, SEC registration fees, printing and mailing costs, audit
fees and up to $100,000 per annum in legal expenses. The Sponsor also paid the
costs of the Trust&#146;s organization and the initial sale of the Shares, including
the applicable SEC registration fees.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor&#146;s Fee accrues daily at an annualized rate equal to 0.39% of the ANAV of
the Trust and is payable monthly in arrears. The Sponsor&#146;s Fee is paid by
delivery of gold to an account maintained by the Custodian for the Sponsor on
an unallocated basis. The Sponsor, from time to time, may temporarily waive all
or a portion of the Sponsor&#146;s Fee at its discretion for a stated period of
time. Presently, the Sponsor does not intend to waive any of its fee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore,
the Sponsor may, in its sole discretion, agree to rebate all or a portion of
the Sponsor&#146;s Fee attributable to Shares held by institutional investors
subject to requirements determined by the Sponsor to foster stability in the
Trust&#146;s asset levels. The Sponsor expects that any agreement to rebate the
Sponsor&#146;s Fee will address key terms such as the requirement that the
institutional investor invest in an amount greater than 2,000,000 Shares and
that all or a portion of the investment to which the rebate applies be subject
to a lockup period. Furthermore, the written agreement would detail how the
institutional investor may establish that Share holdings and lockup period
requirements have been met (<I>e.g</I>.,
permitting the Sponsor to monitor the institutional investor&#146;s holdings in
Shares from time to time). Each written rebate agreement will be expected to
have an initial term of one year and will automatically be extended on a
month-to-month basis until terminated by either party on written notice. Any
such rebate will be subject to negotiation and written agreement between the Sponsor
and the investor on a case by case basis. The Sponsor is under no obligation to
provide any rebates of the Sponsor&#146;s Fee. Neither the Trust nor the Trustee
will be a party to any Sponsor&#146;s Fee rebate arrangements negotiated by the
Sponsor. Any Sponsor&#146;s Fee rebate shall be paid from the funds of the Sponsor
and not from the assets of the Trust.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>28</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 in cash of Trust expenses 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&#146;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&#146;s expenses and the market price of gold.
The Custodian is authorized to purchase from the Trust, at the request of the
Trustee, gold needed to cover Trust expenses not assumed by the Sponsor at 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
held by the Trustee pending payment of the Trust&#146;s expenses will not bear any
interest. Each delivery or sale of gold by the Trust to pay the Sponsor&#146;s Fee
or other Trust expenses will be a taxable event to Shareholders. See &#147;United
States Federal Income Tax Consequences&#151;Taxation of US Shareholders.&#148;</FONT></P>

<P><FONT SIZE=2><B>Impact of Trust Expenses on the Trust&#146;s Net
Asset Value</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust will deliver gold to the Sponsor to pay the Sponsor&#146;s Fee and sell gold
to raise the funds needed for the payment of all Trust expenses not assumed by
the Sponsor. The purchase price received as consideration for such sales will
be the Trust&#146;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, or to cover the Sponsor&#146;s Fee
and Trust expenses not assumed by the Sponsor, is held in physical form by the
Custodian (except for residual amounts not exceeding 430 ounces of gold, the
maximum weight to make one London Good Delivery Bar, which will be held in
unallocated form by the Custodian on behalf of the Trust). As a result of the
recurring deliveries of gold necessary to pay the Sponsor&#146;s Fee in-kind and
potential sales of gold to pay in cash the Trust expenses not assumed by the
Sponsor, the net asset value of the Trust and, correspondingly, the fractional
amount of physical 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, will not reverse this trend.</FONT></P>

<P><FONT SIZE=2><B>Hypothetical Expense Example</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table, prepared by the Sponsor, illustrates the anticipated impact of
the deliveries and sales of gold discussed above on the fractional amount of
gold represented by each outstanding Share for three years. It assumes that the
only dispositions of gold will be those deliveries needed to pay the Sponsor&#146;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. In addition, the table does not show the effect
of any waivers of the Sponsor&#146;s Fee that may be in effect from time to time.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>29</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="59%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=8 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Year</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=8 VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>1</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>2</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>3</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Hypothetical gold price per ounce</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>900.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>900.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>900.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Sponsor&#146;s Fee</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0.39</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0.39</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0.39</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Shares of Trust, beginning</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Ounces of gold in Trust, beginning</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>9,961</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>9,922</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Beginning adjusted net asset value of the
 Trust</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>9,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>8,964,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>8,929,935</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Ounces of gold to be delivered to cover the
 Sponsor&#146;s Fee</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>39.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>38.85</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>38.70</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Ounces of gold in Trust, ending</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>9,961</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>9,922</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>9,883</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Ending adjusted net asset value of the
 Trust</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>8,964,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>8,929,935</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>8,895,105</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Ending NAV per share</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>89.65</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>89.30</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>88.95</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2><B>D<A NAME="c65183a009_v1"></A>ESCRIPTION OF
THE TRUST</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust is a common law trust, formed on September&nbsp;1, 2009 under New York
law pursuant to the Trust Agreement. The Trust holds gold and is expected from
time to time to issue Baskets in exchange for deposits of gold and to
distribute gold in connection with redemptions of Baskets. The investment
objective of the Trust is for the Shares to reflect the performance of the
price of gold bullion, less the Trust&#146;s expenses. The Sponsor believes that,
for many investors, the Shares will represent a cost-effective investment
relative to traditional means of investing in gold. The material terms of the
Trust Agreement are discussed under &#147;Description of the Trust Agreement.&#148; The
Shares represent units of fractional undivided beneficial interest in and
ownership of the Trust. The Trust is not managed like a corporation or an
active investment vehicle. The gold held by the Trust will only be delivered to
pay the Sponsor&#146;s Fee, distributed to Authorized Participants in connection with
the redemption of Baskets or sold (1) on an as-needed basis to pay Trust
expenses not assumed by the Sponsor, (2) in the event the Trust terminates and
liquidates its assets, or (3) as otherwise required by law or regulation. The
delivery or sale of gold to pay fees and expenses by the Trust is a taxable
event to Shareholders. See &#147;United States Federal Income Tax
Consequences&#151;Taxation of US Shareholders.&#148;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust is not registered as an investment company under the Investment Company
Act of 1940 and is not required to register under such act. The Trust will not
hold or trade in commodity futures contracts regulated by the CEA, as
administered by the CFTC. The Trust is not a commodity pool for purposes of the
CEA, and neither the Sponsor, nor the Trustee is subject to regulation as a
commodity pool operator or a commodity trading adviser in connection with the
Shares.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust expects to create and redeem Shares from time to time but only in Baskets
(a Basket equals a block of 50,000 Shares). The number of outstanding Shares is
expected to increase and decrease from time to time as a result of the creation
and redemption of Baskets. The creation and redemption of Baskets requires the
delivery to the Trust or the distribution by the Trust of the amount of gold
and any cash represented by the Baskets being created or redeemed. The total
amount of gold and any cash required for the creation of Baskets will be based
on the combined NAV of the number of Baskets being created or redeemed. The initial
amount of gold required for deposit with the Trust to create Shares was 5,000
ounces per Basket. The number of ounces of gold required to create a Basket or
to be delivered upon a redemption of a Basket will gradually decrease over
time. This is because the Shares comprising a Basket will represent a
decreasing amount of gold due to the delivery or sale of the Trust&#146;s gold to
pay the Sponsor&#146;s Fee or the Trust&#146;s expenses not assumed by the Sponsor.
Baskets may be created or redeemed only by Authorized Participants, who will
pay a transaction fee of $500 for each order to create or redeem Baskets.
Authorized Participants may sell to other investors all or part of the Shares
included in the Baskets they purchase from the Trust. See &#147;Plan of Distribution.&#148;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee will determine the NAV of the Trust on each day that the NYSE Arca is
open for regular trading, as promptly as practicable after 4:00 p.m. New York
time. The NAV of the Trust is the aggregate value of the Trust&#146;s assets less
its estimated accrued but unpaid liabilities (which include accrued expenses).
In determining the Trust&#146;s NAV, the Trustee will value the gold held by the
Trust based on the London PM Fix price for an ounce of gold or such other
publicly available price as the Sponsor may deem fairly represents the
commercial value of the Trust&#146;s gold. The Trustee will also determine the NAV
per Share. If on a day when the Trust&#146;s NAV is being calculated the London PM
Fix is not</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>30</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>available or
has not been announced by 4:00 p.m. New York time, the gold price from the next
most recent London PM Fix will be used, unless the Sponsor determines that such
price is inappropriate to use.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust&#146;s assets consist of allocated gold bullion, gold credited to an
unallocated gold account and, from time to time, cash, which will be used to
pay expenses not assumed by the Sponsor. Except for the transfer of gold in or
out of the Trust Unallocated Account in connection with the creation or
redemption of Baskets, upon a delivery of gold to pay the Sponsor&#146;s Fee or upon
a sale of gold to pay the Trust&#146;s expenses not assumed by the Sponsor, it is
anticipated that only a small amount of unallocated gold will be held in the
Trust Unallocated Account. Cash held by the Trust will not generate any income.
Each Share represents a proportional interest, based on the total number of
Shares outstanding, in the gold and any cash held by the Trust, less the
Trust&#146;s liabilities (which include accrued but unpaid fees and expenses). The
Sponsor expects that the secondary market trading price of the Shares will
fluctuate over time in response to the price of gold. In addition, the Sponsor
expects that the trading price of the Shares will reflect the estimated accrued
but unpaid expenses of the Trust.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors
may obtain on a 24-hour basis gold pricing information based on the spot price
for an ounce of gold from various financial information service providers.
Current spot prices are also generally available with bid/ask spreads from gold
bullion dealers. In addition, the Trust&#146;s website (www.etfsecurities.com)
provides ongoing pricing information for gold spot prices and the Shares.
Market prices for the Shares will be available from a variety of sources
including brokerage firms, information websites and other information service
providers. The NAV of the Trust will be published by the Sponsor on each day
that the NYSE Arca is open for regular trading and will be posted on the
Trust&#146;s website.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust has no fixed termination date.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>T<A NAME="c65183a010_v1"></A>HE SPONSOR</B></FONT></P>

<P><FONT SIZE=2>The Sponsor is
a Delaware limited liability company. The Sponsor&#146;s office is located at
Ordinance House, 31 Pier Road, St. Helier, Jersey JE48PW, Channel Islands.
Under the Delaware Limited Liability Company Act and the governing documents of
the Sponsor, the sole member of the Sponsor, ETF Securities Limited, is not
responsible for the debts, obligations and liabilities of the Sponsor solely by
reason of being the sole member of the Sponsor.</FONT></P>

<P><FONT SIZE=2><I>The Sponsor&#146;s Role</I></FONT></P>

<P><FONT SIZE=2>The Sponsor
arranged for the creation of the Trust, the registration of the Shares for
their public offering in the United States and the listing of the Shares on the
NYSE Arca. The Sponsor has agreed to assume the following administrative and
marketing expenses incurred by the Trust: the Trustee&#146;s monthly fee and
out-of-pocket expenses, the Custodian&#146;s fee and the reimbursement of the
Custodian&#146;s expenses under the Custody Agreements, Exchange listing fees, SEC
registration fees, printing and mailing costs, audit fees and up to $100,000 per
annum in legal expenses. The Sponsor also paid the costs of the Trust&#146;s
organization and the initial sale of the Shares, including the applicable SEC
registration fees.</FONT></P>

<P><FONT SIZE=2>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 (i) 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), (ii) 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, or (iii) if the Trustee refuses to consent to the
implementation of an amendment to the Trust&#146;s initial Internal Control Over
Financial Reporting. 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 and any new or additional Zurich
Sub-Custodian that the Custodian may wish to appoint.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>31</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>The Sponsor or
one of its affiliates or agents (1) develops a marketing plan for the Trust on
an ongoing basis, (2) prepares marketing materials regarding the Shares,
including the content of the Trust&#146;s website and (3) executes the marketing
plan for the Trust.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>T<A NAME="c65183a011_v1"></A>HE TRUSTEE</B></FONT></P>

<P><FONT SIZE=2>The Bank of
New York Mellon, a banking corporation organized under the laws of the State of
New York with trust powers (&#147;BNYM&#148;), serves as the Trustee. BNYM has a trust
office at 2 Hanson Place, Brooklyn, New York 11217. BNYM is subject to
supervision by the New York State Banking Department and the Board of Governors
of the Federal Reserve System. Information regarding creation and redemption
Basket composition, NAV of the Trust, transaction fees and the names of the
parties that have each executed an Authorized Participant Agreement may be
obtained from BNYM. A copy of the Trust Agreement is available for inspection
at BNYM&#146;s trust office identified above. Under the Trust Agreement, the Trustee
is required to maintain capital, surplus and undivided profits of $150 million.</FONT></P>

<P><FONT SIZE=2><I>The Trustee&#146;s Role</I></FONT></P>

<P><FONT SIZE=2>The Trustee is
generally responsible for the day-to-day administration of the Trust, including
keeping the Trust&#146;s operational records. The Trustee&#146;s principal responsibilities
include (1) transferring the Trust&#146;s gold as needed to pay the Sponsor&#146;s Fee in
gold (gold transfers are expected to occur approximately monthly in the
ordinary course), (2) valuing the Trust&#146;s gold and calculating the NAV of the
Trust and the NAV per Share, (3) receiving and processing orders from
Authorized Participants to create and redeem Baskets and coordinating the
processing of such orders with the Custodian and DTC, (4) selling the Trust&#146;s
gold as needed to pay any extraordinary Trust expenses that are not assumed by
the Sponsor, (5) when appropriate, making distributions of cash or other
property to Shareholders, and (6) receiving and reviewing reports from or on
the Custodian&#146;s custody of and transactions in the Trust&#146;s gold. The Trustee
shall, with respect to directing the Custodian, act in accordance with the
instructions of the Sponsor. If the Custodian resigns, the Trustee shall
appoint an additional or replacement Custodian selected by the Sponsor. Under
the Custody Agreements, the Trustee, the Sponsor and the Sponsor&#146;s auditors and
inspectors may, only up to twice a year, visit the premises of the Custodian or
the Zurich Sub-Custodian for the purpose of examining the Trust&#146;s gold and
certain related records maintained by the Custodian. In addition, other than
with respect to the Zurich Sub-Custodian, the Trustee has no right to visit the
premises of any subcustodian for the purposes of examining the Trust&#146;s gold or
any records maintained by the subcustodian, and no subcustodian is obligated to
cooperate in any review the Trustee may wish to conduct of the facilities,
procedures, records or creditworthiness of such subcustodian. The Trustee
intends to regularly communicate with the Sponsor to monitor the overall
performance of the Trust. The Trustee does not monitor the performance of the
Custodian, the Zurich Sub-Custodian or any other subcustodian other than to
review the reports provided by the Custodian pursuant to the Custody
Agreements. The Trustee, along with the Sponsor, will liaise with the Trust&#146;s
legal, accounting and other professional service providers as needed. The
Trustee will assist and support the Sponsor with the preparation of all
periodic reports required to be filed with the SEC on behalf of the Trust.</FONT></P>

<P><FONT SIZE=2>The Trustee&#146;s
monthly fees and out-of-pocket expenses are paid by the Sponsor.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliates
of the Trustee may from time to time act as Authorized Participants or purchase
or sell gold or Shares for their own account, as agent for their customers and
for accounts over which they exercise investment discretion.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>T<A NAME="c65183a012_v1"></A>HE CUSTODIAN</B></FONT></P>

<P><FONT SIZE=2>JPMorgan Chase Bank, N.A.
(&#147;JPMorgan&#148;) serves as the Custodian of the Trust&#146;s gold. JPMorgan is a
national banking association organized under the laws of the United States of
America. JPMorgan is subject to supervision by the Federal Reserve Bank of New
York and the Federal Deposit Insurance Corporation. JPMorgan&#146;s custodian office
is located at 125 </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>32</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>London Wall,
London, EC2Y 5A5, United Kingdom. In addition to supervision and examination by
the US federal banking authorities, JPMorgan&#146;s London custodian operations are
subject to supervision by the FSA. </FONT></P>

<P><FONT SIZE=2><I>The Custodian&#146;s Role</I>
</FONT></P>

<P><FONT SIZE=2>The Custodian
is responsible for safekeeping for the Trust gold deposited with it by
Authorized Participants in connection with the creation of Baskets. The
Custodian is also responsible for selecting the Zurich Sub-Custodian and its
other subcustodians, if any. The Custodian facilitates the transfer of gold in
and out of the Trust through the unallocated gold accounts it will maintain for
each Authorized Participant and the unallocated and allocated gold accounts it
will maintain for the Trust. The Zurich Sub-Custodian holds at its Zurich,
Switzerland vault premises the Trust&#146;s allocated gold on behalf of the
Custodian. The Custodian is responsible for allocating specific bars of gold
bullion to the Trust Allocated Account. The Custodian provides the Trustee with
regular reports detailing the gold transfers in and out of the Trust&#146;s
unallocated and allocated gold accounts and identifying the gold bars held in
the Trust&#146;s allocated gold account. </FONT></P>

<P><FONT SIZE=2>The
Custodian&#146;s fees and expenses under the Custody Agreements are paid by the
Sponsor. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian and its affiliates may from time to time act as Authorized
Participants or purchase or sell gold or Shares for their own account, as agent
for their customers and for accounts over which they exercise investment
discretion. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>D<A NAME="c65183a013_v1"></A>ESCRIPTION OF
THE SHARES</B></FONT></P>

<P><FONT SIZE=2><I>General</I> </FONT></P>

<P><FONT SIZE=2>The Trustee is
authorized under the Trust Agreement to create and issue an unlimited number of
Shares. The Trustee creates Shares only in Baskets (a Basket equals a block of
50,000 Shares) and only upon the order of an Authorized Participant. The Shares
represent units of fractional undivided beneficial interest in and ownership of
the Trust and have no par value. Any creation and issuance of Shares above the
amount registered on the Trust&#146;s then-current and effective registration
statement with the SEC will require the registration of such additional Shares.
</FONT></P>

<P><FONT SIZE=2><I>Description of Limited Rights</I>
</FONT></P>

<P><FONT SIZE=2>The Shares do
not represent a traditional investment and you should not view them as similar
to &#147;shares&#148; of a corporation operating a business enterprise with management
and a board of directors. Shareholders do not have the statutory rights
normally associated with the ownership of shares of a corporation, including,
for example, the right to bring &#147;oppression&#148; or &#147;derivative&#148; actions. All Shares
are of the same class with equal rights and privileges. Each Share is
transferable, is fully paid and non-assessable and entitles the holder to vote
on the limited matters upon which Shareholders may vote under the Trust
Agreement. The Shares do not entitle their holders to any conversion or
pre-emptive rights, or, except as provided below, any redemption rights or
rights to distributions. </FONT></P>

