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<SEC-DOCUMENT>0000930413-09-006538.txt : 20100222
<SEC-HEADER>0000930413-09-006538.hdr.sgml : 20100222

<ACCEPTANCE-DATETIME>20091231104454

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000930413-09-006538

CONFORMED SUBMISSION TYPE:	S-1/A

PUBLIC DOCUMENT COUNT:		19

FILED AS OF DATE:		20091231

DATE AS OF CHANGE:		20100121


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			ETFS PALLADIUM TRUST

		CENTRAL INDEX KEY:			0001459862

		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]

		IRS NUMBER:				000000000

		STATE OF INCORPORATION:			DE

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		S-1/A

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-158380

		FILM NUMBER:		091267729



	BUSINESS ADDRESS:	

		STREET 1:		C/O 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:		C/O ETF SECURITIES USA LLC

		STREET 2:		555 CALIFORNIA STREET, SUITE 2900

		CITY:			SAN FRANCISCO

		STATE:			CA

		ZIP:			94104



</SEC-HEADER>

<DOCUMENT>
<TYPE>S-1/A
<SEQUENCE>1
<FILENAME>c58962_s1a.htm
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  <TITLE>3B2 EDGAR HTML -- c58962_preflight.htm</TITLE>
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<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>As filed with the Securities and Exchange Commission on December 31, 2009</B></FONT></P>


<P align="right" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Registration No. 333-158380</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="center" style="width:100%; height:3.00pt;;"><hr noshade="noshade" color="k" align="center" style="width:100%; height:1.00pt;margin-top:-8pt;"></FONT></P>


<P align="center" style="margin:2.1mm 0 0; margin-top:-10pt;"><FONT style="font-family:serif; font-size:4.5mm; "><B>UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>WASHINGTON, D.C. 20549<br>Amendment No. 3<br>to</B></FONT></P>


<P align="center" style="margin:2.8mm 0 0; "><FONT style="font-family:serif; font-size:5.2mm; "><B>F</B></FONT><FONT style="font-family:serif; font-size:3.7mm; "><B>ORM</B></FONT><FONT style="font-family:serif; font-size:5.2mm; "><B> S-1<br>REGISTRATION STATEMENT UNDER<br>THE SECURITIES ACT OF 1933</B></FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:5.9mm; "><B>ETFS PALLADIUM TRUST</B></FONT><FONT style="font-family:serif; font-size:3.8mm; "><B><br>Sponsored by ETF Securities USA LLC</B><br>(Exact name of Registrant as specified in its charter)</FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="top">
    <TD style="width:33.33%;" align="center"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:33.33%;" align="center"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:33.33%;" align="center"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>


  <TR valign="top">
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      New York</B><br>(State or other jurisdiction of<br>incorporation or organization)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      1040</B><br>(Primary Standard Industrial Classification Code Number)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      26-4733157</B><br>(I.R.S. Employer<br>Identification No.)</FONT></P></TD>
  </TR>
</TABLE>

<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>48 Wall Street<br>11</B></FONT><FONT style="font-family:serif; font-size:2.5mm; "><SUP><B>th</B></SUP></FONT><FONT style="font-family:serif; font-size:3.8mm; "><B> Floor<br>New York, NY 10005<br>(212) 918-4954</B><br>(Address, including zip code, and telephone number, including area code,<br>of Registrant&#146;s principal executive offices)</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><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" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Copies to:</FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="top">
    <TD style="width:48.68%;" align="center"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:48.68%;" align="center"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>


  <TR valign="top">
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      Kathleen H. Moriarty, Esq.<br>Katten Muchin Rosenman LLP<br>575 Madison Avenue<br>New York, NY 10022</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center"><P><FONT style="font-family:serif; font-size:3.8mm; "><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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Approximate date of commencement of proposed sale to the public: </B>As soon as practicable after this registration statement becomes effective.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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, check the following box. <font style="word-spacing: 0.50pc;">&nbsp;</font></FONT><FONT style="font-family:sans-serif; font-size:3.8mm; "><font face="Wingdings 2">&#83;</font></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act of 1933, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. <font style="word-spacing: 0.50pc;">&nbsp;</font></FONT><FONT style="font-family:sans-serif; font-size:3.8mm; "><font face="Wingdings 2">&#163;</font></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act of 1933, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. <font style="word-spacing: 0.50pc;">&nbsp;</font></FONT><FONT style="font-family:sans-serif; font-size:3.8mm; "><font face="Wingdings 2">&#163;</font></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act of 1933, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. <font style="word-spacing: 0.50pc;">&nbsp;</font></FONT><FONT style="font-family:sans-serif; font-size:3.8mm; "><font face="Wingdings 2">&#163;</font></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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. (Check one):</FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="top">
    <TD style="width:52.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:47.37%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>


  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Large accelerated filer <font style="word-spacing: 0.50pc;">&nbsp;</font></FONT><FONT style="font-family:sans-serif; font-size:3.8mm; "><font face="Wingdings 2">&#163;</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Accelerated filer <font style="word-spacing: 0.50pc;">&nbsp;</font></FONT><FONT style="font-family:sans-serif; font-size:3.8mm; "><font face="Wingdings 2">&#163;</font></FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Non-accelerated filer <font style="word-spacing: 0.50pc;">&nbsp;</font></FONT><FONT style="font-family:sans-serif; font-size:3.8mm; "><font face="Wingdings 2">&#83;</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Smaller reporting company <font style="word-spacing: 0.50pc;">&nbsp;</font></FONT><FONT style="font-family:sans-serif; font-size:3.8mm; "><font face="Wingdings 2">&#163;</font></FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      (Do not check if a smaller reporting company)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
</TABLE>

<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%; border:solid .5pt black; margin-top:6pt;" >
<TR valign="bottom">
    <TD style="width:22.65%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:10.11%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:21.00%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:20.83%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:14.66%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD align="center">
    <P style="text-indent:-2.8mm; margin:0 0 0 2.8mm; margin-bottom: -6pt;"><FONT style="font-family:serif; font-size:3.1mm; "><B>Title of each class of<br>
    securities to be registered</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center"><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Amount to<br>be registered</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center"><P><FONT style="font-family:serif; font-size:3.1mm; "><B><br>Proposed maximum<br>offering price per Share(1)</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center"><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Proposed maximum<br>aggregate offering price(1)</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center"><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Amount of<br>registration fee(2)</B></FONT></P></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="29" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>




  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-2.8mm; margin:0 0 0 5.6mm; "><FONT style="font-family:serif; font-size:3.1mm; ">ETFS Physical Palladium Shares</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.1mm; ">
      12,880,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.1mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.1mm; ">
       19.40</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.1mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.1mm; ">
       249,872,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.1mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.1mm; ">
       13,943</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
</TABLE>



<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      (1)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(d) under the Securities Act of 1933. The initial Baskets of Shares will be offered at a per Share price equal to the value of one-tenth of an ounce of palladium based on the price of one-tenth of an ounce of
      palladium. The price of palladium is based upon the London PM Fix of $194 per ounce on March 18, 2009.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(2)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">$13,943 was previously paid in the initial filing of the registration statement on Form&nbsp;S-1, filed on April&nbsp;2, 2009.</FONT></P>
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with section 8(a) of
  the Securities Act of 1933 or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said section 8(a), may determine.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="center" style="width:100%; height:1.00pt;;"><hr noshade="noshade" color="k" align="center" style="width:100%; height:3.00pt;margin-top:-8pt;"></FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>



<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>


<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><p align="center"><img src="c55995etflogo.jpg" style="margin:0 0 0 0; border:   ;"></p></B></FONT></P>


<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:4.5mm; "><B>12,880,000 ETFS Physical Palladium Shares</B></FONT></P>


<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:6.6mm; "><B>ETFS Palladium Trust</B></FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The ETFS Palladium Trust (Trust) will issue ETFS Physical Palladium 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 style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 will issue 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 style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Prior to this offering, there has been no public market for the Shares. The Shares will trade on the NYSE Arca under the symbol &#147;PALL.&#148;</FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Investing in the Shares involves significant risks. See &#147;Risk Factors&#148; starting on page 6.</B></FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><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 style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Shares are neither interests in nor obligations of the Sponsor or the Trustee.</FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust will issue 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 palladium and the trading price of the
  Shares on the NYSE Arca at the time of each sale.</FONT></P>


<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">On December 30, 2009, an Initial Purchaser, subject to conditions, has purchased 100,000 Shares, which comprise the initial Baskets, as described in &#147;Plan of Distribution.&#148; Delivery of the initial Baskets will be made on or about January 8, 2010. The Trust received all proceeds from the offering of the
  initial Baskets in palladium in an amount equal to the full initial price for the initial Baskets.</FONT></P>

<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:75.67%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:9.20%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:9.87%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD align="center">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Per Share</B></FONT><FONT style="font-family:serif; font-size:2.1mm; "><SUP><B>(1)</B></SUP></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Per Basket</B></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Public offering price for the initial Baskets</FONT><FONT style="font-family:serif; font-size:2.5mm; "><SUP>(2)</SUP></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td>
<P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      39.30</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td>
<P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td>
<P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      1,965,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
</TABLE>
<P style="text-indent:7mm; margin:4mm 0 0.7mm; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="left" style="width:4.00pc; height:0.50pt;;"></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 -8.7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">&nbsp;</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      (1)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      The initial Baskets were created at a per Share price equal to the value of one-tenth (1/10) of an ounce of palladium on the date of formation of the ETFS Palladium Trust.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(2)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Initial Purchaser may receive commissions/fees from investors who purchase Shares from the initial Baskets through their commission/fee-based brokerage accounts.</FONT></P>
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>


<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The date of this prospectus is December 30, 2009.</FONT></P>


<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>TABLE OF CONTENTS</B></FONT></P>

<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:93.57%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:3.80%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD align="center">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Page</B></FONT></P></TD>
  </TR>


  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#statement1>Statement Regarding Forward-Looking Statements</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      ii</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#glossary1>Glossary of Defined Terms</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      ii</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#prospectus1>Prospectus Summary</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      1</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#offering1>The Offering</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      3</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#risk1>Risk Factors</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      6</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#use1>Use of Proceeds</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      14</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#over1>Overview of the Palladium Industry</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      14</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>


<P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#operation1>Operation of the Palladium Market</a></FONT></P>
</TD>
    <TD width="3">&nbsp;</TD>
    <TD><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      16</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>


<P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#business1>Business of the Trust</a></FONT></P>
</TD>
    <TD width="3">&nbsp;</TD>
    <TD><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      20</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>


<P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#description1>Description of the Trust</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      22</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#sponsor1>The Sponsor</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      23</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#trustee1>The Trustee</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      24</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#custodian1>The Custodian</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      25</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#description2>Description of the Shares</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      25</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#custody1>Custody of the Trust&#146;s Palladium</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      27</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#description3>Description of the Custody Agreements</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      27</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#creation1>Creation and Redemption of Shares</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      31</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#description4>Description of the Trust Agreement</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      37</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#united1>United States Federal Income Tax Consequences</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      47</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#erisa1>ERISA and Related Considerations</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      50</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#plan1>Plan of Distribution</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      51</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#legal1>Legal Matters</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P>
</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      52</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>


<P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#experts1>Experts</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      53</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#where1>Where You Can Find More Information</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      53</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#report1>Report of Independent Registered Public Accounting Firm</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; ">
      F-1</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><a href=#statement2>Statement of Financial Condition</a></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" nowrap><P><FONT style="font-family:serif; font-size:3.8mm; ">
      F-2</FONT></P></TD>
    <TD colspan="2" nowrap>&nbsp;</TD>
  </TR>
</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">This prospectus contains information you should consider when making an investment decision about the Shares. You may rely on the information contained in this prospectus. The Trust and the Sponsor have not authorized any person to provide you with different information and, if anyone
  provides you with different or inconsistent information, you should not rely on it. This prospectus is not an offer to sell the Shares in any jurisdiction where the offer or sale of the Shares is not permitted.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Shares are not registered for public sale in any jurisdiction other than the United States.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">i</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=statement1>STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium 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" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=glossary1>GLOSSARY OF DEFINED TERMS</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">In this prospectus, each of the following quoted terms have the meanings set forth after such term:</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;ANAV&#148;&#151;Adjusted NAV. See &#147;Description of the Trust Agreement&#151;Valuation of Palladium, 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#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 palladium and any cash required for such creations and redemptions.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Authorized Participant Unallocated Account&#148;&#151;An unallocated palladium account, either loco London or loco Zurich, established with the Custodian or a palladium clearing bank by an Authorized Participant. Each Authorized Participant&#146;s Authorized Participant Unallocated Account </FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">will be used to facilitate the transfer of palladium deposits and palladium redemption distributions between the Authorized Participant and the Trust in connection with the creation and redemption of Baskets.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Authorized Participant Unallocated Bullion Account Agreement&#148;&#151;The agreement between an Authorized Participant and the Custodian or a palladium clearing bank which establishes the Authorized Participant Unallocated Account.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Basket&#148;&#151;A block of 50,000 Shares is called a &#147;Basket.&#148;</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Book Entry System&#148;&#151;The Federal Reserve Treasury Book Entry System for United States and federal agency securities.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;CEA&#148;&#151;Commodity Exchange Act, as amended.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Clearing Agency&#148;&#151;Any clearing agency or similar system other than the Book Entry System or DTC.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Code&#148;&#151;The United States Internal Revenue Code of 1986, as amended.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Creation Basket Deposit&#148;&#151;The total deposit required to create a Basket. The deposit will be an amount of palladium 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#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 LPPM. JPMorgan is the custodian of the Trust&#146;s palladium.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Custody Agreements&#148;&#151;The Allocated Account Agreement together with the Unallocated Account Agreement.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Custody Rules&#148;&#151;The rules, regulations, practices and customs of the LPPM or any applicable regulatory body which apply to palladium made available in physical form by the Custodian.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;DTC Participant&#148;&#151;A participant in DTC, such as a bank, broker, dealer or trust company.</FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Evaluation Time&#148;&#151;The time at which the Trustee will evaluate the palladium 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Exchange&#148; or &#147;NYSE Arca&#148;&#151;NYSE Arca, the venue where Shares are listed and traded.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;FINRA&#148;&#151;The Financial Industry Regulatory Authority, Inc.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#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 LPPM in the United Kingdom.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;FSM Act&#148;&#151;The Financial Services and Markets Act 2000.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Initial Purchaser&#148;&#151;Susquehanna Capital Group, the purchaser of the Seed Baskets and also known as the Lead Market Maker.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;LPPM&#148;&#151;The London Platinum and Palladium Market. The LPPM is the trade association that acts as the coordinator for activities conducted on behalf of its members and other participants in </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">iii</FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">the London palladium market. In addition to coordinating market activities, the LPPM acts as the principal point of contact between the market and its regulators. A primary function of the LPPM is its involvement in the promotion of refining standards by maintenance of the &#147;London/Zurich Good
  Delivery Lists,&#148; which are the lists of LPPM accredited melters and assayers of palladium. Further, the LPPM coordinates market clearing and vaulting, promotes good trading practices and develops standard documentation. The major participating members of the LPPM are regulated by the FSA in the
  United Kingdom under the FSM Act.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Lead Market Maker&#148;&#151;The designated market maker on the NYSE Arca for the Shares.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;London/Zurich Good Delivery&#148; or &#147;Good Delivery&#148;&#151;Palladium in plate or ingot form with a minimum fineness and purity of 99.95% weighing between 32.151 and 192.904 troy ounces. One troy ounce equals 31.103 grams meeting the London/Zurich Good Delivery Standards.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;London/Zurich Good Delivery Standards&#148; or &#147;Good Delivery Standards&#148;&#151;The specifications for weight, dimensions, fineness (or purity), identifying marks and appearance of palladium plates and ingots as set forth in &#147;The Good Delivery Rules for Platinum and Palladium Plates and Ingots&#148; published
  by the LPPM. The London/Zurich Good Delivery Standards are described in &#147;Operation of the Palladium Market&#151;The Palladium Market.&#148;</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;London PM Fix&#148;&#151;The afternoon session of the twice daily fix of the price of an ounce of palladium which starts at 2:00 PM London, England time and is performed in London by the four members of the LPPM. See &#147;Operation of the Palladium Market&#151;The Palladium Market&#148; for a description of the
  operation of the London PM Fix.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;NAV&#148;&#151;Net asset value. See &#147;Description of the Trust Agreement&#151;Valuation of Palladium, 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;OTC&#148;&#151;The global Over-the-Counter market for the trading of palladium which consists of transactions in spot, forwards, and options and other derivatives.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Securities Act&#148;&#151;The Securities Act of 1933, as amended.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Seed Baskets&#148; or &#147;Initial Baskets&#148;&#151;The two Baskets issued to the Lead Market Maker in exchange for the deposit into the Trust of 10,000 ounces of palladium in connection with the formation of the Trust.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Shareholders&#148;&#151;Owners of beneficial interests in the Shares.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#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 Palladium Shares&#148;</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Sponsor&#148;&#151;ETF Securities USA LLC, a Delaware limited liability company.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;tonne&#148;&#151;One metric tonne which is equivalent to 1,000 kilograms or 32,150.7465 troy ounces.</FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Trust&#148;&#151;The ETFS Palladium Trust, a common law trust, formed on December 30, 2009 under New York law pursuant to the Trust Agreement.</FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Trust Allocated Account&#148;&#151;The allocated palladium account of the Trust established with the Custodian by the Allocated Account Agreement. The Trust Allocated Account will be used to hold the palladium deposited with the Trust in allocated form (<I>i.e.</I>, as individually identified plates and ingots of
  palladium).</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Trust Unallocated Account&#148;&#151;The unallocated palladium 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 palladium deposits and palladium redemption distributions between </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">iv</FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">Authorized Participants and the Trust in connection with the creation and redemption of Baskets and the sales of palladium made by the Trustee for the Trust.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#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 partnership created or organized in or under the laws of the United States or any political subdivision thereof; (3) an estate,
  the income of which is includible in gross income for US federal income tax purposes regardless of its source; or (4) a trust, if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more US persons have the authority to control all
  substantial decisions of the trust.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">&#147;Zurich Sub-Custodian&#148;&#151;The Zurich Sub-Custodian is any firm selected by the Custodian to hold the Trust&#146;s palladium in the Trust Allocated Account in the firm&#146;s Zurich vault premises on a segregated basis and whose appointment has been approved by the Sponsor. The Custodian will use
  reasonable care in selecting the Zurich Sub-Custodian. As of the date of the Custody Agreements, the Zurich Sub-Custodian that the Custodian uses is UBS AG.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">v</FONT></P>
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<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=prospectus1>PROSPECTUS SUMMARY</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>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 6, before making an investment decision about the Shares.</I></FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Trust Structure</B></FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust is a common law trust, formed on December 30, 2009 under New York law pursuant to the Trust Agreement. The Trust holds palladium and is expected from time to time to issue Baskets in exchange for deposits of palladium and to distribute palladium in connection with redemptions of
  Baskets. The investment objective of the Trust is for the Shares to reflect the performance of the price of physical palladium, less the Trust&#146;s expenses. The Sponsor believes that, for many investors, the Shares will represent a cost-effective investment in palladium. 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 &#147;PALL&#148; on the NYSE Arca.</FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust&#146;s Sponsor is ETF Securities USA LLC. The Sponsor is a Delaware limited liability company formed on June&nbsp;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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Sponsor will arrange 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium as needed to pay the Sponsor&#146;s fee in palladium (palladium 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 palladium 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian is JPMorgan Chase Bank, N.A. The Custodian is responsible for the safekeeping of the Trust&#146;s palladium deposited with it by Authorized Participants in connection with the creation of Baskets. The Custodian also facilitates the transfer of palladium in and out of the Trust through
  palladium 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 Platinum and Palladium Market (LPPM). The Custodian will hold the Trust&#146;s loco London allocated palladium in its London,
  England vaulting premises on a segregated basis and has selected the Zurich Sub-Custodian to hold the Trust&#146;s loco Zurich allocated palladium 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 Palladium.&#148;</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">1</FONT></P>
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<P style="text-indent:7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Trust Overview</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The investment objective of the Trust is for the Shares to reflect the performance of the price of physical palladium, 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 palladium with minimal credit risk.
  Advantages of investing in the Shares include:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-size:3.8mm; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Ease and Flexibility of Investment. The Shares will trade on the NYSE Arca and will provide institutional and retail investors with indirect access to the physical palladium market. The Shares are expected to be bought and sold on the NYSE Arca like any other exchange-listed securities. The close
      of the NYSE Arca trading session is 4:00 PM New York time.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Expenses. The Sponsor expects that, for many investors, costs associated with buying and selling the Shares in the secondary market and the payment of the Trust&#146;s ongoing expenses will be lower than the costs associated with buying and selling physical palladium and storing and insuring physical
      palladium in a traditional allocated physical palladium account.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Minimal Credit Risk. The Shares represent an interest in physical palladium owned by the Trust (other than an amount held in unallocated form which is not sufficient to make up a whole plate or ingot or which is held temporarily to effect a creation or redemption of Shares). Physical palladium
      of the Trust in the Custodian&#146;s possession is not subject to borrowing arrangements with third parties. Other than the palladium temporarily being held in an unallocated palladium account with the Custodian, the physical palladium of the Trust is not subject to counterparty or credit risks. See &#147;Risk
      Factors&#151;Palladium held in the Trust&#146;s unallocated palladium account and any Authorized Participant&#146;s unallocated palladium account will not be segregated from the Custodian&#146;s assets....&#148; This contrasts with most other financial products that gain exposure to precious metals through the use of
      derivatives that are subject to counterparty and credit risks.</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Investing in the Shares does not insulate the investor from certain risks, including price volatility. See &#147;Risk Factors.&#148;</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Principal Offices</B></FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">2</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=offering1>THE OFFERING</a></B></FONT></P>
<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="top">
    <TD style="width:26.32%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:65.79%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>




  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      Offering</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      The Shares represent units of fractional undivided beneficial interest in and ownership of the Trust.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      Use of proceeds</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Proceeds received by the Trust from the issuance and sale of Baskets, including the two Baskets (Seed Baskets) issued to the Initial Purchaser, who is the Lead Market Maker, in connection with the formation of the Trust, and the Shares (as described on the front page of
      this prospectus) will consist of palladium 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 valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      Exchange symbol</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      PALL</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      CUSIP</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      26923A 10 6</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      Creation and redemption</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      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
      palladium 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 palladium required for deposit with
      the Trust to create Shares is 5,000 ounces per Basket. The number of ounces of palladium 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 palladium 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 fractions of a Basket. See &#147;Creation and Redemption of Shares&#148; for more details.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; "><B> Net Asset Value</B></FONT></P></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; "> 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 palladium held by the Trust on the basis of the price of
          an ounce of palladium as set by the afternoon session of the twice
          daily fix of the price of an ounce of palladium which starts at 2:00
          PM London, England time (London PM Fix) and is performed by the four
          members of the London Platinum and Palladium Market (LPPM). See &#147;Operation
          of the Palladium Market&#151;The Palladium Market&#148; for a description
          of the operation of the London palladium 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&nbsp;PM New
          York time. If no London PM Fix is made on a particular evaluation day
          or has not been announced by 4:00 PM New York time on a particular
          evaluation day, the next most recent London palladium price fix (AM
          or PM) will be used in the determination of the NAV of</FONT></P></TD>
  </TR>
</TABLE>


<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">3</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>


<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="top">
    <TD style="width:26.32%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:65.79%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>


  <TR valign="top">
    <TD><P>&nbsp;</P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      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 valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      Trust expenses</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      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 valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      Sponsor&#146;s Fee</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3">


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Sponsor&#146;s Fee will be accrued daily and will be payable in-kind in palladium 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 palladium in such quantity as may be
        necessary to permit payment of the Sponsor&#146;s Fee and sell palladium 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 palladium 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 palladium. Accordingly, the amount of palladium to be sold will vary from time to time depending on the level of the Trust&#146;s expenses and
        the market price of palladium. See &#147;Business of the Trust&#151;Trust Expenses.&#148;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Each delivery or sale of palladium 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 valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      Termination events</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      The Trustee will terminate and liquidate the Trust if one of the following events occurs:</FONT></P></TD>
  </TR>
  <TR valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">&#216;</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      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 valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">&#216;</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      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 valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">&#216;</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      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 valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">&#216;</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      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 valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD>&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; "> <font face="Wingdings">&#216;</font></FONT></P></TD>
    <TD>&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; "> 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</FONT></P></TD>
  </TR>
</TABLE>


<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">4</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>

<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="top">
    <TD style="width:26.32%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:65.79%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>


  <TR valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P>&nbsp;</P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      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>
  <TR valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">&#216;</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      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 valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">&#216;</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      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 valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">&#216;</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      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 valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">&#216;</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      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 valign="top">
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Upon the termination of the Trust, the Trustee will sell the Trust&#146;s palladium 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 valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      Authorized Participants</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      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 palladium account with the Custodian or a physical palladium
      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 palladium 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 valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      Clearance and settlement</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Summary of Financial Condition</B></FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">As of the close of business on December 30, 2009, the date of the formation of the Trust, the NAV of the Trust, which represents the value of the palladium deposited into the Trust in exchange for the Seed Baskets, was $3,930,000 and the NAV per Share was $39.30. See &#147;Statement of Financial
  Condition&#148; elsewhere in this prospectus.</FONT></P>


<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">5</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=risk1>RISK FACTORS</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>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 the related notes.</I></FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The value of the Shares relates directly to the value of the palladium held by the Trust and fluctuations in the price of palladium could materially adversely affect an investment in the Shares.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Shares are designed to mirror as closely as possible the performance of the price of physical palladium, and the value of the Shares relates directly to the value of the palladium held by the Trust, less the Trust&#146;s liabilities (including estimated accrued but unpaid expenses). The price of palladium
  has fluctuated widely over the past several years. Several factors may affect the price of palladium, including:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-size:3.8mm; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Global palladium supply and demand, which is influenced by such factors as forward selling by palladium producers, purchases made by palladium producers to unwind palladium hedge positions, and production and cost levels in major palladium-producing countries such as South Africa, the United
      States and Australia;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Investors&#146; expectations with respect to the rate of inflation;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Currency exchange rates;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Interest rates;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Investment and trading activities of hedge funds and commodity funds; and</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Global or regional political, economic or financial events and situations.</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">In addition, investors should be aware that there is no assurance that palladium will maintain its long-term value in terms of purchasing power in the future. In the event that the price of palladium declines, the Sponsor expects the value of an investment in the Shares to decline proportionately.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><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 Commodity Exchange, Inc., a
  subsidiary of New York Mercantile Exchange, Inc. (COMEX).</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Shares may trade at, above or below the NAV per Share. The NAV per Share will fluctuate with changes in the market value of the Trust&#146;s assets. The trading price of the Shares will fluctuate in accordance with changes in the NAV per Share as well as market supply and demand. The amount
  of the discount or premium in the trading price relative to the NAV per Share may be influenced by non-concurrent trading hours between the NYSE Arca and the major palladium markets. While the Shares will trade on the NYSE Arca until 4:00 PM New York time, liquidity in the market for
  palladium will be reduced after the close of the major world palladium 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>A possible &#147;short squeeze&#148; due to a sudden increase in demand of Shares that largely exceeds supply may lead to price volatility in the Shares.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Investors may purchase Shares to hedge existing palladium exposure or to speculate on the price of palladium. Speculation on the price of palladium may involve long and short exposures. To the extent aggregate short exposure exceeds the number of Shares available for purchase (for example, in
  the event that large redemption requests by Authorized Participants dramatically affect Share liquidity), investors with short exposure may have to pay a premium to repurchase Shares for delivery to Share lenders. Those repurchases may in turn, dramatically increase the price of the Shares until
  additional Shares are created through the creation process. This is often referred to as a &#147;short squeeze.&#148; A short squeeze could lead to volatile price movements in Shares that are not directly correlated to the price of palladium.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">6</FONT></P>
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<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Purchasing activity in the palladium market associated with the purchase of Baskets from the Trust may cause a temporary increase in the price of palladium. This increase may adversely affect an investment in the Shares.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Purchasing activity associated with acquiring the palladium required for deposit into the Trust in connection with the creation of Baskets may temporarily increase the market price of palladium, which will result in higher prices for the Shares. Temporary increases in the market price of palladium
  may also occur as a result of the purchasing activity of other market participants. Other market participants may attempt to benefit from an increase in the market price of palladium that may result from increased purchasing activity of palladium connected with the issuance of Baskets. Consequently, the
  market price of palladium may decline immediately after Baskets are created. If the price of palladium declines, the trading price of the Shares will also decline.</FONT></P>
<P style="margin:3.5mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Since there is no limit on the amount of palladium that the Trust may acquire, the Trust, as it grows, may have an impact on the supply and demand of palladium that ultimately may affect the price of the Shares in a manner unrelated to other factors affecting the global market for palladium.</B></FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The
    Trust Agreement places no limit on the amount of palladium the Trust may
    hold. Moreover, the Trust may issue an unlimited number of Shares, subject
    to registration requirements, and thereby acquire an unlimited amount of
    palladium. The global market for palladium is characterized by supply and
    demand constraints that are generally not present in the markets for other
    precious metals such as gold and silver. From 1999 to 2008, world palladium
    supply averaged 8.12 million ounces. In 2008, supply measured 8.43 million
    ounces. If the amount of palladium acquired by the Trust is large enough
    in relation to global palladium supply and demand, further in-kind creations
    and redemptions of Shares could have an impact on the supply and demand of
    palladium unrelated to other factors affecting the global market for palladium.
    Such an impact could affect the price for palladium that would directly affect
    the price at which Shares are traded on the Exchange or the price of future
    Baskets created or redeemed by the Trust.</FONT></P>