<P><FONT SIZE=2><I>Distributions</I> </FONT></P>

<P><FONT SIZE=2>If the Trust
is terminated and liquidated, the Trustee will distribute to the Shareholders
any amounts remaining after the satisfaction of all outstanding liabilities of
the Trust and the establishment of such reserves for applicable taxes, other
governmental charges and contingent or future liabilities as the Trustee shall
determine. Shareholders of record on the record date fixed by the Trustee for a
distribution will be entitled to receive their pro rata portion of any
distribution. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>33</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><I>Voting and Approvals</I></FONT></P>

<P><FONT SIZE=2>Under the
Trust Agreement, Shareholders have no voting rights, except in limited
circumstances. The Trustee may terminate the Trust upon the agreement of
Shareholders owning at least 75% of the outstanding Shares. In addition,
certain amendments to the Trust Agreement require advance notice to the
Shareholders before the effectiveness of such amendments, but no Shareholder
vote or approval is required for any amendment to the Trust Agreement. </FONT></P>

<P><FONT SIZE=2><I>Redemption of the Shares</I>
</FONT></P>

<P><FONT SIZE=2>The Shares may
only be redeemed by or through an Authorized Participant and only in Baskets. </FONT></P>

<P><FONT SIZE=2><I>Book-Entry Form</I> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Individual
certificates will not be issued for the Shares. Instead, one or more global
certificates is deposited by the Trustee with DTC and registered in the name of
Cede &amp; Co., as nominee for DTC. The global certificates evidence all of the
Shares outstanding at any time. Under the Trust Agreement, Shareholders are
limited to (1) participants in DTC such as banks, brokers, dealers and trust
companies (DTC Participants), (2) those who maintain, either directly or
indirectly, a custodial relationship with a DTC Participant (Indirect
Participants), and (3) those banks, brokers, dealers, trust companies and
others who hold interests in the Shares through DTC Participants or Indirect
Participants. The Shares are only transferable through the book-entry system of
DTC. Shareholders who are not DTC Participants may transfer their Shares
through DTC by instructing the DTC Participant holding their Shares (or by
instructing the Indirect Participant or other entity through which their Shares
are held) to transfer the Shares. Transfers will be made in accordance with
standard securities industry practice. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>C<A NAME="c65183a014_v1"></A>USTODY OF THE
TRUST&#146;S GOLD</B></FONT></P>

<P><FONT SIZE=2>Custody of the
gold bullion deposited with and held by the Trust is provided by the Custodian
at the Zurich, Switzerland vaults of the Zurich Sub-Custodian, and by other
sub-custodians on a temporary basis only in unallocated form. The Custodian is
a market maker, clearer and approved weigher under the rules of the LBMA. </FONT></P>

<P><FONT SIZE=2>The Custodian
is the custodian of the gold bullion credited to Trust Allocated Account in
accordance with the Custody Agreements. The Custodian segregates the gold
bullion credited to the Trust Allocated Account from any other precious metal
it holds or holds for others by entering appropriate entries in its books and
records, and requires any Zurich Sub-Custodian it appoints to also segregate
the gold bullion from the other gold held by them for other customers of the
Custodian and the Zurich Sub-Custodians&#146; other customers. The Custodian
requires any Zurich Sub-Custodian it appoints to identify in such Zurich
Sub-Custodian&#146;s books and records the Trust as having the rights to the gold
bullion credited to its Trust Allocated Account. </FONT></P>

<P><FONT SIZE=2>The Custodian,
as instructed by the Trustee on behalf of the Trust, is authorized to accept,
on behalf of the Trust, deposits of gold in unallocated form. Acting on
standing instructions given by the Trustee specified in the Custody Agreements,
the Custodian allocates or requires the Zurich Sub-Custodian to allocate gold
deposited in unallocated form with the Trust by selecting bars of gold bullion
for deposit to the Trust Allocated Account. All gold bullion allocated to the
Trust must conform to the rules, regulations, practices and customs of the
LBMA. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
process of withdrawing gold from the Trust for a redemption of a Basket follows
the same general procedure as for depositing gold with the Trust for a creation
of a Basket, only in reverse. Each transfer of gold between the Trust Allocated
Account and the Trust Unallocated Account connected with a creation or
redemption of a Basket may result in a small amount of gold being held in the
Trust Unallocated Account after the completion of the transfer. In making
deposits and withdrawals between the Trust Allocated Account and the Trust
Unallocated Account, the Custodian will use commercially reasonable efforts to
minimize the amount of gold held in the Trust Unallocated Account as of the
close of each business day. See &#147;Creation and Redemption of Shares.&#148; </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>34</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>D<A NAME="c65183a015_v1"></A>ESCRIPTION OF
THE CUSTODY AGREEMENTS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Allocated Account Agreement between the Trustee and the Custodian establishes
the Trust Allocated Account. The Unallocated Account Agreement between the
Trustee and the Custodian establishes the Trust Unallocated Account. These
agreements are sometimes referred to together as the &#147;Custody Agreements&#148; in
this prospectus. The following is a description of the material terms of the
Custody Agreements. As the Custody Agreements are similar in form, they are
discussed together, with material distinctions between the agreements noted. </FONT></P>

<P><FONT SIZE=2><B>Reports</B> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian will provide the Trustee with reports for each business day, no later
than the following business day, identifying the movements of gold in and out
of the Trust Allocated Account and the credits and debits of gold to the Trust
Unallocated Account and containing sufficient information to identify each bar
of gold held in the Trust Allocated Account and the Zurich Sub-Custodian having
possession of such bar. The Custodian will also provide the Trustee with
monthly statements of account for the Trust Allocated Account and the Trust
Unallocated Account as of the last business day of each month. Under the
Custody Agreements, a &#147;business day&#148; generally means any day that is both a
&#147;London Business Day,&#148; when commercial banks generally and the London gold
market are open for the transaction of business in London, and a &#147;Zurich
Business Day,&#148; when commercial banks generally and the Zurich gold market are
open for the transaction of business in Zurich. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian&#146;s records of all deposits to and withdrawals from, and all debits and
credits to, the Trust Allocated Account and the Trust Unallocated Account which
are to occur on a business day, and all end of business day account balances in
the Trust Allocated Account and Trust Unallocated Account, are stated as of the
close of the Custodian&#146;s business (usually 4:00 PM London time) on such
business day. </FONT></P>

<P><FONT SIZE=2><B>Zurich Sub-Custodian</B>
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Allocated Account Agreement, the Custodian will select the Zurich
Sub-Custodian for the custody and safekeeping of the Trust&#146;s gold bullion in
its vaults. In the case of loco London redemptions, the Custodian may take
longer than three business days for gold to be credited to an Authorized
Participant&#146;s account and settlement will be delayed accordingly. Loco Zurich
redemptions of the Shares will not experience such delays. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian will use reasonable care in selecting any Zurich Sub-Custodian. The
Custodian must require any Zurich Sub-Custodian to segregate the gold bullion
held by it for the Trust from metal which it holds for its other customers, the
Custodian, and any other customers of the Custodian by making appropriate
entries in such Zurich Sub-Custodian&#146;s books and records. The Custodian
requires each Zurich Sub-Custodian to deliver to the Custodian, and the Zurich
Sub-Custodian has delivered, (with a copy to the Trustee and the Sponsor) an
acknowledgement and undertaking to segregate all gold bullion held by such
Zurich Sub-Custodian for the Trust from any metal which it owns or holds for
others and which it holds for the Custodian and any other customers of the
Custodian, and in each case make appropriate entries in its books and records
reflecting such segregation of the Trust&#146;s gold. The Zurich Sub- Custodian that
the Custodian currently uses is UBS AG. </FONT></P>

<P><FONT SIZE=2><B>Subcustodians</B> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Allocated Account Agreement, the Custodian may select, with the exception
of the Zurich Sub-Custodian, other subcustodians solely for the temporary
holding of gold for it until transported to the Zurich Sub-Custodian&#146;s vault
premises. These subcustodians may in turn select other subcustodians to perform
their duties, including temporarily holding gold for them, but the Custodian is
not responsible for (and therefore has no liability in relation to) the
selection of those other subcustodians. The Allocated Account Agreement
requires the Custodian to use reasonable care in selecting any subcustodian and
provides that, except for the Custodian&#146;s obligation to use commercially
reasonable efforts to obtain delivery of gold held by any other subcustodians
when necessary, the Custodian will not be liable for the acts or omissions, or
for the solvency, of any subcustodian that it selects unless the selection of
that subcustodian was made negligently or in bad faith. The subcustodians
selected and used by the Custodian as of the date of this prospectus are: the </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>35</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>Bank of
England, Barclays Bank plc, Brink&#146;s Global Services Inc., Deutsche Bank AG,
HSBC Bank USA, N.A., The Bank of Nova Scotia-ScotiaMocatta, Union Bank of
Switzerland (UBS) and Via Mat International. The Allocated Account Agreement
provides that the Custodian will notify the Trustee if it selects any
additional subcustodians or stops using any subcustodian it has previously
selected. </FONT></P>

<P><FONT SIZE=2><B>Location and Segregation of Gold; Access</B>
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold
bullion held for the Trust Allocated Account by the Custodian is held at the
Zurich Sub-Custodian&#146;s Zurich vault premises. Gold bullion may be temporarily
held for the Trust Allocated Account by other subcustodians selected by the
Custodian and by subcustodians of subcustodians in vaults located in England,
Zurich or in other locations. Where the gold bullion is held for the Trust
Allocated Account by any subcustodian, the Custodian agrees to use commercially
reasonable efforts to promptly arrange for the delivery of any such gold
bullion held on behalf of the Trust (generally via a loco bullion swap
arrangement) to the Zurich Sub-Custodian&#146;s Zurich vault premises at the
Custodian&#146;s own cost and risk. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian segregates by identification in its books and records the Trust&#146;s
gold in the Trust Allocated Account from any other gold which it owns or holds
for others and requires the Zurich Sub-Custodian and any other subcustodians it
selects to so segregate the Trust&#146;s gold held by them. This requirement
reflects the current custody practice in the London gold market, and under the
Allocated Account Agreement, the Custodian is required to communicate this
segregation requirement to the Zurich Sub-Custodian, who in turn, must provide
written acknowledgement of this requirement to the Custodian. The Custodian&#146;s
books and records are expected, as a matter of current London bullion market
custody practice, to identify every bar of gold held in the Trust Allocated
Account in its own vault by refiner, assay or fineness, serial number and gross
and fine weight. The Zurich Sub-Custodian and any other subcustodians selected
by the Custodian are also expected, as a matter of current industry practice,
to identify in their books and records each bar of gold held for the Custodian
by serial number and such subcustodians may use other identifying information. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee and the Sponsor and their auditors may, during normal business hours,
visit the Custodian&#146;s or the Zurich Sub-Custodian&#146;s premises up to twice a year
and examine the Trust&#146;s gold held there and the Custodian&#146;s records concerning
the Trust Allocated Account and the Trust Unallocated Account as they may be
reasonably required to perform their respective duties to investors in the
Shares. With respect to the Trust Unallocated Account, a second visit to the
Custodian&#146;s or a Zurich Sub-Custodian&#146;s premises in any calendar year shall
require the consent of the Custodian, which consent may not be withheld
unreasonably. Visits by auditors and inspectors to the Zurich Sub-Custodian&#146;s
facilities will be arranged through the Custodian. </FONT></P>

<P><FONT SIZE=2><B>Transfers into the Trust Unallocated Account</B>
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian will credit to the Trust Unallocated Account the amount of gold it
receives from the Trust Allocated Account, an Authorized Participant
Unallocated Account or from other third party unallocated accounts for credit
to the Trust Unallocated Account. Unless otherwise agreed by the Custodian in
writing, the only gold the Custodian will accept for credit to the Trust
Unallocated Account is gold that the Trustee has transferred from the Trust
Allocated Account, an Authorized Participant Unallocated Account or a third
party unallocated account. </FONT></P>

<P><FONT SIZE=2><B>Transfers from the Trust Unallocated Account</B>
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian will transfer gold from the Trust Unallocated Account only in
accordance with the Trustee&#146;s instructions to the Custodian. A transfer of gold
from the Trust Unallocated Account may only be made (1) by transferring gold to
an Authorized Participant Unallocated Account; (2) by transferring gold to the
Trust Allocated Account; (3) by transferring gold to pay the Sponsor&#146;s Fee; (4)
by making gold available for collection at the Custodian&#146;s vault premises or at
such other location as the Custodian may direct, at the Trust&#146;s expense and
risk; (5) by delivering the gold to such location as the Trustee directs, at
the Trust&#146;s expense and risk, or (6) by transfer to an account maintained by
the Custodian or by a third party on an unallocated basis in connection with
the sale of gold or other transfers permitted under the Trust Agreement.
Transfers made pursuant to clauses (4) and (5) will be made only on an exceptional
basis, with transfers under clause (6) expected to include transfers made in
connection with a sale of gold to pay expenses of the Trust </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>36</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>not paid by
the Sponsor or with the liquidation of the Trust. Any gold made available in
physical form will be in a form which complies with the rules, regulations,
practices and customs of the LBMA, the Bank of England or any applicable
regulatory body (Custody Rules) or in such other form as may be agreed between
the Trustee and the Custodian, and in all cases will comprise one or more whole
gold bars selected by the Custodian. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian will use commercially reasonable efforts to transfer gold from the
Trust Unallocated Account to the Trust Allocated Account by 2:00 PM London time
on each business day. In doing so, the Custodian shall identify bars of a
weight most closely approximating, but not exceeding, the balance in the Trust
Unallocated Account and shall transfer such weight from the Trust Unallocated
Account to the Trust Allocated Account. </FONT></P>

<P><FONT SIZE=2><B>Transfers into the Trust Allocated Account</B>
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian will receive transfers of gold into the Trust Allocated Account only
at the Trustee&#146;s instructions given pursuant to the Unallocated Account
Agreement by debiting gold from the Trust Unallocated Account and crediting
such gold to the Trust Allocated Account. </FONT></P>

<P><FONT SIZE=2><B>Transfers from the Trust Allocated Account</B>
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian will transfer gold from the Trust Allocated Account only in
accordance with the Trustee&#146;s instructions. Generally, the Custodian will
transfer gold from the Trust Allocated Account only by debiting gold from the
Trust Allocated Account and crediting the gold to the Trust Unallocated
Account. </FONT></P>

<P><FONT SIZE=2><B>Right to Refuse Transfers or Amend Transfer
Procedures</B> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian may refuse to accept instructions to transfer gold to or from the
Trust Unallocated Account and the Trust Allocated Account if in the Custodian&#146;s
opinion they are or may be contrary to the rules, regulations, practices and
customs of the LBMA, or the Bank of England or contrary to any applicable law.
The Custodian may amend the procedures for transferring gold to or from the
Trust Unallocated Account or for the physical withdrawal of gold from the Trust
Unallocated Account or the Trust Allocated Account or impose such additional
procedures in relation to the transfer of gold to or from the Trust Unallocated
Account as the Custodian may from time to time consider necessary due to a
change in rules of the LBMA or a banking or regulatory association governing
the Custodian. The Custodian will notify the Trustee within a commercially
reasonable time before the Custodian amends these procedures or imposes
additional ones. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian receives no fee under the Unallocated Account Agreement. </FONT></P>

<P><FONT SIZE=2><B>Trust Unallocated Account Credit and Debit
Balances</B> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
interest will be paid by the Custodian on any credit balance to the Trust
Unallocated Account. The Trust Unallocated Account may not at any time have a
debit or negative balance. </FONT></P>

<P><FONT SIZE=2><B>Exclusion of Liability</B>
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian will use reasonable care in the performance of its duties under the
Custody Agreements and will only be responsible for any loss or damage suffered
by the Trust as a direct result of any negligence, fraud or willful default in
the performance of its duties. The Custodian&#146;s liability under the Allocated
Account Agreement is further limited to the market value of the gold lost or
damaged at the time such negligence, fraud or willful default is discovered by
the Custodian, provided that the Custodian promptly notifies the Trustee of its
discovery. The Custodian&#146;s liability under the Unallocated Account Agreement is
further limited to the amount of the gold lost or damaged at the time such
negligence, fraud or willful default is discovered by the Custodian, provided
that the Custodian promptly notifies the Trustee of its discovery. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>37</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore,
the Custodian has no duty to make or take or to require any Zurich
Sub-Custodian or any other subcustodian selected by it to make or take any
special arrangements or precautions beyond those required by the Custody Rules
or as specifically set forth in the Custody Agreements. </FONT></P>

<P><FONT SIZE=2><B>Indemnity</B> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee will, solely out of the Trust&#146;s assets, indemnify the Custodian (on an
after tax basis) on demand against all costs and expenses, damages, liabilities
and losses which the Custodian may suffer or incur in connection with the
Custody Agreements, except to the extent that such sums are due directly to the
Custodian&#146;s negligence, willful default or fraud. </FONT></P>

<P><FONT SIZE=2><B>Insurance</B> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian will maintain such insurance for its business, including its bullion
and custody business, as it deems appropriate in connection with its custodial
and other obligations and will be responsible for all costs, fees and expenses
arising from the insurance policy or policies attributable to its relationship
with the Trust. Consistent with industry standards, the Custodian maintains a
group insurance policy that covers all metals held in its, its subcustodians&#146;,
and the Zurich Sub-Custodian&#146;s, vaults for the accounts of all its customers
for a variety of events. The Trustee and the Sponsor may, subject to
confidentiality restrictions, be provided with details of this insurance
coverage from time to time upon reasonable prior notice. </FONT></P>

<P><FONT SIZE=2><B>Force Majeure</B> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian will not be liable for any delay in performance or any
non-performance of any of its obligations under the Custody Agreements by
reason of any cause beyond its reasonable control, including acts of God, war
or terrorism. </FONT></P>

<P><FONT SIZE=2><B>Termination</B> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custody Agreements have an initial five year term and will automatically renew
for successive five year terms unless otherwise terminated. The Trustee and the
Custodian may each terminate any Custody Agreement for any reason upon 90
business days&#146; prior notice. The Custody Agreements may also be terminated with
immediate effect as follows: (1) by the Trustee, if the Custodian ceased to
offer the services contemplated by the Custody Agreement to its clients or
proposed to withdraw from the bullion business, (2) by the Trustee or the
Custodian, if it becomes unlawful for the Custodian or the Trustee to have
entered into the agreement or to provide or receive the services thereunder, (3)
by the Custodian, if the Custodian determines in its reasonable view that the
Trust is insolvent or faces impending insolvency, or by the Trustee, if the
Trustee determines in its sole view that the Custodian is insolvent or faces
impending insolvency, (4) by the Trustee, if the Trust is to be terminated, (5)
by the Trustee or the Custodian, if the Zurich Sub-Custodian ceases to offer
the services contemplated by the Custody Agreements and the Custodian and the
Sponsor have not been able to identify a mutually agreeable replacement Zurich
Sub-Custodian within 90 days of the Custodian notifying the Trustee and the
Sponsor that the Zurich Sub-Custodian has ceased to offer such services, or (6)
by the Trustee or the Custodian, if either of the Custody Agreements ceases to
be in full force and effect. If either the Allocated Account Agreement or the
Unallocated Account Agreement is terminated, the other agreement automatically
terminates. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
redelivery arrangements acceptable to the Custodian for the gold held in the
Trust Allocated Account are not made, the Custodian may continue to store the
gold and continue to charge for its fees and expenses, and, after six months
from the termination date, the Custodian may sell the gold and account to the
Trustee for the proceeds. If arrangements acceptable to the Custodian for
redelivery of the balance in the Trust Unallocated Account are not made, the
Custodian may continue to charge for its fees and expenses payable under the
Allocated Account Agreement, and, after six months from the termination date,
the Custodian may close the Trust Unallocated Account and account to the
Trustee for the proceeds. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>38</FONT></P>

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<P><FONT SIZE=2><B>Governing Law</B> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custody Agreements and the Custodian&#146;s arrangement with the Zurich Sub-Custodian
are governed by English law. The Trustee and the Custodian both consent to the
non-exclusive jurisdiction of the courts of the State of New York and the
federal courts located in the borough of Manhattan in New York City. Such
consent is not required for any person to assert a claim of New York
jurisdiction over the Trustee or the Custodian. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>C<A NAME="c65183a016_v1"></A>REATION AND
REDEMPTION OF SHARES</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust will create and redeem Shares from time to time, but only in one or more
Baskets (a Basket equals a block of 50,000 Shares). The creation and redemption
of Baskets will only be made in exchange for the delivery to the Trust or the
distribution by the Trust of the amount of gold and any cash represented by the
Baskets being created or redeemed, the amount of which will be based on the
combined NAV of the number of Shares included in the Baskets being created or
redeemed determined on the day the order to create or redeem Baskets is
properly received. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Participants are the only persons that may place orders to create and redeem
Baskets. Authorized Participants must be (1) registered broker-dealers or other
securities market participants, such as banks and other financial institutions,
which are not required to register as broker-dealers to engage in securities
transactions, and (2) participants in DTC. To become an Authorized Participant,
a person must enter into an Authorized Participant Agreement with the Sponsor
and the Trustee. The Authorized Participant Agreement provides the procedures
for the creation and redemption of Baskets and for the delivery of the gold and
any cash required for such creations and redemptions. The Authorized
Participant Agreement and the related procedures attached thereto may be
amended by the Trustee and the Sponsor, without the consent of any Shareholder
or Authorized Participant. Authorized Participants will pay a transaction fee
of $500 to the Trustee for each order they place to create or redeem one or
more Baskets. Authorized Participants who make deposits with the Trust in
exchange for Baskets will receive no fees, commissions or other form of
compensation or inducement of any kind from either the Sponsor or the Trust,
and no such person has any obligation or responsibility to the Sponsor or the
Trust to effect any sale or resale of Shares. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Participants are cautioned that some of their activities will result in their
being deemed participants in a distribution in a manner which would render them
statutory underwriters and subject them to the prospectus-delivery and
liability provisions of the Securities Act, as described in &#147;Plan of
Distribution.&#148; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to initiating any creation or redemption order, an Authorized Participant must
have entered into an agreement with the Custodian or a gold bullion clearing
bank to establish an Authorized Participant Unallocated Account in London or
Zurich (Authorized Participant Unallocated Bullion Account Agreement). Gold
held in Authorized Participant Unallocated Accounts is typically not segregated
from the Custodian&#146;s or other bullion clearing bank&#146;s assets, as a consequence
of which an Authorized Participant will have no proprietary interest in any
specific bars of gold held by the Custodian or the clearing bank. Credits to
its Authorized Participant Unallocated Account are therefore at risk of the
Custodian&#146;s or other bullion clearing bank&#146;s insolvency. Authorized
Participants should be aware that the Custodian&#146;s or other bullion clearing
bank&#146;s liability threshold under the Authorized Participant Unallocated Bullion
Account Agreement is generally gross negligence, not negligence, which is the
Custodian&#146;s liability threshold under the Trust&#146;s Custody Agreements. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
the terms of the Authorized Participant Unallocated Bullion Account Agreement
differ in certain respects from the terms of the Trust&#146;s Unallocated Account
Agreement, potential Authorized Participants should review the terms of the
Authorized Participant Unallocated Bullion Account Agreement carefully. A copy
of the Authorized Participant Agreement may be obtained by potential Authorized
Participants from the Trustee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
Authorized Participants are expected to have the facility to participate
directly in the gold bullion market and the gold futures market. In some cases,
an Authorized Participant may from time to time acquire gold from or sell gold
to its affiliated gold trading desk, which may profit in these instances. Each
Authorized Participant will be registered as a broker-dealer under the
Securities Exchange Act of 1934 (Exchange Act) and regulated by FINRA or will
be exempt from being or otherwise will not be required to be so regulated or
registered, and will be qualified to act as a broker or dealer in the states or
other jurisdictions where the nature of its business so requires. Certain
Authorized Participants will be regulated under federal and state banking laws
and regulations. Each Authorized Participant will have its own set of rules </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>39</FONT></P>

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<P><FONT SIZE=2>and
procedures, internal controls and information barriers as it determines is
appropriate in light of its own regulatory regime. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Participants may act for their own accounts or as agents for broker-dealers,
custodians and other securities market participants that wish to create or
redeem Baskets. An order for one or more Baskets may be placed by an Authorized
Participant on behalf of multiple clients. As of the date of this prospectus,
Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., EWT, LLC,
Goldman, Sachs &amp; Co., Goldman Sachs Execution &amp; Clearing, L.P., HSBC
Securities (USA) Inc., J.P. Morgan Securities Inc., Merrill Lynch Professional
Clearing Corp., Morgan Stanley &amp; Co. Incorporated, Newedge USA, LLC,
Prudential Bache Securities, LLC, Scotia Capital (USA) Inc., UBS Securities LLC
and Virtu Financial BD, LLC have each signed an Authorized Participant
Agreement with the Trust and, upon the effectiveness of such agreement, may
create and redeem Baskets as described above. Persons interested in purchasing
Baskets should contact the Sponsor or the Trustee to obtain the contact
information for the Authorized Participants. Shareholders who are not
Authorized Participants will only be able to redeem their Shares through an
Authorized Participant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
gold will be delivered to the Trust and distributed by the Trust in unallocated
form through credits and debits between Authorized Participant Unallocated
Accounts and the Trust Unallocated Account. Gold transferred from an Authorized
Participant Unallocated Account to the Trust in unallocated form will first be
credited to the Trust Unallocated Account. Thereafter, the Custodian will
allocate, or cause the allocation by the Zurich Sub-Custodian of, specific bars
of gold representing the amount of gold credited to the Trust Unallocated
Account (to the extent such amount is representable by whole gold bars) to the
Trust Allocated Account. The movement of gold is reversed for the distribution
of gold to an Authorized Participant in connection with the redemption of
Baskets. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
gold bullion represented by a credit to any Authorized Participant Unallocated
Account and to the Trust Unallocated Account and all gold bullion held in the
Trust Allocated Account with the Custodian or for the Custodian by the Zurich
Sub-Custodian must be of at least a minimum fineness (or purity) of 995 parts
per 1,000 (99.5%) and otherwise conform to the rules, regulations practices and
customs of the LBMA, including the specifications for a London Good Delivery
Bar. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Authorized Participant Agreement, the Sponsor has agreed to indemnify the
Authorized Participants against certain liabilities, including liabilities
under the Securities Act. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loco
London &amp; Loco Zurich Gold Delivery Elections.</I> Authorized Participants can elect to
deliver gold loco London or loco Zurich in connection with the creation of a
Basket. Authorized Participants can also elect to receive delivery of gold loco
London or loco Zurich in connection with the redemption of a Basket. A Basket
creation order that elects a loco London delivery of gold will cause the
Custodian to effect a transfer of gold to Zurich from the Trust Unallocated
Account maintained by the Custodian in London to the Trust Unallocated Account
maintained by the Custodian in Zurich. Likewise, a Basket redemption order that
elects a loco London delivery of gold will cause the Custodian to effect a
transfer of gold from the Trust Unallocated Account maintained by the Custodian
in Zurich to the Authorized Participant Unallocated Account maintained in
London. These transfers between Trust&#146;s London and Zurich unallocated accounts
will occur pursuant to loco swap arrangements, will not expose the Authorized
Participant or the Trust to any risk of loss of the gold being transferred and
are in addition to the transfers between the Authorized Participant Unallocated
Account and the Trust Unallocated Account. All risks of loss for any additional
gold transfer between the Trust&#146;s London and Zurich unallocated accounts caused
by a loco London delivery election will be assumed by the Custodian. Creation
and redemption orders electing delivery of gold loco Zurich will not require
the Custodian to make any additional unallocated transfers of gold other than
those between the Authorized Participant Unallocated Account and the Trust
Unallocated Account in Zurich. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an Authorized Participant elects loco London gold delivery to create or redeem
a Basket of Shares, the Authorized Participant must first agree with the
Custodian to the cost of any loco swap that the Custodian will use to effect
gold transfers between the Trust&#146;s London and Zurich unallocated accounts and
then reimburse the Custodian for any amount owed under such swap. Such gold
loco swap prices will be determined at then prevailing market rates, prices and
spreads, which are expected to fluctuate depending on the local London and
Zurich gold market supply and demand conditions. Amounts owed by an Authorized
Participant under any such gold loco swap are in addition to and independent of
the </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>40</FONT></P>

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<P><FONT SIZE=2>$500 creation
and redemption fee payable to the Trustee. If an Authorized Participant elects
loco Zurich gold delivery to create or redeem a Basket of Shares, such
Authorized Participant is not expected to incur any additional costs from the
Custodian. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following description of the procedures for the creation and redemption of
Baskets is only a summary and an investor should refer to the relevant
provisions of the Trust Agreement and the form of Authorized Participant
Agreement for more detail, each of which is attached as an exhibit to the
registration statement of which this prospectus is a part. See &#147;Where You Can
Find More Information&#148; for information about where you can obtain the
registration statement. </FONT></P>

<P><FONT SIZE=2><B>Creation Procedures</B> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
any business day, an Authorized Participant may place an order with the Trustee
to create one or more Baskets. Creation and redemption orders will be accepted
on &#147;business days&#148; the NYSE Arca is open for regular trading. Settlements of
such orders requiring receipt or delivery, or confirmation of receipt or
delivery, of gold in the United Kingdom, Zurich or another jurisdiction will
occur on &#147;business days&#148; when (1) banks in the United Kingdom, Zurich or such
other jurisdiction and (2) the London or Zurich gold markets are regularly open
for business. If such banks or the London or Zurich gold markets are not open
for regular business for a full day, such a day will only be a &#147;business day&#148;
for settlement purposes if the settlement procedures can be completed by the
end of such day. Redemption settlements involving gold deliveries loco London
may be delayed longer than three business days following the redemption order
date. Settlement of orders requiring receipt or delivery, or confirmation of receipt
or delivery, of Shares will occur, after confirmation of the applicable gold
delivery, on &#147;business days&#148; when the NYSE Arca is open for regular trading.
Purchase orders must be placed no later than 3:59:59 p.m. on each business day
the NYSE Arca is open for regular trading. The day on which the Trustee
receives a valid purchase order is the purchase order date.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
placing a purchase order, an Authorized Participant agrees to deposit gold with
the Trust, as described below. Prior to the delivery of Baskets for a purchase
order, the Authorized Participant must also have wired to the Trustee the
non-refundable transaction fee due for the purchase order.</FONT></P>

<P><FONT SIZE=2><I>Determination of required deposits</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amount of the required gold deposit is determined by dividing the number of
ounces of gold held by the Trust by the number of Baskets outstanding, as
adjusted for the amount of gold constituting estimated accrued but unpaid fees
and expenses of the Trust.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fractions
of a fine ounce of gold smaller than 0.001 of a fine ounce which are included
in the gold deposit amount are disregarded in the foregoing calculation. All
questions as to the composition of a Creation Basket Deposit will be finally
determined by the Trustee. The Trustee&#146;s determination of the Creation Basket
Deposit shall be final and binding on all persons interested in the Trust.</FONT></P>

<P><FONT SIZE=2><I>Delivery of required deposits</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Authorized Participant who places a purchase order is responsible for crediting
its Authorized Participant Unallocated Account with the required gold deposit
amount by the third business day in London or Zurich following the purchase
order date. Upon receipt of the gold deposit amount, the Custodian, after
receiving appropriate instructions from the Authorized Participant and the
Trustee, will transfer on the third business day following the purchase order
date the gold deposit amount from the Authorized Participant Unallocated
Account to the Trust Unallocated Account and the Trustee will direct DTC to
credit the number of Baskets ordered to the Authorized Participant&#146;s DTC
account. The expense and risk of delivery, ownership and safekeeping of gold
until such gold has been received by the Trust shall be borne solely by the
Authorized Participant. The Trustee may accept delivery of gold by such other
means as the Sponsor, from time to time, may determine to be acceptable for the
Trust, provided that the same is disclosed in a prospectus relating to the
Trust filed with the SEC pursuant to Rule 424 under the Securities Act. If gold
is to be delivered other than as described above, the Sponsor is authorized to
establish such procedures and to appoint such custodians and establish such
custody accounts in addition to those described in this prospectus, as the
Sponsor determines to be desirable.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>41</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acting
on standing instructions given by the Trustee, the Custodian will transfer the
gold deposit amount from the Trust Unallocated Account to the Trust Allocated
Account by transferring gold bars from its inventory or the inventory of the
Zurich Sub-Custodian to the Trust Allocated Account. The Custodian will use
commercially reasonable efforts to complete the transfer of gold to the Trust
Allocated Account prior to the time by which the Trustee is to credit the
Basket to the Authorized Participant&#146;s DTC account; if, however, such transfers
have not been completed by such time, the number of Baskets ordered will be
delivered against receipt of the gold deposit amount in the Trust Unallocated
Account, and all Shareholders will be exposed to the risks of unallocated gold
to the extent of that gold deposit amount until the Custodian completes the
allocation process or the Zurich Sub-Custodian completes the allocation process
for the Custodian. See &#147;Risk Factors&#151;Gold held in the Trust&#146;s unallocated gold
account and any Authorized Participant&#146;s unallocated gold account is not
segregated from the Custodian&#146;s assets....&#148;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
gold is allocated only in multiples of whole bars, the amount of gold allocated
from the Trust Unallocated Account to the Trust Allocated Account may be less
than the total fine ounces of gold credited to the Trust Unallocated Account.
Any balance will be held in the Trust Unallocated Account. The Custodian will
use commercially reasonable efforts to minimize the amount of gold held in the
Trust Unallocated Account; no more than 430 ounces of gold (maximum weight to
make one London Good Delivery Bar) is expected to be held in the Trust
Unallocated Account at the close of each business day.</FONT></P>

<P><FONT SIZE=2><I>Rejection of purchase orders</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may reject a purchase order or a Creation Basket Deposit if such order
or Creation Basket Deposit is not presented in proper form as described in the
Authorized Participant Agreement or if the fulfillment of the order, in the
opinion of counsel, might be unlawful. None of the Trustee, the Sponsor or the
Custodian will be liable for the rejection of any purchase order or Creation
Basket Deposit.</FONT></P>

<P><FONT SIZE=2><B>Redemption Procedures</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
procedures by which an Authorized Participant can redeem one or more Baskets
will mirror the procedures for the creation of Baskets. On any business day, an
Authorized Participant may place an order with the Trustee to redeem one or
more Baskets. Redemption orders must be placed no later than 3:59:59 p.m. on
each business day the NYSE Arca is open for regular trading. A redemption order
so received is effective on the date it is received in satisfactory form by the
Trustee. The redemption procedures allow Authorized Participants to redeem
Baskets and do not entitle an individual Shareholder to redeem any Shares in an
amount less than a Basket, or to redeem Baskets other than through an
Authorized Participant.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
placing a redemption order, an Authorized Participant agrees to deliver the
Baskets to be redeemed through DTC&#146;s book-entry system to the Trust not later
than the third business day following the effective date of the redemption
order. Prior to the delivery of the redemption distribution for a redemption
order, the Authorized Participant must also have wired to the Trustee the
non-refundable transaction fee due for the redemption order.</FONT></P>

<P><FONT SIZE=2><I>Determination of redemption distribution</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
redemption distribution from the Trust will consist of a credit to the
redeeming Authorized Participant&#146;s Authorized Participant Unallocated Account
representing the amount of the gold held by the Trust evidenced by the Shares
being redeemed. Fractions of a fine ounce of gold included in the redemption
distribution smaller than 0.001 of a fine ounce are disregarded. Redemption
distributions will be subject to the deduction of any applicable tax or other
governmental charges which may be due.</FONT></P>

<P><FONT SIZE=2><I>Delivery of redemption distribution</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
redemption distribution due from the Trust will be delivered to the Authorized
Participant on the third business day following a loco Zurich redemption order
date if, by 9:00 AM New York time on such third business day, the </FONT></P>

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<P><FONT SIZE=2>Trustee&#146;s DTC
account has been credited with the Baskets to be redeemed. The redemption
distribution due from the Trust will be delivered to the Authorized Participant
on or before the fifth business day following a loco London redemption order
date if, by 9:00 AM New York time on the third business day after the loco
London redemption order date, the Trustee&#146;s DTC account has been credited with
the Baskets to be redeemed. If the Trustee&#146;s DTC account has not been credited
with all of the Baskets to be redeemed by such time, the redemption
distribution will be delivered to the extent of whole Baskets received. Any
remainder of the redemption distribution will be delivered on the next business
day to the extent of remaining whole Baskets received if the Trustee receives
the fee applicable to the extension of the redemption distribution date which
the Trustee may, from time to time, determine and the remaining Baskets to be
redeemed are credited to the Trustee&#146;s DTC account by 9:00 AM New York time on
such next business day. Any further outstanding amount of the redemption order
shall be cancelled. The Trustee is also authorized to deliver the redemption
distribution notwithstanding that the Baskets to be redeemed are not credited
to the Trustee&#146;s DTC account by 9:00 AM New York time on the third business day
following the redemption order date if the Authorized Participant has
collateralized its obligation to deliver the Baskets through DTC&#146;s book entry
system on such terms as the Sponsor and the Trustee may from time to time agree
upon.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian will transfer the redemption gold amount from the Trust Allocated
Account to the Trust Unallocated Account and, thereafter, to the redeeming
Authorized Participant&#146;s Authorized Participant Unallocated Account. The
Authorized Participant and the Trust are each at risk in respect of gold
credited to their respective unallocated accounts in the event of the
Custodian&#146;s insolvency. See &#147;Risk Factors&#151;Gold held in the Trust&#146;s unallocated
gold account and any Authorized Participant&#146;s unallocated gold account is not
segregated from the Custodian&#146;s assets....&#148;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
with the allocation of gold to the Trust Allocated Account which occurs upon a
purchase order, if in transferring gold from the Trust Allocated Account to the
Trust Unallocated Account in connection with a redemption order there is an
excess amount of gold transferred to the Trust Unallocated Account, the excess
over the gold redemption amount will be held in the Trust Unallocated Account.
The Custodian will use commercially reasonable efforts to minimize the amount
of gold held in the Trust Unallocated Account; no more than 430 ounces of gold
(maximum weight to make one London Good Delivery Bar) is expected to be held in
the Trust Unallocated Account at the close of each business day.</FONT></P>