<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>As the Sponsor and its management have a limited history of operating an investment vehicle like the Trust, their experience may be inadequate or unsuitable to manage the Trust.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Sponsor was expressly formed to be the Sponsor of the Trust and has a limited history of past performance in managing investment vehicles like the Trust. The past performances of the Sponsor&#146;s management in other positions are no indication of their ability to manage an investment vehicle
  such as the Trust. If the experience of the Sponsor and its management is not adequate or suitable to manage an investment vehicle such as the Trust, the operations of the Trust may be adversely affected.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Shares and their value could decrease if unanticipated operational or trading problems arise.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><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 palladium may not exist and, as a result, the price of the Shares may fall.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">If the processes of creation and redemption of Shares (which depend on timely transfers of palladium to and by the Custodian) encounter any unanticipated difficulties including, but not limited to, the Trust&#146;s inability in the future to obtain regulatory approvals for the offer and sale of additional
  Shares after the present offering is completed, 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 palladium may not take
  the risk that, as a result of those difficulties, they may not be able to realize the profit </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">7</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium and may fall.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The liquidity of the Shares may also be affected by the withdrawal from participation of one or more Authorized Participants.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Shareholders will not have the protections associated with ownership of shares in an investment company registered under the Investment Company Act of 1940 or the protections afforded by the Commodity Exchange Act.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act. Consequently, Shareholders will not have the regulatory protections provided to investors in investment companies. The Trust will not hold or trade in
  commodity futures contracts regulated by the CEA, as administered by the CFTC. Furthermore, the Trust is not a commodity pool for purposes of the CEA, and 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 will not have the regulatory protections provided to investors in CEA-regulated instruments or commodity pools.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Trust may be required to terminate and liquidate at a time that is disadvantageous to Shareholders.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium prices are lower than the palladium prices at the time when Shareholders purchased their Shares. In such a case, when the
  Trust&#146;s palladium is sold as part of the Trust&#146;s liquidation, the resulting proceeds distributed to Shareholders will be less than if palladium prices were higher at the time of sale. See &#147;Description of the Trust Agreement&#151;Termination of the Trust&#148; for more information about the termination of the Trust,
  including when the termination of the Trust may be triggered by events outside the direct control of the Sponsor, the Trustee or the Shareholders.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The lack of a market for the Shares may limit the ability of Shareholders to sell the Shares.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Prior to the date of this prospectus, there has been no market for the Shares, and there can be no assurance that an active public market for the Shares will develop. If an active public market for the Shares does not exist or continue, the market prices and liquidity of the Shares may be adversely
  affected.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Shareholders will not have the rights enjoyed by investors in certain other vehicles.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">As interests in an investment trust, the Shares have none of the statutory rights normally associated with the ownership of shares of a corporation (including, for example, the right to bring &#147;oppression&#148; or &#147;derivative&#148; actions). In addition, the Shares have limited voting and distribution rights (for
  example, Shareholders do not have the right to elect directors and will not receive dividends). See &#147;Description of the Shares&#148; for a description of the limited rights of holders of Shares.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>An investment in the Shares may be adversely affected by competition from other methods of investing in palladium.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust will compete with other financial vehicles, including traditional debt and equity securities issued by companies in the palladium industry and other securities backed by or linked to </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">8</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; ">palladium, direct investments in palladium 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 palladium directly, which could limit the market for
  the Shares and reduce the liquidity of the Shares.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The price of palladium may be affected by the sale of ETVs tracking palladium markets.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">To the extent existing exchange traded vehicles (ETVs) tracking palladium markets represent a significant proportion of demand for physical palladium, large redemptions of the securities of these ETVs could negatively affect physical palladium prices and the price and NAV of the Shares.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Crises may motivate large-scale sales of palladium which could decrease the price of palladium and adversely affect an investment in the Shares.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The possibility of large-scale distress sales of palladium in times of crisis may have a short-term negative impact on the price of palladium and adversely affect an investment in the Shares. For example, the 2008 financial credit crisis resulted in significantly depressed prices of palladium largely due to
  forced sales and deleveraging from institutional investors such as hedge funds and pension funds. Crises in the future may impair palladium&#146;s price performance which would, in turn, adversely affect an investment in the Shares.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Several factors may have the effect of causing a decline in the prices of palladium and a corresponding decline in the price of Shares. Among them:</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">A significant increase in palladium hedging activity by palladium producers. Should there be an increase in the level of hedge activity of palladium producing companies, it could cause a decline in world palladium prices, adversely affecting the price of the Shares.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">A significant change in the attitude of speculators and investors towards palladium. Should the speculative community take a negative view towards palladium, it could cause a decline in world palladium prices, negatively impacting the price of the Shares.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">A widening of interest rate differentials between the cost of money and the cost of palladium could negatively affect the price of palladium which, in turn, could negatively affect the price of the Shares.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">A combination of rising money interest rates and a continuation of the current low cost of borrowing palladium could improve the economics of selling palladium forward. This could result in an increase in hedging by palladium mining companies and short selling by speculative interests, which would
  negatively affect the price of palladium. Under such circumstances, the price of the Shares would be similarly affected.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">
Autocatalysts,
    automobile components that use palladium, accounted for approximately 57%
    of the global demand in palladium in 2008. The global automotive industry
    is currently experiencing declining demand and, in certain cases, solvency
    concerns. Reduced automotive industry sales may result in a decline in autocatalyst
    demand. A continued decline in the global automotive industry may impact
    the price of palladium and affect the price of the Shares.<br>
</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Trust&#146;s palladium may be subject to loss, damage, theft or restriction on access.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">There is a risk that part or all of the Trust&#146;s palladium could be lost, damaged or stolen. Access to the Trust&#146;s palladium 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><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, the Zurich Sub-Custodian and any other </B></FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">9</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
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<P><FONT style="font-family:serif; font-size:3.8mm; "><B>subcustodian exposes the Trust and its Shareholders to the risk of loss of the Trust&#146;s palladium for which no person is liable.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust will not insure its palladium. The Custodian will maintain insurance with regard to its business on such terms and conditions as it considers appropriate in connection with its custodial obligations and will be responsible for all costs, fees and expenses arising from the insurance policy or
  policies. The Trust will not be a beneficiary of any such insurance and does not have the ability to dictate the existence, nature or amount of coverage. Therefore, Shareholders cannot be assured that the Custodian will maintain adequate insurance or any insurance with respect to the palladium held by
  the Custodian on behalf of the Trust. In addition, the Custodian and the Trustee will not require the Zurich Sub-Custodian or any other direct or indirect subcustodians to be insured or bonded with respect to their custodial activities or in respect of the palladium 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 subcustodian under English law, and any other subcustodian under the law governing their custody operations is limited. Consequently, a loss may
  be suffered with respect to the Trust&#146;s palladium which is not covered by insurance and for which no person is liable in damages.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><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 palladium and any recovery may be limited, even in the event of fraud, to the market value of the palladium at the time the fraud is discovered.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The liability of the Custodian is limited under the Custody Agreements. Under the agreements between the Trustee and the Custodian which establish the Trust&#146;s unallocated palladium account (Unallocated Account Agreement) and the Trust&#146;s allocated palladium account (Allocated Account
  Agreement), 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 palladium 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 palladium 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), 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. 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-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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><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 receive legal redress against the Custodian, the Zurich Sub-Custodian or any other subcustodian concerning its palladium.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 will enter into arrangements with the Zurich Sub-Custodian and may enter in arrangements with any other
  subcustodians for the custody or temporary holding of the Trust&#146;s palladium, which arrangements may also be governed by English law. Any United States, New York or other court situated in the United States may have difficulty interpreting English law (which, </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">10</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
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<P><FONT style="font-family:serif; font-size:3.8mm; ">insofar as it relates to custody arrangements, is largely derived from court rulings rather than statute), LPPM 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Although the relationship between the Custodian and the Zurich Sub-Custodian concerning the Trust&#146;s allocated palladium 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 style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The obligations of the Zurich Sub-Custodian under its arrangement with the Custodian with respect to the Trust&#146;s allocated palladium 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 the extent that a loss to the Trust&#146;s palladium 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Trust may not have adequate sources of recovery if its palladium is lost, damaged, stolen or destroyed.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">If the Trust&#146;s palladium 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 subcustodian 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><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 other subcustodian.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Neither the Shareholders nor any Authorized Participant will have a right under the Custody Agreements to assert a claim of the Trustee against the Custodian, any Zurich Sub-Custodian or any other subcustodian. Claims under the Custody Agreements may only be asserted by the Trustee on behalf
  of the Trust.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Custodian will be reliant on the Zurich Sub-Custodian for the safekeeping of the Trust&#146;s palladium held in Zurich on an allocated basis. Furthermore, the Custodian has limited obligations to oversee or monitor the Zurich Sub-Custodian. As a result, failure by the Zurich Sub-Custodian to exercise
  due care in the safekeeping of the Trust&#146;s palladium could result in a loss to the Trust.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">While some trading occurs in London, palladium generally trades on a loco Zurich basis, whereby the physical precious metal is held in vaults located in Zurich or is transferred into accounts established in Zurich. The Custodian does not have a vault in Zurich and will be reliant on the Zurich Sub-
  Custodian for the safekeeping of that portion of the Trust&#146;s allocated palladium that is held in Zurich. Other than obligations to (1) use reasonable care in appointing the Zurich Sub-Custodian, (2) require the Zurich Sub-Custodian to segregate the palladium held by it for the Trust from any other
  palladium 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 provides confirmation to the Trustee that it has undertaken to segregate the palladium held by it for the Trust, the
  Custodian is not liable for the acts or omissions of the Zurich Sub-Custodian. Other </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">11</FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium and certain related records maintained by the Custodian or Zurich Sub-Custodian.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">As a result of the above, any failure by the Zurich Sub-Custodian to exercise due care in the safekeeping of the Trust&#146;s palladium may not be detectable or controllable by the Custodian or the Trustee and could result in a loss to the Trust.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Because neither the Trustee nor the Custodian oversees or monitors the activities of subcustodians who may hold the Trust&#146;s palladium, failure by the subcustodians to exercise due care in the safekeeping of the Trust&#146;s palladium could result in a loss to the Trust.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Under the Allocated Account Agreement described in &#147;Description of the Custody Agreements,&#148; the Custodian may appoint from time to time one or more subcustodians to hold the Trust&#146;s palladium on a temporary basis pending delivery to the Custodian. The subcustodians which the Custodian
  currently uses are Brink&#146;s Global Services Inc., Group 4 Security Limited, Via Mat International and LPPM market-making members that provide bullion vaulting and clearing services to third parties. The Custodian has selected the Zurich Sub-Custodian, and the Zurich Sub-Custodian will custody that
  portion of the Trust&#146;s allocated palladium to be held in Zurich 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 palladium 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, the Trustee may have no right to visit the premises of any subcustodian for
  the purposes of examining the Trust&#146;s palladium 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 for the purpose of examining the Trust&#146;s palladium and certain related
  records maintained by the Custodian. See &#147;Custody of the Trust&#146;s Palladium&#148; for more information about subcustodians that may hold the Trust&#146;s palladium.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The obligations of any subcustodian of the Trust&#146;s palladium are not determined by contractual arrangements but by LPPM rules and London or Zurich palladium market customs and practices, which may prevent the Trust&#146;s recovery of damages for losses on its palladium custodied with subcustodians.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium and the Trustee or the Custodian because traditionally such arrangements are based on the LPPM&#146;s rules and
  on the customs and practices of the London or Zurich palladium market. In the event of a legal dispute with respect to or arising from such arrangements, it may be difficult to define such customs </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">12</FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">and practices. The LPPM&#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 palladium. If the Trust&#146;s palladium 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 palladium 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 palladium by such
  subcustodian.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Physical palladium allocated to the Trust in connection with the creation of a Basket may not meet the London/Zurich Good Delivery Standards and, if a Basket is issued against such palladium, the Trust may suffer a loss.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Neither the Trustee nor the Custodian independently confirms the fineness of the palladium allocated to the Trust in connection with the creation of a Basket. The physical palladium allocated to the Trust by the Custodian may be different from the reported fineness or weight required by the
  LPPM&#146;s standards for palladium plates and ingots delivered in settlement of a palladium trade (London/Zurich Good Delivery Standards), the standards required by the Trust. If the Trustee nevertheless issues a Basket against such palladium, and if the Custodian fails to satisfy its obligation to credit the
  Trust the amount of any deficiency, the Trust may suffer a loss. The London/Zurich Good Delivery Standards are described in &#147;Operation of the Palladium Market&#151;The Palladium Market.&#148; The Custodian&#146;s responsibility for the allocation to the Trust of palladium meeting LPPM standards is described in
  &#147;Description of the Custody Agreements&#151;Transfers from the Trust Unallocated Account.&#148;</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Palladium held in the Trust&#146;s unallocated palladium account and any Authorized Participant&#146;s unallocated palladium account will not be segregated from the Custodian&#146;s assets. If the Custodian becomes insolvent, its assets may not be adequate to satisfy a claim by the Trust 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 palladium plates and ingots held in the Trust&#146;s allocated palladium account.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Palladium which is part of a deposit for a purchase order or part of a redemption distribution will be held for a time in the Trust&#146;s unallocated palladium account (Trust Unallocated Account) and, previously or subsequently in, the Authorized Participant Unallocated Account of the purchasing or
  redeeming Authorized Participant. During those times, the Trust and the Authorized Participant, as the case may be, will have no proprietary rights to any specific plates and ingots of palladium held by the Custodian and will each be an unsecured creditor of the Custodian with respect to the amount of
  palladium held in such unallocated accounts. In addition, if the Custodian fails to allocate the Trust&#146;s palladium 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 palladium held by it on
  behalf of the Trust, unallocated palladium 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 palladium held in their respective unallocated palladium accounts.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">In the case of the insolvency of the Custodian, a liquidator may seek to freeze access to the palladium held in all of the accounts held by the Custodian, including the Trust&#146;s allocated account (Trust Allocated Account). Although the Trust would be able to claim ownership of properly allocated
  palladium, 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 align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">13</FONT></P>
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<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>In issuing Baskets, the Trustee will rely 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 palladium which is more or less
  than the amount of palladium which is required to be deposited with the Trust.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian&#146;s definitive records are prepared after the close of its business day. However, when issuing Baskets, the Trustee will rely on information reporting the amount of palladium 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 palladium 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The sale of the Trust&#146;s palladium to pay expenses not assumed by the Sponsor at a time of low palladium prices could adversely affect the value of the Shares.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee will sell palladium held by the Trust to pay Trust expenses not assumed by the Sponsor on an as-needed basis irrespective of then-current palladium prices. The Trust is not actively managed and no attempt will be made to buy or sell palladium to protect against or to take advantage of
  fluctuations in the price of palladium. Consequently, the Trust&#146;s palladium may be sold at a time when the palladium price is low, resulting in a negative effect on the value of the Shares.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 net asset value of the Trust and the value of the Shares.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=use1>USE OF PROCEEDS</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Proceeds received by the Trust from the issuance and sale of Baskets, including the Seed Baskets and the Shares (which are described on the front page of this prospectus), will consist of palladium 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" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=over1>OVERVIEW OF THE PALLADIUM INDUSTRY</a></B></FONT></P>
<P style="margin:3.5mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Introduction</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">This section provides a brief introduction to the palladium industry by looking at some of the key participants, detailing the primary sources of demand and supply.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Platinum Group Metals</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Platinum and palladium are the two best known metals of the six platinum group metals (PGMs). Platinum and palladium have the greatest economic importance and are found in the largest quantities. The other four&#151;iridium, rhodium, ruthenium and osmium&#151;are produced only as co-products of
  platinum and palladium.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">PGMs are found primarily in South Africa and Russia. Russia is the largest producer of palladium and most production is concentrated in the Norilsk region. South Africa is the world&#146;s leading platinum producer and the second largest palladium producer. All of South Africa&#146;s production is sourced
  from the Bushveld Igneous Complex, which hosts the world&#146;s largest resource </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">14</FONT></P>
<p><hr color=#000000 noshade></p>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">of PGMs. Together, South Africa and Russia accounted for 78% of total platinum group metals supply in 2008.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Suppliers of Palladium</I></FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The main supplier of palladium is Russia. However, its contribution has fallen from 65% in 1999 to 43% of total supply in 2008. South Africa is the second largest source of supply, accounting for 29% of total supply in 2008. Similar to platinum, Russia&#146;s contribution to palladium supply has been
  variable while South Africa has consistently increased over the past ten years. North America contributes approximately 11% to supply while the recovery of palladium from autocatalysts has increased more than five-fold over the past ten years to account for 13% of supply in 2008.</FONT></P>


<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Demand for Palladium</I></FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Autocatalysts are the largest component of palladium demand, comprising 57% of total demand by the end of 2008. Industrial demand (electronics, dentistry, and chemical) had fallen to a low of 23% of total demand in 2001 before a slight recovery to 26% of total demand in 2008. Jewelry demand
  for palladium has increased by the largest of all the key sectors, rising by 264% over the past ten years and contributing a total of 11% of total demand in 2008.</FONT></P>


<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Investment Sector</B></FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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. Physically-backed investment demand, comprising coins,
  bars, investments held in allocated accounts and exchange traded products, has steadily risen since 1999 and represented approximately 5% of total reported demand in 2008.</FONT></P>


<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Manufacturing Sector</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The fabrication and manufacturing sector represents all the commercial and industrial users of palladium for whom palladium is a daily part of their business. The autocatalyst and jewelry industries are the largest users of palladium.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>World Palladium Supply and Demand 1999&#150;2008</B></FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The following table sets forth a summary of the world palladium supply and demand for the last ten years and is based on information reported in the Johnson Matthey, Platinum 2009: Interim Review.</FONT></P>

<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:29.60%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:4.93%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:4.93%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:4.93%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:4.93%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:4.93%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:4.93%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:4.93%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:4.93%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:4.93%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:4.93%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD align="center">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      1999</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      2000</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      2001</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      2002</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      2003</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      2004</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      2005</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      2006</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      2007</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      2008</B></FONT></P></TD>
  </TR>

  <TR valign="bottom">
    <TD align="center">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="69" align="center"><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      (&#146;000 oz)</B></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Supply</B></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">South Africa</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      1,870</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      1,860</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2,010</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2,160</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2,320</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2,480</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2,605</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2,775</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P>
</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      2,765</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      2,430</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>


<P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Russia</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      5,400</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      5,200</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      4,340</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      1,930</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2,950</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      4,800</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      4,620</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      3,920</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      4,540</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P>
</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      3,660</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>


<P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">North America</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      630</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      635</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      850</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      990</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      935</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      1,035</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      910</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      985</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      990</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P>
</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      910</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>


<P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Others</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      160</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      105</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      120</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      170</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      245</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      265</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      270</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      270</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      285</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P>
</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      310</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>


<P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Recovery from auto catalyst</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      195</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      230</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      280</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      370</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      410</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      530</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      625</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      805</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P>
</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      1,015</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      1,115</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>


<P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Total Reported Supply</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      8,255</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      8,030</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      7,600</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      5,620</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      6,860</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      9,110</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      9,030</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      8,755</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; "><B></B></FONT></P>
</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; "><B>
      9,595</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; font-size:3.8mm; "><B>
      </B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P>
<FONT style="font-family:serif; font-size:3.8mm; "><B>
      8,425</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>


<P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Demand</B></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Autocatalyst</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      5,880</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      5,640</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      5,090</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      3,050</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      3,450</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      3,790</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      3,865</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      4,015</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      4,545</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P>
</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      4,460</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>


<P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Other Industrial</FONT><FONT style="font-family:serif; font-size:2.5mm; "><SUP>(1)</SUP></FONT></P>
</TD>
    <TD width="3">&nbsp;</TD>
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      3,340</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      3,235</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      1,645</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      1,800</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      1,990</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2,080</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2,200</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      2,265</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P>
</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      2,245</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td>
<P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      2,080</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>


<P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Investment</FONT><FONT style="font-family:serif; font-size:2.5mm; "><SUP>(2)</SUP></FONT></P>
</TD>
    <TD width="3">&nbsp;</TD>
    <TD><P>
<FONT style="font-family:serif; ">
      </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; ">
      </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; ">
      </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; ">
      </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      30</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      200</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      220</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      50</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      260</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      420</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>


<P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Jewelry</FONT></P>
</TD>
    <TD width="3">&nbsp;</TD>
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      235</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      255</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      240</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      270</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      260</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      930</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      1,430</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      995</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P>
</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      715</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      855</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>


<P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Other</FONT><FONT style="font-family:serif; font-size:2.5mm; "><SUP>(3)</SUP></FONT></P>
</TD>
    <TD width="3">&nbsp;</TD>
    <TD>

      <P style="margin:0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      110</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      60</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      65</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      90</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P>
</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      110</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      90</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      265</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      85</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      85</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      75</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>


<P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Total Reported Demand</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      9,565</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      9,190</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      7,040</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      5,210</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      5,840</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      7,090</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      7,980</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; "><B>
      7,410</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; "><B></B></FONT></P>
</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; "><B>
      7,850</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; font-size:3.8mm; "><B>
      </B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P>
<FONT style="font-family:serif; font-size:3.8mm; "><B>
      7,890</B></FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>


<P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
</TABLE>


<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">15</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR><TD><P style="font-size:12pt;">

</P></TD></TR>
<TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      (1)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; "><i>Other Industrial Demand </i>consists primarily of demand from chemical, dental and electronics usage.</FONT></P>
</TD>
  </TR>
<TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>

<TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(2)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">


<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><i>Investment Demand </i>comprises physically backed holdings in coins, small bars, allocated accounts and exchange traded products.</FONT></P>
</TD>
  </TR>
<TR valign="top">
    <TD style="width:18pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>

<TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(3)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">


<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><i>Other </i>comprises any other industrial or manufacturing use.</FONT></P>


      <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P>
    </TD>
  </TR>
<TR><TD><P style="font-size:12pt;">

</P></TD></TR>

</TABLE>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The following are some of the main characteristics of the palladium market illustrated by the table:</FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Palladium
    supply from 1999 to 2008 has averaged 8.1 million ounces with the majority
    of production from Russia. Production from Russia, on average, accounted
    for approximately 50% of total production over that period.</FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">There is a 24% increase in palladium supply when comparing the average five-year periods ended 2003 and 2008, at 7.3 million ounces and 9.0 million ounces, respectively.</FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The biggest source of demand for palladium output over the period shown has come from the autocatalyst sector which has accounted for an approximate average of 58% of all demand from 1999 to 2008. However, autocatalyst demand has decreased in 2008 from its 2001 peak of 72% of total
  demand to 57% by 2008.</FONT></P>


<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Historical Chart of the Price of Palladium</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The price of palladium is volatile and fluctuations are expected to have a direct impact on the value of the Shares. However, movements in the price of palladium in the past are not a reliable indicator of future movements. The following chart illustrates the movements in the price of an ounce of
  palladium in US dollars from January 1998 to December 2008:</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><p align="left"><img src="c57140graph.jpg" style="margin:0 0 0 0; border:   ;"></p></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Physical palladium prices performed strongly in early 2008, rising from an opening $370 to a peak of $588 in March&#151;the highest prices since 2001. However, speculative fund interests in the palladium market were amply demonstrated in the third quarter as large fund sales sent the price of physical
  palladium spiraling to only $199 per ounce at the close of the quarter, the lowest price since October 2005. Prices continued at these low levels as the price of palladium ended the year at $184 per ounce in December</FONT></P>


<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=operation1>OPERATION OF THE PALLADIUM MARKET</a></B></FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The global trade in palladium 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 align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">16</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Global Over-The-Counter Market</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The OTC market trades on a 24-hour per day continuous basis and accounts for most global palladium trading.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 LPPM, the trade
  association that acts as the coordinator for activities conducted on behalf of its members and other participants in the LPPM. The four market-making members of the LPPM are: J.Aron &amp; Company (a division of Goldman Sachs International), Engelhard Metals Limited, HSBC Bank USA, N.A. (through
  its London branch), and Standard Bank. 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The main centers of the OTC market are London, New York, Hong Kong and Zurich. Mining companies, 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 plates or ingots (1 kilogram or less) and will hedge their exposure by selling into one of these main OTC centers. Precious metals dealers have offices around the world and most of the world&#146;s major
  bullion dealers are either members or associate members of the London Bullion Market Association and/or the LPPM. In the OTC market, the standard size of palladium trades between market makers is 1,000 ounces.</FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Palladium Market</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Although the market for physical palladium is distributed globally, most palladium is stored and most OTC market trades are cleared through Zurich. As of September 1, 2009, London also served as a center for the clearing of OTC trades in palladium. In addition to coordinating market activities,
  the LPPM acts as the principal point of contact between the market and its regulators. A primary function of the LPPM is its involvement in the promotion of refining standards by maintenance of the &#147;London/Zurich Good Delivery Lists,&#148; which are the lists of LPPM accredited melters and assayers of
  palladium. The LPPM also coordinates market clearing and vaulting, promotes good trading practices and develops standard documentation.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Palladium is traded generally on a loco Zurich basis, meaning the precious metal is physically held in vaults in Zurich or is transferred into accounts established in Zurich. As of September&nbsp;1, 2009, palladium began trading on a loco London basis as well. The basis for settlement and delivery of a loco
  Zurich spot trade is payment (generally in US dollars) two business days after the trade date against delivery. Delivery of the palladium can either be by physical delivery or through the clearing systems to an unallocated account.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The unit of trade in London and Zurich is the troy ounce, whose conversion between grams is: 1,000 grams is equivalent to 32.1507465 troy ounces, and one troy ounce is equivalent to 31.1034768 grams. A London/Zurich Good Delivery plate or ingot is acceptable for delivery in settlement of a
  transaction on the OTC market. Typically referred to as Good Delivery, a plate or ingot must contain between 32 and 192 troy ounces of palladium with a minimum fineness (or purity) of 999.5 parts per 1,000 (99.95%), be of good appearance, and be easy to handle and stack. The palladium content of a
  palladium plate or ingot is calculated by multiplying the gross weight (expressed in units of 0.025 troy ounces) by the fineness of the plate or ingot. A Good Delivery plate or ingot </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">17</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; ">must also bear the stamp of one of the melters and assayers who are on the LPPM approved list. Unless otherwise specified, the palladium spot price always refers to that of Good Delivery Standards. Business is generally conducted over the phone and through electronic dealing systems.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Twice daily during London trading hours there is a fix which provides reference palladium 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 palladium prices and is quoted by various financial information sources.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Formal participation in the London fix is traditionally limited to four members, each of which is a bullion dealer and a member of the LPPM. The chairmanship now rotates annually among the four member firms. The morning session of the fix starts at 9:45 AM London time and the afternoon
  session starts at 2:00 PM London time. The members of the LPPM fixing are currently: J.Aron &amp; Company (a division of Goldman Sachs International), Engelhard Metals Limited, HSBC Bank USA N.A. (London branch), and Standard Bank London Limited. Any other market participant wishing to
  participate in the trading on the fix is required to do so through one of the four palladium fixing members.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Orders are placed either with one of the four fixing members or with another precious metals 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 palladium 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 style="margin:3.5mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Futures Exchanges</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The most significant palladium 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 palladium since 1974. The TOCOM has been trading palladium
  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 palladium
  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 style="margin:3.5mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Market Regulation</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The global palladium 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 LPPM, 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium 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 align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">18</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P style="text-indent:7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:3.5mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Not A Regulated Commodity Pool</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust will not trade in palladium futures contracts on the COMEX or on any other futures exchange. The Trust will take delivery of physical palladium that complies with the LPPM palladium delivery rules. Because the Trust will not trade in palladium 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 palladium futures contracts on regulated futures exchanges.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">19</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=business1>BUSINESS OF THE TRUST</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The activities of the Trust will be limited to (1) issuing Baskets in exchange for the palladium deposited with the Custodian as consideration, (2) delivering palladium as necessary to cover the Sponsor&#146;s Fee and selling palladium as necessary to pay Trust expenses not assumed by the Sponsor and
  other liabilities and (3) delivering palladium in exchange for Baskets surrendered for redemption. The Trust will not be actively managed. It will not engage in any activities designed to obtain a profit from, or to ameliorate losses caused by, changes in the price of palladium.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Trust Objective</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The investment objective of the Trust is for the Shares to reflect the performance of the price of physical palladium, 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 palladium. An investment in
  physical palladium 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 palladium, they provide investors with an alternative that allows a
  level of participation in the palladium market through the securities market.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Strategy Behind the Shares</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Shares are intended to offer investors an opportunity to participate in the palladium market through an investment in securities. The logistics of storing and insuring palladium are dealt with by the Custodian and the related expenses are built into the price of the Shares. Therefore, the investor
  does not have any additional tasks or costs over and above those associated with dealing in any other publicly traded security.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 physical palladium. The Shares offer an investment that is:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-size:3.8mm; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; "><I>
      Easily Accessible and Relatively Cost Efficient.</I> Investors can access the palladium 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 palladium by using the Shares
      instead of using the traditional means of purchasing, trading and holding palladium and for many investors, transaction costs related to the Shares will be lower than those associated with the purchase, storage and insurance of physical palladium.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><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 valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Minimal Credit Risk.</I> The Shares represent an interest in physical palladium owned by the Trust (other than an amount held in unallocated form which is not sufficient to make up a whole plate or ingot or which is held temporarily to effect a creation or redemption of Shares). Physical palladium of
      the Trust in the Custodian&#146;s possession is not subject to borrowing arrangements with third parties. Other than the palladium temporarily being held in an unallocated palladium account with the Custodian, the physical palladium of the Trust is not subject to counterparty or credit risks. See &#147;Risk
      Factors&#151;Palladium held in the Trust&#146;s unallocated palladium account and any Authorized Participant&#146;s unallocated palladium account will not be 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>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>


<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">20</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Secondary Market Trading</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">While the Trust&#146;s investment objective is for the Shares to reflect the performance of physical palladium, 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 NAV per Share. The amount of the discount
  or premium in the trading price relative to the NAV per Share may be influenced by non-concurrent trading hours between the NYSE Arca and the COMEX, London and Zurich. While the Shares will trade on the NYSE Arca until 4:00 PM New York time, liquidity in the global palladium 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Trust Expenses</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust&#146;s only ordinary recurring expense is expected to be equal to 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, 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Sponsor&#146;s Fee will accrue daily at an annualized rate equal to 0.60% of the adjusted net asset value of the Trust and will be payable monthly in arrears. 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Sponsor&#146;s Fee shall be paid by delivery of palladium to an account maintained by the Custodian for the Sponsor on an unallocated basis, monthly on the first business day of the month in respect of fees payable for the prior month. The delivery shall be of that number of ounces of palladium
  which equals the daily accrual of the Sponsor&#146;s Fee for such prior month calculated at the London PM Fix.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee will, when directed by the Sponsor, and, in the absence of such direction, may, in its discretion, sell palladium 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 palladium 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 palladium. Accordingly, the amount of palladium to be sold will vary from time to time depending on the level of the Trust&#146;s
  expenses and the market price of palladium. The Custodian may purchase from the Trust, at the request of the Trustee, palladium needed to cover Trust expenses not assumed by the Sponsor at the price used by the Trustee to determine the value of the palladium held by the Trust on the date of the
  sale.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Cash held by the Trustee pending payment of the Trust&#146;s expenses will not bear any interest. Each delivery or sale of palladium 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Impact of Trust Expenses on the Trust&#146;s Net Asset Value</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust will deliver palladium to the Sponsor to pay the Sponsor&#146;s Fee and sell palladium 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 will not engage in any activity designed to derive a profit from changes in the price of palladium. Palladium not needed to redeem Baskets, or to cover the Sponsor&#146;s Fee and Trust expenses not assumed by the Sponsor, will be held in physical form by the Custodian (except for
  residual amounts not exceeding 192 ounces of palladium, the maximum weight to make one Good Delivery plate or ingot, which will be held in unallocated form by the Custodian on behalf of the Trust). As a result of the recurring deliveries of palladium necessary to pay the </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">21</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; ">Sponsor&#146;s Fee in-kind and potential sales of palladium 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 palladium represented by each Share will decrease over the life of the Trust. New deposits of
  palladium, received in exchange for additional new Baskets issued by the Trust, will not reverse this trend.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Hypothetical Expense Example</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The following table, prepared by the Sponsor, illustrates the anticipated impact of the deliveries and sales of palladium discussed above on the fractional amount of palladium represented by each outstanding Share for three years. It assumes that the only dispositions of palladium will be those
  deliveries needed to pay the Sponsor&#146;s Fee and that the price of palladium 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 palladium 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>

<table cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;" >
<TR valign="bottom">
    <TD style="width:57.24%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:9.87%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:9.87%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:11.18%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD rowspan="2" align="center">
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="20" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Year</B></FONT></P></TD>
  </TR>
  <TR valign="bottom">
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      1</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      2</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="6" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      3</B></FONT></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Hypothetical palladium price per ounce</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
       200.00</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
       200.00</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
       200.00</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Sponsor&#146;s Fee</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P>
</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      0.60</FONT></P></TD>
    <TD><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
       %</FONT></P></TD>
    <td>
<P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P><FONT style="font-family:serif; font-size:3.8mm; ">
      0.60</FONT></P></TD>
    <TD><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
       %</FONT></P></TD>
    <td>
<P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P><FONT style="font-family:serif; font-size:3.8mm; ">
      0.60</FONT></P></TD>
    <TD><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
       %</FONT></P></TD>
    <td>
<P><font style="font-size:0.2mm">&nbsp;</font></P></td>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>

      <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Shares of Trust, beginning</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      100,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P>
</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      100,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      100,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>


<P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Ounces of palladium in Trust, beginning</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      10,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P>
</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      9,940</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      9,880.36</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>


<P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Beginning adjusted net asset value of the Trust</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
       2,000,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P>
</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
       1,988,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD>
<P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
       1,976,072</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>


<P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Ounces of palladium to be delivered to cover<br>Sponsor&#146;s Fee</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P>
</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      60</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      59.64</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      59.28</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>


<P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Ounces of palladium in Trust, ending</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P>
</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      9,940</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      9,880.36</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right">
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      9,821.08</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>


<P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Ending adjusted net asset value of the Trust</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P>
</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
       1,988,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD>
<P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
       1,976,072</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD>
<P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
       1,964,216</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>


<P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Ending NAV per share</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P>
</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
       19.88</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD>
<P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
       19.76</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
    <TD width="3">&nbsp;</TD>
    <TD>
<P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD>
<P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
       19.64</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
</TABLE>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=description1>DESCRIPTION OF THE TRUST</a></B></FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust is a common law trust, formed on December 30, 2009 under New York law pursuant to the Trust Agreement. The Trust holds palladium and is expected from time to time to issue Baskets in exchange for deposits of palladium and to distribute palladium in connection with redemptions of
  Baskets. The investment objective of the Trust is for the Shares to reflect the performance of the price of physical palladium, 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 palladium.
  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 palladium 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 palladium 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">22</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium and any cash represented by the Baskets being created or redeemed. The total amount
  of palladium 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 palladium required for deposit with the Trust to create Shares is 5,000 ounces per Basket. The number of ounces of palladium
  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 palladium due to the delivery or sale of the Trust&#146;s palladium 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 PM 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 palladium held by the Trust based on the London PM Fix price for an ounce of palladium or such other publicly available price as the Sponsor may deem fairly represents the commercial value of the Trust&#146;s palladium. 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 available or has not been announced by 4:00&nbsp;PM New York time, the palladium price from the next most recent London fix (AM or PM) will be used, unless the Sponsor
  determines that such price is inappropriate to use.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust&#146;s assets will consist of allocated physical palladium, palladium credited to an unallocated palladium account and, from time to time, cash, which will be used to pay expenses not assumed by the Sponsor. Except for the transfer of palladium in or out of the Trust Unallocated Account in
  connection with the creation or redemption of Baskets, upon a delivery of palladium to pay the Sponsor&#146;s Fee or upon a sale of palladium to pay the Trust&#146;s expenses not assumed by the Sponsor, it is anticipated that only a small amount of unallocated palladium will be held in the Trust Unallocated
  Account. Cash held by the Trust will not generate any income. Each Share will represent a proportional interest, based on the total number of Shares outstanding, in the palladium 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 palladium. 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Investors may obtain on a 24-hour basis palladium pricing information based on the spot price for an ounce of palladium from various financial information service providers. Current spot prices are also generally available with bid/ask spreads from physical palladium dealers. In addition, the Trust&#146;s
  website (www.etfsecurities.com) will provide ongoing pricing information for palladium 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust has no fixed termination date.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=sponsor1>THE SPONSOR</a></B></FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Sponsor is a Delaware limited liability company and was formed on June 17, 2009. The Sponsor&#146;s office is located at ETF Securities, Ordnance 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 align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">23</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Sponsor&#146;s Role</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Sponsor will arrange 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 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Sponsor will 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Sponsor or one of its affiliates or agents will (1) develop a marketing plan for the Trust on an ongoing basis, (2) prepare marketing materials regarding the Shares, including the content of the Trust&#146;s website and (3) execute the marketing plan for the Trust.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=trustee1>THE TRUSTEE</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Bank of New York Mellon, a banking corporation organized under the laws of the State of New York with trust powers, will serve 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Trustee&#146;s Role</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium as needed to pay the Sponsor&#146;s Fee in palladium (palladium transfers are expected
  to occur approximately monthly in the ordinary course), (2) valuing the Trust&#146;s palladium 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 palladium 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 palladium. 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 and the Zurich Sub-Custodian for the purpose of examining the Trust&#146;s palladium and certain related records maintained by the Custodian. Visits by auditors
  and inspectors to the Zurich Sub-Custodian&#146;s </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">24</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>