<P><FONT SIZE=2><I>Suspension or rejection of redemption orders</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may, in its discretion, and will when directed by the Sponsor, suspend
the right of redemption, or postpone the redemption settlement date, (1) for
any period during which the NYSE Arca is closed other than customary weekend or
holiday closings, or trading on the NYSE Arca is suspended or restricted or (2)
for any period during which an emergency exists as a result of which delivery,
disposal or evaluation of gold is not reasonably practicable. None of the
Sponsor, the Trustee or the Custodian will be liable to any person or in any
way for any loss or damages that may result from any such suspension or
postponement.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee will reject a redemption order if the order is not in proper form as
described in the Authorized Participant Agreement or if the fulfillment of the
order, in the opinion of its counsel, might be unlawful.</FONT></P>

<P><FONT SIZE=2><B>Creation and Redemption Transaction Fee</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
compensate the Trustee for services in processing the creation and redemption
of Baskets, an Authorized Participant will be required to pay a transaction fee
to the Trustee of $500 per order to create or redeem Baskets. An order may
include multiple Baskets. The transaction fee may be reduced, increased or
otherwise changed by the Trustee with the consent of the Sponsor. The Trustee
shall notify DTC of any agreement to change the transaction fee and will not
implement any increase in the fee for the redemption of Baskets until 30 days
after the date of the notice. The creation and redemption transaction fee
payable to the Trustee is in addition to and independent of any gold loco swap
cost that an Authorized Participant will be required to pay to the Custodian in
connection with a loco London purchase or redemption order.</FONT></P>

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<P><FONT SIZE=2><B>Tax Responsibility</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Participants are responsible for any transfer tax, sales or use tax, recording
tax, value added tax or similar tax or governmental charge applicable to the
creation or redemption of Baskets, regardless of whether or not such tax or
charge is imposed directly on the Authorized Participant, and agree to
indemnify the Sponsor, the Trustee and the Trust if they are required by law to
pay any such tax, together with any applicable penalties, additions to tax or
interest thereon.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>D<A NAME="c65183a017_v1"></A>ESCRIPTION OF
THE TRUST AGREEMENT</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust operates under the terms of the Trust Agreement, dated as of
September&nbsp;1, 2009 between the Sponsor and the Trustee. A copy of the Trust
Agreement is available for inspection at the Trustee&#146;s office. The following is
a description of the material terms of the Trust Agreement.</FONT></P>

<P><FONT SIZE=2><B>The Sponsor</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
section summarizes some of the important provisions of the Trust Agreement
which apply to the Sponsor. For a general description of the Sponsor&#146;s role
concerning the Trust, see &#147;The Sponsor&#151;The Sponsor&#146;s Role.&#148;</FONT></P>

<P><FONT SIZE=2><I>Liability of the Sponsor and indemnification</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor will not be liable to the Trustee or any Shareholder for any action
taken or for refraining from taking any action in good faith, or for errors in
judgment or for depreciation or loss incurred by reason of the sale of any gold
or other assets of the Trust. However, the preceding liability exclusion will
not protect the Sponsor against any liability resulting from its own gross
negligence, willful misconduct or bad faith in the performance of its duties.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor and its members, managers, directors, officers, employees, affiliates
(as such term is defined under the Securities Act) and subsidiaries shall be
indemnified from the Trust and held harmless against any loss, liability or
expense incurred without (1) gross negligence, bad faith, willful misconduct or
willful malfeasance on the part of such indemnified party arising out of or in
connection with the performance of its obligations under the Trust Agreement and
under each other agreement entered into by the Sponsor in furtherance of the
administration of the Trust (including, without limiting the scope of the
foregoing, the Custody Agreements and any Authorized Participant Agreement) or
any actions taken in accordance with the provisions of the Trust Agreement or
(2) reckless disregard on the part of such indemnified party of its obligations
and duties under the Trust Agreement. Such indemnity shall include payment from
the Trust of the costs and expenses incurred by such indemnified party in
defending itself against any claim or liability in its capacity as Sponsor. Any
amounts payable to a indemnified party may be payable in advance or shall be
secured by a lien on the Trust. The Sponsor may, in its discretion, undertake
any action which it may deem necessary or desirable in respect of the Trust
Agreement and the interests of the Shareholders and, in such event, the legal
expenses and costs of any such actions shall be expenses and costs of the Trust
and the Sponsor shall be entitled to be reimbursed therefor by the Trust.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor may rely on all information provided by the Trustee for securities
filings, including a free writing prospectus or marketing materials. If such
information is incorrect or omits material information and is the foundation
for a claim against the Sponsor, the Sponsor may be entitled to indemnification
from the Trust.</FONT></P>

<P><FONT SIZE=2><I>Successor sponsors</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Sponsor is adjudged bankrupt or insolvent, or a receiver of the Sponsor or of
its property is appointed, or a trustee or liquidator or any public officer
takes charge or control of the Sponsor or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation, then, in any such case,
the Trustee may terminate and liquidate the Trust and distribute its remaining
assets. The Trustee has no obligation to appoint a successor sponsor or to
assume the duties of the Sponsor and will have no liability to any person
because the Trust is or is not terminated as described in the preceding
sentence.</FONT></P>

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<P><FONT SIZE=2><B>The Trustee</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
section summarizes some of the important provisions of the Trust Agreement
which apply to the Trustee. For a general description of the Trustee&#146;s role
concerning the Trust, see &#147;The Trustee&#151;The Trustee&#146;s Role.&#148;</FONT></P>

<P><FONT SIZE=2><I>Qualifications of the Trustee</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee and any successor trustee must be (1) a bank, trust company,
corporation or national banking association organized and doing business under
the laws of the United States or any of its states, and authorized under such
laws to exercise corporate trust powers, (2) a participant in DTC or such other
securities depository as shall then be acting with respect to the Shares and
(3), unless counsel to the Sponsor, the appointment of which is acceptable to
the Trustee, determines that such requirement is not necessary for the
exception under section 408(m)(3)(B) of the United States Internal Revenue Code
of 1986, as amended (Code), to apply, a banking institution as defined in Code
section 408(n). The Trustee and any successor trustee must have, at all times,
an aggregate capital, surplus, and undivided profits of at least $150 million.</FONT></P>

<P><FONT SIZE=2><I>General duty of care of Trustee</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee is a fiduciary under the Trust Agreement; provided, however, that the
fiduciary duties and responsibilities and liabilities of the Trustee are
limited by, and are only those specifically set forth in, the Trust Agreement.
For limitations of the fiduciary duties of the Trustee, see the limitations on
liability set forth in &#147;The Trustee&#151;Limitation on Trustee&#146;s liability&#148; and &#147;The
Trustee&#151;Trustee&#146;s liability for custodial services and agents.&#148;</FONT></P>

<P><FONT SIZE=2><I>Limitation on Trustee&#146;s liability</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee will not be liable for the disposition of gold or moneys, or in respect
of any evaluation which it makes under the Trust Agreement or otherwise, or for
any action taken or omitted or for any loss or injury resulting from its
actions or its performance or lack of performance of its duties under the Trust
Agreement in the absence of gross negligence, willful misconduct or bad faith
on its part. In no event will the Trustee be liable for acting in accordance
with or conclusively relying upon any instruction, notice, demand, certificate
or document (a) from the Sponsor or a Custodian or any entity acting on behalf
of either which the Trustee believes is given as authorized by the Trust
Agreement or a Custody Agreement, respectively; or (b) from or on behalf of any
Authorized Participant which the Trustee believes is given pursuant to or is
authorized by an Authorized Participant Agreement (provided that the Trustee
has complied with the verification procedures specified in the Authorized
Participant Agreement). In no event will the Trustee be liable for acting or
omitting to act in reliance upon the advice of or information from legal
counsel, accountants or any other person believed by it in good faith to be
competent to give such advice or information. In addition, the Trustee will not
be liable for any delay in performance or for the non-performance of any of its
obligations under the Trust Agreement by reason of causes beyond its reasonable
control, including acts of God, war or terrorism. The Trustee will not be
liable for any indirect, consequential, punitive or special damages, regardless
of the form of action and whether or not any such damages were foreseeable or
contemplated, or for an amount in excess of the value of the Trust&#146;s assets.</FONT></P>

<P><FONT SIZE=2><I>Trustee&#146;s liability for custodial services
and agents</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee will not be answerable for the default of the Custodian, the Zurich
Sub-Custodian or any other custodian of the Trust&#146;s gold employed at the
direction of the Sponsor or selected by the Trustee with reasonable care. The
Trustee does not monitor the performance of the Custodian, the Zurich
Sub-Custodian or any other subcustodian other than to review the reports
provided by the Custodian pursuant to the Custody Agreements. The Trustee may
also employ custodians for Trust assets other than gold, agents, attorneys,
accountants, auditors and other professionals and shall not be answerable for
the default or misconduct of any of them if they were selected with reasonable
care. The fees and expenses charged by custodians for the custody of gold and
related services, agents, attorneys, accountants, auditors or other
professionals, and expenses reimbursable to any custodian under a custody
agreement authorized by the Trust Agreement, exclusive of fees for services to
be performed by the Trustee, will be expenses of the Sponsor or the Trust. Fees
paid for the custody of assets other than gold will be an expense of the
Trustee.</FONT></P>

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<P><FONT SIZE=2><I>Taxes</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee will not be personally liable for any taxes or other governmental
charges imposed upon the gold or its custody, moneys or other Trust assets, or
on the income therefrom or the sale or proceeds of the sale thereof, or upon it
as Trustee or upon or in respect of the Trust or the Shares which it may be
required to pay under any present or future law of the United States of America
or of any other taxing authority having jurisdiction in the premises. For all
such taxes and charges and for any expenses, including counsel&#146;s fees, which
the Trustee may sustain or incur with respect to such taxes or charges, the
Trustee will be reimbursed and indemnified out of the Trust&#146;s assets and the
payment of such amounts shall be secured by a lien on the Trust.</FONT></P>

<P><FONT SIZE=2><I>Indemnification of the Trustee</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee, its directors, employees and agents shall be indemnified from the
Trust and held harmless against any loss, liability or expense (including, but
not limited to, the reasonable fees and expenses of counsel) arising out of or
in connection with the performance of its obligations under the Trust Agreement
and under each other agreement entered into by the Trustee in furtherance of
the administration of the Trust (including, without limiting the scope of the
foregoing, the Custody Agreements and any Authorized Participant Agreement,
including the Trustee&#146;s indemnification obligations under these agreements) or
by reason of the Trustee&#146;s acceptance of the Trust incurred without (1) gross
negligence, bad faith, willful misconduct or willful malfeasance on the part of
such indemnified party in connection with the performance of its obligations under
the Trust Agreement or any such other agreement or any actions taken in
accordance with the provisions of the Trust Agreement or any such other
agreement or (2) reckless disregard on the part of such indemnified party of
its obligations and duties under the Trust Agreement or any such other
agreement. Such indemnity shall include payment from the Trust of the costs and
expenses incurred by such indemnified party in defending itself against any
claim or liability in its capacity as Trustee. Any amounts payable to a
indemnified party may be payable in advance or shall be secured by a lien on
the Trust.</FONT></P>

<P><FONT SIZE=2><I>Indemnity for actions taken to protect the
Trust</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee is under no obligation to appear in, prosecute or defend any action
that in its opinion may involve it in expense or liability, unless it is
furnished with reasonable security and indemnity against the expense or
liability. The Trustee&#146;s costs resulting from the Trustee&#146;s appearance in,
prosecution of or defense of any such action are deductible from and will
constitute a lien against the Trust&#146;s assets. Subject to the preceding
conditions, the Trustee shall, in its discretion, undertake such action as it
may deem necessary to protect the Trust and the rights and interests of all
Shareholders pursuant to the terms of the Trust Agreement.</FONT></P>

<P><FONT SIZE=2><I>Protection for amounts due to Trustee</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any fees or costs owed to the Trustee under the Trust Agreement are not paid
when due by the Sponsor, the Trustee may sell or otherwise dispose of any Trust
assets (including gold) and pay itself from the proceeds provided, however,
that the Trustee may not charge to the Trust unpaid fees owed to the Trustee by
the Sponsor in excess of the fees payable to the Sponsor by the Trust without
regard to any waiver by the Sponsor of its fees. As security for all
obligations owed to the Trustee under the Trust Agreement, the Trustee is
granted a continuing security interest in, and a lien on, the Trust&#146;s assets
and all Trust distributions.</FONT></P>

<P><FONT SIZE=2><I>Holding of Trust property other than gold</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee will hold and record the ownership of the Trust&#146;s assets in a manner so
that it will be owned by the Trust and the Trustee as trustee thereof for the
benefit of the Shareholders for the purposes of, and subject to and limited by
the terms and conditions set forth in, the Trust Agreement. Other than issuance
of the Shares, the Trust shall not issue or sell any certificates or other
obligations or, except as provided in the Trust Agreement, otherwise incur,
assume or guarantee any indebtedness for money borrowed.</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
moneys held by the Trustee hereunder shall be held by it, without interest
thereon or investment thereof, as a deposit for the account of the Trust. Such
monies held hereunder shall be deemed segregated by maintaining such monies in
an account or accounts for the exclusive benefit of the Trust. The Trustee may
also employ custodians for Trust assets other than gold, agents, attorneys,
accountants, auditors and other professionals and shall not be answerable for
the default or misconduct of any such custodians, agents, attorneys,
accountants, auditors and other professionals if such custodians, agents,
attorneys, accountants, auditors or other professionals shall have been
selected with reasonable care. Any Trust assets other than gold or cash will be
held by the Trustee either directly or through the Federal Reserve/Treasury
Book Entry System for United States and federal agency securities (Book Entry
System), DTC, or through any other clearing agency or similar system (Clearing
Agency), if available. The Trustee will have no responsibility or liability for
the actions or omissions of the Book Entry System, DTC or any Clearing Agency.
The Trustee shall not be liable for ascertaining or acting upon any calls,
conversions, exchange offers, tenders, interest rate changes, or similar
matters relating to securities held at DTC.</FONT></P>

<P><FONT SIZE=2><I>Resignation, discharge or removal of Trustee;
successor trustees</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may at any time resign as Trustee by written notice of its election so
to do, delivered to the Sponsor, and such resignation shall take effect upon
the appointment of a successor Trustee and its acceptance of such appointment.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor may remove the Trustee in its discretion on the fifth anniversary of
the date of the Trust Agreement by written notice delivered to the Trustee at
least 90 days prior to such date or, thereafter, on the last day of any
subsequent three-year period by written notice delivered to the Trustee at
least 90 days prior to such date.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor may also remove the Trustee at any time if the Trustee (1) ceases to be
a Qualified Bank (as defined below), (2) is in material breach of its
obligations under the Trust Agreement and fails to cure such breach within 30
days after receipt of written notice from the Sponsor or Shareholders acting on
behalf of at least 25% of the outstanding Shares specifying such default and
requiring the Trustee to cure such default, or (3) fails to consent to the
implementation of an amendment to the Trust&#146;s initial Internal Control Over
Financial Reporting deemed necessary by the Sponsor and, after consultations
with the Sponsor, the Sponsor and the Trustee fail to resolve their differences
regarding such proposed amendment. Under such circumstances, the Sponsor,
acting on behalf of the Shareholders, may remove the Trustee by written notice
delivered to the Trustee and such removal shall take effect upon the
appointment of a successor Trustee and its acceptance of such appointment.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
&#147;Qualified Bank&#148; means a bank, trust company, corporation or national banking
association organized and doing business under the laws of the United States or
any State of the United States that is authorized under those laws to exercise
corporate trust powers and that (i) is a DTC Participant or a participant in
such other depository as is then acting with respect to the Shares; (ii) unless
counsel to the Sponsor, the appointment of which is acceptable to the Trustee,
determines that the following requirement is not necessary for the exception
under Section 408(m) of the Code, to apply, is a banking institution as defined
in Section 408(n) of the Code and (iii) had, as of the date of its most recent
annual financial statements, an aggregate capital, surplus and undivided
profits of at least $150 million.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor may also remove the Trustee at any time if the Trustee merges into,
consolidates with or is converted into another corporation or entity in a
transaction in which the Trustee is not the surviving entity. The surviving
entity from such a transaction shall be the successor of the Trustee without
the execution or filing of any document or any further act; however, during the
90-day period following the effectiveness of such transaction, the Sponsor may,
by written notice to the Trustee, remove the Trustee and designate a successor
Trustee.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Trustee resigns or is removed, the Sponsor, acting on behalf of the
Shareholders, shall use its reasonable efforts to appoint a successor Trustee,
which shall be a Qualified Bank. Every successor Trustee shall execute and
deliver to its predecessor and to the Sponsor, acting on behalf of the
Shareholders, an instrument in writing accepting its appointment hereunder, and
thereupon such successor Trustee, without any further act or deed, shall become
fully vested with all the rights, powers, duties and obligations of its
predecessor; but such predecessor, nevertheless, upon payment of all sums due
it and on the written request of the Sponsor, acting on behalf of the
Shareholders, shall execute and deliver an instrument transferring to such
successor all rights and powers of such predecessor hereunder, shall duly
assign, transfer and deliver </FONT></P>

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<P><FONT SIZE=2>all right,
title and interest in the Trust&#146;s assets to such successor, and shall deliver
to such successor a list of the Shareholders of all outstanding Shares. The
Sponsor or any such successor Trustee shall promptly mail notice of the
appointment of such successor Trustee to the Shareholders.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Trustee resigns and no successor trustee is appointed within 60 days after
the date the Trustee issues its notice of resignation, the Trustee will
terminate and liquidate the Trust and distribute its remaining assets.</FONT></P>