<P><FONT style="font-family:serif; font-size:3.8mm; ">facilities will be arranged through 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 palladium 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 and the Sponsor do not monitor the performance of the Custodian or any subcustodian other than the Trustee&#146;s review of the reports provided
  by the Custodian pursuant to the Custody Agreements.</FONT></P>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee&#146;s monthly fees and out-of-pocket expenses will be paid by the Sponsor.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Affiliates of the Trustee may from time to time act as Authorized Participants or purchase or sell palladium 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" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=custodian1>THE CUSTODIAN</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">JPMorgan Chase Bank, N.A. will serve as the Custodian of the Trust&#146;s palladium. 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 London Wall, London, EC2Y 5AJ, United Kingdom. In addition to supervision and examination by the US federal banking authorities, JPMorgan&#146;s London custodian operations are generally subject to supervision by the FSA.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Custodian&#146;s Role</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian is responsible for safekeeping for the Trust palladium 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 direct subcustodians, if any. The Custodian facilitates the
  transfer of palladium in and out of the Trust through the unallocated palladium accounts it will maintain for each Authorized Participant and the unallocated and allocated palladium accounts it will maintain for the Trust. The Custodian will hold at its London, England vault premises that portion of the
  Trust&#146;s allocated palladium to be held in London. The Zurich Sub-Custodian will hold at its Zurich, Switzerland vault premises that portion of the Trust&#146;s allocated palladium to be held in Zurich on behalf of the Custodian. The Custodian is responsible for allocating specific plates or ingots of physical
  palladium to the Trust&#146;s allocated palladium account. The Custodian will provide the Trustee with regular reports detailing the palladium transfers in and out of the Trust&#146;s unallocated and allocated palladium accounts and identifying the palladium plates or ingots held in the Trust&#146;s allocated palladium
  account.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian&#146;s fees and expenses under the Custody Agreements will be paid by the Sponsor.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian and its affiliates may from time to time act as Authorized Participants or purchase or sell palladium 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" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=description2>DESCRIPTION OF THE SHARES</a></B></FONT></P>
<P style="margin:3.5mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>General</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee is authorized under the Trust Agreement to create and issue an unlimited number of Shares. The Trustee will create Shares only in Baskets (a Basket equals a block of 50,000 Shares) </FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">and only upon the order of an Authorized Participant. The Shares represent units of fractional undivided beneficial interest in and ownership of the Trust and have no par value. Any creation and issuance of Shares above the amount registered on the registration statement of which this prospectus is a
  part will require the registration of such additional Shares.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Description of Limited Rights</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Shares do not represent a traditional investment and you should not view them as similar to &#147;shares&#148; of a corporation operating a business enterprise with management and a board of directors. As a Shareholder, you will 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Distributions</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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. See &#147;Description of the Trust Agreement&#151;Termination of the Trust.&#148; 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Voting and Approvals</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Redemption of the Shares</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Shares may only be redeemed by or through an Authorized Participant and only in Baskets. See &#147;Creation and Redemption of Shares&#148; for details on the redemption of the Shares.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Book-Entry Form</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Individual certificates will not be issued for the Shares. Instead, one or more global certificates will be deposited by the Trustee with DTC and registered in the name of Cede &amp; Co., as nominee for DTC. The global certificates will 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>
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<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=custody1>CUSTODY OF THE TRUST&#146;S PALLADIUM</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Custody of the physical palladium deposited with and held by the Trust will be provided by the Custodian at its London, England vaults and by the Zurich Sub-Custodian selected by the Custodian in its Zurich vaults and by other subcustodians on a temporary basis only in unallocated form. The
  Custodian is a market maker, clearer and approved weigher under the rules of the LPPM.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian is the custodian of the physical palladium credited to Trust Allocated Account in accordance with the Custody Agreements. The Custodian will segregate the physical palladium 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 will require the Zurich Sub-Custodian to also segregate the physical palladium of the Trust from the other palladium held by it for other customers of the Custodian and the Zurich Sub-Custodian&#146;s other customers. The Custodian will require the
  Zurich Sub-Custodian to identify in its books and records the Trust as having the rights to the physical palladium credited to its Trust Allocated Account.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian, as instructed by the Trustee, is authorized to accept, on behalf of the Trust, deposits of palladium in unallocated form. Acting on standing instructions specified in the Custody Agreements, the Custodian will or will require the Zurich Sub-Custodian to allocate palladium deposited in
  unallocated form with the Trust by selecting plates or ingots of physical palladium for deposit to the Trust Allocated Account. All physical palladium allocated to the Trust must conform to the rules, regulations, practices and customs of the LPPM.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The process of withdrawing palladium from the Trust for a redemption of a Basket will follow the same general procedure as for depositing palladium with the Trust for a creation of a Basket, only in reverse. Each transfer of palladium 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 palladium 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 palladium 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" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=description3>DESCRIPTION OF THE CUSTODY AGREEMENTS</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Reports</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian will provide the Trustee with reports for each business day, no later than the following business day, identifying the movements of palladium in and out of the Trust Allocated Account and the credits and debits of palladium to the Trust Unallocated Account and containing sufficient
  information to identify each plate or ingot of palladium held in the Trust Allocated Account and whether the Custodian or the Zurich Sub-Custodian has possession of such plate or ingot. 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 palladium market are open for the transaction of business in
  London, and a &#147;Zurich Business Day,&#148; when commercial banks generally and the Zurich palladium market are open for the transaction of business in Zurich.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 </FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Zurich Sub-Custodian</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Under the Allocated Account Agreement, the Custodian will select the Zurich Sub-Custodian for the custody and safekeeping of the Trust&#146;s physical palladium to be held in Zurich in its vault premises.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian will use reasonable care in selecting any Zurich Sub-Custodian. The Custodian must require the Zurich Sub-Custodian to segregate the palladium held by it for the Trust from palladium which it holds for its other customers, the Custodian, and any other customers of the Custodian by
  making appropriate entries in its books and records. The Custodian will require the Zurich Sub-Custodian to deliver to the Trustee (with a copy to the Sponsor) an acknowledgement and undertaking to segregate all physical palladium held by it for the Trust from any palladium 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 palladium. The Zurich Sub-Custodian that the Custodian currently uses is UBS AG.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Subcustodians</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Under the Allocated Account Agreement, the Custodian may select, with the exception of the Zurich Sub-Custodian, any other subcustodians solely for the temporary holding of palladium for it until transported to the Custodian&#146;s London vault premises or the Zurich Sub-Custodian&#146;s Zurich vault
  premises. These subcustodians may in turn select other subcustodians to perform their duties, including temporarily holding palladium 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 palladium 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.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The subcustodians selected and used by the Custodian as of the date of this prospectus are: Brink&#146;s Global Services Inc., Group 4 Security Limited 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Location and Segregation of Palladium; Access</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Palladium held for the Trust Allocated Account by the Custodian will be held at the Custodian&#146;s London vault premises or by the Zurich Sub-Custodian in its Zurich vault premises. Palladium may be temporarily held for the Trust Allocated Account by any other subcustodians selected by the
  Custodian and by subcustodians of subcustodians in vaults located in England, Zurich or in other locations. Where the physical palladium 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 physical palladium held on behalf of the Trust to the Custodian&#146;s London vault premises or the Zurich Sub-Custodian&#146;s Zurich vault premises at the Custodian&#146;s own cost and risk.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian will segregate by identification in its books and records the Trust&#146;s palladium in the Trust Allocated Account from any other palladium which it owns or holds for others and will require the Zurich Sub-Custodian and any other subcustodians it selects to so segregate the Trust&#146;s
  palladium held by them. This requirement reflects the current custody practice in the London palladium 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
  acknowledgment of this requirement to the Trustee. The Custodian&#146;s books and records are </FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">expected, as a matter of current London palladium market custody practice, to identify every plate or ingot of palladium 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 plate or ingot of palladium held for the Custodian by serial number and such subcustodians may use other identifying information.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium held there and such records of the Custodian 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 the 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Transfers into the Trust Unallocated Account</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian will credit to the Trust Unallocated Account the amount of palladium 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 palladium the Custodian will accept in physical form for credit to the Trust Unallocated Account is palladium that the Trustee has transferred from the Trust Allocated Account, an Authorized Participant Unallocated Account or a third party unallocated account.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Transfers from the Trust Unallocated Account</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian will transfer palladium from the Trust Unallocated Account only in accordance with the Trustee&#146;s instructions to the Custodian. A transfer of palladium from the Trust Unallocated Account may only be made (1) by transferring palladium to an Authorized Participant Unallocated
  Account; (2) by transferring palladium to the Trust Allocated Account; (3) by transferring palladium to pay the Sponsor&#146;s Fee; (4) by making palladium 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 palladium 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 palladium or other transfers permitted under the Trust Agreement.
  Transfers made pursuant to clauses (4), (5) and (6) will be made only on an exceptional basis, with transfers under clause (6) expected to include transfers made in connection with a sale of palladium to pay extraordinary expenses of the Trust not paid by the Sponsor or with the liquidation of the Trust.
  Any palladium made available in physical form will be in a form which complies with the rules, regulations, practices and customs of the LPPM 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 palladium plates or ingots selected by the Custodian.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian will use commercially reasonable efforts to transfer palladium 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 or ingots of a weight most closely approximating, but not
  exceeding, the balance in the Unallocated Account and shall transfer such weight from the Unallocated Account to the Allocated Account.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Transfers into the Trust Allocated Account</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian will receive transfers of palladium into the Trust Allocated Account only at the Trustee&#146;s instructions given pursuant to the Unallocated Account Agreement by debiting palladium from the Trust Unallocated Account and crediting such palladium to the Trust Allocated Account.</FONT></P>
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<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Transfers from the Trust Allocated Account</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian will transfer palladium from the Trust Allocated Account only in accordance with the Trustee&#146;s instructions. Generally, the Custodian will transfer palladium from the Trust Allocated Account only by debiting palladium from the Trust Allocated Account and crediting the palladium to
  the Trust Unallocated Account.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Right to Refuse Transfers or Amend Transfer Procedures</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian may refuse to accept instructions to transfer palladium 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 LPPM or contrary to any applicable law.
  The Custodian may amend the procedures for transferring palladium to or from the Trust Unallocated Account or for the physical withdrawal of palladium from the Trust Unallocated Account or the Trust Allocated Account or impose such additional procedures in relation to the transfer of palladium 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 LPPM 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian receives no fee under the Unallocated Account Agreement.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Trust Unallocated Account Credit and Debit Balances</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Exclusion of Liability</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium 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 palladium 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Furthermore, the Custodian has no duty to make or take or to require the 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Indemnity</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Insurance</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 </FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Force Majeure</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Termination</B></FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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, including if either the Custodian or the Zurich Sub-Custodian
  ceases to offer the services contemplated by the Custody Agreements to its clients or proposes to withdraw from the physical palladium business, 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 physical palladium 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, or (5) 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">If redelivery arrangements acceptable to the Custodian for the palladium held in the Trust Allocated Account are not made, the Custodian may continue to store the palladium and continue to charge for its fees and expenses, and, after six months from the termination date, the Custodian may sell
  the palladium 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Governing Law</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=creation1>CREATION AND REDEMPTION OF SHARES</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium
  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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 </FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Prior to initiating any creation or redemption order, an Authorized Participant must have entered into an agreement with the Custodian or a palladium clearing bank to establish an Authorized Participant Unallocated Account in London or Zurich (Authorized Participant Unallocated Bullion Account
  Agreement). Palladium held in Authorized Participant Unallocated Accounts is typically not segregated from the Custodian&#146;s or other palladium clearing bank&#146;s assets, as a consequence of which an Authorized Participant will have no proprietary interest in any specific plates or ingots of palladium held
  by the Custodian or the palladium clearing bank. Credits to its Authorized Participant Unallocated Account are therefore at risk of the Custodian&#146;s or other palladium clearing bank&#146;s insolvency. No fees will be charged by the Custodian for the use of the Authorized Participant Unallocated Account as
  long as the Authorized Participant Unallocated Account is used solely for palladium transfers to and from the Trust Unallocated Account and the Custodian (or one of its affiliates) receives compensation for maintaining the Trust Allocated Account. Authorized Participants should be aware that the
  Custodian&#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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Certain Authorized Participants are expected to have the facility to participate directly in the physical palladium market and the palladium futures market. In some cases, an Authorized Participant may from time to time acquire palladium from or sell palladium to its affiliated palladium 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 and procedures, internal controls
  and information barriers as it determines is appropriate in light of its own regulatory regime.</FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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, 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., Newedge USA, LLC, and Prudential </FONT></P>

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<P><FONT style="font-family:serif; font-size:3.8mm; ">Bache Securities, Inc. 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">All palladium 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. Palladium 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 plates or ingots of palladium representing the amount of palladium credited to the Trust Unallocated Account (to the extent
  such amount is representable by whole palladium plates or ingots) to the Trust Allocated Account. The movement of palladium is reversed for the distribution of palladium to an Authorized Participant in connection with the redemption of Baskets.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">All physical palladium represented by a credit to any Authorized Participant Unallocated Account and to the Trust Unallocated Account and all physical palladium 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 999.5 parts per 1,000 (99.95%) and otherwise conform to the rules, regulations practices and customs of the LPPM, including the specifications for a London/Zurich Good Delivery plate or ingot.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Loco London &amp; Loco Zurich Palladium Delivery Elections</I>. Authorized Participants can elect to deliver palladium loco London or loco Zurich in connection with the creation of a Basket. Authorized Participants can also elect to receive delivery of palladium loco London or loco Zurich in connection
  with the redemption of a Basket. A Basket creation order that elects a loco London or loco Zurich delivery of palladium will cause the Custodian to effect an allocation of such palladium to the Trust Allocated Account maintained by the Custodian in its London vault premises or by the Zurich Sub-
  Custodian in its Zurich vault premises. Likewise, a Basket redemption order that elects a loco London or loco Zurich delivery of palladium will cause the Custodian to effect a de-allocation of palladium necessary to satisfy such redemption requests from the Trust Allocated Account maintained by the
  Custodian to the Trust Unallocated Account. In the event that there is not sufficient palladium in the Trust Allocated Account in London to satisfy loco London redemptions, the Custodian shall cause the Zurich Sub-Custodian to de-allocate sufficient palladium held in the Trust Allocated Account in
  Zurich and cause a transfer of palladium from the Trust Unallocated Account maintained by the Custodian in Zurich to the Authorized Participant Unallocated Account maintained in London. Likewise, in the event that there is not sufficient palladium in the Trust Allocated Account in Zurich to satisfy
  loco Zurich redemptions, the Custodian will initiate the reverse procedure to transfer palladium from London to Zurich. These transfers between London and Zurich unallocated accounts will generally occur pursuant to loco swap arrangements and will not expose the Authorized Participant or the Trust
  to any additional expense. The Custodian has assumed the responsibility and expenses for loco swap transfers and shall bear any risk of loss related to the palladium being transferred. If no loco swap counterparty is available, the Custodian shall arrange, at its own expense and risk, for the physical
  transportation of palladium between the Zurich Sub-Custodian&#146;s Zurich vault premises and the Custodian&#146;s London vault premises. If such a loco swap or physical transfer is necessary to effect a loco London or loco Zurich redemption, the settlement of loco London or loco Zurich redemption deliveries
  may be delayed more than three, but not more than five, business days.</FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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>
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<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Creation Procedures</B></FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium in the United Kingdom, Zurich or another jurisdiction will occur on &#147;business days&#148; when (1) banks in the United Kingdom, Zurich and such other jurisdiction and (2) the London and Zurich palladium markets are regularly open for business. If such banks
  or the London or Zurich palladium 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 including palladium deliveries loco London may be
  delayed longer than three, but no more than five, 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 palladium 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">By placing a purchase order, an Authorized Participant agrees to deposit palladium with the Trust. 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Determination of required deposits</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The amount of the required palladium deposit is determined by dividing the number of ounces of palladium held by the Trust by the number of Baskets outstanding, as adjusted for the amount of palladium constituting estimated accrued but unpaid fees and expenses of the Trust.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Fractions of a fine ounce of palladium smaller than 0.001 of a fine ounce which are included in the palladium 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Delivery of required deposits</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">An Authorized Participant who places a purchase order is responsible for crediting its Authorized Participant Unallocated Account with the required palladium deposit amount by the third business day in London or Zurich following the purchase order date. Upon receipt of the palladium 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 palladium 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 palladium until such palladium has been received by the Trust shall be borne solely by the Authorized Participant. The
  Trustee may accept delivery of palladium 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 palladium 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Acting on standing instructions given by the Trustee, the Custodian will transfer the palladium deposit amount from the Trust Unallocated Account to the Trust Allocated Account by transferring palladium plates and ingots 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 </FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">transfer of palladium 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
  palladium deposit amount in the Trust Unallocated Account, and all Shareholders will be exposed to the risks of unallocated palladium to the extent of that palladium 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;Palladium held in the Trust&#146;s unallocated palladium account and any Authorized Participant&#146;s unallocated palladium account will not be segregated from the Custodian&#146;s assets....&#148;</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Because palladium is allocated only in multiples of whole plates or ingots, the amount of palladium allocated from the Trust Unallocated Account to the Trust Allocated Account may be less than the total fine ounces of palladium 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 palladium held in the Trust Unallocated Account; no more than 192 ounces of palladium (maximum weight to make one Good Delivery plate or ingot) is expected to be held in the Trust
  Unallocated Account at the close of each business day.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Rejection of purchase orders</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Redemption Procedures</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Determination of redemption distribution</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium held by the Trust evidenced by the Shares being redeemed. Fractions of a fine ounce of palladium
  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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Delivery of redemption distribution</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 Trustee&#146;s DTC account has been credited with the Baskets to </FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian will transfer the redemption palladium 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 palladium credited to their respective unallocated accounts in the event of the Custodian&#146;s insolvency. See &#147;Risk Factors&#151;Palladium held in the Trust&#146;s unallocated palladium account and any Authorized Participant&#146;s unallocated palladium account will not be segregated from the Custodian&#146;s
  assets....&#148;</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">As with the allocation of palladium to the Trust Allocated Account which occurs upon a purchase order, if in transferring palladium from the Trust Allocated Account to the Trust Unallocated Account in connection with a redemption order there is an excess amount of palladium transferred to the
  Trust Unallocated Account, the excess over the palladium redemption amount will be held in the Trust Unallocated Account. The Custodian will use commercially reasonable efforts to minimize the amount of palladium held in the Trust Unallocated Account; no more than 192 ounces of palladium
  (maximum weight to make one London/Zurich Good Delivery plate or ingot) is expected to be held in the Trust Unallocated Account at the close of each business day.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Suspension or rejection of redemption orders</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Creation and Redemption Transaction Fee</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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.</FONT></P>
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<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Tax Responsibility</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=description4>DESCRIPTION OF THE TRUST AGREEMENT</a></B></FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust operates under the terms of the Trust Agreement, dated as of December 30, 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Sponsor</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Liability of the Sponsor and indemnification</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Successor sponsors</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 </FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">and will have no liability to any person because the Trust is or is not terminated as described in the preceding sentence.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Trustee</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Qualifications of the Trustee</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>General duty of care of Trustee</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Limitation on Trustee&#146;s liability</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee will not be liable for the disposition of palladium 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Trustee&#146;s liability for custodial services and agents</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium employed at the direction of the Sponsor or selected by the Trustee with reasonable care. The Trustee does not monitor the performance of the </FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium, 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 palladium 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 palladium will be an expense of the Trustee.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Taxes</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee will not be personally liable for any taxes or other governmental charges imposed upon the palladium 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Indemnification of the Trustee</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Indemnity for actions taken to protect the Trust</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Protection for amounts due to Trustee</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium) and pay itself from the proceeds provided, however, that the Trustee may not charge to the Trust unpaid </FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Holding of Trust property other than palladium</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium, 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 palladium 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Resignation, discharge or removal of Trustee; successor trustees</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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, </FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 Registered Owners, shall execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Custodian and Custody of the Trust&#146;s Palladium</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium. 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
  palladium, see &#147;Custody of the Trust&#146;s Palladium&#148; and &#147;Description of the Custody Agreements.&#148;</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 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 palladium 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 </FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium held for the Trust by such Custodian and of
  transactions in palladium 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 palladium 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 palladium 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>Appointment and removal of custodians</I></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Sponsor may direct the Trustee to employ one or more other custodians in addition to or in replacement of the Custodian, provided that the Sponsor may not direct the employment of a successor custodian or an additional custodian without the Trustee&#146;s consent if the employment would have a
  material adverse effect on the Trustee&#146;s ability to perform its duties. The Trustee may, with the prior approval of the Sponsor, also employ one or more successor or additional custodians selected by the Trustee for the safekeeping of palladium and services in connection with the deposit and delivery of
  palladium.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Valuation of Palladium, Definition of Net Asset Value and Adjusted Net Asset Value</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">On each day that the NYSE Arca is open for regular trading, as promptly as practicable after 4:00 PM New York time, on such day (Evaluation Time), the Trustee will evaluate the palladium held by the Trust and determine both the ANAV and the NAV of the Trust.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">At the Evaluation Time, the Trustee will value the Trust&#146;s palladium on the basis of that day&#146;s London PM Fix or, if no London PM Fix is made on such day or has not been announced by the Evaluation Time, the next most recent London palladium price fix (AM or PM) determined prior to the
  Evaluation Time will be used, unless the Sponsor 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
  palladium is not an appropriate basis for evaluation of the Trust&#146;s palladium, 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 palladium 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 Palladium Market&#151;The Palladium Market&#148; for a description of the
  London PM Fix.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Once the value of the palladium 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 palladium and all other assets of the Trust (other than any amounts credited to the Trust&#146;s reserve account, if established). 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">42</FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Other Expenses</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Sales of Palladium</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee will at the direction of the Sponsor or in its own discretion sell the Trust&#146;s palladium as necessary to pay the Trust&#146;s expenses not otherwise assumed by the Sponsor. The Trustee will not sell palladium to pay the Sponsor&#146;s Fee. The Sponsor&#146;s Fee will be paid through delivery of
  palladium from the Trust Unallocated Account that had been de-allocated from the Trust Allocated Account for this purpose. When selling palladium to pay other expenses, the Trustee will endeavor to sell the smallest amounts of palladium needed to pay expenses in order to minimize the Trust&#146;s
  holdings of assets other than palladium. 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 palladium only if the sale transaction is made at the next London PM fix or such other publicly available price that the Sponsor deems fair, in each case as set following the sale order. 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 palladium sales.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee will also sell the Trust&#146;s palladium 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 palladium directed by the Sponsor.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Any property received by the Trust other than palladium, 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>The Securities Depository; Book-Entry-Only System; Global Security</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">43</FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Share Splits</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">44</FONT></P>
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<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Books and Records</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Statements, Filings and Reports</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee will make such elections, file such tax returns, and prepare, disseminate and file such tax reports, as it is advised by its counsel or accountants or as required from time to time by any applicable statute, rule or regulation.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Fiscal Year</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Termination of the Trust</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-size:3.8mm; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      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 valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>
</TABLE>

<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">45</FONT></P>
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<PAGE>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">


  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium 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 palladium 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Amendments</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium smaller or larger than a Basket or to allow for the sale of
  palladium 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 </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">46</FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Governing Law; Consent to New York Jurisdiction</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=united1>UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The following discussion of the material US federal income tax consequences that generally will apply 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 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, Treasury Regulations promulgated under the Code and judicial and administrative interpretations of the
  Code, all as in effect on the date of this prospectus and all of which are subject to change either prospectively or retroactively. The tax treatment of Shareholders may vary depending upon their own particular circumstances. Certain Shareholders (including broker-dealers, traders, 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 will 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">For purposes of this discussion, a &#147;US Shareholder&#148; is a Shareholder that is:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-size:3.8mm; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      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 valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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, will generally depend upon the status of the partner and upon the activities of the partnership. Partnerships and partners in partnerships should consult their tax </FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">advisors about the US federal income tax consequences of purchasing, owning and disposing of Shares.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Taxation of the Trust</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust will be 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 will &#147;flow through&#148; to the Shareholders, and the Trustee will report the Trust&#146;s income, gains, losses
  and deductions to the IRS on that basis.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Taxation of US Shareholders</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Shareholders generally will be treated, for US federal income tax purposes, as if they directly owned a pro rata share of the underlying assets held in the Trust. Shareholders also will be treated as if they directly received their respective pro rata shares of the Trust&#146;s income, if any, and as if they
  directly incurred their respective pro rata shares of the Trust&#146;s expenses. In the case of a Shareholder that purchases Shares for cash, its initial tax basis in its pro rata share of the assets held in the Trust at the time it acquires its Shares will be equal to its cost of acquiring the Shares. In the case of a
  Shareholder that acquires its Shares as part of a creation, the delivery of palladium to the Trust in exchange for the underlying palladium represented by the Shares will not be a taxable event to the Shareholder, and the Shareholder&#146;s tax basis and holding period for the Shareholder&#146;s pro rata share of
  the palladium held in the Trust will be the same as its tax basis and holding period for the palladium 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 palladium related to such Shares.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">When the Trust sells palladium, 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 and (2) the Shareholder&#146;s tax basis for its pro rata
  share of the palladium that was sold, which gain or loss will generally be long-term or short-term capital gain or loss, depending upon whether the Shareholder has a holding period in its Shares of longer than one year. A Shareholder&#146;s tax basis for its share of any palladium sold by the Trust generally
  will be determined by multiplying the Shareholder&#146;s total basis for its share of all of the palladium held in the Trust immediately prior to the sale, by a fraction the numerator of which is the amount of palladium sold, and the denominator of which is the total amount of the palladium 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 palladium remaining in the Trust will be equal to its tax basis for its share of the total amount of the palladium held in the Trust immediately prior to the sale, less the portion of such basis allocable
  to its share of the palladium that was sold.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium 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 palladium 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">A redemption of some or all of a Shareholder&#146;s Shares in exchange for the underlying palladium represented by the Shares redeemed generally will not be a taxable event to the Shareholder. The Shareholder&#146;s tax basis for the palladium 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 palladium 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 palladium received should include the period during </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">48</FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">which the Shareholder held the Shares redeemed. A subsequent sale of the palladium received by the Shareholder will be a taxable event.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium 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 palladium 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 palladium received by the Shareholder
  in the redemption.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 the reinvestment in the Shares of proceeds from substantially similar exchange-traded products can be accomplished on a tax-deferred basis.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Maximum 28% Long-Term Capital Gains Tax Rate for US Shareholders who are Individuals</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Under current law, gains recognized by individuals from the sale of &#147;collectibles,&#148; including physical palladium, 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 physical palladium 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Brokerage Fees and Trust Expenses</B></FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Any brokerage or other transaction fee incurred by a Shareholder in purchasing Shares will be treated as part of the Shareholder&#146;s tax basis in the underlying assets of the Trust. Similarly, any brokerage fee incurred by a Shareholder in selling Shares will reduce the amount realized by the
  Shareholder with respect to the sale.</FONT></P>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Shareholders will be required to recognize gain or loss upon a sale of palladium 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Investment by Regulated Investment Companies</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium for purposes of </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">49</FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>United States Information Reporting and Backup Withholding for US and Non-US Shareholders</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trustee or the appropriate Broker will file certain information returns with the IRS, and provide 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The amount of any backup withholding will be 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Income Taxation of Non-US Shareholders</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust does not expect to generate taxable income except for gain (if any) upon the sale of palladium. A Non-US Shareholder generally will not be subject to US federal income tax with respect to gain recognized upon the sale or other disposition of Shares, or upon the sale of palladium 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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Taxation in Jurisdictions other than the United States</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=erisa1>ERISA AND RELATED CONSIDERATIONS</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Employee Retirement Income Security Act of 1974, as amended (ERISA), and/or Code section 4975 impose certain requirements on employee benefit plans and certain other plans and arrangements, including individual retirement accounts and annuities, Keogh plans, and certain collective
  investment funds or insurance company general or separate accounts in which such plans or arrangements are invested, that are subject to ERISA and/or the Code (collectively, Plans), and on persons who are fiduciaries with respect to the investment of assets treated as &#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 state or other federal law.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">In contemplating an investment of a portion of Plan assets in Shares, the Plan fiduciary responsible for making such investment should carefully consider, taking into account the facts and circumstances of the Plan, the &#147;Risk Factors&#148; discussed above and whether such investment is consistent with its
  fiduciary responsibilities, including, but not limited to (1) whether the fiduciary has the authority to make the investment under the appropriate governing plan instrument, (2) whether the investment would constitute a direct or indirect non-exempt prohibited transaction with a party in interest, (3) the
  Plan&#146;s funding objectives, and (4) whether under the general fiduciary </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">50</FONT></P>
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<P><FONT style="font-family:serif; font-size:3.8mm; ">standards of investment prudence and diversification such investment is appropriate for the Plan, taking into account the overall investment policy of the Plan, the composition of the Plan&#146;s investment portfolio and the Plan&#146;s need for sufficient liquidity to pay benefits when due.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">It is anticipated that the Shares will constitute &#147;publicly-held offered securities&#148; as defined in Department of Labor Regulations &sect; 2510.3-101(b)(2). Accordingly, Shares purchased by a Plan, and not the Plan&#146;s interest in the underlying physical palladium held in the Trust represented by the Shares,
  should be treated as assets of the Plan, for purposes of applying the &#147;fiduciary responsibility&#148; and &#147;prohibited transaction&#148; rules of ERISA and the Code.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Investment by Certain Retirement Plans</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 palladium
  received by such IRA or plan account upon the redemption of any of the Shares purchased by it, the Shares or palladium 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" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=plan1>PLAN OF DISTRIBUTION</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">In addition to, and independent of the initial purchases by the Initial Purchaser (described below), the Trust will issue Shares in Baskets to Authorized Participants in exchange for deposits of palladium 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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">51</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P><FONT style="font-family:serif; font-size:3.8mm; ">broker-dealer or securities regulatory requirements under the state securities laws prior to such creation or redemption.</FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">On December 30, 2009, the Initial Purchaser purchased 100,000 Shares which compose the initial Baskets. The Initial Purchaser intends to make a public offering of the initial Baskets at a per Share offering price that will vary, depending on, among other factors, the price of palladium and the
  trading price of the Shares on the NYSE Arca at the time of offer. The Initial Purchaser will not receive from the Trust, the Sponsor, the Trustee or any of their affiliates a fee or other compensation in connection with the sale of the Shares. With respect to sale of the Shares comprising the initial
  Baskets and in the event that the Initial Purchaser or any affiliate acts as Authorized Participant, it may receive commissions/fees from investors who purchase Shares.</FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust will not bear any expenses in connection with the offering or sales of the initial Baskets of Shares.</FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The offering of Baskets is being made in compliance with Conduct Rule 2310 of FINRA. Accordingly, the Initial Purchaser will not make any sales to any account over which it has discretionary authority without the prior written approval of a purchaser of Shares. Neither the Initial Purchaser nor
  the Authorized Participants 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. 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, C7 PLUS LLP, are solely responsible for the payment of these salaries.</FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Under the Agent Agreement, ADI will provide the following services to the Marketing Agent:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-size:3.8mm; ">
      &#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Review marketing related legal documents and contracts;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Consult with the Marketing Agent on the development of FINRA-compliant marketing campaigns;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Consult with the Trust&#146;s legal counsel on free-writing prospectus materials and disclosures in all marketing materials;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Review and file with FINRA marketing materials that are not free-writing prospectus materials;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Register and oversee supervisory activities of the Marketing Agent&#146;s FINRA-licensed personnel; and</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD style="width:4pt;"><p style="margin-top:0pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right">
    <P style="margin:2.1mm 0 0; "><FONT style="font-size:3.8mm; ">&#149;</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:2.1mm 0 0; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17">
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Maintain books and records related to the ADI services provided.</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Initial Purchaser will not act as an Authorized Participant with respect to the initial Baskets, and its activities with respect to the initial Baskets will be distinct from those of an Authorized Participant.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Shares will trade on the NYSE Arca under the symbol &#147;PALL.&#148;</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=legal1>LEGAL MATTERS</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The validity of the Shares will be passed upon for the Sponsor by Katten Muchin Rosenman LLP, New York, New York, who, as special US tax counsel to the Trust, will also render an opinion regarding the material US federal income tax consequences relating to the Shares.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">52</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=experts1>EXPERTS</a></B></FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The financial statement included in this prospectus has been audited by Deloitte &amp; Touche LLP, an independent registered public accounting firm, as stated in their report appearing herein. Such Financial Statement is included in reliance upon the report of such firm given upon their authority as
  experts in accounting and auditing.</FONT></P>