<P><FONT SIZE=2><B>The Custodian and Custody of the Trust&#146;s Gold</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
section summarizes some of the important provisions of the Trust Agreement
which apply to the Custodian and the custody of the Trust&#146;s gold. For a general
description of the Custodian&#146;s role, see &#147;The Custodian&#151;The Custodian&#146;s Role.&#148;
For more information on the custody of the Trust&#146;s gold, see &#147;Custody of the
Trust&#146;s Gold&#148; and &#147;Description of the Custody Agreements.&#148;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee, on behalf of the Trust, will enter into the Custody Agreements with
the Custodian under which the Custodian will maintain the Trust Allocated
Account and the Trust Unallocated Account.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
upon the resignation of any custodian there would be no custodian acting
pursuant to the Custody Agreements, the Trustee shall, promptly after receiving
notice of such resignation, appoint a substitute custodian or custodians
selected by the Sponsor pursuant to custody agreements approved by the Sponsor
(provided, however, that the rights and duties of the Trustee under the Trust
Agreement and such custody agreements shall not be materially altered without
its consent). When directed by the Sponsor or if the Trustee in its discretion
determines that it is in the best interest of the Shareholders to do so and
with the written approval of the Sponsor (which approval shall not be
unreasonably withheld or delayed), the Trustee shall appoint a substitute or
additional custodian or custodians, which shall thereafter be one of the
custodians under the Trust Agreement. After the entry into the Custody
Agreements, the Trustee shall not enter into or amend any custody agreement
with a custodian without the written approval of the Sponsor (which approval
shall not be unreasonably withheld or delayed). When instructed by the Sponsor,
the Trustee shall demand that a custodian of the Trust deliver such of the
Trust&#146;s gold held by it as is requested of it to any other custodian or such
substitute or additional custodian or custodians directed by the Sponsor. Each
such substitute or additional custodian shall forthwith upon its appointment,
enter into a custody agreement in form and substance approved by the Sponsor.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor will appoint accountants or other inspectors to monitor the accounts
and operations of the Custodian and any successor custodian or additional
custodian and for enforcing the obligations of each such custodian as is
necessary to protect the Trust and the rights and interests of the
Shareholders. The Trustee has no obligation to monitor the activities of any
Custodian other than to receive and review such reports of the gold held for
the Trust by such Custodian and of transactions in gold held for the account of
the Trust made by such Custodian pursuant to the Custody Agreements. In the
event that the Sponsor determines that the maintenance of gold with a
particular custodian is not in the best interests of the Shareholders, the
Sponsor will direct the Trustee to initiate action to remove the gold from the
custody of such custodian or take such other action as the Trustee determines
appropriate to safeguard the interests of the Shareholders. However, see &#147;The
Trustee&#151;The Trustee&#146;s Role&#148; for a description of limitations on the ability of
the Trustee to monitor the performance of the Custodian. The Trustee shall have
no liability for any such action taken at the direction of the Sponsor or, in
the absence of such direction, any action taken by it in good faith. The
Trustee&#146;s only contractual rights are to direct the Custodian pursuant to the
Custody Agreements, and the Trustee has no contractual right or obligation to
direct the Zurich Sub-Custodian.</FONT></P>

<P><FONT SIZE=2><B>Valuation of Gold, Definition of Net Asset
Value and Adjusted Net Asset Value</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
each day that the NYSE Arca is open for regular trading, as promptly as
practicable after 4:00 p.m., New York time, on such day (Evaluation Time), the
Trustee will evaluate the gold held by the Trust and determine both the ANAV
and the NAV of the Trust.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the Evaluation Time, the Trustee will value the Trust&#146;s gold on the basis of
that day&#146;s London PM Fix or, if no London PM Fix is made on such day, the next
most recent London PM Fix determined prior to the Evaluation Time will be used,
unless the Sponsor </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>48</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>determines
that such price is inappropriate as a basis for evaluation. In the event the
Sponsor determines that the London PM Fix or such other publicly available
price as the Sponsor may deem fairly represents the commercial value of the
Trust&#146;s gold is not an appropriate basis for evaluation of the Trust&#146;s gold, it
shall identify an alternative basis for such evaluation to be employed by the
Trustee. Neither the Trustee nor the Sponsor shall be liable to any person for
the determination that the London PM Fix or such other publicly available price
is not appropriate as a basis for evaluation of the Trust&#146;s gold or for any
determination as to the alternative basis for such evaluation provided that
such determination is made in good faith. See &#147;Operation of the Gold Bullion
Market&#151;The London Bullion Market&#148; for a description of the London PM Fix.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once
the value of the gold has been determined, the Trustee will subtract all
estimated accrued but unpaid fees (other than the fees accruing for such day on
which the valuation takes place computed by reference to the value of the Trust
or its assets), expenses and other liabilities of the Trust from the total
value of the gold and other assets of the Trust. The resulting figure is the
ANAV of the Trust. The ANAV of the Trust is used to compute the Sponsor&#146;s Fee.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
fees accruing for the day on which the valuation takes place computed by
reference to the value of the Trust or its assets shall be calculated using the
ANAV calculated for such day on which the valuation takes place. The Trustee
shall subtract from the ANAV the amount of accrued fees so computed for such
day and the resulting figure is the NAV of the Trust. The Trustee will also
determine the NAV per Share by dividing the NAV of the Trust by the number of
the Shares outstanding as of the close of trading on the NYSE Arca (which
includes the net number of any Shares created or redeemed on such evaluation
day).</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee&#146;s estimation of accrued but unpaid fees, expenses and liabilities will
be conclusive upon all persons interested in the Trust and no revision or
correction in any computation made under the Trust Agreement will be required
by reason of any difference in amounts estimated from those actually paid.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor and the Shareholders may rely on any evaluation furnished by the
Trustee, and the Sponsor will have no responsibility for the evaluation&#146;s
accuracy. The determinations the Trustee makes will be made in good faith upon
the basis of, and the Trustee will not be liable for any errors contained in,
information reasonably available to it. The Trustee will not be liable to the
Sponsor, DTC, Authorized Participants, the Shareholders or any other person for
errors in judgment. However, the preceding liability exclusion will not protect
the Trustee against any liability resulting from bad faith or gross negligence
in the performance of its duties.</FONT></P>

<P><FONT SIZE=2><B>Other Expenses</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
at any time, other expenses are incurred outside the daily business of the
Trust and the Sponsor&#146;s Fee, the Trustee will at the discretion of the Sponsor
or in its own discretion sell the Trust&#146;s gold as necessary to pay such
expenses. 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><FONT SIZE=2><B>Sales of Gold</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee will at the direction of the Sponsor or, in the absence of such
discretion, may, in its discretion, sell the Trust&#146;s gold as necessary to pay
the Trust&#146;s expenses not otherwise assumed by the Sponsor. The Trustee will not
sell gold to pay the Sponsor&#146;s Fee. The Sponsor&#146;s Fee will be paid through
delivery of gold from the Trust Unallocated Account that had been de-allocated
from the Trust Allocated Account for this purpose. When selling gold to pay
other expenses, the Trustee is authorized to sell the smallest amounts of gold
needed to pay expenses in order to minimize the Trust&#146;s holdings of assets
other than gold. The Trustee will place orders with dealers (which may include
the Custodian) as directed by the Sponsor or, in the absence of such direction,
with dealers through which the Trustee may reasonably expect to obtain a
favorable price and good execution of orders. The Custodian may be the
purchaser of such gold at the price used by the Trustee to determine the value
of the Trust&#146;s gold on the date of sale. Neither the Trustee nor the Sponsor is
liable for depreciation or loss incurred by reason of any sale. See &#147;United
States Federal Income Tax Consequences&#151;Taxation of US Shareholders&#148; for
information on the tax treatment of gold sales.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>49</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee will also sell the Trust&#146;s gold if the Sponsor notifies the Trustee
that sale is required by applicable law or regulation or in connection with the
termination and liquidation of the Trust. The Trustee will not be liable or
responsible in any way for depreciation or loss incurred by reason of any sale
of gold directed by the Sponsor.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
property received by the Trust other than gold, cash or an amount receivable in
cash (such as, for example, an insurance claim) will be promptly sold or
otherwise disposed of by the Trustee at the direction of the Sponsor.</FONT></P>

<P><FONT SIZE=2><B>The Securities Depository; Book-Entry-Only
System; Global Security</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTC
will act 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 &#147;clearing corporation&#148; within the meaning of the New
York Uniform Commercial Code, and a &#147;clearing agency&#148; registered pursuant to
the provisions of section 17A of the Exchange Act. DTC was created to hold
securities of DTC Participants and to facilitate the clearance and settlement
of transactions in such securities among the DTC Participants through
electronic book-entry changes. This eliminates the need for physical movement
of securities certificates. DTC Participants include securities brokers and
dealers, banks, trust companies, clearing corporations, and certain other
organizations, some of whom (and/or their representatives) own DTC. Access to
the DTC system is also available to others such as banks, brokers, dealers and
trust companies that clear through or maintain a custodial relationship with a
DTC Participant, either directly or indirectly. DTC is expected to agree with
and represent to the DTC Participants that it will administer its book-entry
system in accordance with its rules and by-laws and the requirements of law.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Individual
certificates will not be issued for the Shares. Instead, one or more global
certificates will be 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 certificates will evidence all of the
Shares outstanding at any time. The representations, undertakings and
agreements made on the part of the Trust in the global certificates are made
and intended for the purpose of binding only the Trust and not the Trustee or
the Sponsor individually.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 amount
of the Shares so created, transferred or redeemed to the accounts of the
appropriate DTC Participants. The Trustee and the Authorized Participants will
designate the accounts to be credited and charged in the case of creation or
redemption of Shares.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficial
ownership of the Shares will be 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 will be effected only through, records
maintained by DTC (with respect to DTC Participants), the records of DTC
Participants (with respect to Indirect Participants), and the records of
Indirect Participants (with respect to Shareholders that are not DTC
Participants or Indirect Participants). Shareholders are expected to receive
from or through the DTC Participant maintaining the account through which the
Shareholder has purchased their Shares a written confirmation relating to such
purchase.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
that are not DTC Participants may transfer the Shares through DTC by
instructing the DTC Participant or Indirect Participant through which the
Shareholders hold their Shares to transfer the Shares. Shareholders that are
DTC Participants may transfer the Shares by instructing DTC in accordance with
the rules of DTC. Transfers will be made in accordance with standard securities
industry practice.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTC
may decide to discontinue providing its service with respect to Baskets and/or
the Shares by giving notice to the Trustee and the Sponsor. Under such
circumstances, the Sponsor will find a replacement for DTC to perform its
functions at a comparable cost or, if a replacement is unavailable, the Trustee
will terminate the Trust.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
rights of the Shareholders generally must be exercised by DTC Participants
acting on their behalf in accordance with the rules and procedures of DTC.
Because the Shares can only be held in book-entry form through DTC and DTC
Participants, investors must rely on DTC, DTC Participants and any other
financial intermediary through which they hold the Shares to receive the
benefits and exercise the rights described in this section. Investors should
consult with their broker or financial institution to find out about procedures
and requirements for securities held in book-entry form through DTC.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>50</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><B>Share Splits</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Sponsor believes that the per Share price in the secondary market for
Shares has fallen outside a desirable trading price range, the Sponsor may
direct the Trustee to declare a split or reverse split in the number of Shares
outstanding and to make a corresponding change in the number of Shares
constituting a Basket.</FONT></P>

<P><FONT SIZE=2><B>Books and Records</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee will keep proper books of record and account of the Trust at its office
located in New York or such office as it may subsequently designate. These
books and records are open to inspection by any person who establishes to the
Trustee&#146;s satisfaction that such person is a Shareholder at all reasonable
times during the usual business hours of the Trustee.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee will keep a copy of the Trust Agreement on file in its office which
will be available for inspection on reasonable advance notice at all reasonable
times during its usual business hours by any Shareholder.</FONT></P>

<P><FONT SIZE=2><B>Statements, Filings and Reports</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
the end of each fiscal year, the Sponsor will cause to be prepared an annual
report for the Trust containing audited financial statements. The annual report
will be in such form and contain such information as will be required by
applicable laws, rules and regulations and may contain such additional
information which the Sponsor determines shall be included. The annual report
shall be filed with the SEC and the NYSE Arca and shall be distributed to such
persons and in such manner, as shall be required by applicable laws, rules and
regulations.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor is responsible for the registration and qualification of the Shares
under the federal securities laws and any other securities and blue sky laws of
the US or any other jurisdiction as the Sponsor may select. The Sponsor will
also prepare, or cause to be prepared, and file any periodic reports or updates
required under the Exchange Act. The Trustee will assist and support the
Sponsor in the preparation of such reports.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
accounts of the Trust will be audited, as required by law and as may be
directed by the Sponsor, by independent registered public accountants
designated from time to time by the Sponsor. The accountants report will be
furnished by the Trustee to Shareholders upon request.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee will make such elections, file such tax returns, and prepare,
disseminate and file such tax reports, as it is advised to by its counsel or
accountants or as required from time to time by any applicable statute, rule or
regulation.</FONT></P>

<P><FONT SIZE=2><B>Fiscal Year</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fiscal year of the Trust will initially be the period ending December 31 of
each year. The Sponsor may select an alternate fiscal year.</FONT></P>

<P><FONT SIZE=2><B>Termination of the Trust</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee will set a date on which the Trust shall terminate and mail notice of
the termination to the Shareholders at least 30 days prior to the date set for
termination if any of the following occurs:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The Trustee
 is notified that the Shares are delisted from the 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 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Shareholders
 acting in respect of at least 75% of the outstanding Shares notify the
 Trustee that they elect to terminate the Trust;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>51</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>60 days have
 elapsed since the Trustee notified the Sponsor of the Trustee&#146;s election to
 resign and a successor trustee has not been appointed and accepted its
 appointment;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>the SEC
 determines that the Trust is an investment company under the Investment
 Company Act of 1940 and the Trustee has actual knowledge of such Commission
 determination;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>the
 aggregate market capitalization of the Trust, based on the closing price for
 the Shares, was less than $350 million (as adjusted for inflation) at any
 time after the first anniversary after the Trust&#146;s formation and the Trustee
 receives, within six months after the last of those trading days, notice from
 the Sponsor of its decision to terminate the Trust;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>the CFTC
 determines that the Trust is a commodity pool under the Commodity Exchange
 Act and the Trustee has actual knowledge of that determination;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>the Trust
 fails to qualify for treatment, or ceases to be treated, for US federal
 income tax purposes, as a grantor trust, and the Trustee receives notice from
 the Sponsor that the Sponsor determines that, because of that tax treatment
 or change in tax treatment, termination of the Trust is advisable;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>60 days have
 elapsed since DTC ceases to act as depository with respect to the Shares and
 the Sponsor has not identified another depository which is willing to act in
 such capacity; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>the Trustee
 elects to terminate the Trust after the Sponsor is deemed conclusively to
 have resigned effective immediately as a result of the Sponsor being adjudged
 bankrupt or insolvent, or a receiver of the Sponsor or of its property being
 appointed, or a trustee or liquidator or any public officer taking charge or
 control of the Sponsor or of its property or affairs for the purpose of
 rehabilitation, conservation or liquidation.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
and after the date of termination of the Trust, the Shareholders will, upon (i)
surrender of Shares then held, (ii) payment of the fee of the Trustee for the
surrender of Shares, and (iii) payment of any applicable taxes or other governmental
charges, be entitled to delivery of the amount of Trust assets represented by
those Shares. The Trustee shall not accept any deposits of gold after the date
of termination. If any Shares remain outstanding after the date of termination,
the Trustee thereafter shall discontinue the registration of transfers of
Shares, shall not make any distributions to Shareholders, and shall not give
any further notices or perform any further acts under the Trust Agreement,
except that the Trustee will continue to collect distributions pertaining to
Trust assets and hold the same uninvested and without liability for interest,
pay the Trust&#146;s expenses and sell gold as necessary to meet those expenses and
will continue to deliver Trust assets, together with any distributions received
with respect thereto and the net proceeds of the sale of any other property, in
exchange for Shares surrendered to the Trustee (after deducting or upon payment
of, in each case, the fee of the Trustee for the surrender of Shares, any expenses
for the account of the Shareholders in accordance with the terms and conditions
of the Trust Agreement, and any applicable taxes or other governmental
charges).</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any time after the expiration of 90 days following the date of termination of
the Trust, the Trustee may sell the Trust assets then held under the Trust
Agreement and may thereafter hold the net proceeds of any such sale, together
with any other cash then held by the Trustee under the Trust Agreement, without
liability for interest, for the pro rata benefit of</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>52</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>the
Shareholders that have not theretofore surrendered their Shares. After making
such sale, the Trustee shall be discharged from all obligations under the Trust
Agreement, except to account for such net proceeds and other cash (after
deducting, in each case, any fees, expenses, taxes or other governmental
charges payable by the Trust, the fee of the Trustee for the surrender of
Shares and any expenses for the account of the Shareholders in accordance with
the terms and conditions of the Trust Agreement, and any applicable taxes or
other governmental charges). Upon the termination of the Trust, the Sponsor
shall be discharged from all obligations under the Trust Agreement except for
its certain obligations to the Trustee that survive termination of the Trust
Agreement.</FONT></P>

<P><FONT SIZE=2><B>Amendments</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee and the Sponsor may amend any provisions of the Trust Agreement without
the consent of any Shareholder. Any amendment that imposes or increases any
fees or charges (other than taxes and other governmental charges, registration
fees or other such expenses), or that otherwise prejudices any substantial
existing right of the Shareholders will not become effective as to outstanding
Shares until 30 days after notice of such amendment is given to the
Shareholders. Amendments to allow redemption for quantities of gold smaller or
larger than a Basket or to allow for the sale of gold to pay cash proceeds upon
redemption shall not require notice pursuant to the preceding sentence. Every
Shareholder, at the time any amendment so becomes effective, shall be deemed,
by continuing to hold any Shares or an interest therein, to consent and agree
to such amendment and to be bound by the Trust Agreement as amended thereby. In
no event shall any amendment impair the right of the Shareholder to surrender
Baskets and receive therefor the amount of Trust assets represented thereby,
except in order to comply with mandatory provisions of applicable law.</FONT></P>

<P><FONT SIZE=2><B>Governing Law; Consent to New York
Jurisdiction</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust Agreement, and the rights of the Sponsor, the Trustee, DTC (as registered
owner of the Trust&#146;s global certificates for Shares) and the Shareholders under
the Trust Agreement, are governed by the laws of the State of New York. The
Sponsor, the Trustee and DTC and, by accepting Shares, each DTC Participant and
each Shareholder, consents to the jurisdiction of the courts of the State of
New York and any federal courts located in the borough of Manhattan in New York
City. Such consent in not required for any person to assert a claim of New York
jurisdiction over the Sponsor or the Trustee.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>53</FONT></P>