<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=where1>WHERE YOU CAN FIND MORE INFORMATION</a></B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Sponsor has filed on behalf of the Trust a registration statement on Form S-1 with the SEC under the Securities Act. This prospectus does not contain all of the information set forth in the registration statement (including the exhibits to the registration statement), parts of which have been
  omitted in accordance with the rules and regulations of the SEC. For further information about the Trust or the Shares, please refer to the registration statement, which you may inspect, without charge, at the public reference facilities of the SEC at the below address or online at www.sec.gov, or obtain
  at prescribed rates from the public reference facilities of the SEC at the below address. Information about the Trust and the Shares can also be obtained from the Trust&#146;s website. The internet address of the Trust&#146;s website will be www.etfsecurites.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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust is subject to the informational requirements of the Exchange Act and the Sponsor, on behalf of the Trust, will file quarterly and annual reports and other information with the SEC. The Sponsor will file an updated prospectus annually for the Trust pursuant to the Securities Act. The
  reports and other information can be inspected at the public reference facilities of the SEC located at <B>100 F Street, NE, Washington, DC 20549 </B>and online at www.sec.gov. You may also obtain copies of such material from the public reference facilities of the SEC at <B>100 F Street, NE, Washington, DC
  20549</B>, 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" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">53</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>



<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B><a name=report1>Report of Independent Registered Public Accounting Firm</a></B></FONT></P>
<P style="margin:3.5mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">To the Sponsor, Trustee and the Unitholders of the ETFS Palladium Trust</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">We have audited the accompanying statement of financial condition of ETFS Palladium Trust (the &#147;Trust&#148;) as of December 30, 2009. This financial statement is the responsibility of the Trust&#146;s management. Our responsibility is to express an opinion on this financial statement based on our audit.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement. The Trust
  is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of
  expressing an opinion on the effectiveness of the Trust&#146;s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statement, assessing the accounting principles used
  and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">In our opinion, such financial statement presents fairly, in all material respects, the financial position of the Trust as of December 30, 2009 in conformity with accounting principles generally accepted in the United States of America.</FONT></P>
<P style="margin:2.1mm 0 0 80.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">DELOITTE &amp; TOUCHE LLP</FONT></P>
<P style="margin:8.4mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">New York, New York<br>December 30, 2009</FONT></P>


<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">F-1</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>


<P align="center" style="margin:4.2mm 0; "><FONT style="font-family:serif; font-size:4.5mm; "><B><a name=statement2>ETFS Palladium Trust</B></FONT><FONT style="font-family:serif; font-size:3.8mm; "><B><br>Statement of Financial Condition</a><br>December 30, 2009</B></FONT></P>

<table cellspacing="0" style="margin-left:5.26%;margin-right:5.26%;width:89.48%;" >
<TR valign="bottom">
    <TD style="width:76.97%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:9.87%;" colspan="6"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>


  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Assets:</B></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>


<P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Palladium inventory (fair value $3,930,000)</FONT></P>
</TD>
    <TD width="3">&nbsp;</TD>
    <TD><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
      </FONT></P></TD>
    <TD>
<P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
       3,930,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>


<P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Total Assets</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P>
</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
       3,930,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>


<P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Liabilities and Shareholders&#146; Equity</B></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Liabilities:</B></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Total Liabilities</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "> </FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Commitments and Contingent Liabilities (Note 6)</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Redeemable Shares:</B></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Redeemable capital shares, no par value, unlimited amount authorized, 100,000 outstanding (at redemption value)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P>
</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
       3,930,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>


<P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Shareholders&#146; Equity:</B></FONT></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD colspan="6"><P><font style="font-size:0.2mm">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 10.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Retained earnings</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      &#151;</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:solid 0.2mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom" bgcolor="#e5ffff">
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Total Liabilities and Shareholders&#146; Equity</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P>
</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      $</FONT></P></TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD align="right"><P>
<FONT style="font-family:serif; font-size:3.8mm; ">
       3,930,000</FONT></P></TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>


<P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><font style="font-size:0.2mm">&nbsp;</font></P></TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD colspan="6" style="border-top:double Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
</TABLE>


<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><I>The accompanying notes are an integral part of this financial statement.</I></FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">F-2</FONT></P>
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<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:4.5mm; "><B>ETFS Palladium Trust</B></FONT><FONT style="font-family:serif; font-size:3.8mm; "><B><br>Notes to the Financial Statement</B></FONT></P>
<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>1. Organization</B></FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The ETFS Palladium Trust (the &#147;Trust&#148;) is an investment trust formed on December 30, 2009, under New York law pursuant to a trust agreement. The Trust holds palladium and issues shares (&#147;Shares&#148;) (in minimum blocks of 50,000 Shares, also referred to as &#147;Baskets&#148;) in exchange for deposits of
  palladium and distributes palladium in connection with redemption of Baskets. The Trust&#146;s sponsor is ETF Securities USA LLC (the &#147;Sponsor&#148;), a Delaware limited liability company whose sole member is ETF Securities Limited, a Jersey company. The Sponsor is responsible for, among other things,
  overseeing the performance of The Bank of New York Mellon (the &#147;Trustee&#148;) and the Trust&#146;s principal service providers. The Trustee is responsible for the day-to-day administration of the Trust.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Susquehanna Capital Group, also known as the Lead Market Maker, is the Initial Purchaser and contributed 10,000 ounces of palladium in exchange for 100,000 Shares on December&nbsp;30, 2009. At contribution, the value of the palladium deposited with the Trust was based on the price of an ounce
  of palladium of $393. The Initial Purchaser owns 100% of the outstanding Shares. The Initial Purchaser is not affiliated with the Sponsor or the Trustee.</FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The investment objective of the Trust is for the Shares to reflect the performance of the price of physical palladium, less the expenses of the Trust&#146;s operations. The Trust is designed to provide a vehicle for investors to own interests in palladium.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The fiscal year end for the Trust is December 31.</FONT></P>
<P style="margin:3.5mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>2. Significant Accounting Policies</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The following is a summary of significant accounting policies followed by the Trust.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could
  differ from those estimates.</FONT></P>
<P style="margin:3.5mm 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><B>A. Valuation of Palladium</B></FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Loco London allocated palladium is held by JPMorgan Chase Bank, N.A. (the &#147;Custodian&#148;), on behalf of the Trust, at its London, England vaulting premises on a segregated basis. The Custodian has selected UBS AG (the &#147;Zurich Sub-Custodian&#148;) to hold the Trust&#146;s loco Zurich allocated palladium
  at its Zurich, Switzerland vaulting premises on a segregated basis. The Trust&#146;s palladium is valued, for financial statement purposes, at the lower of cost or market. The cost of palladium is determined according to the average cost method and the market value is based on 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 palladium, used to determine the net asset value of the Trust. Realized gains and losses on sales of palladium, or palladium distributed for the redemption of Shares, are calculated on a trade date
  basis using average cost.</FONT></P>


<P style="margin:3.5mm 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><B>B. Creations and Redemptions of Shares</B></FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust expects to 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 Trust issues Shares in Baskets to certain authorized participants (&#147;Authorized Participants&#148;) on an ongoing basis. The creation and redemption of
  Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of palladium represented by the Baskets being created or redeemed, the amount of which will be based on the combined net asset value of the number of Shares included in the Baskets being
  created or redeemed determined on the day the order to create or redeem Baskets is properly received.</FONT></P>


<P style="text-indent:7mm; margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Shares are issued and redeemed continuously in aggregations of 50,000 Shares in exchange for palladium rather than cash. Individual investors cannot purchase or redeem Shares in direct </FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">F-3</FONT></P>
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<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:4.5mm; "><B>ETFS Palladium Trust</B></FONT><FONT style="font-family:serif; font-size:3.8mm; "><B><br>Notes to the Financial Statement</B></FONT></P>
<P><FONT style="font-family:serif; font-size:3.8mm; ">transactions with the Trust. The Trust only deals with registered broker-dealers eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and which have entered into a contractual arrangement with the Trustee and the Sponsor governing, among other
  matters, the creation and redemption processes. Holders of Shares of the Trust may redeem their Shares at any time acting through an Authorized Participant and in the prescribed aggregations of 50,000 Shares; provided, that redemptions of Shares may be suspended during any period while regular
  trading on the NYSE Arca is suspended or restricted, or in which an emergency exists as a result of which delivery, disposal or evaluation of palladium is not reasonably practicable.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Shares are classified as &#147;Redeemable Capital Shares&#148; for financial statement purposes, since they are subject to redemption at the option of Authorized Participants. Outstanding Shares are reflected at redemption value, which represents the maximum obligation (based on net asset value per
  Share), with the difference from historical cost recorded as an offsetting amount to Retained Earnings.</FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">At December 30, 2009, there are no Shares whose redemption value exceeds their historical value.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">At December 30, 2009, 100,000 Shares are outstanding.</FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The typical settlement period for Shares is three business days. In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The per-Share amount of palladium exchanged for a purchase or redemption is calculated daily by the Trustee, using the London PM Fix to calculate the palladium amount in respect of any liabilities for which covering palladium sales have not yet been made, and represents the per-Share amount of
  palladium held by the Trust, after giving effect to its liabilities, sales to cover expenses and liabilities and any losses that may have occurred.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">When palladium is exchanged in settlement of redemption, it is considered a sale of palladium for financial statement purposes, with a gain or loss recognized currently.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Net asset value is computed by deducting all accrued fees, expenses and other liabilities of the Trust, including Sponsor&#146;s fees, from the fair value of the palladium held by the Trust.</FONT></P>
<P style="margin:4.2mm 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><B>C. Investment in Palladium</B></FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">At December 30, 2009, the Trust owned 10,000 ounces of palladium, with a carrying value (lower of cost or market basis) of $3,930,000.</FONT></P>


<P style="margin:4.2mm 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><B>D. Expenses</B></FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust will pay to the Sponsor a fee that will accrue daily at an annualized rate equal to 0.60% of the adjusted daily net asset value (&#147;ANAV&#148;) of the Trust, paid monthly in arrears (&#147;Sponsor&#146;s Fee&#148;).</FONT></P>


<P style="margin:4.2mm 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; "><B>E. Income Taxes</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 will &#147;flow through&#148; to the Shareholders, and the Trustee will report the Trust&#146;s proceeds, income,
  deductions, gains, and losses to the Internal Revenue Service on that basis.</FONT></P>


<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>3. Organizational and Offering Costs</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Expenses incurred in organizing of the Trust and the initial offering of the Shares, including applicable SEC registration fees, are approximately $1,190,905, and will be borne directly by the Sponsor. The Trust will not be obligated to reimburse the Sponsor.</FONT></P>


<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">F-4</FONT></P>
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<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:4.5mm; "><B>ETFS Palladium Trust</B></FONT><FONT style="font-family:serif; font-size:3.8mm; "><B><br>Notes to the Financial Statement</B></FONT></P>
<P style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>4. Related Parties&#151;Sponsor, Trustee, Custodian and Marketing Agent Fees</B></FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Fees are paid to the Sponsor as compensation for services performed under the Trust Agreement and for the following administrative and marketing expenses incurred by the Trust: the Trustee&#146;s fee and out-of-pocket expenses, the Custodian&#146;s fee and reimbursement of the Custodian expenses under
  the Custody Agreements, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $100,000 per annum in legal fees and expenses. The Sponsor&#146;s Fee will accrue daily at an annualized rate equal to 0.60% of the ANAV of the Trust and will be payable
  monthly in palladium, in arrears. 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 intends not to waive any of its fee.</FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Affiliates of the Trustee may from time to time act as Authorized Participants or purchase or sell palladium or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.</FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian is JPMorgan Chase Bank, N.A. The Custodian is responsible for the safekeeping of the Trust&#146;s palladium deposited with it by Authorized Participants in connection with the creation of Baskets. The Custodian also facilitates the transfer of palladium in and out of the Trust through
  palladium accounts it or its subcustodians, including the Zurich Sub-Custodian, will maintain for the Trust and accounts it or another palladium clearing bank will maintain for Authorized Participants. The Custodian is a market maker, clearer and approved weigher under the rules of the London Platinum
  and Palladium Market (&#147;LPPM&#148;). 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 Palladium.&#148;</FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Custodian and its affiliates may from time to time act as Authorized Participants or purchase or sell palladium or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.</FONT></P>
<P style="margin:3.5mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>5. Concentration of Risk</B></FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The Trust&#146;s sole business activity is the investment in palladium. Several factors could affect the price of palladium: (i) global palladium supply and demand, which is influenced by such factors as forward selling by palladium producers, purchases made by palladium producers to unwind palladium
  hedge positions, central bank purchases and sales, and production and cost levels in major palladium-producing countries; (ii) investors&#146; expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity
  funds; and (vi) global or regional political, economic or financial events and situations. In addition, there is no assurance that palladium will maintain its long-term value in terms of purchasing power in the future. In the event that the price of palladium declines, the Sponsor expects the value of an
  investment in the Shares to decline proportionately. Each of these events could have a material effect on the Trust&#146;s financial position and results of operations.</FONT></P>


<P style="margin:3.5mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>6. Indemnification</B></FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Under the Trust Agreement, each of the Trustee (and its directors, employees and agents) and the Sponsor (and its members, managers, directors, officers, employees, affiliates) is indemnified against any liability, cost or expense it incurs without gross negligence, bad faith or willful misconduct on its
  part and without reckless disregard on its part of its obligations and duties under the Trust&#146;s organizational documents. The Trust&#146;s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.</FONT></P>
<P style="margin:3.5mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>7. Subsequent Events</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Events subsequent to the balance sheet date have been evaluated for inclusion in the accompanying financial statement through the issuance date, December 30, 2009.</FONT></P>


<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">F-5</FONT></P>
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<P style="text-indent:7mm; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="center" style="width:8.00pc; height:0.50pt;;"></FONT></P>
<P align="center" style="margin:6.3mm 0 4.2mm; "><FONT style="font-family:serif; font-size:3.8mm; "><B>PROSPECTUS</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="center" style="width:8.00pc; height:0.50pt;;"></FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:5.9mm; "><B>ETFS Palladium Trust</B></FONT></P>


<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:5.2mm; ">12,880,000 ETFS Physical Palladium Shares</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Until January 24, 2010 (25 calendar days after the date of this prospectus), all dealers effecting transactions in the Shares, whether or not participating in this distribution, may be required to deliver a prospectus. This requirement is in addition to the obligations of dealers to deliver a prospectus when
  acting as underwriters and with respect to unsold allotments or subscriptions.</FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>December 30, 2009</B></FONT></P>


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<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>PART II&#151;INFORMATION NOT REQUIRED IN PROSPECTUS</B></FONT></P>
<P align="center" style="margin:3.5mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>TABLE OF CONTENTS</B></FONT></P>
<P style="margin:3.5mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Item 13. Other Expenses of Issuance and Distribution.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 ETF Securities USA LLC, the sponsor of the Registrant (&#147;Sponsor&#148;).</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Item 14. Indemnification of Directors and Officers.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">II-1</FONT></P>
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<P style="text-indent:7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">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 style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Item 15. Recent Sales of Unregistered Securities.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Not applicable.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Item 16. Exhibits and Financial Statement Schedules.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">(a) Exhibits</FONT></P>

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    <TD style="width:13.16%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:86.84%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Exhibit<br>Number</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Description</B></FONT></P></TD>
  </TR>


  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      4.1</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Depositary Trust Agreement (the &#147;Trust Agreement&#148;)</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">4.2</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Authorized Participant Agreement</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">4.3</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Global Certificate (attached as Exhibit A to the Trust Agreement)</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">5.1</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Opinion of Katten Muchin Rosenman LLP as to legality</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">8.1</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Opinion of Katten Muchin Rosenman LLP as to tax matters</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">10.1</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Allocated Account Agreement</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">10.2</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Unallocated Account Agreement</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">10.3</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Depository Agreement</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">10.4</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Marketing Agent Agreement</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">23.1</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Consent of Deloitte &amp; Touche LLP</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">23.2</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>


<P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">Consents of Katten Muchin Rosenman LLP are included in Exhibits 5.1 and 8.1</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD>

      <P style="margin:0; "><FONT style="font-family:serif; font-size:3.8mm; ">24.1</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Powers of attorney are included on the signature page to this registration statement of the Trust filed with the Securities and Exchange Commission on October 20, 2009.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      99.1</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:serif; font-size:3.8mm; ">
      Opinion of Katten Muchin Rosenman Cornish LLP</FONT></P></TD>
  </TR>
</TABLE>




<TABLE cellspacing=0 cellpadding=0 style="margin-left:1.67pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:19pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      (b)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><FONT style="font-family:serif; font-size:3.8mm; ">
      Financial Statement Schedules</FONT>
    <P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Not applicable.</FONT></P>
<P style="margin:6.3mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>Item 17. Undertakings.</B></FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">The undersigned Registrant hereby undertakes:</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0 7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0 14.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(i) To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0 14.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
  statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in
  the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the
  effective registration statement; and</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0 14.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">II-2</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P style="text-indent:7mm; margin:0 0 0 7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(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>
<P style="text-indent:7mm; margin:2.1mm 0 0 7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0 7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(4) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0 14.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(i) If the Registrant is relying on Rule 430B (&sect;230.430B of this chapter):</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0 14.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(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>
<P style="text-indent:7mm; margin:2.1mm 0 0 14.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(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>
<P style="text-indent:7mm; margin:2.1mm 0 0 14.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(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>
<P style="text-indent:7mm; margin:2.1mm 0 0 7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(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>
<P style="text-indent:7mm; margin:2.1mm 0 0 7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of
  any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0 14.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(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>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">II-3</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">
<PAGE>
<P style="text-indent:7mm; margin:0 0 0 14.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0 14.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0 14.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(iv) Any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.</FONT></P>
<P style="text-indent:7mm; margin:2.1mm 0 0 7mm; "><FONT style="font-family:serif; font-size:3.8mm; ">(6) That insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and
  Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director,
  officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by
  controlling precedent, submit to a court of appropriate jurisdiction the question 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" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">II-4</FONT></P>
<p><hr color=#000000 noshade></p>
<p style="page-break-before: always">

<PAGE>

<P align="center" style="margin:4.2mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "><B>SIGNATURES</B></FONT></P>


<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">Pursuant to the requirements of the Securities Act of 1933, the Registrant has duly caused this amendment to the registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of St. Helier, Jersey on December 30, 2009.</FONT></P>


<P style="margin:6.3mm 0 0 80.1mm; "><FONT style="font-family:serif; font-size:3.8mm; ">ETF SECURITIES USA LLC<br>Sponsor of the ETFS Palladium Trust</FONT></P>
<TABLE style="margin:9.2mm 0 0 80.1mm; font-size:0.5mm; ">
  <TR valign="top">
    <TD style="width:0%;"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      By: </FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="margin:0 0 0.4mm; "><FONT style="font-family:serif; font-size:3.8mm; ">/s/ G</FONT><FONT style="font-family:serif; font-size:2.8mm; ">RAHAM</FONT><FONT style="font-family:serif; font-size:3.8mm; ">
 T</FONT><FONT style="font-family:serif; font-size:2.8mm; ">UCKWELL</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 1mm; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="center" style="width:100%; height:0.50pt;;"></FONT></P>
    <P style="margin:-0.6mm 0 0; text-align:left;margin-top:-10pt;"><FONT style="font-family:serif; font-size:3.1mm; "><B>Graham Tuckwell<br>President and Chief Executive Officer</B></FONT></P>
    <P align="left" style="margin:0; ">&nbsp;</P><P style="margin-bottom:-6pt;">&nbsp;</P></TD>
  </TR>
</TABLE>

<P style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">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 cellspacing="0" style="margin-left:0.00%;margin-right:0.00%;width:100.00%;">
  <TR valign="bottom">
    <TD colspan="3" align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Signature</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Capacity</B></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="center" style="border-bottom:solid 0.2mm Black; "><P><FONT style="font-family:serif; font-size:3.1mm; "><B>
      Date</B></FONT></P></TD>
  </TR>
  <TR valign="bottom">
    <TD align="center"><P><FONT style="font-family:serif; font-size:4.5mm; ">
&nbsp;</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD colspan="3" border:solid ="width:30.89%;">
    <P style="margin:2.1mm 0 0; text-align:center;"><FONT style="font-family:serif; font-size:3.8mm; ">/s/ G</FONT><FONT style="font-family:serif; font-size:2.8mm; ">RAHAM</FONT><FONT style="font-family:serif; font-size:3.8mm; ">
 T</FONT><FONT style="font-family:serif; font-size:2.8mm; ">UCKWELL</FONT></P>
    <P style="text-indent:7mm; margin:2.1mm 0 1mm; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="center" style="width:100%; height:0.50pt;;"></FONT></P>
    <P align="center" style="margin:-0.6mm 0 0; text-align:center;margin-top:-10pt;"><FONT style="font-family:serif; font-size:3.1mm; "><B>Graham Tuckwell</B></FONT></P><P style="margin-bottom:-6pt;">&nbsp;</P></TD>
    <TD width="3">&nbsp;</TD>
    <TD style="width:45.03%;">
    <P style="text-indent:-3.5mm; margin:2.1mm 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">President and Chief Executive Officer (principal executive officer)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="right" style="width:18.82%;">


<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">December 30, 2009</FONT></P>
</TD>
  </TR>
  <TR valign="top">
    <TD colspan="3" border:solid ="width:30.89%;">

      <P style="margin:2.1mm 0 0; text-align:center;"><FONT style="font-family:serif; font-size:3.8mm; ">/s/ G</FONT><FONT style="font-family:serif; font-size:2.8mm; ">REG</FONT><FONT style="font-family:serif; font-size:3.8mm; ">
 B</FONT><FONT style="font-family:serif; font-size:2.8mm; ">URGESS</FONT></P>
      <P style="text-indent:7mm; margin:2.1mm 0 1mm; "><FONT style="font-family:serif; font-size:3.8mm; "><hr noshade="noshade" color="k" align="center" style="width:100%; height:0.50pt;;"></FONT></P>
      <P align="center" style="margin:-0.6mm 0 0; text-align:center;margin-top:-10pt;"><FONT style="font-family:serif; font-size:3.1mm; "><B>Greg Burgess</B></FONT></P><P style="margin-bottom:-6pt;">&nbsp;</P></TD>
    <TD width="3">&nbsp;</TD>
    <TD style="width:45.03%;">
    <P style="text-indent:-3.5mm; margin:2.1mm 0 0 3.5mm; "><FONT style="font-family:serif; font-size:3.8mm; ">Chief Financial Officer and Treasurer (principal financial officer and principal accounting officer)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD align="right" style="width:18.82%;">


<P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">December 30, 2009</FONT></P>
</TD>
  </TR>
</TABLE>




<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00pc;font-size:0.2mm;">
  <TR valign="top">
    <TD style="width:7pt;"><p style="margin-top:8pt;">&nbsp;</p></td>

  </TR>
  <TR valign="top">
    <TD align="right"><P><FONT style="font-family:serif; font-size:3.8mm; ">
      *</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <td><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD colspan="17"><FONT style="font-family:serif; font-size:3.8mm; ">
      The Registrant will be a trust and the persons are signing in their capacities as officers of ETF Securities USA LLC, the Sponsor of the Registrant.</FONT>
    <P style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; "></FONT></P></TD>
  </TR>

</TABLE>

<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:serif; font-size:3.8mm; ">II-5</FONT></P>
<p><hr color=#000000 noshade></p>
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end
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>4
<FILENAME>c58962_ex4-1.htm
<TEXT>
<html>
<head>
<title> </title>
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<body bgcolor="#ffffff" style='font-family:"Times New Roman"'>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:right;'><b><font style='font-size:10pt'>Exhibit 4.1</font></b></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>DEPOSITARY TRUST AGREEMENT</font></B></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>ETF SECURITIES USA LLC</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>as Sponsor</font></b></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><b><font style='font-size:10pt'>and</font></b></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>THE BANK OF NEW YORK MELLON,</font></B></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><b><font style='font-size:10pt'>as Trustee<br>
  <br>
</font></b></p>
<hr noshade="noshade" align="center" Width="120" >
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><b><font style='font-size:10pt'>Depositary Trust Agreement</font></b></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><b><font style='font-size:10pt'>ETFS Palladium Trust<br>