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<P ALIGN=CENTER><FONT SIZE=2><B>U<A NAME="c65183a018_v1"></A>NITED STATES FEDERAL INCOME TAX CONSEQUENCES</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following discussion of the material US federal income tax consequences that
generally applies to the purchase, ownership and disposition of Shares by a US
Shareholder (as defined below), and certain US federal income tax consequences
that may apply to an investment in Shares by a Non-US Shareholder (as defined
below), represents, insofar as it describes conclusions as to US federal income
tax law and subject to the limitations and qualifications described therein,
the opinion of Katten Muchin Rosenman LLP, counsel to the Sponsor and special
US tax counsel to the Trust. An opinion of counsel, however, is not binding on
the United States Internal Revenue Service (IRS) or on the courts, and does not
preclude the IRS from taking a contrary position. The discussion below is based
on the Code, United States Treasury Regulations (&#147;Treasury Regulations&#148;)
promulgated under the Code and judicial and administrative interpretations of
the Code, all as in effect on the date of this prospectus and all of which are
subject to change either prospectively or retroactively. The tax treatment of
Shareholders may vary depending upon their own particular circumstances.
Certain Shareholders (including broker-dealers, traders, banks and other
financial institutions, insurance companies, real estate investment trusts,
tax-exempt entities, Shareholders whose functional currency is not the US
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 hold Shares as &#147;capital assets&#148; within the meaning of Code section
1221 and not as part of a straddle, hedging transaction or a conversion or
constructive sale transaction. Moreover, the discussion below does not address
the effect of any state, local or foreign tax law or any transfer tax on an
owner of Shares. Purchasers of Shares are urged to consult their own tax
advisors with respect to all federal, state, local and foreign tax law or any
transfer tax considerations potentially applicable to their investment in
Shares.</FONT></P>

<P><FONT SIZE=2>For purposes
of this discussion, a &#147;US Shareholder&#148; is a Shareholder that is:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>An
 individual who is treated as a citizen or resident of the United States for
 US federal income tax purposes;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>A
 corporation (or other entity treated as a corporation for US federal tax
 purposes) created or organized in or under the laws of the United States or
 any political subdivision thereof;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>An estate,
 the income of which is includible in gross income for US federal income tax
 purposes regardless of its source; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>A trust, if
 a court within the United States is able to exercise primary supervision over
 the administration of the trust and one or more US persons have the authority
 to control all substantial decisions of the trust.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Shareholder that is not a US Shareholder as defined above (other than a
partnership, or an entity treated as a partnership for US federal tax purposes)
is generally considered a &#147;Non-US Shareholder&#148; for purposes of this discussion.
For US federal income tax purposes, the treatment of any beneficial owner of an
interest in a partnership, including any entity treated as a partnership for US
federal income tax purposes, generally depends upon the status of the partner
and upon the activities of the partnership. Partnerships and partners in
partnerships should consult their tax advisors about the US federal income tax
consequences of purchasing, owning and disposing of Shares.</FONT></P>

<P><FONT SIZE=2><B>Taxation of
the Trust</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust is classified as a &#147;grantor trust&#148; for US federal income tax purposes. As
a result, the Trust itself will not be subject to US federal income tax.
Instead, the Trust&#146;s income and expenses &#147;flow through&#148; to the Shareholders,
and the Trustee reports the Trust&#146;s income, gains, losses and deductions to the
IRS on that basis.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>54</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><B>Taxation of US Shareholders</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
generally are treated, for US federal income tax purposes, as if they directly
owned a pro rata share of the underlying assets held in the Trust. Shareholders
are also treated as if they directly received their respective pro rata shares
of the Trust&#146;s income, if any, and as if they directly incurred their
respective pro rata shares of the Trust&#146;s expenses. In the case of a
Shareholder that purchases Shares for cash, its initial tax basis in its pro
rata share of the assets held in the Trust at the time it acquires its Shares
is equal to its cost of acquiring the Shares. In the case of a Shareholder that
acquires its Shares as part of a creation, the delivery of gold to the Trust in
exchange for the underlying gold represented by the Shares is not a taxable
event to the Shareholder, and the Shareholder&#146;s tax basis and holding period
for the Shareholder&#146;s pro rata share of the gold held in the Trust are the same
as its tax basis and holding period for the gold delivered in exchange therefor
(except to the extent of any cash contributed for such Shares). For purposes of
this discussion, it is assumed that all of a Shareholder&#146;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 tax advisors as to the determination of the tax
basis and holding period for the underlying gold related to such Shares.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
the Trust sells or transfers gold, for example to pay expenses, a Shareholder
generally will recognize gain or loss in an amount equal to the difference
between (1) the Shareholder&#146;s pro rata share of the amount realized by the
Trust upon the sale or transfer and (2) the Shareholder&#146;s tax basis for its pro
rata share of the gold that was sold or transferred, which gain or loss will
generally be long-term or short-term capital gain or loss, depending upon
whether the Shareholder has a holding period in its Shares of longer than one
year. A Shareholder&#146;s tax basis for its share of any gold sold by the Trust
generally will be determined by multiplying the Shareholder&#146;s total basis for
its share of all of the gold held in the Trust immediately prior to the sale,
by a fraction the numerator of which is the amount of gold sold, and the
denominator of which is the total amount of the gold held in the Trust
immediately prior to the sale. After any such sale, a Shareholder&#146;s tax basis
for its pro rata share of the gold remaining in the Trust will be equal to its
tax basis for its share of the total amount of the gold held in the Trust
immediately prior to the sale, less the portion of such basis allocable to its
share of the gold that was sold.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
a Shareholder&#146;s sale of some or all of its Shares, the Shareholder will be
treated as having sold the portion of its pro rata share of the gold held in
the Trust at the time of the sale that is attributable to the Shares sold.
Accordingly, the Shareholder generally will recognize gain or loss on the sale
in an amount equal to the difference between (1) the amount realized pursuant
to the sale of the Shares, and (2) the Shareholder&#146;s tax basis for the portion
of its pro rata share of the gold held in the Trust at the time of sale that is
attributable to the Shares sold, as determined in the manner described in the
preceding paragraph.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
redemption of some or all of a Shareholder&#146;s Shares in exchange for the
underlying gold represented by the Shares redeemed generally will not be a
taxable event to the Shareholder. The Shareholder&#146;s tax basis for the gold
received in the redemption generally will be the same as the Shareholder&#146;s tax
basis for the portion of its pro rata share of the gold held in the Trust
immediately prior to the redemption that is attributable to the Shares
redeemed. The Shareholder&#146;s holding period with respect to the gold received
should include the period during which the Shareholder held the Shares
redeemed. A subsequent sale of the gold received by the Shareholder will be a
taxable event.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
any sale or redemption of less than all of a Shareholder&#146;s Shares, the
Shareholder&#146;s tax basis for its pro rata share of the gold held in the Trust
immediately after such sale or redemption generally will be equal to its tax
basis for its share of the total amount of the gold held in the Trust
immediately prior to the sale or redemption, less the portion of such basis
which is taken into account in determining the amount of gain or loss
recognized by the Shareholder upon such sale or, in the case of a redemption,
which is treated as the basis of the gold received by the Shareholder in the
redemption.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, recent legislation effective after December 31, 2012, if applicable
to a Shareholder, would impose a new 3.8% Medicare contribution tax on net
investment income. Shareholders should consult their tax advisor regarding this
tax.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Authorized Participant and other investors may be able to re-invest, on a
tax-deferred basis, in-kind redemption proceeds received from exchange-traded
products that are substantially similar to the Trust in the Trust&#146;s Shares.
Authorized Participants and other investors should consult their tax advisors
as to whether and under what circumstances</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>55</FONT></P>

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<P><FONT SIZE=2>the
reinvestment in the Shares of proceeds from substantially similar
exchange-traded products can be accomplished on a tax-deferred basis.</FONT></P>

<P><FONT SIZE=2><B>Maximum 28%
Long-Term Capital Gains Tax Rate for US Shareholders Who Are Individuals</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
current law, gains recognized by individuals from the sale of &#147;collectibles,&#148;
including gold bullion, held for more than one year are taxed at a maximum
federal income tax rate of 28%, rather than the 15% rate applicable to most
other long-term capital gains. For these purposes, gain recognized by an
individual upon the sale of an interest in a trust that holds collectibles is
treated as gain recognized on the sale of collectibles, to the extent that the
gain is attributable to unrealized appreciation in value of the collectibles
held by the trust. Therefore, any gain recognized by an individual US
Shareholder attributable to a sale of Shares held for more than one year, or
attributable to the Trust&#146;s sale of any gold bullion which the Shareholder is
treated (through its ownership of Shares) as having held for more than one
year, generally will be taxed at a maximum rate of 28%. The tax rates for
capital gains recognized upon the sale of assets held by an individual US
Shareholder for one year or less or by a taxpayer other than an individual US
taxpayer are generally the same as those at which ordinary income is taxed.</FONT></P>

<P><FONT SIZE=2><B>Brokerage
Fees and Trust Expenses</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
brokerage or other transaction fee incurred by a Shareholder in purchasing
Shares is treated as part of the Shareholder&#146;s tax basis in the underlying
assets of the Trust. Similarly, any brokerage fee incurred by a Shareholder in
selling Shares reduces the amount realized by the Shareholder with respect to
the sale.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
are required to recognize gain or loss upon a sale of gold by the Trust (as
discussed above), even though some or all of the proceeds of such sale are used
by the Trustee to pay Trust expenses. Shareholders may deduct their respective
pro rata shares of each expense incurred by the Trust to the same extent as if
they directly incurred the expense. Shareholders who are individuals, estates
or trusts, however, may be required to treat some or all of the expenses of the
Trust, to the extent that such expenses may be deducted, 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 further limitations under
applicable provisions of the Code, and may not be deductible at all for
alternative minimum tax purposes.</FONT></P>

<P><FONT SIZE=2><B>Investment
by Regulated Investment Companies</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual
funds and other investment vehicles which are &#147;regulated investment companies&#148;
within the meaning of Code section 851 should consult with their tax advisors
concerning (1) the likelihood that an investment in Shares, although they are a
&#147;security&#148; within the meaning of the Investment Company Act of 1940, may be
considered an investment in the underlying gold for purposes of Code section 851(b),
and (2) the extent to which an investment in Shares might nevertheless be
consistent with preservation of their qualification under Code section 851.</FONT></P>

<P><FONT SIZE=2><B>United
States Information Reporting and Backup Withholding for US and Non-US
Shareholders</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee or the appropriate broker files certain information returns with the
IRS, and provides certain tax-related information to Shareholders, in
accordance with applicable Treasury Regulations. Each Shareholder will be
provided with information regarding its allocable portion of the Trust&#146;s annual
income (if any) and expenses.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
US Shareholder may be subject to US backup withholding tax in certain
circumstances unless it provides its taxpayer identification number and
complies with certain certification procedures. Non-US Shareholders may have to
comply with certification procedures to establish that they are not a US person
in order to avoid the information reporting and backup withholding tax
requirements.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>56</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amount of any backup withholding is allowed as a credit against a Shareholder&#146;s
US federal income tax liability and may entitle such a Shareholder to a refund,
provided that the required information is furnished to the IRS.</FONT></P>

<P><FONT SIZE=2><B>Income
Taxation of Non-US Shareholders</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust does not expect to generate taxable income except for gain (if any) upon
the sale of gold. A Non-US Shareholder generally is not subject to US federal
income tax with respect to gain recognized upon the sale or other disposition
of Shares, or upon the sale of gold by the Trust, unless (1) the Non-US
Shareholder is an individual and is present in the United States for 183 days
or more during the taxable year of the sale or other disposition, and the gain
is treated as being from United States sources; or (2) the gain is effectively
connected with the conduct by the Non-US Shareholder of a trade or business in
the United States.</FONT></P>

<P><FONT SIZE=2><B>Taxation in
Jurisdictions other than the United States</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prospective
purchasers of Shares that are based in or acting out of a jurisdiction other
than the United States are advised to consult their own tax advisers as to the
tax consequences, under the laws of such jurisdiction (or any other
jurisdiction not being the United States to which they are subject), of their purchase,
holding, sale and redemption of or any other dealing in Shares and, in
particular, as to whether any value added tax, other consumption tax or
transfer tax is payable in relation to such purchase, holding, sale, redemption
or other dealing.</FONT></P>

<P><FONT SIZE=2><B>FBAR Reporting&nbsp;Obligations</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
US Shareholder should consult with its tax advisor as to the tax filing and
reporting obligations that may arise in connection with&nbsp;an investment in a
Share, including&nbsp;whether the&nbsp;Shares need to be reported on Treasury Form
TD F 90-22.1 (Report of Foreign Bank and Financial Accounts, the FBAR form). A
Shareholder that&nbsp;is obligated and fails to&nbsp;file the
FBAR&nbsp;form&nbsp;may be subject to&nbsp;civil penalties in an amount equal
to&nbsp;the greater of (i) $100,000 or (ii) 50 percent of the value of the
unreported &#147;foreign account,&#148; and may face possible criminal penalties as well.
The Sponsor is presently seeking relief from these reporting requirements for
Shareholders; however, there is no assurance that such relief will be
forthcoming. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>57</FONT></P>

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<P ALIGN=CENTER><FONT SIZE=2><B>E<A NAME="c65183a019_v1"></A>RISA AND RELATED
CONSIDERATIONS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Employee Retirement Income Security Act of 1974, as amended (&#147;ERISA&#148;), and/or
Code Section 4975 impose certain requirements on certain employee benefit plans
and other plans and arrangements, including individual retirement accounts and
annuities, Keogh plans, and certain commingled investment vehicles or insurance
company general or separate accounts in which such plans or arrangements are
invested (collectively, &#147;Plans&#148;), and on persons who are fiduciaries with
respect to the investment of &#147;plan assets&#148; of a Plan. Government plans and some
church plans are not subject to the fiduciary responsibility provisions of
ERISA or the provisions of Section 4975 of the Code, but may be subject to
substantially similar rules under other federal law, or under state or local
law (&#147;Other Law&#148;).</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 and the &#147;Risk
Factors&#148; discussed above and whether such investment is consistent with its
fiduciary responsibilities under ERISA or Other Law, including, but not limited
to: (1) whether the investment is permitted under the plan&#146;s governing
documents, (2) whether the fiduciary has the authority to make the investment,
(3) whether the investment is consistent with the plan&#146;s funding objectives,
(4) the tax effects of the investment on the Plan, and (5) whether the
investment is prudent considering the factors discussed in this report. In
addition, ERISA and Code Section 4975 prohibit a broad range of transactions
involving assets of a plan and persons who are &#147;parties in interest&#148; under
ERISA or &#147;disqualified persons&#148; under Section 4975 of the Code. A violation of
these rules may result in the imposition of significant excise taxes and other
liabilities. Plans subject to Other Law may be subject to similar restrictions.
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is anticipated that the Shares will constitute &#147;publicly-held offered
securities&#148; as defined in the Department of Labor &#147;Plan Asset Regulations,&#148;
&sect;2510.3-101(b)(2) as modified by 3(42) of ERISA. Accordingly, pursuant to the
Plan Asset Regulations, Shares purchased by a Plan, and not an interest in the
underlying assets held in the Trust, should be treated as &#147;plan assets&#148; of the
Plan, for purposes of applying the &#147;fiduciary responsibility&#148; and &#147;prohibited
transaction&#148; rules of ERISA and the Code. Fiduciaries of plans subject to Other
Law should consult legal counsel to determine whether there would be a similar
result under the Other Law.</FONT></P>

<P><FONT SIZE=2><B>Investment
by Certain Retirement Plans</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Code
section 408(m) provides that the acquisition of a &#147;collectible&#148; by an
individual retirement account (IRA) or a participant-directed account
maintained under any plan that is tax-qualified under Code section 401(a) is
treated as a taxable distribution from the account to the owner of the IRA, or
to the participant for whom the plan account is maintained, of an amount equal
to the cost to the account of acquiring the collectible. The IRS has issued
private letter rulings to the effect that a purchase of shares in a trust
holding precious metals by an IRA, or by a participant-directed account under a
Code section 401(a) plan, will not be treated as resulting in a taxable
distribution to the IRA owner or plan participant under Code section 408(m).
However, if any of the Shares so purchased are distributed from the IRA or plan
account to the IRA owner or plan participant, or if any gold received by such
IRA or plan account upon the redemption of any of the Shares purchased by it,
the Shares or gold so distributed will be subject to federal income tax in the
year of distribution, to the extent provided under the applicable provisions of
Code sections 408(d), 408(m) or 402.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>58</FONT></P>