</font></b></p>
<hr noshade="noshade" align="center" Width="120" >
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><b><font style='font-size:10pt'>Dated as of December 30, 2009</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>TABLE OF CONTENTS</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="15%" valign=top >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="2%" valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="73%" valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="6%" valign=bottom style='border-bottom: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Page</font></b></p> </td> </tr>
 <tr>
        <td colspan="3" valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Article I. DEFINITIONS AND RULES OF CONSTRUCTION</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>1</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 1.1</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Definitions</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>1</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 1.2</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Rules of Construction</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>5</font></b></p> </td> </tr>
 <tr>
        <td colspan="3" valign=top >
                        <p style=' margin-left:8.65pt; text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Article II. CREATION AND DECLARATION OF TRUSTS; FORM OF CERTIFICATES; DEPOSIT OF PALLADIUM; DELIVERY, REGISTRATION OF TRANSFER AND SURRENDER OF SHARES</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>6</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 2.1</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Creation and Declaration of Trust; Business of the Trust</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>6</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 2.2</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Form of Certificates; Book-Entry System; Transferability of Shares</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>6</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 2.3</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Deposit of Palladium</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>8</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 2.4</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Delivery of Shares</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>9</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 2.5</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Registration and Registration of Transfer of Shares; Combination and Split-up of Certificates</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>9</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 2.6</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Surrender of Shares and Withdrawal of Trust Property</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>10</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 2.7</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Limitations on Delivery, Registration of Transfer and Surrender of Shares</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>11</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 2.8</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Lost Certificates, Etc.</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>11</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 2.9</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Cancellation and Destruction of Surrendered Certificates</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>11</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 2.10</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Splits and Reverse Splits of Shares</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>12</font></b></p> </td> </tr>
 <tr>
        <td colspan="3" valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Article III. CERTAIN OBLIGATIONS OF REGISTERED OWNERS OF SHARES</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>12</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 3.1</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Liability of Registered Owner for Taxes and Other Governmental Charges</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>12</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 3.2</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Warranties on Deposit of Palladium</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>12</font></b></p> </td> </tr>
 <tr>
        <td colspan="3" valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Article IV. ADMINISTRATION OF THE TRUST</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>13</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 4.1</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Evaluation of Palladium</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>13</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 4.2</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Responsibility of the Trustee for Evaluations</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>13</font></b></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font STYLE='FONT-SIZE:10PT'>i</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="15%" valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 4.3</font></b></p> </td>
        <td width="2%" valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="73%" valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Trust Evaluation</font></b></p> </td>
        <td width="2%" valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="6%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>13</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 4.4</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Cash Distributions</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>14</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 4.5</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Other Distributions</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>14</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 4.6</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Fixing of Record Date</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>15</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 4.7</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Payment of Expenses; Palladium Sales</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>15</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 4.8</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Statements and Reports</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>16</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 4.9</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Further Provisions for Palladium Sales</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>16</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 4.10</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Counsel</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>17</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 4.11</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Grantor Trust</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>17</font></b></p> </td> </tr>
 <tr>
        <td colspan="3" valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Article V. THE TRUSTEE AND THE SPONSOR</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>17</font></b></p> </td> </tr>
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        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 5.1</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Maintenance of Office and Transfer Books by the Trustee</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>17</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 5.2</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Prevention or Delay in Performance by the Sponsor or the Trustee</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>17</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 5.3</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Obligations of the Sponsor and the Trustee</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>18</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 5.4</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Resignation or Removal of the Trustee; Appointment of Successor Trustee</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>22</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 5.5</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>The Custodian</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>23</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 5.6</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Indemnification</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>24</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 5.7</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Charges of Trustee</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>25</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 5.8</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Charges of Sponsor</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>26</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 5.9</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Retention of Trust Documents</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>27</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 5.10</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Federal Securities Law Filings</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>27</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 5.11</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Prospectus Delivery</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>28</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 5.12</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Discretionary Actions by Trustee; Consultation</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>28</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 5.13</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Dissolution of the Sponsor Not to Terminate Trust</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>28</font></b></p> </td> </tr>
 <tr>
        <td colspan="3" valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Article VI. AMENDMENT AND TERMINATION</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>28</font></b></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>ii</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="15%" valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 6.1</font></b></p> </td>
        <td width="2%" valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="73%" valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Amendment</font></b></p> </td>
        <td width="2%" valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="6%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>28</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 6.2</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Termination</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>29</font></b></p> </td> </tr>
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        <td colspan="3" valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Article VII. MISCELLANEOUS</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>30</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 7.1</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Counterparts</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>30</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 7.2</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Third-Party Beneficiaries</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>31</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 7.3</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Severability</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>31</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 7.4</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Certain Matters Relating to Beneficial Owners</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>31</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 7.5</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Notices</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>32</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 7.6</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Agent for Service; Submission to Jurisdiction</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>33</font></b></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Section 7.7</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Governing Law</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>33</font></b></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>iii</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>DEPOSITARY TRUST AGREEMENT</font></B></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>THIS DEPOSITARY TRUST AGREEMENT dated as of December 30, 2009, between ETF SECURITIES USA LLC, a Delaware limited liability company, as sponsor, and THE BANK OF NEW YORK MELLON, a New York banking corporation, as trustee. </font></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>WITNESSETH:</font></B></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>WHEREAS the Sponsor desires to establish a trust, to be known as the &#147;ETFS Palladium Trust&#148;, pursuant to the laws of the State of New York; and </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>WHEREAS the Sponsor desires to establish the terms on which Palladium (as herein defined) may be deposited in the trust and provide for the creation of ETFS Physical Palladium Shares in Baskets (as herein defined) representing fractional undivided interests in the net assets of the trust and the execution and delivery of Certificates (as herein defined) evidencing the ETFS Physical Palladium Shares; and </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>WHEREAS the Sponsor desires to provide for other terms and conditions upon which the trust shall be established and administered, as hereinafter provided; </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>NOW, THEREFORE, in consideration of the premises and of the mutual agreements herein contained, the Sponsor and the Trustee hereby agree as follows: </font></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>ARTICLE I.</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>DEFINITIONS AND RULES OF CONSTRUCTION</font></B></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 1.1 </font><u><font style='font-size:10pt'>Definitions</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Except as otherwise specified in this Depositary Trust Agreement or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Depositary Trust Agreement. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Adjusted Net Asset Value&#148; means the adjusted net asset value of the Trust as determined under Section 4.3.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Agreement&#148; means this Depositary Trust Agreement, as amended or supplemented in accordance with its terms. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Authorized Participant&#148; means a Person that, at the time of submitting a Purchase Order or a Redemption Order (i) is a registered broker-dealer, (ii) is a DTC Participant or an Indirect Participant and (iii) has in effect a valid Authorized Participant Agreement. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Authorized Participant Agreement&#148; means an agreement among the Trustee, the Sponsor and an Authorized Participant that authorizes the Authorized Participant to submit Purchase Orders and Redemption Orders under this Agreement. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Basket&#148; means 50,000 Shares, except that the Trustee, in consultation with the Sponsor, may from time to time increase or decrease the number of Shares comprising a Basket. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>1</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Basket Palladium Amount&#148; is the amount of Palladium that must be deposited for issuance of one Basket or that is deliverable upon Surrender of one Basket. The Basket Palladium Amount will be determined as provided in Section 2.3(b). </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Benchmark
    Price&#148; means, as of any day, (i) such day&#146;s
    London PM Fix; or (ii) other publicly available price as the Sponsor may
    determine fairly represents the commercial value of Palladium held by the
Trust. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Beneficial Owner&#148; means any Person owning a beneficial interest in any Shares. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Business Day&#148; means any day other than (i) a Saturday or Sunday or (ii) a day on which the Exchange is not open for regular trading. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Certificate&#148; means a certificate that is executed and delivered by the Trustee under this Agreement evidencing Shares. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;CFTC&#148; means the Commodity Futures Trading Commission or any successor governmental agency in the United States. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Commission&#148; means the Securities and Exchange Commission of the United States or any successor governmental agency in the United States. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Corporate Trust Office&#148; means the office of the Trustee at which its depositary receipt business is administered which, at the date of this Agreement, is located at 101 Barclay Street, New York, New York 10286. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Custodian&#148; means the Initial Custodian and any substitute or additional Custodian appointed by the Trustee at the direction of or as approved by the Sponsor as provided in Section 5.5 and, where the context permits, any sub-custodians employed by the Initial Custodian, including any Zurich Sub-Custodian, or any such substitute or additional Custodian.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Custody Agreements&#148; shall mean the Trust Unallocated Account Agreement and the Trust Allocated Account Agreement and any custody agreement entered into pursuant to Section 5.5 with a substitute or additional Custodian.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Delivery&#148; means (a) when used with respect to Palladium, obtaining an acknowledgement from the Custodian of a credit of Palladium on an Unallocated Basis to the account of the Person entitled to that delivery and (b) when used with respect to Shares, one or more book-entry transfers of those Shares to an account or accounts at the Depository designated by the Person entitled to such delivery for further credit as specified by that Person. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Depositor&#148; means any Authorized Participant that deposits Palladium into the Trust, either for its own account or on behalf of another Person that is the owner or beneficial owner of that Palladium. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Depository&#148; means DTC and such other successor depository of Shares as may be selected by the Sponsor and the Trustee as provided herein.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>2</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;DTC&#148; means The Depository Trust Company, its nominees and their respective successors. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;DTC Participant&#148; means a Person that, pursuant to DTC&#146;s governing documents, is entitled to deposit securities with DTC in its capacity as a &#147;participant&#148;. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Exchange&#148; means the exchange or other securities market on which the Shares are principally traded, as specified from time to time by the Sponsor. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Exchange Act&#148; has the meaning ascribed to such term in Section 4.8(b) hereof. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Indirect Participant&#148; means a Person that, by clearing securities through, or maintaining a custodial relationship with, a DTC participant, has access to the DTC clearing system. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Initial Custodian&#148; means JPMorgan Chase Bank, N.A., as Custodian under the Custody Agreements.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Initial Zurich Sub-Custodian&#148; means UBS AG, as the initial Zurich Sub-Custodian under the Trust Allocated Account Agreement.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Internal Control Over Financial Reporting&#148; has the meaning ascribed to such term in Rules 13a-15(f) and 15(d)-15(f) adopted by the Commission under the Exchange Act. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;London PM Fix&#148; means the afternoon session of the twice daily fix of the price of an ounce of palladium which starts at 2:00 PM London, England time and is performed in London by the four members of the London palladium fix.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;LPPM&#148; means The London Platinum and Palladium Market. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Net Asset Value&#148; means the net value of the Trust determined under Section 4.3. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Net Asset Value per Share&#148; means the value of a Share determined under Section 4.3. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Order Cutoff Time&#148; means, with respect to any Business Day, (i) 4:00 p.m. (New York time) on such Business Day or (ii) another time agreed to by the Sponsor and the Trustee and of which Registered Owners and all existing Authorized Participants have been notified by the Trustee. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Order Date&#148; means, with respect to a Purchase Order, the date specified in Section 2.3(a) and, with respect to a Redemption Order, the date specified in Section 2.6(a). </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Ounce&#148; means one troy ounce, equal to 31.103 grams, with a minimum fineness of 999.5 parts per 1,000 palladium.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Person&#148; means any natural person or any limited liability company, corporation, partnership, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>3</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Palladium&#148; means (a) palladium that meets the requirements of &#147;good delivery&#148; under the rules of the LPPM and (b) credit to an account on an Unallocated Basis representing the right to receive palladium that meets the requirements of part (a) of this definition. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Procedures&#148; means the procedures for Purchase Orders and Redemption Orders attached to the Authorized Participant Agreement, as modified by the Trustee from time to time.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Purchase Order&#148; is defined in Section 2.3. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#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 Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), 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 $150,000,000.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Redemption Order&#148; is defined in Section 2.6. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Registered Owner&#148; means the Person in whose name Shares are registered on the books of the Trustee maintained for that purpose. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Registrar&#148; means any bank or trust company that is appointed to register Shares and transfers of Shares as herein provided. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Shares&#148; means ETFS Physical Palladium Shares created under this Agreement, each representing a fractional undivided ownership interest in the net assets of the Trust, which interest shall equal a fraction, the numerator of which is 1 and the denominator of which is the total number of Shares outstanding. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Sponsor&#148; means ETF Securities USA LLC, a Delaware limited liability company, or its successor. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Surrender&#148; means, when used with respect to Shares, one or more book-entry transfers of Shares to the Depository account of the Trustee. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Trust&#148; means the ETFS Palladium Trust, the trust entity created by this Agreement. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'> &#147;Trust Allocated Account&#148; shall mean the loco London account or the loco Zurich account maintained for the Trust by the Initial Custodian pursuant to the Trust Allocated Account Agreement, or another account maintained for the Trust by a successor Custodian on an allocated basis, as the case may be. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>4</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Trust Allocated Account Agreement&#148; shall mean the Allocated Account Agreement of even date herewith between the Custodian and the Trustee the form of which is attached as Exhibit B. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Trust Unallocated Account&#148; shall mean the loco London account or the loco Zurich account maintained for the Trust by the Initial Custodian pursuant to the Trust Unallocated Account Agreement, or another account maintained for the Trust by a successor Custodian on an Unallocated Basis, as the case may be.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Trust Unallocated Account Agreement&#148; shall mean the Unallocated Account Agreement of even date herewith between the Custodian and the Trustee the form of which is attached as Exhibit C.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Trustee&#148; means The Bank of New York Mellon, a New York banking corporation, in its capacity as trustee under this Agreement, or any successor as trustee under this Agreement. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Trust Property&#148; means the Palladium that the Custodian credits to the Trust Allocated Account and the Trust Unallocated Account in accordance with the Custody Agreements, all other property held by the Custodian for the account of the Trust and any cash or other property that is received by the Trustee in respect thereof or which is otherwise being held by or for it under this Agreement. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Unallocated Basis&#148; means that the Person in whose name Palladium is so held is entitled to receive delivery of Palladium standing to the credit of that Person&#146;s account, but that Person has no ownership interest in any particular Palladium that the custodian maintaining that account owns or holds. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>&#147;Zurich Sub-Custodian&#148; means any firm, including the Initial Zurich Sub-Custodian, selected by the Custodian to hold Palladium on behalf of the Custodian in such firm&#146;s Zurich vault premises on a segregated basis in the manner provided for in the Trust Allocated Account Agreement.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 1.2 </font><u><font style='font-size:10pt'>Rules of Construction</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Unless the context otherwise requires: </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(i) a term has the meaning assigned to it; </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(ii) an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles as in effect in the United States; </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(iii) &#147;or&#148; is not exclusive; </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(iv) the words &#147;herein,&#148; &#147;hereof,&#148; &#147;hereunder&#148; and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision; </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>5</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(v) &#147;including&#148; means including without limitation; </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(vi) words in the singular include the plural and words in the plural include the singular; and</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(vii) a term defined in any part of speech shall have the corresponding meaning when capitalized and used herein in another part of speech. </font></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>ARTICLE II.</font></B></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><font STYLE='FONT-SIZE:10PT'>CREATION AND DECLARATION OF TRUSTS; </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font STYLE='FONT-SIZE:10PT'>FORM OF CERTIFICATES; DEPOSIT OF PALLADIUM; </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font STYLE='FONT-SIZE:10PT'>DELIVERY, REGISTRATION OF TRANSFER AND SURRENDER OF SHARES</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 2.1 </font><u><font style='font-size:10pt'>Creation and Declaration of Trust; Business of the Trust</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(a) The Trustee acknowledges that it has received confirmation from the Custodian that the Custodian has received an initial deposit of Palladium from Susquehanna Capital Group, the initial purchaser of the first Basket of Shares, and has credited such deposit to the Trust Allocated Account and Trust Unallocated Account. The Trustee declares that the initial deposit and all other Trust Property shall be owned by the Trust and the Trustee as trustee thereof for the benefit of the Registered Owners for the purposes of, and subject to and limited by the terms and conditions set forth in, this Agreement. The trust created by this Agreement shall be known as the &#147;ETFS Palladium Trust&#148;. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(b) The Trust shall not engage in any business or activities other than those authorized by this Agreement or incidental and necessary to carry out the duties and responsibilities set forth in this Agreement. Other than issuance of the Shares, the Trust shall not issue or sell any certificates or other obligations or, except as provided in this Agreement, otherwise incur, assume or guarantee any indebtedness for money borrowed. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 2.2 </font><u><font style='font-size:10pt'>Form of Certificates; Book-Entry System; Transferability of Shares</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(a) The Certificates evidencing Shares shall be substantially in the form set forth in Exhibit A annexed to this Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided. No Shares shall be entitled to any benefits under this Agreement or be valid or obligatory for any purpose unless a Certificate evidencing those Shares has been executed by the Trustee by the manual or facsimile signature of a duly authorized signatory of the Trustee and, if a Registrar (other than the Trustee) for the Shares shall have been appointed, countersigned by the manual signature of a duly authorized officer of the Registrar. The Trustee shall maintain books on which the registered ownership of each Share and transfers, if any, of such registered ownership shall be recorded. Certificates evidencing Shares bearing the manual or facsimile
signature of a duly authorized signatory of the Trustee and the manual signature of a duly authorized officer of the Registrar, if applicable, who was, at the time such Certificates were executed, a proper signatory of the Trustee or Registrar, if applicable, shall bind the Trustee, notwithstanding that such signatory has ceased to hold such office prior to the delivery of such Certificates. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>6</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(b) The Certificates may be endorsed with or have incorporated in the text thereof such legends or recitals or modifications not inconsistent with the provisions of this Agreement as may be required by the Trustee or required to comply with any applicable law or regulations thereunder or with the rules and regulations of any securities exchange upon which Shares may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which the Shares evidenced by a particular Certificate are subject. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(c) The Sponsor and the Trustee will apply to DTC for acceptance of the Shares in its book-entry settlement system. Shares deposited with DTC shall be evidenced by one or more global Certificates which shall be registered in the name of Cede &amp; Co., as nominee for DTC, and shall bear the following legend: </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><b><font style='font-size:10pt'>UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (&#147;DTC&#148;), TO THE AGENT AUTHORIZED BY THE ISSUER FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &amp; CO., HAS AN INTEREST HEREIN. </font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(d) So long as the Shares are eligible for book-entry settlement with DTC and such settlement is available, unless otherwise required by law, notwithstanding the provisions of Sections 2.2(a) and (b), all Shares shall be evidenced by one or more global Certificates the Registered Owner of which is DTC or a nominee of DTC and (i) no Beneficial Owner of Shares will be entitled to receive a separate Certificate evidencing those Shares, (ii) the interest of a Beneficial Owner in Shares represented by a global Certificate will be shown only on, and transfer of that interest will be effected only through, records maintained by DTC or a DTC Participant or Indirect Participant through which the Beneficial Owner holds that interest and (iii) the rights of a Beneficial Owner with respect to Shares represented by a global Certificate will be exercised only to the extent allowed by, and in
compliance with, the arrangements in effect between such Beneficial Owner and DTC or the DTC Participant or Indirect Participant through which that Beneficial Owner holds an interest in Shares. So long as DTC or another authorized Depository selected by the Sponsor or the Trustee is the Registered Owner, the Trustee and the Sponsor may treat DTC or such other Depository as the absolute owner of the Shares for all purposes whatsoever, including without limitation, the payment of distributions, and the giving of notices of redemption, tender and other matters with respect to the Shares. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(e) If, at any time when Shares are evidenced by a global Certificate, DTC ceases to make its book-entry settlement system available for such Shares, the Trustee shall execute and deliver separate Certificates evidencing Shares to a successor authorized Depository </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>7</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>identified by the Sponsor and available to act, or, if no successor Depository is identified and able to act, the Trustee shall terminate the Trust in accordance with Section 6.2. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(f) Title to a Certificate evidencing Shares (and to the Shares evidenced thereby), when properly endorsed or accompanied by proper instruments of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of New York; provided, however, that the Trustee, notwithstanding any notice to the contrary, may treat the Registered Owner of Shares as the absolute owner thereof for the purpose of determining the person entitled to any distribution or to any notice provided for in this Agreement and for all other purposes. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 2.3 </font><u><font style='font-size:10pt'>Deposit of Palladium</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(a) After the initial deposit of Palladium in the Trust, the issuance and Delivery of Shares will take place only in integral numbers of Baskets and in compliance with the provisions of this Agreement, as supplemented by the Procedures, to the extent those Procedures are consistent with this Agreement. Authorized Participants wishing to acquire from the Trustee one or more Baskets must place an order with the Trustee (a &#147;Purchase Order&#148;) no later than 3:59:59 p.m. (New York time) on any Business Day. Purchase Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark Price is announced will have that Business Day as the Order Date. Purchase Orders received by the Trustee on or after the Order Cutoff Time on a Business Day, or on a Business Day on which the Benchmark Price is not announced, will have as their Order Date the
next Business Day on which the Benchmark Price is announced. As consideration for each Basket acquired, Authorized Participants must deposit with the Custodian, from an account of the Authorized Participant maintained by the Custodian, or, if otherwise expressly permitted by the Procedures, other LPPM-member custodian identified by the Authorized Participant to the Custodian and the Trustee, the Basket Palladium Amount determined by the Trustee on the Order Date of the corresponding Purchase Order. Palladium must be Delivered to the Custodian by credit to the Trust Unallocated Account only. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(b) The Trustee shall determine the Basket Palladium Amount for each Business Day, and the Trustee&#146;s determination of the Basket Palladium Amount and resolution of questions concerning the composition of such Basket Palladium Amount shall be final and binding on all persons interested in the Trust. The initial &#147;Basket Palladium Amount&#148; is 5,000 Ounces of Palladium. After the initial deposit, the &#147;Basket Palladium Amount&#148; for each Business Day shall be an amount of Palladium equal to the result obtained by subtracting the number of Ounces of Palladium constituting the unpaid expense accrual from the total Ounces of Palladium in the Trust and then dividing by the number of Baskets outstanding. Fractions of an Ounce of Palladium included in the Basket Palladium Amount smaller than 0.001 Ounce shall be disregarded. The Sponsor intends to publish, or may
designate other persons to publish, for each Business Day, the Basket Palladium Amount. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(c) If the Trust Property includes money or any property other than Palladium, no deposits of Palladium will be accepted until after a record date for distribution of that money or property, or proceeds of that property, has passed. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>8</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(d) All deposited Palladium shall be owned by the Trust and held for the Trust by the Custodian. Pursuant to the Unallocated Account Agreement, the Custodian agrees to use reasonable efforts to minimize the amount of Palladium held for the Trust on an Unallocated Basis at all times and the Custodian must allocate ownership of Palladium plates or ingots to the Trust such that no more than 192 Ounces of Palladium are held on an Unallocated Basis for the Trust at the end of each business day of the Custodian. Cash and any assets of the Trust other than Palladium shall be held by the Trustee at such place and in such manner as the Trustee shall determine. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 2.4 </font><u><font style='font-size:10pt'>Delivery of Shares</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Upon receipt by the Trustee of a Purchase Order and the other documents required as above specified, if any, and a confirmation from the Custodian that the Basket Palladium Amount has been Delivered to the Custodian for each Basket of Shares requested in such Purchase Order and the Custodian is holding that Palladium for the account of the Trust, the Trustee, subject to the terms and conditions of this Agreement and the Procedures, shall Deliver to the Depositor the number of Baskets of Shares issuable in respect of such deposit as requested in the corresponding Purchase Order, but only upon payment to the Trustee of the fees and expenses of the Trustee as provided in Section 5.7 and of all taxes and governmental charges and fees payable in connection with such deposit, the transfer of the Palladium and the issuance and Delivery of the Shares. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 2.5 </font><u><font style='font-size:10pt'>Registration and Registration of Transfer of Shares; Combination and Split-up of Certificates</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(a) The Trustee shall keep or cause to be kept a register of Registered Owners of Shares and shall provide for the registration of Shares and the registration of transfers of Shares. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(b) The Trustee, subject to the terms and conditions of this Agreement, shall register transfers of ownership of Shares on its transfer books from time to time, upon any surrender of a Certificate evidencing such Shares, by the Registered Owner in person or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer, and duly stamped as may be required by the laws of the State of New York and of the United States of America. Thereupon, the Trustee shall execute a new Certificate or Certificates evidencing such Shares, and deliver the same to or upon the order of the Person entitled thereto. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(c) The Trustee, subject to the terms and conditions of this Agreement, shall, upon surrender of a Certificate or Certificates evidencing Shares for the purposes of effecting a split-up or combination of that certificate or certificates, execute and deliver one or more new Certificates evidencing those Shares. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(d) The Trustee may, with the written approval of the Sponsor (which approval shall not be unreasonably withheld), appoint one or more co-transfer agents for the purpose of effecting registration of transfers of Shares and combinations and split-ups of Certificates at designated transfer offices on behalf of the Trustee. In carrying out its functions, a co-transfer agent may require evidence of authority and compliance with applicable laws and </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>9</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>other requirements by Registered Owners or Persons entitled to Shares and will be entitled to protection and indemnity to the same extent as the Trustee. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(e) The previous paragraphs of this Section notwithstanding, so long as the Shares are eligible for deposit with a Depository, the sole Registered Owners shall be such Depository or its nominee and transfer of Shares shall be effected solely by the Depository in accordance with its customary practices in effect from time to time.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 2.6 </font><u><font style='font-size:10pt'>Surrender of Shares and Withdrawal of Trust Property</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(a) Upon Surrender of any integral number of Baskets for the purpose of withdrawal of the amount of Trust Property represented thereby, and upon payment of the fee of the Trustee in connection with the Surrender of Shares as provided in Section 5.7 and payment of all taxes and charges payable in connection with such Surrender and withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, the Procedures and the practices of the Depository, an Authorized Participant acting on authority of the Registered Owner of those Shares will be entitled to Delivery, in accordance with the provisions of this Agreement, as supplemented by any procedures attached to an applicable Authorized Participant Agreement, to the extent those procedures are consistent with this Agreement, of the amount of Trust Property at the time represented by such Baskets, including the
Basket Palladium Amounts corresponding to such Baskets on the applicable Order Date (determined as provided below). Authorized Participants wishing to redeem one or more Baskets must place an order with the Trustee (a &#147;Redemption Order&#148;) no later than 3:59:59 p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the Benchmark Price is announced will have that Business Day as the Order Date. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark Price is not announced, will have as their Order Date the next Business Day on which the Benchmark Price is announced. Palladium will be Delivered by the Custodian only by credit to an account of the Authorized Participant maintained by the Custodian or, if otherwise expressly permitted by the Procedures, other LPPM-member custodian identified by the Authorized
Participant to the Custodian and the Trustee on an Unallocated Basis. The Authorized Participant shall bear all risk of any loss from the time the Palladium is paid from the Trust Unallocated Account to the Authorized Participant and neither the Trustee nor the Trust shall have any liability for any such loss. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(b) The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly endorsed in blank or accompanied by proper instruments of transfer in blank. Upon a Surrender of an integral number of Baskets of Shares and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct the Custodian to Deliver, as provided in the preceding paragraph, to or to the order of the Surrendering Authorized Participant the amount of Palladium represented by the Surrendered Baskets of Shares and the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant the amount of any other Trust Property represented by the Surrendered Baskets of Shares. Any Delivery of Palladium other than by credit to an account of the Authorized Participant maintained by the Custodian on an Unallocated Basis
will be at the expense and risk of the Authorized Participant. The Trustee is not required to effect any physical</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>10</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:0%;text-align:left;'><font style='font-size:10pt'>movement of Palladium from one custody location to another to meet any request by a Surrendering Authorized Participant as to where Palladium will be Delivered. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(c) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption of any quantity of Shares for quantities of Palladium that may be smaller or larger than a Basket Palladium Amount by Beneficial Owners who are not Authorized Participants.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'> (d) The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for the sale of Palladium to pay cash proceeds upon the redemption of Shares.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 2.7 </font><u><font style='font-size:10pt'>Limitations on Delivery, Registration of Transfer and Surrender of Shares</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(a) As a condition precedent to the Delivery, registration of transfer, split-up, combination or Surrender of any Shares or withdrawal of any Trust Property, the Trustee or Registrar may require payment from the Depositor or the Authorized Participant Surrendering the Shares of a sum sufficient to reimburse it for any tax or other governmental charges and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to any securities being withdrawn) and payment of any applicable fees as herein provided, may require the production of proof satisfactory to it as to the identity and genuineness of any signature and may also require compliance with any regulations the Trustee may establish consistent with the provisions of this Agreement, including, without limitation, this Section 2.7. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(b) The Delivery of Shares against deposits of Palladium and the registration of transfer of Shares may be suspended generally, or refused with respect to particular requested Deliveries, during any period when the transfer books of the Trustee are closed or if any such action is deemed necessary or advisable by the Trustee or the Sponsor for any reason at any time or from time to time. Except as otherwise provided elsewhere in this Agreement, the Surrender of Shares for purposes of withdrawing Trust Property may be suspended only (i) during any period in which regular trading on the Exchange is suspended or restricted or the Exchange is closed (other than scheduled holiday or weekend closings), or (ii) during an emergency as a result of which Delivery, disposal or evaluation of Palladium is not reasonably practicable. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 2.8 </font><u><font style='font-size:10pt'>Lost Certificates, Etc</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>The Trustee shall execute and deliver a new Certificate of like tenor in exchange and substitution for a mutilated Certificate upon cancellation thereof, or in lieu of and in substitution for a destroyed, lost or stolen Certificate if the Registered Owner thereof has (a) filed with the Trustee (i) a request for such execution and delivery before the Trustee has notice that the Shares evidenced by the Certificate have been acquired by a protected purchaser and (ii) a sufficient indemnity bond, and (b) satisfied any other reasonable requirements imposed by the Trustee. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 2.9 </font><u><font style='font-size:10pt'>Cancellation and Destruction of Surrendered Certificates</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>All Certificates Surrendered to the Trustee shall be canceled by the Trustee. The Trustee is authorized to destroy certificates so canceled. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>11</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 2.10 </font><u><font style='font-size:10pt'>Splits and Reverse Splits of Shares</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>If requested in writing by the Sponsor, the Trustee shall effect a split or reverse split of the Shares as of a record date set by the Trustee in accordance with procedures determined by the Trustee and the Depository. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>If so directed by the Sponsor, the Trustee shall not distribute any fraction of a Share in connection with a split or reverse split of the Shares. The Trustee may sell the aggregated fractions of Shares that would otherwise be distributed in a split or reverse split of the Shares or the amount of Trust Property that would be represented by those Shares and distribute the net proceeds of those Shares or that Trust Property to the Record Owners entitled to them. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>The amount of Trust Property represented by each Share and the Basket Palladium Amount shall be adjusted as appropriate as of the open of business on the Business Day following the record date for a split or reverse split of the Shares. </font></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>ARTICLE III.</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>CERTAIN OBLIGATIONS OF REGISTERED OWNERS OF SHARES</font></B></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 3.1 </font><u><font style='font-size:10pt'>Liability of Registered Owner for Taxes and Other Governmental Charges</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>If any tax or other governmental charge shall become payable by the Trustee with respect to any transfer or redemption of Shares, such tax or other governmental charge shall be payable by the Registered Owner of such Shares to the Trustee. The Trustee shall refuse to effect any registration of transfer of such Shares or any withdrawal of Trust Property represented by such Shares until such payment is made, and may withhold any distributions, or may sell for the account of the Registered Owner thereof Trust Property or Shares, and may apply such distributions or the proceeds of any such sale in payment of such tax or other governmental charge, and the Registered Owner of such Shares shall remain liable for any deficiency. The Trustee shall distribute any net proceeds of a sale made under the preceding sentence that remain, after payment of the tax or other governmental charge, to
the Registered Owners entitled thereto as in the case of a distribution in cash. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 3.2 </font><u><font style='font-size:10pt'>Warranties on Deposit of Palladium</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Every Person depositing Palladium under this Agreement shall be deemed thereby to represent and warrant that the Palladium meets the requirements to be Palladium and contains the required number of Ounces, that the person making such deposit is duly authorized to do so and that at the time of delivery, the Palladium is free and clear of any lien, pledge, encumbrance, right, charge or claim (other than the rights created by this Agreement). All representations and warranties deemed made under this Section 3.2 shall survive the deposit of Palladium, Delivery or Surrender of Shares or termination of this Agreement. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>12</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>ARTICLE IV.</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>ADMINISTRATION OF THE TRUST </font></B></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 4.1 </font><u><font style='font-size:10pt'>Evaluation of Palladium</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>As promptly as practicable after 4:00 p.m. (New York time), on each Business Day, the Trustee shall determine the value of the Palladium held or receivable by the Trust on the basis of the Benchmark Price for that day. If no Benchmark Price is announced on a Business Day, the Trustee shall determine the value of the Palladium held or receivable by the Trust for that day on the basis of the most recently announced Benchmark Price prior to the evaluation time. However, if the Sponsor determines that the price specified in the two preceding sentences is inappropriate as a basis for evaluation, it shall identify an alternative basis for evaluation to be employed by the Trustee. Palladium deliverable under a Purchase Order shall be included in the evaluation beginning on the Order Date. Palladium deliverable under a Redemption Order shall not be included in the evaluation on and
after the Order Date. Neither the Trustee nor the Sponsor shall be liable to any Person for the determination that the most recently announced Benchmark Price is not appropriate as a basis for evaluation of the Palladium held or receivable by the Trust or for any determination as to the alternative basis for evaluation, provided that such determination is made in good faith. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>If the Sponsor determines that Benchmark Price will have the meaning set forth in part (ii) of the definition of that term, the Trustee shall give notice to the Registered Owners, and the Trustee shall not apply the new definition of Benchmark Price until 60 days after the date of that notice. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 4.2 </font><u><font style='font-size:10pt'>Responsibility of the Trustee for Evaluations</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>The Sponsor, Depositors, Registered Owners and Beneficial Owners may rely on any evaluation or determination of any amount made by the Trustee, and the Sponsor shall have no responsibility for the accuracy thereof. The determinations made by the Trustee under this Agreement shall be made in good faith upon the basis of, and the Trustee shall not be liable for any errors contained in, information reasonably available to it. The Trustee shall be under no liability to the Sponsor, or to Depositors, Registered Owners or Beneficial Owners, for errors in judgment; provided, however, that this provision shall not protect the Trustee against any liability to which it would otherwise be subject by reason of gross negligence or bad faith in the performance of its duties. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 4.3 </font><u><font style='font-size:10pt'>Trust Evaluation</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>As promptly as practicable after completion of the evaluation required under Section 4.1 on each Business Day, the Trustee shall subtract all accrued fees (other than the fees accruing for such Business Day 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 deposited Palladium determined by the Trustee pursuant to Section 4.1 and all other assets of the Trust. The resulting figure is the &#147;Adjusted Net Asset Value&#148; of the Trust. All fees accruing for any Business Day computed by reference to the value of the Trust or its assets shall be calculated on the Adjusted Net Asset Value calculated for such Business Day. The Trustee shall subtract from the Adjusted Net Asset </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>13</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Value the amount of accrued fees so computed and the resulting figure is the &#147;Net Asset Value&#148; of the Trust. The Trustee shall also divide the Net Asset Value of the Trust by the number of Shares outstanding as of the close of business on the date of the evaluation then being made, which figure is the &#147;Net Asset Value per Share.&#148; All fees, expenses and other liabilities of the Trust that are or will be incurred or accrued through the close of business on a Business Day shall be included in the calculations required by this Section 4.3 for that Business Day. Shares deliverable under a Purchase Order shall be considered to be outstanding for purposes of this Section 4.3 beginning on the Order Date. Shares deliverable under a Redemption Order shall not be considered to be outstanding for purposes of this Section 4.3 on and after the Order Date. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Adjusted Net Asset Value, Net Asset Value and Net Asset Value per Share shall be computed in accordance with generally accepted accounting principles in the United States. Any estimate of the expenses and liabilities of the Trust for purposes of the computations required by this Section made by the Trustee in good faith shall be conclusive upon all Persons interested in the Trust, and no revision or correction in any computation made under this Agreement will be required by reason of any difference in amounts estimated from those actually paid.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 4.4 </font><u><font style='font-size:10pt'>Cash Distributions</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Whenever the Trustee distributes any cash, the Trustee shall distribute the amount available for the distribution to the Registered Owners entitled thereto, in proportion to the number of Shares held by them respectively; provided, however, that in the event that the Trustee shall be required to withhold and does withhold from such cash an amount on account of taxes, the amount distributed to the Registered Owners shall be reduced accordingly. The Trustee shall distribute only such amount, however, as can be distributed without attributing to any Registered Owner a fraction of one cent. Any such fractional amounts shall be rounded down to the nearest whole cent and so distributed to Registered Owners entitled thereto. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 4.5 </font><u><font style='font-size:10pt'>Other Distributions</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Whenever the Trustee receives any property in respect of Trust Property other than cash proceeds of a sale of Trust Property (including any claim that accrues in favor of the Trust on account of any loss of deposited Palladium or other Trust Property), the Trustee shall cause the securities or other property received by it to be distributed to the Registered Owners entitled thereto, in proportion to the number of Shares held by them respectively, after deduction or upon payment of the expenses of the Trustee, in any manner that the Trustee may deem lawful, equitable and feasible for accomplishing such distribution; provided, however, that if in the opinion of the Trustee such distribution cannot be made proportionately among the Registered Owners entitled thereto, or if for any other reason (including, but not limited to, any requirement that the Trustee withhold an amount on
account of taxes or other governmental charges or that securities must be registered under the Securities Act of 1933 in order to be distributed to Registered Owners) the Trustee deems such distribution not to be lawful and feasible, the Trustee shall adopt such method as it deems lawful, equitable and feasible for the purpose of effecting such distribution, after deduction or upon payment of the expenses of the Trustee, including, but not limited to, the public or private sale of the securities or property thus received, or any part thereof, and the net proceeds of any such sale shall be distributed by the Trustee to </font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>14</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>the Registered Owners entitled thereto as in the case of a distribution received in cash. The Trustee shall not be liable for any loss or depreciation resulting from any sale or other disposition of property made by the Trustee pursuant to the Sponsor&#146;s instruction or otherwise made by the Trustee in good faith. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 4.6 </font><u><font style='font-size:10pt'>Fixing of Record Date</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Whenever any distribution will be made, or whenever the Trustee receives notice of any solicitation of proxies or consents from Registered Owners, or whenever for any reason there is split, reverse split or other change in the outstanding Shares, or whenever the Trustee shall find it necessary or convenient in respect of any matter, the Trustee, in consultation with the Sponsor, shall fix a record date for the determination of the Registered Owners who shall be (i) entitled to receive such distribution or the net proceeds of the sale thereof, (ii) entitled to give such proxies or consents in respect of any such solicitation or (iii) entitled to act in respect of any other matter for which the record date was set. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 4.7 </font><u><font style='font-size:10pt'>Payment of Expenses; Palladium Sales</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(a) The following charges are or may be accrued and paid by the Trust: </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(i) the service fee payable to the Sponsor as set forth in Section 5.8; </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(ii) expenses of the Trust not assumed by the Sponsor pursuant to Section 5.3(g); </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(iii) taxes and other governmental charges; </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(iv) expenses and costs of any extraordinary services performed by the Trustee or the Sponsor on behalf of the Trust or action taken by the Trustee or the Sponsor to protect the Trust or the interests of Registered Owners; </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(v) indemnification of the Trustee as provided in Section 5.6(a); and</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(vi) indemnification of the Sponsor as provided in Section 5.6(b). </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(b) Subject to paragraph (d) of this Section, the Trustee will endeavor to sell the smallest amounts of Palladium needed to pay expenses in order to minimize the Trust&#146;s holdings of assets other than Palladium.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>The Trustee shall, when directed by the Sponsor, and, in the absence of such direction, may, in its discretion, sell Palladium in such quantity and at such times, as may be necessary to permit payment of expenses under this Agreement. The Trustee is authorized to sell Palladium at such times and in the smallest amounts required to permit payment of expenses as they come due, it being the intention to avoid or minimize the Trust&#146;s holdings of assets other than Palladium. Neither the Trustee nor the Sponsor shall have any liability for loss or depreciation resulting from sales of Palladium so made. The Trustee shall not be liable or responsible in any way for depreciation or loss incurred by reason of any sale made pursuant to the Sponsor&#146;s direction or otherwise in accordance with this Section. </font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>15</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(c) If at any time and from time to time, the Trustee and Sponsor determine that the amount of cash included in the Trust Property exceeds the anticipated expenses of the Trust during the following month, the Trustee shall distribute the excess to the Registered Owners under Section 4.4.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(d) Payment of the fees of the Sponsor provided in Section 5.8(a) hereof shall be made by delivery to an account maintained by the Custodian for the Sponsor on an Unallocated Basis, monthly on the first Business Day of the month in respect of fees payable in respect of the prior month, of that number of Ounces of Palladium which shall equal the daily accrual of the Sponsor&#146;s fee for such prior month calculated at the Benchmark Price for the day of accrual. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 4.8 </font><u><font style='font-size:10pt'>Statements and Reports</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(a) After the end of each fiscal year and within the time period required by applicable laws, rules and regulations, at the Sponsor&#146;s expense, the Trustee shall send to the Registered Owners at the end of such fiscal year, an annual report of the Trust containing financial statements that will be prepared by the Trustee and audited by independent accountants designated by the Sponsor and such other information as may be required by such laws, rules and regulations or otherwise, or which the Sponsor determines shall be included. The Trustee may distribute the annual report by any means acceptable to the Registered Owners. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(b) The Trustee shall provide the Sponsor with such certifications, supporting documents and other evidence regarding the Internal Control Over Financial Reporting established and maintained by the Trust, and used by the Trustee in connection with its preparation of the financial statements of the Trust, as may be reasonably necessary in order to enable the Sponsor to prepare and file or furnish to the Commission any certifications regarding such matters which may be required to be included with the Trust&#146;s periodic reports under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;). </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(c) The fiscal year of the Trust shall initially be the period ending December 31 of each year. The Sponsor shall have the continuing right to select an alternate fiscal year.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 4.9 </font><u><font style='font-size:10pt'>Further Provisions for Palladium Sales</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>In addition to selling Palladium in accordance with Section 4.7, the Trustee shall sell Palladium whenever any one or more of the following conditions exists: </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(a) the Sponsor has notified the Trustee that such sale is required by applicable law or regulation; or </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(b) this Agreement has been terminated and the Trust Property is to be liquidated in accordance with Section 6.2. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>When selling Palladium, the Trustee shall endeavor to 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 at the Benchmark Price.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>16</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>The Trustee and the Sponsor shall not be liable or responsible in any way for depreciation or loss incurred by reason of any sale made pursuant to this Section 4.9. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 4.10 </font><u><font style='font-size:10pt'>Counsel</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>The Sponsor may from time to time employ counsel to act on behalf of the Trust and perform any legal services in connection with the Palladium and the Trust, including any legal matters relating to the possible disposition or acquisition of any Palladium. The fees and expenses of such counsel shall be paid by the Sponsor. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 4.11 </font><u><font style='font-size:10pt'>Grantor Trust</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Nothing in this Agreement, any agreement with a Custodian, or otherwise, shall be construed to give the Trustee the power to vary the investment of the Beneficial Owners within the meaning of Section 301.7701-4(c) under the Code or any similar or successor provision of the regulations under the Code, nor shall the Sponsor give the Trustee any direction that would vary the investment of the Beneficial Owners. However, the Trustee shall not be liable to any Person for any failure of the Trust to qualify as a grantor trust under the Code or any comparable provision of the laws of any State or other jurisdiction where that treatment is sought, except that this sentence shall not limit the Trustee&#146;s responsibility for the administration of the Trust in accordance with this Agreement. </font></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>ARTICLE V.</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>THE TRUSTEE AND THE SPONSOR </font></B></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 5.1 </font><u><font style='font-size:10pt'>Maintenance of Office and Transfer Books by the Trustee</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(a) Until termination of this Agreement in accordance with its terms, the Trustee shall maintain facilities for the execution and Delivery, registration, registration of transfers and Surrender of Shares in accordance with the provisions of this Agreement. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(b) The Trustee shall keep a copy of this Agreement and books for the registration of Shares and registration of transfers of Shares which at all reasonable times shall be open for inspection by the Registered Owners. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(c) The Trustee may, and at the reasonable written request of the Sponsor shall, close the transfer books at any time or from time to time if such action is deemed necessary or advisable in the reasonable judgment of the Trustee or the Sponsor. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(d) If any Shares are listed on one or more stock exchanges in the United States, the Trustee shall act as Registrar or, with the written approval of the Sponsor (which approval shall not be unreasonably withheld), appoint a registrar or one or more co-registrars for registry of such Shares in accordance with any requirements of such exchange or exchanges. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 5.2 </font><u><font style='font-size:10pt'>Prevention or Delay in Performance by the Sponsor or the Trustee</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Neither the Sponsor nor the Trustee nor any of their respective directors, employees, agents or affiliates shall incur any liability to any Registered Owner, Beneficial Owner or </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>17</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Depositor if, by reason of any provision of any present or future law or regulation of the United States or any other country, or of any governmental or regulatory authority or stock exchange, or by reason of any act of God or war or terrorism or other circumstances beyond its control, the Sponsor or the Trustee is prevented or forbidden from, or would be subject to any civil or criminal penalty on account of, or is delayed in, doing or performing any act or thing which by the terms of this Agreement it is provided shall be done or performed and accordingly the Sponsor or the Trustee does not do that thing or does that thing at a later time than would otherwise be required. The Sponsor and the Trustee will not incur any liability to any Registered Owner or Beneficial Owner or Depositor by reason of any non-performance or delay in the performance of any act or thing which by the terms of this
Agreement it is provided may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for in this Agreement. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 5.3 </font><u><font style='font-size:10pt'>Obligations of the Sponsor and the Trustee</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(a) Neither the Sponsor nor the Trustee assumes any obligation nor shall either of them be subject to any liability under this Agreement to any Registered Owner or Beneficial Owner or Depositor (including, without limitation, liability with respect to the worth of the Trust Property), except that each of them agrees to perform its obligations specifically set forth in this Agreement without gross negligence, willful misconduct or bad faith. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(b) Neither the Sponsor nor the Trustee shall be under any obligation to prosecute any action, suit or other proceeding in respect of any Trust Property or in respect of the Shares on behalf of a Registered Owner, Beneficial Owner, Depositor or other Person. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(c) Neither the Sponsor nor the Trustee shall be liable for any action or non-action by it in reliance upon the advice of or information from legal counsel, accountants, any Depositor, any Registered Owner or any other person believed by it in good faith to be competent to give such advice or information. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(d) (i) The Trustee shall not be liable for any acts or omissions made by a successor Trustee whether in connection with a previous act or omission of the Trustee or in connection with any matter arising wholly after the resignation of the Trustee, provided that in connection with the issue out of which such potential liability arises the Trustee performed its obligations without gross negligence, willful misconduct or bad faith while it acted as Trustee. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(ii) The Sponsor is authorized to negotiate the terms of the Authorized Participant Agreement to be entered into with each Authorized Participant and shall have no liability for any loss or damage incurred by the Trust resulting from any such agreement negotiated in good faith. The Trustee shall have no liability with respect to the negotiation of the terms of any Authorized Participant Agreement or the form of any Authorized Participant Agreement (other than the Trustee&#146;s due execution, delivery and performance thereof). The terms of an Authorized Participant Agreement shall not adversely affect the duties, rights and responsibilities of the Trustee unless the Trustee expressly consents thereto, which consent shall be evidenced by the Trustee&#146;s execution and delivery of such Authorized Participant Agreement.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>18</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(e) The Trustee and the Sponsor shall have no obligation to comply with any direction or instruction from any Registered Owner or Beneficial Owner or Depositor regarding Shares except to the extent specifically provided in this Agreement. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(f) The Trustee shall be a fiduciary under this Agreement; provided, however, that the fiduciary duties and responsibilities and liabilities of the Trustee shall be limited by, and shall be only those specifically set forth in, this Agreement. Without limiting the foregoing, all duties, rights, privileges and liabilities of the Trustee set forth in this Agreement are subject to the following:</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(i) The Trustee shall not be under any obligation to appear in, prosecute or defend any action that in its opinion may involve it in expense or liability, unless it shall be furnished with reasonable security and indemnity against such expense or liability. Subject to the foregoing, the Trustee shall, in its discretion, undertake such action as it may deem necessary at any and all times to protect the Trust and the rights and interest of all Beneficial Owners pursuant to the terms of this Agreement.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(ii) Trust Assets of the Trust, exclusive of Palladium or cash, shall be held by the Trustee either directly or through the Federal Reserve/ Treasury Book Entry System for United States and federal agency securities (the &#147;Book Entry System&#148;), DTC, or through any other clearing agency or similar system (a &#147;Clearing Agency&#148;), if available. The Trustee shall have no responsibility and shall not be liable for ascertaining or acting upon any calls, conversions, exchange offers, tenders, interest rates changes, or similar matters relating to securities held at the Depository or with any Clearing Agency unless the Trustee shall have received actual and timely written notice of the same, nor shall the Trustee have any responsibility or liability for the actions or omissions to act of the Book Entry System, the Depository or any Clearing Agency. 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 Palladium, 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.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(iii) If at any time the Trustee is served with any judicial or administrative order, judgment, decree, writ or other form of judicial or administrative process that in any way affects the Trust or its property (including but not limited to orders of attachment or garnishment or other forms of levies or injunctions or stays relating to the transfer of any assets of the Trust), the Trustee is authorized to comply therewith in any manner that it or legal counsel of its own choosing deems appropriate; however, the Trustee to the extent practicable will inform the Sponsor of such order, judgment, decree, writ or other form of judicial or administrative process that in any way affects the Trust and consult in good faith with the Sponsor as to the course of action by the Trustee. If the Trustee complies with any such judicial or administrative order, judgment, decree, writ or other
form of judicial or administrative process, the Trustee shall not be liable to any of the parties hereto or to any other person or entity </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>19</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>even though such order, judgment, decree, writ or process may be subsequently modified or vacated or otherwise determined to have been without legal force or effect.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(iv) In no event shall 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 pursuant to or is authorized by this 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); 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 assets of the Trust. The Trustee
may consult with legal counsel of its own choosing as to any matter relating to this Agreement and the Trustee shall not incur any liability in acting in good faith in accordance with any advice from such counsel. The expense of such counsel shall be paid as provided in Section 5.7(b) and (c), as applicable.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(v) The Trustee shall be entitled to rely conclusively upon any order, judgment, certification, demand, notice, instrument or other writing delivered to it under this Agreement without being required to determine the authenticity or the correctness of any fact stated therein or the propriety or validity or the service thereof. The Trustee may act in conclusive reliance upon any instrument or signature reasonably believed by it to be genuine and may assume that any person purporting to give receipt or advice or to make any statement or execute any document in connection with the provisions of this Agreement or any Authorized Participant Agreement has been duly authorized to do so, provided, however, that where a list of authorized officials of a person and their signatures are on file with the Trustee, the Trustee shall compare such manual signatures to the signature on any such
documents. Such requirement shall not apply to &#147;personal identification numbers&#148; or &#147;PINS&#148; or other forms of electronic security devices which function as a proxy for a manual signature.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(vi) The Trustee shall not be responsible for or in respect of the recitals herein, the validity or sufficiency of this Agreement, the Custody Agreements, any Authorized Participant Agreement or any other custody or other agreement entered into by the Trustee at the direction or with the approval of the Sponsor or otherwise in connection with the Trustee&#146;s administration of the Trust, or for the due execution hereof by the Sponsor or of the Custody Agreements by the Initial Custodian, or for the due execution of any other agreement entered into by the Trustee in connection with the administration of the Trust by any party thereto other than the Trustee.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(vii) The Trustee shall not be responsible in any respect for the form, execution, validity, value, collectability or genuineness of documents, instruments or securities deposited with or delivered to or held by it under this Agreement, or for any description therein, or for the identity, authority or rights of persons executing or delivering or purporting to execute or deliver any such document, instrument or security. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(viii) At any time the Trustee may request an instruction in writing in English from the Sponsor or an Authorized Participant with respect to any action which the </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>20</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Sponsor or an Authorized Participant is authorized to direct the Trustee hereunder, or under the Custody Agreements, any Authorized Participant Agreement or any other agreement entered into by the Trustee in connection with the Trustee&#146;s administration of the Trust, and may, at its own option, include in such request the course of action it proposes to take and the date on which it proposes to act, regarding any matter arising in connection with its duties and obligations under any such agreement. The Trustee shall not be liable for acting in accordance with such a proposal on or after the date specified therein, provided that the specified date shall be at least three (3) Business Days after the Sponsor or Authorized Participant receives the Trustee&#146;s request for instructions and its proposed course of action, and provided further that, prior to so acting, the Trustee has not
received the written instructions requested.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(ix) When the Trustee acts on any information, instructions, communications (including communications with respect to the delivery of securities or the wire transfer of funds) sent by telex, facsimile, email or other form of electronic or data transmission, the Trustee, absent gross negligence, shall not be responsible or liable in the event such communication is not an authorized or authentic communication of the party sending it or is not in the form the party sent or intended to send (whether due to fraud, distortion or otherwise), provided that this paragraph shall not limit the Trustee&#146;s obligation to obtain such confirmations as may be specified in this Agreement or any Authorized Participant Agreement. The Trustee shall be indemnified as provided in Section 5.6 hereof against any loss, liability, claim or expense (including legal fees and expenses) it may incur in
acting in accordance with any such communication.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(x) The Trustee may construe any provision of this Agreement that it believes to be ambiguous or inconsistent with any other provisions hereof, and any reasonable construction of any such provision hereof by the Trustee in good faith shall be binding upon the parties hereto, each Authorized Participant and all Beneficial Owners. In the event of any ambiguity or inconsistency or any other uncertainty in any notice, instruction or other communication received by the Trustee under this Agreement, the Trustee shall notify the Sponsor and the giver thereof, and may, in its sole discretion, refrain from taking any action other than to retain possession of the property of the Trust, unless the Trustee receives such further written instructions, from the Sponsor or otherwise, that eliminate such ambiguity, inconsistency or uncertainty.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(xi) The Trustee shall have no responsibility for the contents of any writing of the arbitrators or any third party that may be used as a means to resolve disputes among third parties with respect to their interest in the Trust, Trust Property or Shares and may conclusively rely without any liability upon the contents thereof.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(xii) In no event shall the Trustee be personally liable for any taxes or other governmental charges imposed upon or in respect of the Palladium or its custody, moneys or other assets from time to time held hereunder, or on the income therefrom or the sale or proceeds of sale thereof, or upon it as Trustee hereunder 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 shall be reimbursed and indemnified out </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>21</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>of the assets of the Trust and the payment of such amounts shall be secured by a lien on the Trust. This paragraph shall survive notwithstanding any termination of this Agreement and the Trust or the resignation or removal of the Trustee.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(xiii) The Trustee shall not be answerable for the default of the Initial Custodian or any Custodian employed at the direction of the Sponsor or selected by the Trustee with reasonable care. The Trustee may also employ custodians for Trust assets other than Palladium, 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. The fees and expenses charged by such agents, attorneys, accountants, auditors or other professionals, exclusive of fees for services to be performed by the Trustee, shall be paid as provided in Section 5.7(b) and 5.7(c), as applicable. Fees paid for custody of assets other
than Palladium shall be an expense of the Trustee.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(xiv) The Trustee in its individual or any other capacity may own or hold Shares, or be an underwriter or dealer in respect of Shares, and may deal in any manner with the same with the same rights and powers as if it were not the Trustee hereunder.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(g) The Sponsor shall be responsible for all organizational expenses of the Trust, and for the following administrative and marketing expenses of the Trust: fees for the Trustee&#146;s ordinary services and reimbursement of its out-of-pocket expenses as provided in Section 5.7(b), the Custodian&#146;s fee and expenses reimbursable to a Custodian pursuant to a Custody Agreement (including, for avoidance of doubt, any fees paid to the Initial Custodian under the Trust Allocated Account Agreement and Trust Unallocated Account Agreement but excluding taxes, other governmental charges and Custodian indemnification obligations assumed by the Trustee in the Custody Agreements), listing fees of the Exchange, registration fees charged by the Commission, printing and mailing costs, audit fees and expenses and legal fees and expenses not in excess of $100,000 per year. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 5.4 </font><u><font style='font-size:10pt'>Resignation or Removal of the Trustee; Appointment of Successor Trustee</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(a) The Trustee may at any time resign as Trustee hereunder 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 as hereinafter provided. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(b) The Sponsor may remove the Trustee in its discretion by written notice delivered to the Trustee in the manner provided in Section 7.5 at least 90 days prior to the fifth anniversary of the date of this Agreement or, thereafter, by written notice delivered to the Trustee at least 90 days prior to the last day of any subsequent three-year period. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(c) If at any time the Trustee </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(i) ceases to be a Qualified Bank, </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>22</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(ii) is in material breach of its obligations under this Agreement and fails to cure such breach within 30 days after receipt of written notice from the Sponsor or Registered Owners acting on behalf of at least 25% of the outstanding Shares specifying such default and requiring the Trustee to cure such default, or </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(iii) 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, the Sponsor, acting on behalf of the Registered Owners, may remove the Trustee by written notice delivered to the Trustee in the manner provided in Section 7.5, and such removal shall take effect upon the appointment of a successor Trustee and its acceptance of such appointment as hereinafter provided. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(d) If the Trustee acting hereunder resigns or is removed, the Sponsor, acting on behalf of the Registered Owners, 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 Registered Owners, 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 Registered Owners, shall execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and
deliver all right, title and interest in the Trust Property to such successor, and shall deliver to such successor a list of the Registered Owners of all outstanding Shares. The Sponsor or any such successor Trustee shall promptly mail notice of the appointment of such successor Trustee to the Registered Owners. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(e) Any corporation into which the Trustee may be merged, consolidated or converted in a transaction in which the Trustee is not the surviving corporation shall be the successor of the Trustee without the execution or filing of any document or any further act. During the 90-day period following the effectiveness of a merger, consolidation or conversion described in the preceding sentence, the Sponsor may, by written notice to the Trustee, remove the Trustee and designate a successor Trustee in compliance with the provisions of subsection (c) above. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 5.5 </font><u><font style='font-size:10pt'>The Custodian</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(a) The Trustee is hereby directed to enter into the Trust Allocated Account Agreement and the Trust Unallocated Account Agreement with the Initial Custodian. The Initial Custodian will be subject to the directions of the Trustee as provided in such Custody Agreements, and will be responsible solely to it and to Beneficial Owners to the extent UK law requires. If upon the resignation of any Custodian there would be no Custodian acting hereunder, the Trustee shall, promptly after receiving such 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 hereunder and under the Custody Agreements shall not be materially altered without its consent), each of which shall thereafter be a Custodian hereunder. When directed by the
Sponsor or if the Trustee </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>23</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>in its discretion determines that it is in the best interest of the Registered Owners 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 hereunder. After the date of this Agreement, 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 deliver such of the Palladium held by it as is requested of it to any other Custodian or such substitute or additional custodian or custodians directed by the Sponsor. In connection with such delivery the Trustee will, solely if and in the manner directed by the
Sponsor, cause the Palladium to be weighed or assayed and any such weighing and assay shall be an expense of the Trust pursuant to Section 4.7(a)(ii) hereof. The Trustee shall have no liability for any delivery of Palladium or weighing or assaying of delivered Palladium directed by the Sponsor pursuant to the preceding provisions of this paragraph and in the absence of such direction shall have no obligation to effect such a delivery or to cause the delivered Palladium to be weighed, assayed or otherwise validated. 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 style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(b) The Trustee shall have no obligation to monitor the activities of any Custodian other than to receive and review such reports of the Palladium held for the Trust by such Custodian and of transactions in Palladium held for the account of the Trust made by such Custodian pursuant to the Custody Agreements. The accounts and operations of each Custodian shall be audited or examined by accountants or other inspectors selected by the Sponsor at such times as directed by the Sponsor as permitted by the Custody Agreements. In no event shall the Trustee be liable for (i) any loss or damage resulting from the actions or omissions of any Custodian or loss or damage to the Palladium while in the possession of, or in transit to or from, any Custodian, (ii) the amount, validity or adequacy of insurance maintained by any Custodian, (iii) any defect in Palladium held by a Custodian, (iv)
any failure of Palladium to conform to the requirements of &#147;good delivery&#148; under the rules of LPPM, or (v) any failure of Palladium to conform to a description thereof provided by the Custodian to the Trustee.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(c) Upon the appointment of any successor Trustee hereunder, each Custodian then acting hereunder shall forthwith become, without any further act or writing, the agent hereunder of such successor Trustee and the appointment of such successor Trustee shall in no way impair the authority of each Custodian hereunder; but the successor Trustee so appointed shall, nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all such instruments as may be proper to give to such Custodian full and complete power and authority as agent hereunder of such successor Trustee. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 5.6 </font><u><font style='font-size:10pt'>Indemnification</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(a) 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 this 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 </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>24</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Authorized Participant Agreement, 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 this Agreement or any such other agreement or any actions taken in accordance with the provisions of this Agreement or any such other agreement or (2) reckless disregard on the part of such Trustee Indemnified Party of its obligations and duties under this 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 this Section 5.6(a) may be payable in advance or shall be secured by a lien on the Trust. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(b) The Sponsor and its members, managers, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) 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 this 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 this 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 this Agreement or any such other agreement or any actions taken in accordance with the provisions of this Agreement or any such other agreement or (2) reckless disregard on the part of such Sponsor Indemnified Party of its obligations and duties under this 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 this Section 5.6(b) 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 this Agreement and the rights and duties of the parties hereto and the interests of the Registered
Owners 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 style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(c) The indemnities provided by this section shall survive notwithstanding any termination of this Agreement and the Trust or the resignation or removal of the Trustee or the Sponsor, respectively.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 5.7 </font><u><font style='font-size:10pt'>Charges of Trustee</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(a) Each Depositor, and each person surrendering Shares for the purpose of withdrawing Trust Property, shall pay to the Trustee a fee of $500 per transaction for the Delivery of Shares pursuant to Section 2.4 and the Surrender of Baskets of Shares pursuant to Section 2.6 or 6.2 (or such other fee as the Trustee, with the prior written consent of the Sponsor, may from time to time announce). </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>25</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(b) The Trustee is entitled to receive from the Sponsor fees for its ordinary services and reimbursement for its out-of-pocket expenses in accordance with written agreements between the Sponsor and the Trustee. Should the Sponsor fail to pay the same, the Trustee shall be authorized to charge the same to the Trust to the extent of amounts which could be charged to the Trust under Section 5.8(a) hereof in respect of the Sponsor&#146;s fee (and the Trustee may charge the same to the Trust to such extent without regard to whether, because of the Sponsor&#146;s default, fee waiver or other reason, the Sponsor may not then be entitled to payment pursuant to Section 5.8(a)), and any amount paid to the Sponsor pursuant to Section 5.8(a) shall be net of amounts so withheld. The Trustee&#146;s right of reimbursement shall be secured by a lien on amounts chargeable to the Trust under
Section 5.8(a), without giving effect to any fee waiver then in effect, prior to the interest of the Sponsor, the Beneficial Owners and any other Person.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(c) The Trustee is entitled to charge the Trust for all expenses and disbursements incurred by it hereunder exclusive of amounts specified in the preceding Section 5.7(b), including the fees and disbursements of its legal counsel and those expenses identified in any Custody Agreement as payable by the Trustee, except that the Trustee is not entitled to charge the Trust for (i) expenses and disbursements incurred by it prior to the commencement of trading of Shares on the Exchange and (ii) fees of agents for performing services the Trustee is required to perform under this Agreement. The Trustee&#146;s right of reimbursement for expenses and disbursements under this paragraph shall be deductible from, and constitute a lien against, the assets of the Trust. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(d) Any pecuniary cost of the Trustee resulting from actions taken to protect the Trust and the rights and interest of the Registered Owners pursuant to the terms of this Agreement, including, without limitation, the Trustee&#146;s appearance in, prosecution of or defense of any action that it considers necessary or desirable to protect the Trust or the interests of the Beneficial Owners, shall be deductible from, and constitute a lien against, the assets of the Trust. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 5.8 </font><u><font style='font-size:10pt'>Charges of Sponsor</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(a) The Sponsor is entitled to receive from the Trust, chargeable as an expense of the Trust, a fee for services that will accrue daily and be paid monthly in arrears in the manner provided in Section 4.7(d) at an annualized rate of 0.60% of Adjusted Net Asset Value. The Sponsor may, at its sole discretion and from time to time, waive all or a portion of its fee payable under this Section 5.8(a) for such periods of time as shall be specified in the Sponsor&#146;s written notice of such fee waiver to the Trustee. The Sponsor is under no obligation to waiver its fees hereunder, and any such waiver shall create no obligation to waive fees during any period not covered by the applicable waiver. Any fee waiver by the Sponsor shall not operate to reduce Sponsor&#146;s obligations hereunder, including, but not limited to, the Sponsor&#146;s obligations under Section 5.3(g).</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(b) The Sponsor is entitled to receive reimbursement from the Trust for all expenses and disbursements incurred by it under the last sentence of Section 5.6(b) or that are of the type described in Sections 4.7(a)(ii), (iii), (iv), and (vi) of this Agreement, except that the Sponsor is not entitled to charge the Trust for (i) expenses and disbursements incurred by it prior </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>26</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>to the commencement of trading of Shares on the Exchange and (ii) fees of agents for performing services the Sponsor is required to perform under this Agreement. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 5.9 </font><u><font style='font-size:10pt'>Retention of Trust Documents</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>The Trustee is authorized to destroy those documents, records, bills and other data compiled during the term of this Agreement at the times permitted by the laws or regulations governing the Trustee, unless the Sponsor reasonably requests the Trustee in writing to retain those items for a longer period. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 5.10 </font><u><font style='font-size:10pt'>Federal Securities Law Filings</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(a) The Sponsor shall (i) prepare and file a registration statement with the Commission and take such action as is necessary from time to time to qualify the Shares for offering and sale under the federal securities laws of the United States, including the preparation and filing of amendments and supplements to such registration statement, (ii) promptly notify the Trustee of any amendment or supplement to the registration statement or prospectus, of any order preventing or suspending the use of any prospectus, of any request for the amending or supplementing of the registration statement or prospectus or if any event or circumstance occurs which is known to the Sponsor as a result of which the registration statement or prospectus, as then amended or supplemented, would include an untrue statement of a material fact or omit to state any material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading, (iii) provide the Trustee from time to time with copies, including copies in electronic form, of the prospectus, as amended and supplemented, in such quantities as the Trustee may reasonably request and (iv) prepare and file any periodic reports or updates that may be required under the Exchange Act. The Trustee shall furnish to the Sponsor any information from the records of the Trust that the Sponsor reasonably requests in writing that is needed to prepare any filing or submission that the Sponsor or the Trust is required to make under the federal securities laws of the United States, and the Sponsor is entitled to rely on such information so furnished by the Trustee. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(b) The Sponsor shall have all necessary and exclusive power and authority to (i) from time to time adopt, implement or amend such disclosure controls and procedures as are necessary or desirable, in the Sponsor&#146;s reasonable judgment, to ensure compliance with the disclosure and ongoing reporting obligations under any applicable securities laws; (ii) appoint and remove the auditors of the Trust; and (iii) seek from the relevant securities or other regulatory authorities such relief, clarification or other action as the Sponsor shall deem necessary or desirable regarding the disclosure or financial reporting obligations of the Trust. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(c) The policies and procedures comprising the Trust&#146;s initial Internal Control Over Financial Reporting have been adopted as of the date of this Agreement and copies thereof have been delivered to the appropriate officers of the Sponsor and the Trustee. Amendments to such initial Internal Control Over Financial Reporting may be proposed from time to time by the Sponsor, but such amendments may not be adopted in connection with the preparation of the Trust&#146;s financial statements without the Trustee&#146;s consent (which consent will not be unreasonably withheld or delayed). </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>27</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 5.11 </font><u><font style='font-size:10pt'>Prospectus Delivery</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>The Trustee shall, if required by the federal securities laws of the United States, in any manner permitted by such laws, deliver at the time of issuance of Shares, a copy of the relevant prospectus, as most recently furnished to the Trustee by the Sponsor, to each Depositor. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 5.12 </font><u><font style='font-size:10pt'>Discretionary Actions by Trustee; Consultation</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(a) The Trustee may, in its discretion, undertake any action that it considers necessary or desirable to protect the Trust or the interests of the Registered Owners. The expenses incurred by the Trustee in connection with taking any action under the preceding sentence (including the fees and disbursements of legal counsel) shall be expenses of the Trust, and the Trustee shall be entitled to be reimbursed for those expenses by the Trust. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(b) The Trustee shall notify and consult with the Sponsor before undertaking any action under subsection (a) above or if the Trustee becomes aware of any development or event that affects the administration of the Trust but is not contemplated or provided for in this Agreement. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(c) The Sponsor shall notify and consult with the Trustee before undertaking any action under the last sentence of Section 5.6(b) or if the Sponsor becomes aware of any development or event that affects the administration of the Trust but is not contemplated or provided for in this Agreement. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 5.13 </font><u><font style='font-size:10pt'>Dissolution of the Sponsor Not to Terminate Trust</font></u><font style='font-size:10pt'>.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>The dissolution of the Sponsor, or its ceasing to exist as a legal entity from, or for, any cause, shall not operate to terminate this Agreement insofar as the duties and obligations of the Trustee are concerned unless the Trust is terminated pursuant to Section 6.2.</font></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>ARTICLE VI.</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>AMENDMENT AND TERMINATION</font></B></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 6.1 </font><u><font style='font-size:10pt'>Amendment</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Subject to Section 4.11 hereof, the Trustee and the Sponsor may amend any provisions of this Agreement without the consent of any Registered Owner. 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 Registered Owners will not become effective as to outstanding Shares until 30 days after notice of such amendment is given to the Registered Owners. Amendments pursuant to Sections 2.6(c) or (d) shall not require notice pursuant to the preceding sentence. Every Registered Owner and Beneficial Owner, 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 this Agreement as amended thereby. In no
event shall any amendment impair the right of the Registered Owner of Shares to Surrender Baskets of Shares and receive therefor the </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>28</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>amount of Trust Property represented thereby, except in order to comply with mandatory provisions of applicable law. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 6.2 </font><u><font style='font-size:10pt'>Termination</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(a) The Trustee shall set a date on which this Agreement will terminate and mail notice of that termination to the Registered Owners at least 30 days prior to the date set for termination if any of the following occurs: </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(i) The Trustee is notified that the Shares are delisted from a national securities exchange and are not approved for listing on another national securities exchange within five business days of their delisting; </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(ii) Registered Owners acting in respect of at least 75% of the outstanding Shares notify the Trustee that they elect to terminate the Trust; </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(iii) 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 as provided in Section 5.4; </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(iv) the Commission determines that the Trust is an investment company under the Investment Company Act of 1940, as amended, and the Trustee has actual knowledge of such Commission determination; </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(v) 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 Consumer Price Index as published by the Bureau of Labor Statistics) 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>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(vi) the CFTC determines that the Trust is a commodity pool under the Commodity Exchange Act of 1936, as amended, and the Trustee has actual knowledge of that determination; </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(vii) the Trust fails to qualify for treatment, or ceases to be treated, for United States 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>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(viii) 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>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:15%;text-align:left;'><font style='font-size:10pt'>(ix) as provided in paragraph (c) of this Section 6.2.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(b) On and after the date of termination of this Agreement, the Registered Owner of Shares will, upon (i) Surrender of those Shares, (ii) payment of the fee of the Trustee for the Surrender of Shares provided in Section 5.7, and (iii) payment of any applicable taxes or </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>29</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>other governmental charges, be entitled to Delivery, to him or upon his order, of the amount of Trust Property represented by those Shares. The Trustee shall not accept any deposits of Palladium after the date of termination of this Agreement. If any Shares remain outstanding after the date of termination of this Agreement, the Trustee thereafter shall discontinue the registration of transfers of Shares, shall not make any distributions to Registered Owners, and shall not give any further notices or perform any further acts under this Agreement, except that the Trustee shall continue to collect distributions pertaining to Trust Property and hold the same uninvested and without liability for interest, pay the Trust&#146;s expenses and sell Palladium as necessary to meet those expenses and shall continue to deliver Trust Property, 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 set forth in 5.7 for the Surrender of Shares, any expenses for the account of the Registered Owner of such Shares in accordance with the terms and conditions of this Agreement, and any applicable taxes or other governmental charges). At any time after the expiration of 90 days following the date of termination of this Agreement, the Trustee may sell the Trust Property then held under this Agreement and may thereafter hold the net proceeds of any such sale, together with any other cash then held by it under this Agreement, without liability for interest, for the pro rata benefit of the Registered Owners of Shares that have not theretofore been Surrendered. After making such sale, the Trustee shall be discharged from all obligations under this 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 Registered Owner of such Shares in accordance with the terms and conditions of this Agreement, and any applicable taxes or other governmental charges). Upon the termination of this Agreement, the Sponsor shall be discharged from all obligations under this Agreement except for its obligations to the Trustee under Sections 5.6, 5.7 and 5.8 shall survive termination of this Agreement. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(c) If the Sponsor shall be adjudged bankrupt or insolvent, or a receiver of the Sponsor or of its property shall be appointed, or a trustee or liquidator or any public officer shall take 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 Sponsor shall be deemed conclusively to have resigned with such resignation being effective immediately upon the occurrence of any of the specified events, and the Trustee may terminate and liquidate the Trust and distribute its remaining assets pursuant to this Section 6.2. The Trustee shall have no obligation to appoint a successor Sponsor or to assume the duties of the Sponsor and shall have no liability to any person because the Trust is or is not terminated pursuant to this paragraph. </font></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>ARTICLE VII.</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>MISCELLANEOUS </font></B></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 7.1 </font><u><font style='font-size:10pt'>Counterparts</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of such counterparts shall constitute one and the same instrument. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>30</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Copies of this Agreement shall be filed with the Trustee and shall be open to inspection by any Registered Owner during the Trustee&#146;s business hours. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 7.2 </font><u><font style='font-size:10pt'>Third-Party Beneficiaries</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>This Agreement is for the exclusive benefit of the parties hereto, any Sponsor Indemnified Party or any Trustee Indemnified Party and the Beneficial Owners, and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 7.3 </font><u><font style='font-size:10pt'>Severability</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>In case any one or more of the provisions contained in this Agreement should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall in no way be affected, prejudiced or disturbed thereby. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 7.4 </font><u><font style='font-size:10pt'>Certain Matters Relating to Beneficial Owners</font></u><font style='font-size:10pt'>.</font><u><font style='font-size:10pt'> </font></u></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(a) By the purchase and acceptance or other lawful delivery and acceptance of Shares, each Beneficial Owner thereof shall be deemed to be a beneficiary of the Trust created by this Agreement and vested with beneficial undivided interest in the Trust to the extent of the Shares owned beneficially by such Beneficial Owner, subject to the terms and conditions of this Agreement. Upon issuance as provided herein, Shares shall be fully paid and non-assessable.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(b) Subject to and in accordance with Section 2.6, Shares may at any time prior to the date specified by the Trustee in connection with the termination of the Trust be tendered to the Trustee for redemption.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(c) The death or incapacity of any Beneficial Owner shall not operate to terminate this Agreement or the Trust, nor entitle such Beneficial Owner&#146;s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of the Trust, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. Each Beneficial Owner expressly waives any right such Beneficial Owner may have under any rule of law, or the provisions of any statute, or otherwise, to require the Trustee at any time to account, in any manner other than as expressly provided in the Agreement, in respect of the Trust Property from time to time received, held and applied by the Trustee hereunder.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(d) No Beneficial Owner shall have any right to vote or in any manner otherwise to control the operation and management of the Trust, or the obligations of the parties hereto. Nothing set forth in this Agreement shall be construed so as to constitute the Beneficial Owners from time to time as partners or members of an association; nor shall any Beneficial Owner ever be liable to any third person by reason of any action taken by the parties to this Agreement, or for any other cause whatsoever. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(e) The rights of Beneficial Owners must be exercised by DTC Participants or Participants of any successor Depository acting on their behalf in accordance with its rules and procedures</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>31</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 7.5 </font><u><font style='font-size:10pt'>Notices</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(a) All notices given under this Agreement must be in writing. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(b) Any and all notices to be given to the Trustee or the Sponsor shall be deemed to have been duly given (i) when it is actually delivered by a messenger or recognized courier service, (ii) five days after it is mailed by registered or certified mail, postage paid or (iii) when receipt of a facsimile transmission is acknowledged via a return receipt or receipt confirmation as requested by the original transmission, in each case to or at the address set forth below: </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
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                        <p style='margin-bottom:0in;'><font style='font-size:10pt'>To the Trustee: </font></p> </td> </tr>
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      <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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      <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font STYLE='FONT-SIZE:10PT'>THE BANK OF NEW YORK MELLON</font></p> </td> </tr>
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                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>2 Hanson Place</font></p> </td> </tr>
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                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>Brooklyn, New York 11217</font></p> </td> </tr>
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        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>Attention: Donald Guire</font></p> </td> </tr>
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        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>Telephone: 718-315-4927</font></p> </td> </tr>
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        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>Facsimile: 718-315-4850</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>or any other place to which the Trustee may have transferred its Corporate Trust Office with notice to the Sponsor. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style='margin-bottom:0in;'><font style='font-size:10pt'>To the Sponsor: </font></p> </td> </tr>
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        <td width="10%" valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
      <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="90%" valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
      <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font STYLE='FONT-SIZE:10PT'>ETF SECURITIES USA LLC</font></p> </td> </tr>
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        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>c/o ETF Securities Representative Office</font></p> </td> </tr>
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        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>6<sup>th</sup> Floor</font></p> </td> </tr>
 <tr>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>2 London Wall Buildings</font></p> </td> </tr>
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        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>London, EC2M 5UU</font></p> </td> </tr>
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        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font STYLE='FONT-SIZE:10PT'>UK</font></p> </td> </tr>
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        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>Telephone: 011 44 207 448-4330</font></p> </td> </tr>
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        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin:0in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:.0001pt;'><font style='font-size:10pt'>Attention: President</font></p> </td> </tr>
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        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style='margin:0in;margin-bottom:.0001pt; text-indent:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style='margin:0in;margin-bottom:.0001pt; text-indent:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
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        <td colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style='margin-top:0in;margin-right:0in;margin-bottom: 0in;margin-left:25.9pt;text-indent:-8.65pt;'><font style='font-size:10pt'>with a copy to:</font></p> </td> </tr>
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        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Katten Muchin Rosenman LLP</font></p> </td> </tr>
 <tr>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>575 Madison Avenue</font></p> </td> </tr>
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        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>New York, New York 10022</font></p> </td> </tr>
 <tr>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Attention: Peter J. Shea, Esq.</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>or any other place to which the Sponsor may have transferred its principal office with notice to the Trustee. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>(c) Any and all notices to be given to a Registered Owner shall be deemed to have been duly given (i) when actually delivered by messenger or a recognized courier service, (ii) when mailed, postage prepaid or (iii) when sent by facsimile transmission confirmed by letter, in each case at or to the address of such Registered Owner as it appears on the transfer </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>32</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>books of the Trustee, or, if such Registered Owner shall have filed with the Trustee a written request that any notice or communication intended for such Registered Owner be delivered to some other address, at the address designated in such request. Notices to Beneficial Owners shall be delivered to Authorized Participants and DTC Participants designated by DTC or any successor Depository.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 7.6 </font><u><font style='font-size:10pt'>Agent for Service; Submission to Jurisdiction</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>The Sponsor hereby (i) irrevocably designates and appoints Katten Muchin Rosenman LLP, located at 575 Madison Avenue, New York, New York 10022, in the State of New York, as the Sponsor&#146;s authorized agent upon which process may be served in any suit or proceeding arising out of or relating to the Shares, the Trust Property or this Agreement, (ii) consents and submits to the jurisdiction of any state or federal court in The City of New York, State of New York, in which any such suit or proceeding may be instituted, and (iii) agrees that service of process upon said authorized agent shall be deemed in every respect effective service of process upon the Sponsor in any such suit or proceeding. The Sponsor agrees to deliver, upon the execution and delivery of this Agreement, a written acceptance by such agent of its appointment as such agent. The Sponsor further agrees to take
any and all action, including the filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment in full force and effect for so long as any Shares remain outstanding or this Agreement remains in force. In the event the Sponsor fails to continue such designation and appointment in full force and effect, the Sponsor hereby waives personal service of process upon it and consents that any such service of process may be made by certified or registered mail, return receipt requested, directed to the Sponsor at its address last specified for notices hereunder, and service so made shall be deemed completed five (5) days after the same shall have been so mailed. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Each party hereto, each Authorized Participant by its delivery of an Authorized Participant Agreement and each Beneficial Owner by the acceptance of a Share, irrevocably consents to the jurisdiction of the courts of the State of New York and of any Federal Court located in the Borough of Manhattan in such State in connection with any action, suit or other proceeding arising out of or relating to this Agreement or any action taken or omitted hereunder, and waives any claim of forum non conveniens and any objections as to laying of venue. Each party further waives personal service of any summons, complaint or other process and agrees that service thereof may be made by certified or registered mail directed to such person at such person&#146;s address for purposes of notices hereunder.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Section 7.7 </font><u><font style='font-size:10pt'>Governing Law</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>This Agreement shall be interpreted under, and all rights and duties under this Agreement shall be governed by, the internal substantive laws (but not the choice of law rules) of the State of New York. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>33</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>IN WITNESS WHEREOF, ETF SECURITIES USA LLC and THE BANK OF NEW YORK MELLON have duly executed this Depositary Trust Agreement as of the day and year first set forth above. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<div align=center>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
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        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font STYLE='FONT-SIZE:10PT'>ETF SECURITIES USA LLC</font></p> </td> </tr>
 <tr>
        <td width="49%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'>  </p> </td>
        <td width="7%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="4%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>By:&nbsp;</font></p> </td>
        <td width="40%" valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><br> <font style='font-size:10pt'>/s/ Graham Tuckwell</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Name:&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Graham Tuckwell</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Title:</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>President &amp; Chief Executive Officer</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<div align=center>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font STYLE='FONT-SIZE:10PT'>WITNESSED:</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font STYLE='FONT-SIZE:10PT'>WITNESSED:</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><br> <font style='font-size:10pt'>/s/ Graeme David Ross</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'> </font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><br> <font style='font-size:10pt'>/s/ Greg Burgess</font></p> </td> </tr>
 <tr>
        <td width="6%" valign=bottom style='border-top:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Name:&nbsp;</font></p> </td>
        <td width="41%" valign=bottom style='border-top: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Graeme David Ross</font></p> </td>
        <td width="10%" valign=bottom >
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom style='border-top:solid black .5pt; '>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Name:&nbsp;</font></p> </td>
        <td width="41%" valign=bottom style='border-top: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Greg Burgess</font></p> </td> </tr>
 <tr>
        <td ></td>
                    <td ></td>
        <td ></td>
                    <td ></td>
        <td ></td> </tr> </table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<div align=center>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font STYLE='FONT-SIZE:10PT'>THE BANK OF NEW YORK MELLON, </font><br> <font style='font-size:10pt'>as Trustee</font></p> </td> </tr>
 <tr>
        <td width="49%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'>  </p> </td>
        <td width="7%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="4%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>By:&nbsp;</font></p> </td>
        <td width="40%" valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><br> <font style='font-size:10pt'>/s/ Andrew Pfeifer</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Name:&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Andrew Pfeifer</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Title:</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Vice President</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><i><font style='font-size:10pt'>[Signature Page to ETFS Palladium Depositary Trust Agreement]</font></i></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="45%" style=' border-collapse:collapse;'>
 <tr>
        <td width="73%" valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font STYLE='FONT-SIZE:10PT'>STATE OF NEW YORK</font></p> </td>
        <td width="7%" valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p> </td>
        <td width="18%" valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>:</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>ss.:</font></p> </td> </tr>
 <tr>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font STYLE='FONT-SIZE:10PT'>COUNTY OF NEW YORK</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:10%;text-align:left;'><font style='font-size:10pt'>On the 22<sup>nd</sup> day of December in the year two thousand nine, before me, the undersigned, personally appeared ANDREW T. PFEIFFER, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<div align=center>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="49%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'>  </p> </td>
        <td width="7%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="4%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="40%" valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><br> <font style='font-size:10pt'>/s/ Shirley Chieu</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Notary Public</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>(Notarial Seal)</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>EXHIBIT A</font></B></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><font style='font-size:10pt'>[Form of Certificate]</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font STYLE='FONT-SIZE:10PT'>THE SHARES EVIDENCED HEREBY REPRESENT RIGHTS WITH RESPECT TO UNDERLYING TRUST PROPERTY (AS DEFINED IN THE DEPOSITARY TRUST AGREEMENT REFERRED TO HEREIN) HELD BY THE TRUST AND DO NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, AND ARE NOT GUARANTEED BY THE SPONSOR OR THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE SHARES NOR THE UNDERLYING TRUST PROPERTY ARE INSURED UNDER ANY AGREEMENT THAT DIRECTLY BENEFITS THE TRUST OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR ANY OTHER PERSON. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (&#147;DTC&#148;), TO THE AGENT AUTHORIZED BY THE ISSUER FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &amp; CO., HAS AN INTEREST HEREIN. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font STYLE='FONT-SIZE:10PT'>A-1</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>ETFS PALLADIUM TRUST SHARES</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>ISSUED BY</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>ETFS PALLADIUM TRUST</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>REPRESENTING</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>FRACTIONAL INTERESTS IN DEPOSITED PALLADIUM AND ANY OTHER TRUST</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>PROPERTY</font></B></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font style='font-size:10pt'>THE BANK OF NEW YORK MELLON, as Trustee</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<div align=right>
<table border="0" cellspacing=0 cellpadding=0 width="95%" style=' border-collapse:collapse;'>
 <tr>
      <td width="50%" valign=top style='padding:0in 0pt 0in 0pt;'><p style='margin:0in;margin-bottom:.0001pt; text-indent:0in;'><font style='font-size:10pt'>No.</font></p> </td>
        <td width="49%" valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p align=right style='margin:0in;margin-bottom:.0001pt; text-align:right;text-indent:0in;'><font style='font-size:10pt'>* Shares</font></p> </td> </tr>
 <tr>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style='margin:0in;margin-bottom:.0001pt; text-indent:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style='margin:0in;margin-bottom:.0001pt; text-indent:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top style='padding:0in 0pt 0in 0pt;'>
                        <p style='margin:0in;margin-bottom:.0001pt; text-indent:0in;'><font STYLE='FONT-SIZE:10PT'>CUSIP:</font></p> </td>
        <td valign=top style='padding:0in 5.4pt 0in 5.4pt;'>
                        <p style='margin:0in;margin-bottom:.0001pt; text-indent:0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>THE BANK OF NEW YORK MELLON, as Trustee (hereinafter called the Trustee), hereby certifies that CEDE &amp; CO., as nominee of The Depository Trust Company, or registered assigns, is the owner of * Shares issued by ETFS Palladium Trust, each representing a fractional undivided interest in the net assets of the Trust, as provided in the Agreement referred to below. At the time of delivery of the Agreement, each 50,000 Shares represented an interest in 5,000 Ounces of Palladium that are deposited under the Agreement and held by the Custodian referred to in the Agreement. The amount of Palladium in which each 50,000 Shares represents an interest will decline over time as provided in the Agreement. The Trustee&#146;s Corporate Trust Office is located at a different address than its principal executive office. Its Corporate Trust Office is located at 2 Hanson Place, Brooklyn, New York
11217, and its principal executive office is located at One Wall Street, New York, New York 10286. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>This Certificate is issued upon the terms and conditions set forth in the Depositary Trust Agreement dated as of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2009 (the &#147;Agreement&#148;) between ETF Securities USA LLC (herein called the Sponsor), and the Trustee. By becoming a Registered Owner or Beneficial Owner, or by depositing Palladium, a Person is bound by all the terms and conditions of the Agreement. The Agreement sets forth the rights of Depositors and Registered Owners and the rights and duties of the Trustee and the Sponsor. Copies of the Agreement are on file at the Trustee&#146;s Corporate Trust Office in New York City. </font></p>
<b><font style='font-size:10pt'>______________</font></b>
<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:5%; text-indent:-5%;text-align:left;'><font style='font-size:10pt'>* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That number of Shares held at The Depository Trust Company at any given point in time. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font STYLE='FONT-SIZE:10PT'>A-2</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>The Agreement is hereby incorporated by reference into and made a part of this Certificate as if set forth in full in this place. Capitalized terms not defined herein shall have the meanings set forth in the Agreement. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>This Certificate shall not be entitled to any benefits under the Agreement or be valid or obligatory for any purpose unless it is executed by the Trustee by the manual or facsimile signature of a duly authorized signatory of the Trustee and, if a Registrar (other than the Trustee) for the Shares shall have been appointed, countersigned by the manual signature of a duly authorized officer of the Registrar. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<div align=center>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
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   <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Dated:&nbsp;</font></p></td>
   <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
   <td valign=bottom >&nbsp;</td>
   <td colspan="2" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font STYLE='FONT-SIZE:10PT'>THE BANK OF NEW YORK MELLON, </font>
         </p></td>
 </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>as Trustee</font></p> </td> </tr>
 <tr>
        <td width="6%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="41%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'>  </p> </td>
        <td width="6%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="3%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'><br>
                        By:&nbsp;</font></p> </td>
        <td width="41%" valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'>  </p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><b><font style='font-size:10pt'>THE TRUSTEE&#146;S CORPORATE TRUST OFFICE ADDRESS IS</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>2 HANSON PLACE, BROOKLYN, NEW YORK 11217</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font STYLE='FONT-SIZE:10PT'>A-3</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:RIGHT;'><font face="Times New Roman, Times, serif" size=2>EXHIBIT 4.2</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><B><font SIZE=3>AUTHORIZED PARTICIPANT AGREEMENT</font></B></font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif" size=3>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>AUTHORIZED
    PARTICIPANT AGREEMENT (this &#147;Agreement&#148;) dated as of [DATE] among
    (i) [AUTHORIZED PARTICIPANT], a [company] organized under the laws of [JURISDICTION
    OF AP] (the &#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Authorized Participant</font></b><font size=2>&#148;),
    (ii) The Bank of New York Mellon, a New York Banking corporation acting in
    its capacity as trustee (in such capacity, the &#147;<b>Trustee</b>&#148;)
    of the Trust(s) listed on the attached Schedule A, which is a part of this
    Agreement (each a &#147;<b>Trust</b>&#148; and collectively, the &#147;<b>Trusts</b>&#148;),
    each Trust created under New York law pursuant to its respective Depositary
    Trust Agreement identified on the attached Schedule A (each a &#147;<b>Trust Agreement</b>&#148; and
    collectively, the &#147;<b>Trust Agreements</b>&#148;), and (iii) ETF Securities
USA LLC, in its capacity as sponsor of each Trust (in such capacity, the &#147;<b>Sponsor</b>&#148;).</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>R E C I T A L S</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>A.
    Pursuant to the provisions of the applicable Trust Agreements, each Trust
    may from time to time issue or redeem equity securities representing an interest
    in the assets of such Trust (&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Shares</font></b><font size=2>&#148;),
    in each case only in aggregate amounts as set out in Schedule A (such aggregate
    amount, a &#147;<b>Basket</b>&#148;), and integral multiples thereof, and
    only in transactions with a party who, at the time of the transaction, shall
have signed and in effect an Authorized Participant Agreement with such Trust.</font></font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>B.
    [AUTHORIZED PARTICIPANT] has requested to become an &#147;Authorized Participant&#148; with
    respect to each Trust (as such term is defined in the applicable Trust Agreement),
and the Sponsor and the Trustee have agreed to such request.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>NOW, THEREFORE, in consideration of the foregoing premises, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties, hereto, intending to be legally bound, agree as follows: </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 1. </font><font face="Times New Roman, Times, serif"><u><font size=2>Procedures</font></u><font size=2>.
      The Authorized Participant will purchase or redeem Baskets of Shares of
      the relevant Trust in compliance with the relevant Trust Agreement as supplemented
      by the Creation and Redemption Procedures attached to this Agreement as
      Schedule 1 (such procedures, as the same may be amended or modified from
      time to time in compliance with the provisions hereof and thereof, the &#147;<b>Procedures</b>&#148;),
      using either (i) the form attached thereto as Annex I (a &#147;<b>Purchase</b></font> <b><font size=2>Order</font></b><font size=2>&#148;,
      in the case of an order to purchase one or more Baskets of Shares issued
      by a specified Trust and a &#147;<b>Redemption Order</b>&#148;, in case of an order to redeem one or more Baskets of Shares issued by a specified Trust) or (ii) through the Trustee&#146;s
      electronic order entry system, as such may be made available and constituted
      from time to time, the use of which shall be subject to the terms and conditions
      attached thereto as Annex II. All Purchase Orders and Redemption Orders
      (collectively, &#147;<b>Orders</b>&#148;) shall be placed and executed
      in accordance with the relevant Trust Agreement as supplemented by the
      Procedures. Capitalized terms used in this Agreement and not otherwise
defined herein have the meaning ascribed to them in the Procedures. </font></font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 2. </font><font face="Times New Roman, Times, serif"><u><font size=2>Incorporation of Standard Terms</font></u><font size=2>. The Standard Terms attached hereto as Schedule 2 are hereby incorporated by reference into, and made a part of, this Agreement.</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 3. </font><font face="Times New Roman, Times, serif"><u><font size=2>Conflicts Rules</font></u><font size=2>. In case of any inconsistency between the provisions of this Agreement and an applicable Trust Agreement, the provisions of such Trust Agreement shall control. In case of inconsistency between the provisions incorporated by reference into this Agreement pursuant to Section 2 above and any other provision of this Agreement, the latter will control.</font></font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 4. </font><font face="Times New Roman, Times, serif"><u><font size=2>Authorized Representatives</font></u><font size=2>. Pursuant to Section 2.01 of the Standard Terms, attached hereto as Schedule 3-A is a certificate listing the Authorized Representatives of the Authorized Participant.</font></font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 5. </font><font face="Times New Roman, Times, serif"><u><font size=2>Additional Covenants</font></u><font size=2>. The Authorized Participant covenants and agrees: </font></font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
    use its best efforts to ensure that any Delivery of applicable Bullion to
    the Custodian, or any withdrawal of applicable Bullion from the appropriate
    Trust, in connection with a Purchase Order or Redemption Order placed by
    the Authorized Participant will take place only through one or more members
    of the London Bullion Market Association and/or the London Platinum and Palladium
Market as appropriate under the terms of the applicable Trust Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly
    upon written demand therefore (accompanied by such reasonable evidence as
    the Authorized Participant may request), to reimburse the relevant Trust
    or the Custodian the amount of any taxes (including value added taxes) that
    may be imposed on the relevant Trust or the Custodian in connection with
    any Delivery of Bullion by or on behalf of the Authorized Participant to
    the Custodian (in the case of a Purchase Order placed by the Authorized Participant),
    or any Delivery of Bullion to or for the account of the Authorized Participant
(in the case of a Redemption Order placed by the Authorized Participant).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 6. </font><font face="Times New Roman, Times, serif"><u><font size=2>Notices</font></u><font size=2>. Except as otherwise specifically provided in the Procedures, all notices required or permitted to be given pursuant hereto shall be given in writing and delivered by personal delivery or by postage prepaid registered or certified United States first class mail, return receipt requested, or by telex or facsimile (with a confirming copy by mail) addressed as follows: </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>(i) If to the Trustee:  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>The Bank of New York Mellon  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>2
Hanson Place &#151; Floor 9th </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Brooklyn, NY 11217  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Attn: Jarvis Joseph  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Telephone: (718) 315-7500 </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Facsimile: (732) 667-9478</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>E-Mail: </font><font face="Times New Roman, Times, serif"><u><font size=2>jarvis.joseph@bnymellon.com</font></u> </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>(ii) If to the Sponsor:</font></p>
<p style='margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-align:left;'><font face="Times New Roman, Times, serif" size=2>ETF
  Securities USA LLC&nbsp;&nbsp;<br>
</font><font face="Times New Roman, Times, serif" size=2>11<sup>th</sup> Floor</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>48 Wall Street</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>New York</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font FACE="Times New Roman, Times, serif" SIZE=2>NY 10005</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif" size=2>2</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Attn: Fred Jheon</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Telephone: (212) 918-4954</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Facsimile: (212) 918-4972</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>E-Mail: </font><font face="Times New Roman, Times, serif"><u><font size=2>fred.jheon@etfsecurities.com</font></u> </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>(iii) If to the Authorized Participant:  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>[AUTHORIZED PARTICIPANT]</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Attn:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>[AP&#146;S
ADDRESS]</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Telephone:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Facsimile:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Telex:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>or such other address as any of the parties hereto shall have communicated in writing to the remaining parties in compliance with the provisions hereof.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 7. </font><font face="Times New Roman, Times, serif"><u><font size=2>Effectiveness, Termination and Amendment</font></u><font size=2>. This Agreement shall become effective upon execution and delivery by each of the parties hereto. This Agreement may be terminated at any time by any party upon sixty days prior written notice to the other parties and may be terminated earlier by the Trustee or the Sponsor at any time on the event of a breach by the Authorized Participant of any provision of this Agreement (including the Standard Terms incorporated by Section 2 hereof) or the Procedures. This Agreement, along with any other agreement or instrument delivered pursuant to this Agreement, supersedes any prior agreement between or among the parties concerning the matters governed hereby.  This Agreement may be amended by the Trustee and the Sponsor from time to time without