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<P ALIGN=CENTER><FONT SIZE=2><B>P<A NAME="c65183a020_v1"></A>LAN OF
DISTRIBUTION</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust issues Shares in Baskets to Authorized Participants in exchange for
deposits of gold on a continuous basis. The Trust will not issue fractions of a
Basket. Because new Shares can be created and issued on an ongoing basis, at
any point during the life of the Trust, a &#147;distribution,&#148; as such term is used
in the Securities Act, will be occurring. 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, a 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
directly 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 could lead to
designation as an underwriter.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dealers
that are not &#147;underwriters&#148; but are participating in a distribution (as
contrasted to ordinary secondary trading transactions), and thus dealing with
Shares that are part of an &#147;unsold allotment&#148; within the meaning of Section
4(3)(C) of the Securities Act, would be unable to take advantage of the
prospectus-delivery exemption provided by Section 4(3) of the Securities Act.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 FINRA. Investors
intending to create or redeem Baskets through Authorized Participants in
transactions not involving a broker-dealer registered in such investor&#146;s state
of domicile or residence should consult their legal advisor regarding applicable
broker-dealer or securities regulatory requirements under the state securities
laws prior to such creation or redemption.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
offering of Baskets is being made in compliance with Conduct Rule 2310 of
FINRA. Authorized Participants will not receive from the Trust or the Sponsor
any compensation in connection with an offering of the Shares. Accordingly,
there is, and will be, no payment of underwriting compensation in connection
with any such offering of Shares in excess of 10% of the gross proceeds of the
offering.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to a Marketing Agent Agreement (&#147;Agent Agreement&#148;) between ALPS Distributors,
Inc. (&#147;ADI&#148;) and ETFS Marketing LLC, a Delaware limited liability company
(&#147;Marketing Agent&#148;) that provides marketing services under contract to the
Sponsor, ADI will be paid by the Marketing Agent approximately $20,000 per
annum, plus any fees or disbursements incurred by ADI in connection with its
assistance to the Marketing Agent in the marketing of the Trust and its Shares.
The maximum compensation ADI may receive under this Agent Agreement, as a
result of the Trust&#146;s offering, is estimated to be $192,725, which includes
$100,000 (fees) and $92,725 (expenses). The Trust is not responsible for the
payment of any amounts to ADI or the Marketing Agent. The maximum compensation
that will be paid for wholesaling salaries, as a result of this offering, is
estimated to be $718,750. The Marketing Agent and its parent, ETF Securities
Marketing LLP (f/k/a C7 PLUS LLP), are solely responsible for the payment of
these salaries. Under the Agent Agreement, ADI will provide the following
services to the Marketing Agent:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Review
 marketing related legal documents and contracts;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Consult with
 the Marketing Agent on the development of FINRA-compliant marketing
 campaigns;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>59</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Consult with
 the Trust&#146;s legal counsel on free-writing prospectus materials and
 disclosures in all marketing materials;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Review and
 file with FINRA marketing materials that are not free-writing prospectus
 materials;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Register and
 oversee supervisory activities of the Marketing Agent&#146;s FINRA-licensed
 personnel; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Maintain
 books and records related to the ADI services provided.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shares trade on the NYSE Arca under the symbol &#147;SGOL.&#148;</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>60</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>L<A NAME="c65183a021_v1"></A>EGAL MATTERS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
validity of the Shares has been passed upon for the Sponsor by Katten Muchin
Rosenman LLP, New York, New York, who, as special US tax counsel to the Trust,
also rendered an opinion regarding the material US federal income tax
consequences relating to the Shares.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>E<A NAME="c65183a022_v1"></A>XPERTS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
financial statements incorporated in this prospectus by reference from the
Trust&#146;s Annual Report on Form 10-K, and the effectiveness of Trust&#146;s internal control over financial
reporting&nbsp;have been audited by Deloitte &amp;&nbsp;Touche LLP, an
independent registered public accounting firm, as stated in their reports,
which&nbsp;are incorporated herein by reference. Such financial statements have
been so incorporated in reliance upon the reports of such firm given upon their
authority as experts in accounting and auditing.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>I<A NAME="c65183a023_v1"></A>NCORPORATION BY
REFERENCE OF CERTAIN DOCUMENTS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus is a part of a registration statement on Form S-3 filed by the
sponsor with the SEC under the Securities Act of 1933. As permitted by the
rules and regulations of the SEC, this prospectus does not contain all of the
information contained in the registration statement and the exhibits and
schedules thereto. 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
SEC allows the &#145;&#145;incorporation by reference&#146;&#146; 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>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>1.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Annual
 Report on Form 10-K for the fiscal year ended December 31, 2011; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>2.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The
 description of the Shares contained in the Registration Statement on Form 8-A
 filed with the SEC on August 27, 2009. </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Securities
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 upgrade, as applicable, any information
included in, or incorporated by reference into this prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust posts on its website (www.etfsecurities.com) its Annual Report on Form
10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and
amendments to those reports filed or furnished pursuant to Section 13(a) or
15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably
practicable after the Sponsor, on behalf of the Trust, electronically files
such material with, or furnishes it to, the SEC. The Trust&#146;s website and the
information</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>61</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>contained on
that site, or connected to that site, are not incorporated into and are not a
part of this prospectus. The Trust will provide to each person, including any
beneficial owner, to whom a prospectus is delivered, a copy of any and all
reports or documents that have been incorporated by reference in the prospectus
but which are not delivered with the prospectus; copies of any of these
documents may be obtained free of charge through the Trust&#146;s website or by
contacting the Trust, c/o ETFS Marketing LLC, 48 Wall Street, 11th Floor, New
York, NY 10005, or by calling (212) 918-4954.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should rely only on the information contained in this prospectus or to which we
have referred you. We have not authorized any person to provide you with
different information or to make any representation not contained in this
prospectus.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>W<A NAME="c65183a024_v1"></A>HERE YOU CAN
FIND MORE INFORMATION</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor has filed on behalf of the Trust a registration statement on Form S-3
with the SEC under the Securities Act. This prospectus does not contain all of
the information set forth in the registration statement (including the exhibits
to the registration statement), parts of which have been omitted in accordance
with the rules and regulations of the SEC. For further information about the
Trust or the Shares, please refer to the registration statement, which you may
inspect, without charge, at the public reference facilities of the SEC at the
below address or online at www.sec.gov, or obtain at prescribed rates from the
public reference facilities of the SEC at the below address. Information about
the Trust and the Shares can also be obtained from the Trust&#146;s website. The
internet address of the Trust&#146;s website is www.etfsecurities.com. This internet
address is only provided here as a convenience to you to allow you to access
the Trust&#146;s website, and the information contained on or connected to the
Trust&#146;s website is not part of this prospectus or the registration statement of
which this prospectus is part.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust is subject to the informational requirements of the Exchange Act and the
Sponsor, on behalf of the Trust, will file quarterly and annual reports and
other information with the SEC. The reports and other information can be
inspected at the public reference facilities of the SEC located at 100 F
Street, NE, Washington, DC 20549 and online at www.sec.gov. You may also obtain
copies of such material from the public reference facilities of the SEC at 100
F Street, NE, Washington, DC 20549, at prescribed rates. You may obtain more
information concerning the operation of the public reference facilities of the
SEC by calling the SEC at 1-800-SEC-0330 or visiting online at www.sec.gov.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>62</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
<BR>
<div ALIGN=CENTER><FONT SIZE=2><B>PROSPECTUS</B></FONT></div>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


<BR><BR>

<P ALIGN=CENTER><FONT SIZE=3><B>15,550,000
ETFS Physical Swiss Gold Shares</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=5><B>ETFS Gold Trust</B></FONT></P>

<div ALIGN=CENTER><FONT SIZE=2><B>April 13, 2011</B></FONT></div>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
<BR>
<HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
<BR>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>63</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>PART II&#151;INFORMATION NOT REQUIRED IN
PROSPECTUS</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>TABLE OF CONTENTS</B></FONT></P>

<P><FONT SIZE=2><B>Item 14. Other Expenses of Issuance and
Distribution.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant (&#147;Registrant&#148; or &#147;Trust&#148;) 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 ETF Securities USA LLC, the
sponsor of the Registrant (&#147;Sponsor&#148;).</FONT></P>

<P><FONT SIZE=2><B>Item 15. Indemnification of Directors and
Officers.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.6(a) of the Registrant&#146;s Depositary Trust Agreement (&#147;Trust Agreement&#148;)
between The Bank of New York Mellon, the Registrant&#146;s Trustee (&#147;Trustee&#148;), and
the Sponsor provides that the Trustee, its directors, employees and agents
(each a &#147;Trustee Indemnified Party&#148;) shall be indemnified from the Trust and
held harmless against any loss, liability or expense (including, but not
limited to, the reasonable fees and expenses of counsel) arising out of or in connection
with the performance of its obligations under the Trust Agreement and under
each other agreement entered into by the Trustee, in furtherance of the
administration of the Trust (including, without limiting the scope of the
foregoing, the Trust&#146;s custody agreements and authorized participant agreements
to which the Trustee is a party, including the Trustee&#146;s indemnification
obligations thereunder) or by reason of the Trustee&#146;s acceptance of the Trust
incurred without (1) gross negligence, bad faith, willful misconduct or willful
malfeasance on the part of such Trustee Indemnified Party in connection with
the performance of its obligations under the Trust Agreement or any such other
agreement or any actions taken in accordance with the provisions of the Trust
Agreement or any such other agreement or (2) reckless disregard on the part of
such Trustee Indemnified Party of its obligations and duties under the Trust
Agreement or any such other agreement. Such indemnity shall include payment
from the Trust of the costs and expenses incurred by such Trustee Indemnified
Party in defending itself against any claim or liability in its capacity as
Trustee. Any amounts payable to a Trustee Indemnified Party under Section
5.6(a) of the Trust Agreement may be payable in advance or shall be secured by
a lien on the Trust.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.6(b) of the Trust Agreement provides that the Sponsor and its members,
managers, directors, officers, employees, affiliates (as such term is defined
under the Securities Act of 1933, as amended (&#147;Securities Act&#148;)) and
subsidiaries (each a &#147;Sponsor Indemnified Party&#148;) shall be indemnified from the
Trust and held harmless against any loss, liability or expense (including, but
not limited to, the reasonable fees and expenses of counsel) arising out of or
in connection with the performance of its obligations under the Trust Agreement
and under each other agreement entered into by the Sponsor, in furtherance of
the administration of the Trust (including, without limiting the scope of the
foregoing, authorized participant agreements to which the Sponsor is a party,
including the Sponsor&#146;s indemnification obligations thereunder) or any actions
taken in accordance with the provisions of the Trust Agreement incurred without
(1) gross negligence, bad faith, willful misconduct or willful malfeasance on
the part of such Sponsor Indemnified Party in connection with the performance
of its obligations under the Trust Agreement or any such other agreement or any
actions taken in accordance with the provisions of the Trust Agreement or any
such other agreement or (2) reckless disregard on the part of such Sponsor
Indemnified Party of its obligations and duties under the Trust Agreement or
any such other agreement. Such indemnity shall include payment from the Trust
of the costs and expenses incurred by such Sponsor Indemnified Party in
defending itself against any claim or liability in its capacity as Sponsor. Any
amounts payable to a Sponsor Indemnified Party under Section 5.6(b) of the
Trust Agreement may be payable in advance or shall be secured by a lien on the
Trust. The Sponsor may, in its discretion, undertake any action which it may
deem necessary or desirable in respect of the Trust Agreement and the rights
and duties of the parties hereto and the interests of the shareholders of the
Trust and, in such event, the legal expenses and costs of any such actions
shall be expenses and costs of the Trust and the Sponsor shall be entitled to
be reimbursed therefor by the Trust.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indemnities provided by Section 5.6 of the Trust Agreement shall survive
notwithstanding any termination of the Trust Agreement and the Trust or the
resignation or removal of the Trustee or the Sponsor, respectively.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>64</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2><B>Item 16. Exhibits and Financial Statement Schedules.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
Exhibits</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="7%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1><B>Exhibit<BR>
 Number</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Description</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>4.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Depositary
 Trust Agreement (the &#147;Trust Agreement&#148;)*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>4.2</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Form of
 Authorized Participant Agreement**</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>4.3</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Global
 Certificate*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>5.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Opinion of
 Katten Muchin Rosenman LLP as to legality***</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>8.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Opinion of
 Katten Muchin Rosenman LLP as to tax matters***</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>10.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Allocated
 Account Agreement*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>10.2</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Unallocated
 Account Agreement*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>10.3</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Depository
 Agreement*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>10.4</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Marketing
 Agent Agreement*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>23.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Consent of
 Deloitte &amp; Touche LLP***</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>23.2</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Consents of
 Katten Muchin Rosenman LLP are included in Exhibits 5.1 and 8.1</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>24.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Powers of
 attorney are included on the signature page to this registration statement</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>99.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Opinion of
 Katten Muchin Rosenman UK LLP***</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>

 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>*</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Incorporated
 by reference to the Exhibit identified with the same number and filed with
 Pre-Effective Amendment No. 3 to the Trust&#146;s registration statement on Form
 S-1 (File No. 333-158221) on September 2, 2009.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>**</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Incorporated
 by reference to the Exhibit identified with the same number and filed with
 the Trust&#146;s Annual Report on Form 10-K for the fiscal year ended December 31,
 2010. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>***</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Filed
 herewith </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(b)
 Financial Statement Schedules</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Not
 applicable.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>65</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><B>Item 17. Undertakings.</B></FONT></P>

<P><FONT SIZE=2>The undersigned registrant hereby undertakes:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)
 To file, during any period in which offers or sales are being made, a
 post-effective amendment to this registration statement:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 To include any prospectus required by section 10(a)(3) of the Securities Act
 of 1933; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 percent change in the maximum aggregate offering price set
 forth in the &#147;Calculation of Registration Fee&#148; table in the effective
 registration statement; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provided,
     however, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section
     do not apply if the registration statement is on Form S-3 (&sect;239.19 of this
     chapter) or Form F-3 (&sect;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) that is part of the
     registration statement. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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
 bona fide offering thereof.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)
 That, for the purpose of determining liability under the Securities Act of
 1933 to any purchaser:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 If the Registrant is relying on Rule 430B (&sect;230.430B of this chapter):</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)
 Each prospectus filed by the Registrant pursuant to Rule 424(b)(3)
 (&sect;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>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)
 Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or
 (b)(7) (&sect;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) (&sect;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 bona fide
 offering thereof. Provided, however, that no statement made in a registration
 statement or prospectus that is part of the registration statement or made in
 a document incorporated or deemed incorporated by reference into the registration
 statement or prospectus that is part of the registration statement will, as
 to a 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>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>66</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
 If the Registrant is subject to Rule 430C (&sect;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 (&sect;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>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)
 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:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 Any preliminary prospectus or prospectus of the undersigned Registrant
 relating to the offering required to be filed pursuant to Rule 424 (&sect;230.424
 of this chapter);</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that
 is an offer in the offering made by the undersigned Registrant to the
 purchaser.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)
That, for purposes of determining any liability under the Securities Act of
1933, each filing of the registrant&#146;s annual report pursuant to Section 13(a)
or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each
filing of an employee benefit plan&#146;s annual report pursuant to Section 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)
The undersigned Registrant hereby undertakes to deliver or cause to be
delivered with the prospectus, to each person to whom the prospectus is sent
    or given, the latest annual report to security holders that is incorporated
    by reference in the prospectus and furnished pursuant to and meeting the
requirements of Rule 14a-3 or Rule 14c-3 under the Securities Exchange Act of
1934; and, where interim financial information required to be presented by
Article 3 of Regulation S-X is not set forth in the prospectus, to deliver, or
cause to be delivered to each person to whom the prospectus is sent or given,
the latest quarterly report that is specifically incorporated by reference in
the prospectus to provide such interim financial information. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>67</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>registered,
the Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question of whether such indemnification by it is against public policy as
expressed in the Securities Act of 1933 and will be governed by the final
adjudication of such issue.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>68</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>SIGNATURES</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to
the requirements of the Securities Act of 1933, the Registrant certifies that
it has reasonable grounds to believe that it meets all of the requirements for
filing on 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 St.
Helier, Jersey, on April 13, 2011.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="45%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="29%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="23%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>ETF
 SECURITIES USA LLC</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Sponsor of
 the ETFS Gold Trust</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE="2">By:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/<small>S</small>/ G<small>RAHAM</small> T<small>UCKWELL</small></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1><B>Graham
 Tuckwell </B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1><B>President
 and Chief Executive</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1><B>Officer</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
person whose signature appears below hereby constitutes Graham Tuckwell and Tom
Quigley 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, this amendment to the
registration statement has been signed by the following persons in the
capacities* and on the dates indicated.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="30%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="45%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1><B>Signature</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1><B>Capacity</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1><B>Date</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>/<small>S</small>/
 G<small>RAHAM</small> T<small>UCKWELL</small></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD ROWSPAN=3 VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>President
 and Chief Executive Officer (principal executive officer)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>April 13, 2011</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1><B><BR>Graham Tuckwell</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>/<small>S</small>/
 T<small>HOMAS</small> Q<small>UIGLEY</small></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD ROWSPAN=3 VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Chief
 Financial Officer and Treasurer (principal financial officer and principal
 accounting officer)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>April 13, 2011</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1><B><BR>Thomas Quigley</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>*</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The
 Registrant is a trust and the persons are signing in their capacities as
 officers of ETF Securities USA LLC, the Sponsor of the Registrant.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2 FACE=ARIAL>69</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>c65183_ex5-1.htm
<TEXT>

<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>

<P ALIGN=RIGHT><FONT SIZE="2"><B>Exhibit 5.1</B> </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="71%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="28%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=6 FACE=ARIAL><B>Katten</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=LEFT>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" SIZE="2"><B>Katten Muchin
Rosenman <SMALL>LLP</SMALL></B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" SIZE="2"><B>575 Madison Avenue</B> </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" SIZE="2"><B>New York, NY
10022-2585</B> </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" SIZE="2"><B>212.940.8800 tel</B> </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" SIZE="2"><B>212.940.6400 fax</B> </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>April 13, 2011</FONT></P>

<P><FONT SIZE=2>ETF Securities
USA LLC <BR>
as Sponsor to ETFS Gold Trust <BR>
Ordnance House <BR>
31 Pier Road <BR>
St. Helier, Jersey <BR>
JE4 Channel Islands <BR>
Attention: Graham Tuckwell </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><I><B>ETFS Gold Trust</B></I></FONT></P>

<P><FONT SIZE=2>Ladies and
Gentlemen: </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have
acted as counsel for ETF Securities USA LLC, a Delaware limited liability
company (the &#147;<I>Sponsor</I>&#148;), the
sponsor of ETFS Gold Trust, a grantor trust formed under the laws of the State
of New York (the &#147;<I>Trust</I>&#148;), in
connection with the Trust&#146;s filing on April 13, 2011 with the Securities and
Exchange Commission (the &#147;<I>Commission</I>&#148;)
of its Registration Statement on Form S-3 (the &#147;<I>Registration Statement</I>&#148;), including the prospectus included
in Part I of the Registration Statement (the &#147;<I>Prospectus</I>&#148;),
under the Securities Act of 1933 (the &#147;<I>1933
Act</I>&#148;), relating to the issuance and sale by the Trust of 15,550,000
ETFS Physical Swiss Gold Shares (the <I>&#147;Shares&#148;</I>).
</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with this opinion, we have examined originals or copies, certified
or otherwise identified to our satisfaction, of such instruments, documents and
records as we have deemed relevant and necessary to examine for the purpose of
this opinion, including (a) the Registration Statement, (b) the Depositary
Trust Agreement between the Sponsor and The Bank of New York Mellon, as
Trustee, (c) the pertinent provisions of the constitution and laws of the State
of New York; and (d) such other instruments, documents, statements and records
of the Trust and others and other such statutes as we have deemed relevant and
necessary to examine and rely upon for the purpose of this opinion. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with this opinion, we have assumed the legal capacity of all natural
persons, the accuracy and completeness of all documents and records that we
have reviewed, the </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>April 13, 2011
<BR>
Page 2 </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>genuineness of all signatures, the authenticity of the documents
submitted to us as originals and the conformity to authentic original documents
of all documents submitted to us as certified, conformed or reproduced copies. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon
the foregoing, we are of the opinion that the Shares proposed to be offered and
sold pursuant to the Registration Statement, when it is made effective by the
Commission or otherwise pursuant to the rules and regulations of the
Commission, will have been validly authorized and, when sold in accordance with
the terms of the Registration Statement and the requirements of applicable
federal and state law and delivered by the Trust against receipt of the net
asset value of the Shares, as described in the Registration Statement, will
have been legally and validly issued and will be fully paid and non-assessable
by the Trust. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
opinion is given as of the date hereof and we assume no obligation to advise
you of changes that may hereafter be brought to our attention. This opinion is
limited to the laws of the State of New York governing grantor trusts and
matters such as the authorization and issuance of the Shares, the applicable
provisions of the New York constitution and the reported judicial decisions
interpreting such laws, and we do not express any opinion concerning any other
laws. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby
consent to the filing of this opinion as an exhibit to the Registration
Statement, to be filed with the Commission, and to the use of our name in the
Prospectus under the caption &#147;Legal Matters&#148; and in any revised or amended
versions thereof. In giving such consent, however, we do not admit that we are
within the category of persons whose consent is required by Section 7 of the
1933 Act, as amended, and the rules and regulations thereunder. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Respectfully
 submitted,</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>/s/ Katten
 Muchin Rosenman LLP </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>KATTEN
 MUCHIN ROSENMAN LLP </FONT></P>
 </TD>
 </TR>
</TABLE>