 the consent of
the Authorized Participant or any Beneficial Owner by the following procedure: the Trustee or the Sponsor will mail a copy of the amendment to the Authorized Participant in compliance with the notice provisions of this Agreement; if the Authorized Participant does not object in writing to the amendment within fifteen (15) Business Days after receipt of the proposed amendment, the amendment will become part of this Agreement in accordance with its terms. Titles and section headings in this Agreement (and in the Standard Terms incorporated by Section 2 hereof and the Procedures) are included solely for convenient reference and are not a part of this Agreement.   </font></font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 8. </font><font face="Times New Roman, Times, serif"><u><font size=2>Governing Law</font></u><font size=2>. This Agreement and all the transactions hereunder shall be governed by and interpreted in accordance with the laws of the State of New York (regardless of the laws that might otherwise govern under applicable New York conflict law principles) as to all matters including matters of validity, construction, effect, performance and remedies. The parties irrevocably submit to the non-exclusive jurisdiction of any New York State or United States Federal court sitting in New York City over any suit, action or proceeding arising out of, or relating to, this Agreement.</font></font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 9. </font><font face="Times New Roman, Times, serif"><u><font size=2>Assignment</font></u><font size=2>. No party to this Agreement shall assign any rights, or delegate the performance of any obligations, arising hereunder without the prior written consent of the other parties hereto, which shall not be unreasonably withheld; provided, that any entity into which a party hereto may be merged or converted, or with which it may be consolidated, or any entity resulting from any merger, consolidation or conversion to which a party hereunder shall be a party, shall be the successor of such party hereto.   The party resulting from any such merger, conversion, consolidation or </font></font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif" size=2>3</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>succession shall promptly notify the other parties hereto of the change. Any purported assignment or delegation in violation of these provisions shall be null and void. Notwithstanding the foregoing, any successor Trustee appointed in compliance with the applicable Trust Agreement shall automatically become a party hereto and shall assume all the obligations, and be entitled to all the rights and remedies of the Trustee hereunder with respect to the applicable Trust.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 10. </font><font face="Times New Roman, Times, serif"><u><font size=2>No Strict Construction</font></u><font size=2>.  The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party.</font></font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 11. </font><font face="Times New Roman, Times, serif"><u><font size=2>Counterparts</font></u><font size=2>. This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.</font></font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif" size=2>[</font><font face="Times New Roman, Times, serif"><i><font size=2>Signatures Follow on Next Page</font></i><font size=2>]</font></font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif" size=2>4</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif"><B><font SIZE=2>IN WITNESS WHEREOF</font></B><font size=2>, the parties hereto have executed this Authorized Participant Agreement as of the date set forth above.</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif"><B><font SIZE=2>THE BANK OF NEW YORK MELLON</font></B><font size=2>, in its capacity as </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Trustee of the Trusts listed on Schedule A hereto</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>By:</font><font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Name: </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Title: </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Date: </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif"><B><font SIZE=2>ETF SECURITIES USA LLC</font></B><font size=2>, in its capacity as </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Sponsor of the Trusts listed on Schedule A hereto</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>By:</font><font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Name: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Title: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Date: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif"><b><font size=2>[AUTHORIZED PARTICIPANT] </font></b></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>By:</font><font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Name: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Title: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Date: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif" size=2>5</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p><page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font size=2>SCHEDULE
A &#150; APPLICABLE TRUSTS</font></b></font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1 face="Times New Roman, Times, serif">&nbsp;</font></p> </td>
        <td width="36" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>&#149;</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>ETFS Silver Trust, a trust created under New York law pursuant to that certain Depositary Trust Agreement between the Trustee and the Sponsor, as may be amended from time to time.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.38in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1 face="Times New Roman, Times, serif">&nbsp;</font></p> </td>
        <td width="36" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>&#149;</font></p> </td>
  <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>ETFS Gold Trust, a trust created under New York law pursuant to that certain Depositary Trust Agreement between the Trustee and the Sponsor, as may be amended from time to time.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.38in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1 face="Times New Roman, Times, serif">&nbsp;</font></p> </td>
        <td width="36" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>&#149;</font></p> </td>
  <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>ETFS Platinum Trust, a trust created under New York law pursuant to that certain Depositary Trust Agreement between the Trustee and the Sponsor, as may be amended from time to time.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.38in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="16" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1 face="Times New Roman, Times, serif">&nbsp;</font></p> </td>
        <td width="36" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>&#149;</font></p> </td>
  <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>ETFS Palladium Trust, a trust created under New York law pursuant to that certain Depositary Trust Agreement between the Trustee and the Sponsor, as may be amended from time to time.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.38in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><B><font SIZE=2>DELIVERY LOCATIONS, BASKET SIZES</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><B><font SIZE=2>AND BULLION OUNCES PER SHARE</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Description of Delivery and Basket Sizes:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<table width="100%" border="0" cellpadding=0 cellspacing=0 style='margin-left:0in;border-collapse:collapse'>
<tr >
        <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
    <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1 face="Times New Roman, Times, serif">&nbsp;</font></p> </td>
<td valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
    <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif"><u><font size=2>Delivery of Bullion</font></u></font></p> </td>
<td valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
    <p style='margin-left:0pt;text-indent:0pt;text-align:CENTER;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif"><u><font size=2>Shares Per Basket</font></u></font></p> </td>
<td valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-left:0pt;text-indent:0pt;text-align:CENTER;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif"><u><font size=2>Oz. per Share at Inception</font></u></font></p> </td> </tr>
    <tr >
      <td valign=bottom>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>ETFS Physical Silver Shares</font></p> </td>
  <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Loco-London</font></p> </td>
  <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>100,000</font></p> </td>
  <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>1.0</font></p> </td> </tr>
    <tr >
      <td valign=bottom>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>ETFS
      Physical Swiss Gold Shares</font></p> </td>
  <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Loco-Zurich/London</font></p> </td>
  <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>50,000</font></p> </td>
  <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>0.1</font></p> </td> </tr>
    <tr >
      <td valign=bottom>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>ETFS Physical Platinum Shares</font></p> </td>
  <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Loco-Zurich/London</font></p> </td>
  <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>50,000</font></p> </td>
  <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>0.1</font></p> </td> </tr>
    <tr >
      <td valign=bottom>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>ETFS Physical Palladium Shares</font></p> </td>
  <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Loco-Zurich/London</font></p> </td>
  <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>50,000</font></p> </td>
  <td valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>0.1</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif" size=2>6</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p><page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><B><font SIZE=2>SCHEDULE 1- CREATION AND REDEMPTION PROCEDURES</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p><page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><B><font SIZE=2>TABLE OF CONTENTS - SCHEDULE 1</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>