 <P><FONT SIZE=2>PJS/mb</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>3
<FILENAME>c65183_ex8-1.htm
<TEXT>

<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>

<P ALIGN=RIGHT><FONT SIZE="2"><B>Exhibit 8.1</B> </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="76%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="23%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=6 FACE=ARIAL><B>Katten</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" SIZE="2"><B>Katten Muchin
Rosenman <SMALL>LLP</SMALL></B> </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" SIZE="2"><B>575 Madison Avenue</B> </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" SIZE="2"><B>New York, NY
10022-2585</B> </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" SIZE="2"><B>212.940.8800 tel</B> </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" SIZE="2"><B>212.940.6400 fax</B> </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>April 13, 2011
</FONT></P>

<P><FONT SIZE=2>ETF Securities
USA LLC <BR>
as Sponsor to ETFS Gold Trust <BR>
Ordnance House <BR>
31 Pier Road <BR>
St. Helier, Jersey <BR>
JE4 Channel Islands <BR>
Attention: Graham Tuckwell </FONT></P>

<P><FONT SIZE=2>The Bank of
New York Mellon <BR>
as Trustee to ETFS Gold Trust <BR>
2 Hanson Place <BR>
Brooklyn, NY 11217 <BR>
Attention: Donald Guire </FONT></P>

<P><FONT SIZE=2>Messrs.
Tuckwell and Guire: </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>We are acting as special United States tax counsel to the ETFS Gold
Trust (the &#147;Trust&#148;) in connection with the preparation of a registration
statement on Form S-3 dated April 13, 2011 (the &#147;Registration Statement&#148;) filed
with the Securities and Exchange Commission (the &#147;SEC&#148;). The Registration
Statement relates to the proposed issuance by the Trust, an investment trust
formed on September 1, 2009 under New York law pursuant to a Depositary Trust
Agreement between ETF Securities USA LLC, as Sponsor, and The Bank of New York
Mellon, as Trustee, of 15,550,000 shares, representing units of fractional
undivided beneficial interest in and ownership of the Trust (the &#147;Shares&#148;). </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In rendering this opinion, we have examined the Registration Statement
and such other documents and materials as we have deemed necessary or
appropriate to review for purposes of our opinion, and have made such
investigations of law as we have deemed appropriate as a basis for the opinion
expressed below. In addition, in rendering this opinion, we have relied upon
and have assumed, with your permission, the accuracy of the statements
contained in the Registration Statement, and that the Trust will operate in the
manner discussed in its organizational documents and the prospectus included in
the Registration Statement (the &#147;Prospectus&#148;). </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>ETF Securities
USA LLC <BR>
The Bank of New York Mellon <BR>
April 13, 2011 </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Our opinion is based on the Internal Revenue Code of 1986, as amended
(the &#147;Code&#148;), Treasury Regulations promulgated thereunder, and administrative
and judicial interpretations thereof, all as of the date hereof and all of
which are subject to change, possibly on a retroactive basis. In rendering this
opinion, we are expressing our views only as to United States federal income
tax law. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Based on and subject to the foregoing, the discussion relating to tax
matters under the heading &#147;United States Federal Income Tax Consequences&#148; in
the Prospectus (subject to the qualifications contained therein) expresses our
opinion as to the material aspects of the United States federal income tax treatment
to a Shareholder, as of the date hereof, of an acquisition, ownership and
disposition of a Share pursuant to the Prospectus. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Our opinion relies on, and is subject to, the facts, representations
and assumptions set forth or referenced herein. Any inaccuracy or subsequent
change in such facts, representations or assumptions could adversely affect our
opinion. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>We hereby consent to the filing with the SEC of this letter as an
exhibit to the Registration Statement and the reference to this letter and to
us under the heading &#147;United States Federal Income Tax Consequences&#148; in the
Prospectus. In giving such consent, we do not thereby admit that we are within
the category of persons whose consent is required under Section 7 of the
Securities Act of 1933. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Very truly
 yours, </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/s/ Katten
 Muchin Rosenman LLP </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>KATTEN
 MUCHIN ROSENMAN LLP </FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>c65183_ex23-1.htm
<TEXT>

<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>

<P ALIGN=RIGHT><FONT SIZE=2>Exhibit 23.1 </FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>We
consent to the incorporation by reference in this Registration Statement on Form
    S-3 of our report dated March 14, 2011, relating to the financial statements
    of ETFS Gold Trust, and the effectiveness of ETFS Gold Trust&#146;s internal
    control over financial reporting, appearing in the Annual Report on Form
    10-K of ETFS Gold Trust for the  year ended December 31, 2010, and to the
    reference to us under the heading &#147;Experts&#148; in
    the Prospectus, which is part of such Registration Statement. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/s/ DELOITTE
 &amp; TOUCHE LLP </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>New York,
 New York </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>April 13,
 2011 </FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>c65183_ex99-1.htm
<TEXT>

<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>

<P ALIGN=RIGHT><FONT SIZE="2"><B>Exhibit 99.1</B> </FONT></P>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><div align="left"><img src="p00003_exchange13042011-x1x1.jpg" border=0></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td width="30%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td width="30%"><p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0">1-3
        Frederick's Place</p>
        <p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0">Old
          Jewry</p>
      <p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0">London
        &nbsp;EC2R 8AE</p>
      <p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0">+44
        (0) 20 7776 7620 tel</p>
      <p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0">+44
        (0) 20 7776 7621
        fax<font style="color: white"></font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td width="30%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td width="2%"><p style="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0; font-variant: small-caps; text-align: left">IMRAN
        SAMI</p>
        <p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0">imran.sami@kattenlaw.co.uk</p>
      <p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0">+44
        (0) 20 7776 7658
        direct</p>
      <p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0">&nbsp;</p>
      <p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0"><b>Our
        ref: / IS:kl</b></p></td>
  </tr>
</table>
<P><FONT SIZE=2>ETF Securities USA LLC<BR>
  as sponsor to ETFS Gold Trust<BR>
  Ordnance House<BR>
  31 Pier Road<BR>
  St. Helier, Jersey<BR>
JE4 Channel Islands</FONT></P>
<P><FONT SIZE=2>Attention:
Graham Tuckwell</FONT></P>

<P><FONT SIZE=2>April 13, 2011</FONT></P>

<P><FONT SIZE=2>Dear Sirs</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>ETFS GOLD TRUST &#150; Form S-3 Registration
Statement under the Securities Act of 1933</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>We act as English legal advisers to ETF
 Securities USA LLC, a Delaware limited liability company acting as sponsor to
 ETFS Gold Trust (<B>the Trust</B>), in connection with the
 preparation and filing of a Registration Statement on Form S-3 (<B>the Registration
 Statement</B>), including the prospectus included in Part 1 of the
 Registration Statement under the Securities Act of 1933, as amended (<B>the 1933
 Act</B>), filed on April 13, 2011. The Registration Statement related
 to the proposed registration under the 1933 Act of 15,550,000 shares of
 fractional undivided beneficial interest in and ownership of the Trust.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>2</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>Unless otherwise defined herein, the words
 and expressions used in this letter shall have the same meaning as those
 words and expressions defined in the Registration Statement.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>3</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>We are solicitors qualified in England and
 express no opinion as to any law other than English law at the date hereof.
 It is assumed that no law of any jurisdiction other than England and Wales
 affects this opinion. This opinion is governed by and construed in accordance
 with English law. The English courts shall have exclusive jurisdiction in
 connection with any claim or matter arising out of, or in connection with,
 this opinion which speaks only as of its date.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>4</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>For the purpose of the opinion contained in
 this letter, we have examined the following only:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>4.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>the
 ETFS Gold Trust Allocated Account Agreement dated September 1, 2009 and made
 between JPMorgan Chase Bank, N.A., as custodian (1) and The Bank of New York
 Mellon, as trustee (2), as filed as an exhibit to the Registration Statement;
 and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>4.2</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>the
 ETFS Gold Trust Unallocated Account Agreement dated September 1, 2009 and
 made between JPMorgan Chase Bank, N.A., as custodian (1) and The Bank of New
 York Mellon, as trustee (2), as filed as an exhibit to the Registration
 Statement,</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>(together
 with the ETFS Gold Trust Allocated Bullion Account Agreement, <B>the
 Custody Agreements</B>).</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>5</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>The opinion set out in this letter is based
 upon the following assumptions, which we have made without investigation:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>5.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>that
 the forms of the Custody Agreements, which we have examined and on which we
 have based the opinion set out in this letter, and all other documents
 submitted to us are authentic and complete; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>5.2</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>that
 all signatures, stamps or seals, if any, on all documents supplied to us as
 originals or as copies of originals are genuine;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>5.3</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>that
 no amendment, alteration, variation or modification has been made to any of
 the Custody Agreements in the forms examined by us, including (without
 limitation) the entry into of any side agreement or the giving of any
 undertaking, whether written or oral, which might have the effect of an
 amendment, alteration, variation or modification of any of the Custody Agreements;
 </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>5.4</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>that
 the parties to the Custody Agreements had as of September 1, 2009 (<B>the
 Execution Date</B>) and have as of the date of this letter the legal
 right and full power and authority to enter into and perform the Custody
 Agreements and any other documents executed (or to be executed) by them
 pursuant to or in connection with the Custody Agreements and that the Custody
 Agreements constitute valid and binding obligations on the parties in
 accordance with their terms;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>5.5</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>that
 all corporate or constitutional action required by the parties to the Custody
 Agreements to validly and duly authorise the execution and delivery of, and
 to exercise the rights and perform the obligations of such parties under, the
 Custody Agreements had been duly taken as of the Execution Date;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>5.6</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>that
 all documents submitted to us as copies conform to the original documents and
 such originals are authentic and complete and there has been no variation,
 amendment, modification, waiver or alteration of any kind of any such
 document or the entry into of any side agreement or undertaking, whether
 written or oral, which might constitute or have the effect of a variation,
 amendment, modification, waiver or alteration of any kind of any such
 document;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>5.7</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>that
 the Custody Agreements and the arrangements to which they give rise are not
 illegal, non-binding or unenforceable under or by virtue of any applicable
 laws outside England (as to which we express no opinion);</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>5.8</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>that
 to the extent that any obligation under the Custody Agreements has been or is
 to be performed in any jurisdiction other than England and Wales, its
 performance will not be illegal, non-binding or unenforceable under the laws
 of such jurisdiction (as to which we express no opinion); </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>5.9</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>that
 the Custodian, the Trustee and any other person referred to in the Custody
 Agreements had been duly incorporated as of the Execution Date, were as of
 the Execution Date (and are at the date of this letter) validly existing and
 had due power </FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>and
 authority as of the Execution Date to enter into and be bound by the
 arrangements contemplated by the Custody Agreements;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>5.10</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>all
 statements of fact made in the Custody Agreements are true and correct in all
 respects; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>5.11</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>that
 no act, omission or thing has occurred or failed to occur in the period
 commencing on the Execution Date which would have the effect of vitiating,
 invalidating, voiding, waiving, setting aside, repudiating, rendering
 unenforceable or in any way impairing any of a party&#146;s rights and/or
 obligations under the Custody Agreements.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>6</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>On the basis of the foregoing and in
 reliance thereon and subject to the qualifications set out below and to
 matters not disclosed to us, we are of the opinion, as of the date hereof
 that the Custody Agreements constitute legally binding obligations of the
 parties thereto and would be enforceable if brought before a court in England
 and Wales. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>The opinion set out in paragraph 6 above (<B>the</B>
 <B>Opinion</B>)
 is subject to the following qualifications:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>we
 do not express any opinion in relation to the compliance of the Registration
 Statement or the offering of Shares thereunder with the laws, rules,
 requirements, customs or practices of the Securities and Exchange Commission
 or any other regulatory authority;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7.2</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>we
 do not give any opinion that any clause in the Custody Agreements, would be
 upheld in any English court if found to be contrary to the privacy and human
 rights legislation prevailing under English law;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7.3</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>if
 proceedings relating to the Custody Agreements are brought before an English
 court, permission would have to be sought to serve process against any party
 who is resident outside England and Wales and who has not otherwise provided
 an address for service of proceedings in England and Wales;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7.4</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>in
 the event that the Trustee resigns or is removed as trustee of the Trust in
 circumstances whereby no successor is immediately appointed, an English court
 could construe the Custody Agreements as invalid by virtue of having only one
 party;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7.5</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>we
 have reviewed the Custody Agreements in isolation from the rules,
 regulations, practices and customs of the London Bullion Market Association
 and/or the Bank of England as well as from the rules, regulations, practices,
 customs and laws of any other applicable government, regulatory body or
 government authority applicable to gold or banking or custody arrangements
 and as to which we consequently express no opinion;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7.6</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>we
 do not give any opinion as regards the likely outcome of the bringing of
 proceedings in relation to the Custody Agreements in New York or any other
 jurisdiction outside England and Wales;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7.7</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>we
 give no opinion as to the likelihood or otherwise of the English courts
 agreeing to enforce a judgment of the New York courts or a judgment of the
 courts of any other jurisdiction in relation to the Custody Agreements; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7.8</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>the
 Opinion is subject to all limitations arising from bankruptcy, insolvency,
 liquidation, administrative procedures, moratoria, voluntary arrangements,
 re-organisations, fraudulent transfers or similar laws, rules and regulations
 affecting the rights of creditors generally and affecting the enforcement of
 rights generally; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7.9</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>as
 used in this opinion, the word &#147;enforceable&#148; means that the Custody
 Agreements are of a type and form enforceable by the English courts; it is
 not, however, certain that each or any obligation within the Custody
 Agreements will necessarily be enforced in all circumstances in accordance
 with its terms since such enforcement is subject to principles of law,
 equity, courts discretion, issues of public policy and procedure of general
 application; the term does not address the extent to which a judgment
 obtained in a court outside England will be enforceable in England;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7.10</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>we
 give no opinion that the choice of English law as the governing law of the
 Custody Agreements and/or the agreement that the Custody Agreements will be
 construed in accordance with English law will be held to be valid and
 enforceable by the courts of the State of New York and/or the United States
 federal court in the Borough of Manhattan and/or any other court of competent
 jurisdiction (outside England and Wales) who may be called upon to settle any
 dispute or claim which may arise out of or in connection with the Custody
 Agreements;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7.11</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>the
 power of the English courts to grant equitable remedies, such as specific
 performance and injunctions, is discretionary and, accordingly, where an
 equitable remedy is sought an English court might, instead, make an award of
 damages if it considered this an adequate remedy;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7.12</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>claims
 may become time-barred under the Limitation Act 1980 or become subject to
 defences of set-off or counterclaim and failure or delay by any party in
 exercising any right may constitute a waiver of that right in spite of
 provisions to the contrary in the Custody Agreements;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7.13</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>the
 English courts will not normally give full effect to the provisions requiring
 an indemnity for the costs of litigation or enforcement, even to the
 successful litigant, where the court has itself made an order for costs, or
 which would involve the enforcement of foreign revenue or penal laws or which
 would be inconsistent with English public policy; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7.14</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>the
 effectiveness and enforceability of the terms exculpating a party from a
 liability or duty (including, without limitation, any purported exculpation
 or limitation of liability for fraud or wilful default) are limited by law;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7.15</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>the
 question of whether or not any provisions which may be illegal, invalid or
 unenforceable may be severed from other provisions would be determined by an
 English court, at its total discretion;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7.16</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>any
 discretion to be exercised under the Custody Agreements may be required by
 English law to be exercised reasonably and any determination may be required
 by English law to be based on reasonable grounds, in order to be enforceable;
 </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7.17</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>any
 obligation to pay additional amounts in circumstances of breach or default
 might be held to be unenforceable under English law on the ground that it is
 a penalty;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7.18</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>provisions
 in the Custody Agreements may be amended by oral agreement between the
 parties or by a course of conduct of the parties, notwithstanding any
 provision in the Custody Agreements to the contrary; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7.19</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>provisions
 considered by the English courts to lack certainty may not be enforceable;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7.20</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>an
 English court may choose not to enforce a contract to the extent that
 performance or observance thereof would be manifestly incompatible with English
 public policy, contrary to any applicable mandatory rules or unlawful in the
 place where it is to be performed;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7.21</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>in
 the event of any proceeding being brought or any judgment being enforced in
 an English court in respect of a monetary obligation expressed in a currency
 other than pounds sterling, such court would have power to give judgement
 expressed as an order to pay in such currency but could decline to do so, at
 its discretion; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7.22</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>in
 so far as the Opinion may express or be deemed to express any opinion as to
 future events or matters, the Opinion is based solely upon existing English
 law in force as at today&#146;s date and upon existing documents of which we have
 knowledge; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7.23</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>we
 do not express or imply any opinion as to the correctness of any
 representations or warranties given by on or behalf of any party (expressly
 or impliedly) under or pursuant to the Custody Agreements; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7.24</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>any
 provisions in the Custody Agreements purporting to enable the assignment of
 an obligation may only be effective upon the novation of such obligation; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7.25</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>any
 action brought in the English courts would be subject to the rules and
 procedures of the English courts including the power of an English court, at
 its discretion, to order a party in an action, who is ordinarily resident out
 of the jurisdiction (but not including persons against whom a claim can be
 enforced under the European Judgments Conventions or the European Judgments
 Regulation) to provide security for costs; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7.26</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>we
 do not express any opinion as to any tax consequences, or likely tax
 consequences arising out of or in connection with the Custody Agreements or
 any transaction contemplated therein; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7.27</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>we
 do not express any opinion on any competition law or anti-trust implications
 of the transactions contemplated by the Custody Agreements and in particular
 under the Fair Trading Act 1973, the Competition Act 1998, the Enterprise Act
 2002 and the Treaty of Rome.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>8</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>This opinion is furnished by Katten Muchin
 Rosenman UK LLP solely for the benefit of ETF Securities USA LLC for use in
 connection with the Registration Statement. It </FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>may not be distributed, circulated, quoted,
 referred to, relied upon by or otherwise disseminated to any other entity or
 person and may not be used by ETF Securities USA LLC other than in connection
 with the Registration Statement, in each case without our prior written
 consent. It is strictly limited to the matter stated and does not extend to,
 and is not to be extended by implication to, any other matter.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE="2">Yours faithfully </FONT></P>

<P><FONT SIZE="2">/s/ Katten Muchin Rosenman UK LLP </FONT></P>

<P><FONT SIZE=2>Katten Muchin Rosenman UK LLP</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