<table width="100%" border="0" cellpadding=0 cellspacing=0 style='border-collapse:collapse'>
<tr >
  <td colspan="3" valign=top >&nbsp;</td>
  <td valign=top ><font face="Times New Roman, Times, serif"><u><font size=2>Page</font></u></font></td>
</tr>
<tr >
      <td colspan="3" valign=top ><font face="Times New Roman, Times, serif" size=2>ARTICLE
      I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</font></td>
    <td width="44" valign=top >&nbsp;</td>
    </tr>

    <tr >
        <td width="123" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1 face="Times New Roman, Times, serif">&nbsp;</font></p> </td>
  <td width="102" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Section 1.01</font></p> </td>
        <td width="961" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Definitions</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>2</font></p> </td> </tr>
    <tr >
        <td width="123" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1 face="Times New Roman, Times, serif">&nbsp;</font></p> </td>
  <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Section 1.02</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Interpretation</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>6</font></p> </td> </tr>
    <tr >
      <td width="123" valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td colspan="3" valign=top ><font face="Times New Roman, Times, serif" size=2>ARTICLE
      II CREATION PROCEDURES</font></td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td width="123" valign=top >&nbsp;</td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Section
      2.01</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Initial
      Creation of Shares</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>7</font></td>
  </tr>
    <tr >
      <td width="123" valign=top >&nbsp;</td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Section
      2.02</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Subsequent
      Creation of Shares</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>7</font></td>
  </tr>
    <tr >
      <td width="123" valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td colspan="3" valign=top ><font face="Times New Roman, Times, serif" size=2>ARTICLE
      III REDEMPTION PROCEDURES</font></td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td width="123" valign=top >&nbsp;</td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Section
      3.01</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Redemption
      of Shares</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>9</font></td>
    </tr>
    <tr >
      <td width="123" valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td colspan="3" valign=top ><font face="Times New Roman, Times, serif" size=2>ANNEX
      I TO CREATION AND REDEMPTION PROCEDURES</font></td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td width="123" valign=top >&nbsp;</td>
      <td colspan="2" valign=top ><font face="Times New Roman, Times, serif" size=2>Creation/Redemption
      Order Form</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>13</font></td>
    </tr>
    <tr >
      <td width="123" valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td colspan="3" valign=top ><font face="Times New Roman, Times, serif" size=2>ANNEX
      II TO CREATION AND REDEMPTION PROCEDURES</font></td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td width="123" valign=top >&nbsp;</td>
      <td colspan="2" valign=top ><font face="Times New Roman, Times, serif" size=2>Order
      Entry System Terms and Conditions</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>16</font></td>
  </tr>
    <tr >
      <td width="123" valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
    </tr>
</table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S1-1</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
  <font face="Times New Roman, Times, serif"><B><font SIZE=2>FIRST AMENDED AND RESTATED<br>
CREATION AND REDEMPTION PROCEDURES</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif" size=2>Adopted
by the Sponsor and Trustee (each as defined below) as of August 24, 2009</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>ARTICLE I</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 1.01. </font><font face="Times New Roman, Times, serif"><u><font size=2>Definitions</font></u><font size=2>. For purposes of these Procedures, and the Standard Terms incorporated by reference into the Authorized Participant Agreement to which these Procedures are attached, unless the context otherwise requires, the following terms will have the following meanings:    </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>1933 Act</font></b><font size=2>&#148; means
the U.S. Securities Act of 1933, as amended. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Affiliate</font></b><font size=2>&#148; shall
have the meaning given to it by Rule 501(b) under the 1933 Act. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><B><font SIZE=2>AP</font></B> <b><font size=2>Indemnified Party</font></b><font size=2>&#148; shall
      have the meaning ascribed to such term in Sections 6.01.a of the Standard
Terms.</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Authorized Participant</font></b><font size=2>&#148; shall
      have the meaning ascribed to the term in the introductory paragraph of
the Authorized Participant Agreement. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Authorized Participant Agreement</font></b><font size=2>&#148; shall
      mean each Authorized Participant Agreement among the Authorized Participant,
      the Trustee and the Sponsor into which these Creation and Redemption Procedures
      are attached as Schedule 1 and the Standard Terms and Conditions attached
as Schedule 2 shall have been incorporated by reference. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Authorized Participant Client</font></b><font size=2>&#148; means
      any party on whose behalf the Authorized Participant acts in connection
with an Order (whether a customer or otherwise). </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Authorized Representative</font></b><font size=2>&#148; shall
      mean, with respect to an Authorized Participant, each individual who, pursuant
      to the provisions of the Authorized Participant Agreement between such
      Authorized Participant, the Sponsor, and the Trustee, has the power and
      authority to act on behalf of the Authorized Participant in connection
      with the placement of Purchase Orders or Redemption Orders and is in possession
      of the personal identification number (PIN) assigned by the Trustee for
      use in any communications regarding Purchase or Redemption Orders on behalf
of such Authorized Participant. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Basket</font></b><font size=2>&#148; shall
      have the meaning ascribed to the term in Section 1.1 of the relevant Trust
Agreement. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Basket Amount</font></b><font size=2>&#148; shall mean the specific basket amount term defined in Section 1.1 of the relevant Trust Agreement (e.g., the &#147;Basket Silver Amount&#148; in
the case of the ETFS Silver Trust). </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S1-2</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Benchmark Price</font></b><font size=2>&#148; shall
      have the meaning ascribed to the term in Section 1.1 of the relevant Trust
Agreement. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Beneficial Owner</font></b><font size=2>&#148; shall
      have the meaning given to it by Rule 16a-1(a)(2) of the Securities Exchange
Act of 1934. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Bullion</font></b><font size=2>&#148; shall
mean Silver, Gold, Platinum and/or Palladium as appropriate.</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Business
        Day</font></b><font size=2>&#148; shall
      mean, if and as applicable, (i) each day the exchange on which the relevant
        Shares trade is open for regular trading, and/or (ii) a London Business
        Day, and/or (iii) a Zurich Business Day.</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Creation</font></b><font size=2>&#148; means the process that begins when an Authorized Participant first indicates to the Trustee its intention to purchase one or more Baskets of a specified Trust pursuant to these Procedures and concludes with the issuance by the Trustee and Delivery to such Authorized Participant of the corresponding number of that Trust&#146;s
Shares. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Creation and Redemption Line</font></b><font size=2>&#148; shall
      mean a telephone number designated as such by the Trustee and specified
      in Annex I of the Procedures or otherwise communicated to each Authorized
      Participant in compliance with the notice provisions of the respective
Authorized Participant Agreement. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Custodial Unallocated Account</font></b><font size=2>&#148; shall
      mean the unallocated bullion account established by the Trustee with the
Custodian pursuant to the relevant Custodian Agreement. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Custodial Allocated Account</font></b><font size=2>&#148; shall
      mean the allocated bullion account established by the Trustee with the
Custodian pursuant to the relevant Custodian Agreement. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Custodian</font></b><font size=2>&#148; shall
      mean, with respect to the ETFS Silver Trust, HSBC Bank USA National Association,
      London Branch and, with respect to the ETFS Gold Trust, the ETFS Platinum
      Trust and the ETFS Palladium Trust, JPMorgan Chase Bank, N.A., each in
      their capacity as custodian under the Custodian Agreements and any successor
      thereto or additional or other custodian appointed in compliance with the
      provisions of the relevant Trust Agreements and relevant Custodian Agreement(s). </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Custodian Day</font></b><font size=2>&#148; shall
      mean a day on which the facilities at which a Delivery of Bullion is to
      take place to or by the Custodian on behalf of the Trust(s) are open for
business. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Custodian Agreement</font></b><font size=2>&#148; or &#147;<b>Custodian Agreements</b>&#148; shall
      mean the applicable Custodian Agreement by and between the Trustee and
the Custodian with respect to the applicable Trust. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Delivery</font></b><font size=2>&#148; shall mean a delivery of Bullion or Shares, as applicable, in each case effected according to the definition of &#147;Deliver&#148; in
Section 1.1 of the relevant Trust Agreement. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Depositor</font></b><font size=2>&#148; shall
      mean any Authorized Participant that deposits Bullion into the relevant
      Trust, either for its own account or on behalf of another Person that is
the owner or beneficial owner of that Bullion. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S1-3</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Deposit Property</font></b><font size=2>&#148; means property which, in compliance with the provisions of the relevant Trust Agreement, must be transferred by the Authorized Participant to the relevant Trust in exchange for that Trust&#146;s
Shares. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><B><font SIZE=2>DTC</font></B><font size=2>&#148; shall
mean The Depository Trust Company, its nominees and their respective successors. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><B><font SIZE=2>FINRA</font></B><font size=2>&#148; means
the Financial Industry Regulatory Authority.</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Gold</font></b><font size=2>&#148; shall
      have the meaning ascribed to the term in Section 1.1 of the Trust Agreement
of the ETFS Gold Trust relating to gold. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Initial Creation</font></b><font size=2>&#148; shall
      mean the initial creation of Shares pursuant to the provisions of Section
2.01 hereof. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><B><font SIZE=2>LBMA</font></B><font size=2>&#148; shall
mean the London Bullion Market Association. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><B><font SIZE=2>LPPM</font></B><font size=2>&#148; shall
mean the London Platinum and Palladium Market.</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>London Business Day</font></b><font size=2>&#148; shall
      mean a day (other than a Saturday, Sunday or a public holiday in England)
      on which commercial banks generally and the over-the-counter markets in
      silver, with respect to ETFS Silver Trust and the ETFS PM Basket Trust
      and gold, with respect to the ETFS Gold Trust and the ETFS PM Basket Trust,
      each as coordinated by the LBMA, and in platinum, with respect to the ETFS
      Platinum Trust and the ETFS PM Basket Trust, and palladium, with respect
      to the ETFS Palladium Trust and the ETFS PM Basket Trust, coordinated by
the LPPM are open for the transaction of business in London.</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Order</font></b><font size=2>&#148; shall
      have the meaning ascribed to it in Section 1 of the Authorized Participant
Agreement. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Order Cutoff Time</font></b><font size=2>&#148; shall
      have the meaning ascribed to the term in Section 1.1 of the relevant Trust
Agreement. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Order Date</font></b><font size=2>&#148; shall
      have, (i) with respect to a Purchase Order, the meaning ascribed to the
      term in Section 2.3(a) of the relevant Trust Agreement; and (ii) with respect
      to a Redemption Order, the meaning ascribed to the term in Section 2.6(a)
of the relevant Trust Agreement. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Ounce</font></b><font size=2>&#148; shall
      have the meaning ascribed to the term in Section 1.1 of the relevant Trust
Agreement. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Palladium</font></b><font size=2>&#148; shall
      have the meaning ascribed to the term in Section 1.1 of the Trust Agreement
of the ETFS Palladium Trust relating to palladium. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Person</font></b><font size=2>&#148; shall
      mean any natural person or any limited liability company, corporation,
      partnership, joint venture, association, joint stock company, trust, unincorporated
organization or government or any agency or political subdivision thereof. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S1-4</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p><page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Platinum</font></b><font size=2>&#148; shall
      have the meaning ascribed to the term in Section 1.1 of the Trust Agreement
of the ETFS Platinum Trust relating to platinum. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>PM Basket</font></b><font size=2>&#148; shall
      mean precious metal Shares with a pro-rata share of Gold, Silver, Platinum
and Palladium as set out in Schedule A of the Authorized Participant Agreement.</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Procedures</font></b><font size=2>&#148; shall
      have the meaning ascribed to it in Section 1 of the Authorized Participant
Agreement. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Prospectus</font></b><font size=2>&#148; or &#147;<b>Prospectuses</b>&#148; means
      the current prospectus of the relevant Trust included in its effective
registration statement, as supplemented or amended from time to time. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Purchase Order</font></b><font size=2>&#148; shall
      have the meaning ascribed to it in Section 1 of the Authorized Participant
Agreement. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Redemption Order</font></b><font size=2>&#148; shall
      have the meaning ascribed to it in Section 1 of the Authorized Participant
Agreement. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Shares</font></b><font size=2>&#148; means
      Shares issued by the relevant Trust pursuant to the provisions of the relevant
Trust Agreement. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Silver</font></b><font size=2>&#148; shall
      have the meaning ascribed to the term in Section 1.1 of the Trust Agreement
of the ETFS Silver Trust relating to silver. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Sponsor</font></b><font size=2>&#148; shall
mean ETF Securities USA LLC, a Delaware limited liability company. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Sponsor Indemnified Party</font></b><font size=2>&#148; shall
      have the meaning ascribed to such term in Sections 6.01.b of the Standard
Terms.</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Trustee</font></b><font size=2>&#148; shall
      mean The Bank of New York Mellon, a New York banking corporation, in its
      capacity as Trustee under each Trust Agreement, and any successor thereto
in compliance with the provisions thereof. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Trust</font></b><font size=2>&#148; or &#147;<b>Trusts</b>&#148; shall
      have the meanings ascribed to them in the introductory paragraph of the
Authorized Participant Agreement. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Trust Agreement</font></b><font size=2>&#148; or &#147;<b>Trust Agreements</b>&#148; shall
      have the meanings ascribed to them in the introductory paragraph of the
Authorized Participant Agreement.</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Unallocated Basis</font></b><font size=2>&#148; shall
      have the meaning ascribed to the term in Section 1.1 of the relevant Trust
Agreement. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><B><font SIZE=2>VAT</font></B><font size=2>&#148; shall
      mean (a) any tax imposed pursuant to or in compliance with the Sixth Directive
      of the Council of the European Economic Communities (77/388/EEC) including,
      in relation to the United Kingdom, value added tax imposed by the Value
      Added Tax Act 1994 and legislation and regulations supplemental thereto;
and (b) any other tax of a similar nature, whether imposed in a </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S1-5</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>   <hr noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p><page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>member
    state of the European Union or elsewhere, in substitution for, or levied
in addition to, such tax referred to in &#147;(a)&#148;. </font></p>


            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1 face="Times New Roman, Times, serif">&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&#147;</font><font face="Times New Roman, Times, serif"><B><font SIZE=2>Zurich
        Business Day</font></B><font size=2>&#148; shall
      mean a day (other than a Saturday, Sunday or a public holiday in Switzerland)
        on which commercial banks generally and the over-the-counter markets
        in gold, with respect to the ETFS Gold Trust and the ETFS PM Basket Trust,
        platinum, with respect to the ETFS Platinum Trust and the ETFS PM Basket
        Trust, and palladium, with respect to the ETFS Palladium Trust and the
        ETFS PM Basket Trust, are open for the transaction of buisness in Zurich.</font></font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 1.02.  </font><font face="Times New Roman, Times, serif"><u><font size=2>Interpretation</font></u><font size=2>.
In these Procedures. </font></font></p>



<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Unless otherwise indicated, all references to Sections, clauses, paragraphs, schedules or exhibits, are to Sections, clauses, paragraphs, schedules or exhibits in or to these Procedures. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>To the extent that term(s) defined in Section 1.01 apply to a Trust that has not commenced operations as of any relevant date and such Trust is listed or to be listed on Schedule A of the Authorized Participant Agreement, such term(s) shall not be operative and any provisions relating to such a Trust and its Shares contained in the Authorized Participant Agreement shall have no effect until such Trust commences operations and its Trust Agreement and applicable Custodian Agreement have been executed and delivered whereupon such terms and provisions shall become automatically operative and effective without any further action by the parties to the Authorized Participant Agreement.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>The
    words &#147;hereof&#148;, &#147;herein&#148;, &#147;hereunder&#148; and words
    of similar import shall refer to these Procedures as a whole, and not to
any individual provision in which such words may appear. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.57in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>A reference to any statute, law, decree, rule, regulation or other applicable norm shall be construed as a reference to such statute, law, decree, rule, regulation or other applicable norm as re-enacted, re-designated or amended from time to time. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.57in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>A reference to any agreement, instrument or document shall be construed as a reference to such agreement, instrument or document as the same may have been amended from time to time in compliance with the provisions thereof. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>ARTICLE II</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>CREATION PROCEDURES</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 2.01.  </font><font face="Times New Roman, Times, serif"><u><font size=2>Initial Creation of Shares</font></u><font size=2>.  The initial creation of Shares of a Trust will take place in compliance with such procedures as the Trustee, the Sponsor and the initial Depositor may agree. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 2.02.  </font><font face="Times New Roman, Times, serif"><u><font size=2>Subsequent Creation of Shares</font></u><font size=2>.  After the Initial Creation, the issuance and Delivery of Shares of a specified Trust shall take place only in integral numbers of Baskets in compliance with the following rules: </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
    Participants wishing to acquire from the Trustee one or more Baskets shall
    place a Purchase Order with the Trustee no later than 3:59:59 p.m. (New York
    time) on any Business Day. Purchase Orders received by the Trustee on or
    after the Order Cutoff Time on a Business Day shall be considered received
    at the opening of business on the next Business Day and shall have as their
Order Date such next Business Day.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S1-6</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p><page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
    purposes of Section 2.02a. above, a Purchase Order shall be deemed &#147;received&#148; by
    the Trustee only when either of the following has occurred no later than
3:59:59 p.m. (New York time): </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>(i)
    Telephone/fax Order &#150; An Authorized Representative shall have placed a telephone call to the Trustee&#146;s
    Creation and Redemption Line and has received an Order Number from the Trustee
for insertion in the Purchase Order, or</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>(ii)
    Web-based Order &#150; An Authorized Representative shall have accessed the Trustee&#146;s
online services (www.etfservices.bankofny.com)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>in either case informing the Trustee that the Authorized Participant wishes to place a Purchase Order for a specified number of Baskets and, in the case of a telephone order, within 15 minutes following such telephone call the Trustee shall have received a properly completed, irrevocable Purchase Order in the form set out in Annex I to these Procedures executed by an Authorized Representative of such Authorized Participant, via facsimile at the number specified in such Annex I.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    Trustee shall provide a written summary to the Sponsor and the Custodian
    of all accepted Purchase Orders for such Order Date no later than 5:30 p.m.
(New York time). </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
    soon as reasonably practicable following receipt of a properly completed
    Purchase Order but not later than 5:30 p.m. (New York time) on the Order
    Date for such Purchase Order, the Trustee shall send to the Authorized Participant
    (with copy to the Custodian), via facsimile or electronic mail message, a
    copy of the corresponding Purchase Order endorsed &#147;Accepted&#148; by the Trustee and indicating the Basket Amount that the Authorized Participant shall Deliver to the Custodian in respect of each Basket.  Prior to the transmission of the Trustee&#146;s acceptance as specified above, a Purchase Order will only represent the Authorized Participant&#146;s unilateral offer to deposit Bullion in exchange for Baskets of Shares and will
have no binding effect upon the Trust or any other party.  Following the transmission of the Trustee&#146;s acceptance as specified above, a Purchase Order will be a binding agreement among the Trust and the Authorized Participant for the creation and purchase of Baskets of Shares and the deposit of Bullion pursuant to the terms of the Purchase Order and these Procedures.  If a Purchase Order is rejected, the Trustee shall send to the Authorized Participant (with copy to the Custodian), via facsimile or electronic mail message, as soon as reasonably practicable, but not later than 5:30 p.m. (New York time) on the Order Date for such Purchase Order, a copy of the corresponding Purchase Order endorsed &#147;Declined&#148; by
the Trustee and indicating the reason. The preceding sentence notwithstanding,
Purchase Orders not accepted by 5:30 p.m. (New York time) on the Order Date shall
be deemed cancelled. A Purchase Order which is not properly completed will be
deemed invalid and rejected by the Trustee; the Authorized Participant may submit
a corrected Purchase Order within the time period specified in Section 1.09 of
the Standard Terms. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
    Purchase Order shall settle on the third Business Day following the Order
    Date. The Basket Amount corresponding to each Basket must be deposited in
    the Custodial Unallocated Account in unallocated Bullion loco London with
respect to Silver and loco Zurich </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S1-7</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p><page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>or loco London with respect to Gold, Platinum and Palladium no later than 11:00 a.m. (London time) on the third Business Day following the Order Date.  With respect to Gold and where the Authorized Participant elects loco London, the Authorized Participant must first agree to the cost of the loco swap with the Custodian and reimburse the Custodian for any amount owed under such swap.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    Custodian shall advise the Trustee in writing of the deposits made to the
    Custodial Allocated Account in connection with each Purchase Order. Upon
    receipt of such advice, the Trustee shall determine whether a deposit of
    Bullion required to be made pursuant to Section 2.02e. has not been noted
    as deposited in the Trustee&#146;s Custodial Unallocated Account.  In such event, the Trustee shall, by the Trustee&#146;s
    close of business on the second Business Day following the Order Date, (i)
    send to the Custodian, via electronic mail message, a request that the Custodian
    confirm that the Custodian did not receive the anticipated deposit of Bullion,
    and (ii) send to the Authorized Participant whose deposit was not received,
    via facsimile at the facsimile number specified by the Authorized Participant
in the Purchase Order, a concurrent copy of such request.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
    the third Business Day following the Order Date corresponding to a Purchase
    Order, or on such earlier date and time as the Trustee in its absolute discretion
    may agree with the Authorized Participant, the Trustee shall issue the aggregate
    number of Shares corresponding to the Baskets ordered by the Authorized Participant
    and Deliver them, by credit to the account at DTC which the Authorized Participant
    shall have identified for such purpose in its Purchase Order, provided that,
    by 9:00 a.m. (New York time) on the date such issuance and Delivery is to
take place: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>(i)
    the Custodian shall have reported in writing to the Trustee that the corresponding
    required amount of Bullion has been deposited in the Trustee&#146;s Custodial
    Unallocated Account in compliance with the provisions of Section 2.02e. above
and</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>(ii) the Authorized Participant shall have paid or agreed to pay the Trustee a per order transaction fee in the amount of US$500, if applicable.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>h.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
    all other cases, the Trustee shall issue the aggregate number of Shares corresponding
    to the Baskets ordered by the Authorized Participant and Deliver them by
    credit to the account at DTC which the Authorized Participant shall have
    identified for such purpose in its Purchase Order on the Business Day following
    the date on which all of the conditions set forth in clauses (i) and (ii)
    of Section 2.02g. above shall have been met. In the event that, by 11:00
    a.m. (New York time) on the third Business Day following the Order Date of
    a Purchase Order, the Trustee&#146;s Custodial Unallocated Account shall
    not have been credited with the required amount of Bullion in compliance
    with the provisions of section 2.02e. above, the Trustee shall send to the
    Authorized Participant and the Custodian via fax or electronic mail message
    notice of such fact and the Authorized Participant shall have two (2) Business
    Days following receipt of such notice to correct such failure. If such failure
    is not cured within such two (2) Business Day period, the Trustee shall,
    unless the Sponsor shall otherwise direct, cancel such Purchase Order and
    will send via fax or electronic mail message notice of such cancellation
to the Authorized </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S1-8</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p><page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Participant and the Custodian, and the Authorized Participant will be solely responsible for all costs incurred by the Trust, the Trustee or the Custodian related to the cancelled Order.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    foregoing provisions notwithstanding, neither the Trustee nor the Custodian
    shall be liable for any failure or delay in making Delivery of Shares in
    respect of a Purchase Order arising from nuclear fission or fusion, radioactivity,
    war, terrorist event, invasion, insurrection, civil commotion, riot, strike,
    act of government, public authority, public service or utility problems,
    power outages resulting in telephone, telecopy and computer failures, act
    of God such as fires, floods, extreme weather conditions, market conditions
    or activities causing trading halts, systems failures involving computer
    or other information systems affecting a Trust, the Trustee, the Custodian
    or sub-custodian and similar extraordinary events beyond the Trustee&#146;s
    control. In the event of any such delay, the time to complete Delivery in
    respect of a Purchase Order will be extended for a period equal to that during
which the inability to perform continues.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>j.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
    as provided in Sections 2.02d., 2.02f. and 2.02h., none of the Trustee, the
    Sponsor, the Custodian, nor any sub-custodian are under any duty, to give
    notification of any defects or irregularities in any Purchase Order or the
    delivery of the Basket Amount, and shall not incur any liability for the
failure to give any such notification.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>ARTICLE III</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>REDEMPTION PROCEDURES</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 3.01.  </font><font face="Times New Roman, Times, serif"><u><font size=2>Redemption of Shares</font></u><font size=2>.  Redemption of Shares of a specified Trust shall take place only in integral numbers of Baskets in compliance with the following rules:</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
    Participants wishing to redeem one or more Baskets shall place a Redemption
    Order with the Trustee no later than 3:59:59 p.m. (New York time) on any
    Business Day. Redemption Orders received by the Trustee on or after the Order
    Cutoff Time on any Business Day shall be considered received at the opening
    of business on the next Business Day and shall have as their Order Date such
next Business Day. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
    purposes of Section 3.01a. above, a Redemption Order shall be deemed &#147;received&#148; by
    the Trustee only when either of the following has occurred no later than
3:59:59 p.m. (New York time): </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>(i)
    Telephone/fax Order &#150; An Authorized Representative shall have placed a telephone call to the Trustee&#146;s
    Creation and Redemption Line and has received an Order Number from the Trustee
for insertion in the Redemption Order, or</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>(ii)
    Web-based Order &#150; An Authorized Representative shall have accessed the Trustee&#146;s
online services (www.etfservices.bankofny.com)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>in either case informing the Trustee that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets and, in the case of a telephone order, within 15 minutes </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S1-9</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p><page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>following such telephone call the Trustee shall have received a duly completed, irrevocable Redemption Order in the form set out in Annex I to these Procedures executed by an Authorized Representative of such Authorized Participant, via facsimile at the number specified in such Annex I.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
    receipt of a properly completed Redemption Order, the Trustee shall send
    to the Authorized Participant (with copy to the Custodian), via facsimile
    or electronic mail message, as soon as reasonably practicable, but not later
    than 5:30 p.m. (New York time) on the Order Date for such Redemption Order
    a copy of the corresponding Redemption Order endorsed &#147;Accepted&#148; by
    the Trustee and indicating the Basket Amount that the Custodian shall Deliver
to the Authorized Participant in respect of each Basket being redeemed. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    Trustee shall, by the Trustee&#146;s close of business on the second Business
    Day following the Order Date of a Redemption Order, confirm in writing to
the Custodian whether each of the following has occurred: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>(i)
    the Authorized Participant has Delivered to the Trustee&#146;s account at
    DTC the total number of Shares to be redeemed by such Authorized Participant
pursuant to such Redemption Order; and</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>(ii) the Authorized Participant has paid or agreed to pay the Trustee a per order transaction fee of US$500, if applicable.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Provided
    that the Custodian has received written confirmation from the Trustee that
    the conditions set forth in clauses (i) and (ii) of Section 3.01d. above
have been satisfied, the Custodian shall: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>(1) on
the next following Business Day, Deliver:</font></p><br>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="6%">&nbsp;</td>
    <td width="3%">&#149; </td>
    <td><font size="2">unallocated Silver loco London;</font></td>
  </tr>
  <tr>
    <td width="6%">&nbsp;</td>
    <td width="3%">&#149; </td>
    <td><font size="2">unallocated Gold loco Zurich;</font></td>
  </tr>
  <tr>
    <td width="6%">&nbsp;</td>
    <td width="3%">&#149; </td>
    <td><font size="2">unallocated Platinum loco Zurich;</font></td>
  </tr>
  <tr>
    <td width="6%">&nbsp;</td>
    <td>&#149; </td>
    <td><font size="2">unallocated Platinum loco London;</font></td>
  </tr>
  <tr>
    <td width="6%">&nbsp;</td>
    <td>&#149; </td>
    <td><font size="2">unallocated Palladium loco Zurich; or</font></td>
  </tr>
  <tr>
    <td width="6%">&nbsp;</td>
    <td>&#149; </td>
    <td><font size="2">unallocated Palladium loco London</font></td>
  </tr>
</table>
<br>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman, Times, serif" size=2>(as applicable to the specific
Redemption Order); and </font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman, Times, serif" size=2>(2) within the next following three
Business Days, Deliver: </font></p><br>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="6%">&nbsp;</td>
    <td width="3%">&#149; </td>
    <td><font size="2">unallocated Gold loco London;</font></td>
  </tr>
</table>
<br>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman, Times, serif" size=2>(as
applicable to the specific Redemption Order for Gold loco London only)</font></p><br>





<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>in the amounts specified in the communication
    sent in compliance with Section 3.01c. above, to the account indicated by
    the redeeming Authorized Participant in its Redemption Order (which shall
    be an appropriate bullion account in London with an LBMA member or LPPM member,
    as applicable for the type of Bullion involved). Having made such Delivery,
    the Custodian shall send written confirmation thereof to the Trustee who
    shall then cancel the Shares so redeemed. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
    all other cases, Delivery must be completed by the Custodian as soon as,
    in the reasonable judgment of the Custodian, it is practicable following
    receipt of written confirmation from the Trustee that the conditions set
forth in clauses (i) and (ii) of Section 3.01d. above have been satisfied. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    foregoing provisions notwithstanding, neither the Trustee nor the Custodian
    shall be liable for any failure or delay in making Delivery of Bullion in
    respect of a Redemption Order arising from nuclear fission or fusion, radioactivity,
    war, terrorist event, invasion, insurrection, civil commotion, riot, strike,
    act of government, public authority, public service or utility problems,
    power outages resulting in telephone, telecopy and computer failures, act
    of God such as fires, floods, extreme weather conditions, market conditions
    or activities causing trading halts, systems failures involving computer
or other information systems affecting a Trust, </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S1-10</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p><page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>the
    Trustee, the Custodian or sub-custodian and similar extraordinary events
    beyond the Trustee&#146;s control.  In the event of any such delay, the time
    to complete Delivery in respect of a Redemption Order will be extended for
a period equal to that during which the inability to perform continues. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
    the event that, by 4:00 p.m. (New York time) on the second Business Day following
    the Order Date of a Redemption Order, Trustee&#146;s account at DTC shall
    not have been credited with the total number of Shares corresponding to the
    total number of Baskets to be redeemed pursuant to such Redemption Order,
    the Trustee shall send to the Authorized Participant and the Custodian via
    fax or electronic mail message notice of such fact and the Authorized Participant
    shall have two (2) Business Days following receipt of such notice to correct
    such failure. If such failure is not cured within such two (2) Business Day
    period, the Trustee (in consultation with the Sponsor) will cancel such Redemption
    Order and will send via fax or electronic mail message notice of such cancellation
    to the Authorized Participant and the Custodian, and the Authorized Participant
    will be solely responsible for all costs incurred by the Trust, the Trustee
or the Custodian related to the cancelled Order. The Trustee is authorized to
    Deliver the Basket Amount for a Redemption Order notwithstanding that the
    Basket(s) to be redeemed are not credited to the Trustee&#146;s DTC account
    by 9:00 a.m. (New York time) on the third Business Day following the Order
    Date of a Redemption Order 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 style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>h.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    Custodian is not a clearing bank for platinum and palladium and will be reliant
    on its clearing agent in Zurich to credit its own account at that bank in
    order to effect creations and redemptions of Shares involving Platinum or
    Palladium. In the case of redemptions involving Platinum or Palladium, it
    may take longer than three business days for Platinum or Palladium to be
    credited to such account and if so the settlement will be delayed. The Custodian
    will be reliant on its Zurich sub-custodian for Gold in order to effect creations
    and redemptions of Shares involving Gold. In the case of loco London redemptions
    involving Gold, it may take longer than three business days, but no more
    than five business days, for Gold to be credited to accounts of Authorized
    Participants redeeming Shares involving Gold loco London.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    redemption of Shares may be suspended under the circumstances specified in
the applicable Prospectus.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif" size=2>[</font><font face="Times New Roman, Times, serif"><i><font size=2>Signatures Follow on Next Page</font></i><font size=2>]</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S1-11</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p><page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'>
  <font face="Times New Roman, Times, serif"><B><font SIZE=2>IN WITNESS WHEREOF</font></B><font size=2>,
  the Sponsor and the Trustee have executed these First Amended and Restated
  Creation and Redemption Procedures as of the date set forth above.</font></font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif"><B><font SIZE=2>THE BANK OF NEW YORK MELLON</font></B><font size=2>, in
its capacity as Trustee</font></font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>By:</font><font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Name: </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Title: </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2></font><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif"><B><font SIZE=2>ETF SECURITIES USA LLC</font></B><font size=2>, in its
capacity as Sponsor</font></font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>By:</font><font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>
Name:<br>
Title: </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2></font></p>
<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'>&nbsp;</p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif" size=2>[</font><font face="Times New Roman, Times, serif"><i><font size=2>First
        Amended and Restated Creation and Redemption Procedures Signature Page</font></i><font size=2>]</font></font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S1-12</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p><page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>ANNEX I TO CREATION AND REDEMPTION PROCEDURES</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><B><font SIZE=2>THE BANK OF NEW YORK MELLON, TRUSTEE</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><B><font SIZE=2>CREATION/REDEMPTION ORDER FORM</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><U><B><font SIZE=2>UNALLOCATED ORDERS ONLY</font></B></U> </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2in;text-align:left;'>&nbsp;</p>


<table width="45%" border="0" align="center" cellpadding=0 cellspacing=0 style='border-collapse:collapse'>
<tr >
      <td colspan="2" valign=top ><font face="Times New Roman, Times, serif" size=2>CONTACT
      INFORMATION FOR ORDER EXECUTION:</font></td>
    </tr>
    <tr >
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Telephone order number:</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>(718) 315-7500</font></p> </td> </tr>
    <tr >
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Fax order number:</font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>(732) 667-9478</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Participant must complete all items in Part 1.  The Trustee in its discretion may reject any order not submitted in proper form.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif"><B><font SIZE=2>I.  TO BE COMPLETED BY PARTICIPANT:  </font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="734" style='border-collapse:collapse'>
    <tr >
        <td width="97" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Name of Trust:  </font></p> </td>
  <td width="637" valign=top >
  <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>____________________________________________  </font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="85%" style='border-collapse:collapse'>
<tr >
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Date:</font><font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Time:</font><font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></font></p> </td> </tr>
    <tr >
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Broker Name:</font><font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Authorized Participant Firm Name:</font><font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;</font></u></font></p> </td> </tr>
    <tr >
        <td width="245" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>DTC Participant Number:</font></p> </td>
        <td width="245" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Fax
                Number:</font><font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;</font></u></font></p> </td> </tr>
    <tr >
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Telephone Number:</font><font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
            </font></u></font></p> </td>
        <td valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Symbol:</font><font face="Times New Roman, Times, serif"><b><font size=2> ____________________________________________</font></b></font></p> </td> </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Type
      of order (Check Creation or Redemption please) </font></td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Creation:</font><font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Redemption:</font><font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></font></td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>#
            of Baskets: </font><font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Number
      of Baskets written out: <font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></font></font></td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Order
      # </font><font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></font></td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td valign=top ><p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font><font face="Times New Roman, Times, serif" size=2>Please
      indicate Bullion clearing agent: </font></p>      </td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr>
        <td width="245" ></td>

        <td width="245" ></td> </tr> </table>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>






<table border="0" cellspacing=0 cellpadding=0 width="734" style='border-collapse:collapse'>
    <tr >
        <td width="183" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif"><i><font size=2>For Silver only</font></i></font></p> </td>
        <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif"><i><font size=2>For Gold, Palladium and Platinum</font></i></font></p></td>
        </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<table width="80%" border="0" cellpadding=0 cellspacing=0 style='border-collapse:collapse'>
    <tr >
        <td width="8%" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font FACE="Times New Roman, Times, serif" SIZE=2>HSBC</font></p> </td>
  <td width="23%" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=WINGDINGS>o</font><font face="Times New Roman, Times, serif" size=2></font></p> </td>
<td width="11%" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>JP Morgan</font></p> </td>
        <td width="4%" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=WINGDINGS>o</font><font face="Times New Roman, Times, serif" size=2></font></p> </td>
  <td width="54%" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Other (please specify clearing agent): ____________________</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Account number for Bullion delivery:  ________________________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>This Purchase or Redemption Order is subject to the terms and conditions of the Trust Agreement of the Shares of the Trust as currently in effect and the Authorized Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein.  All representations and warranties of the Authorized Participant set forth in such Trust Agreement (including, if this is a Purchase Order, the representations in Section 3.2 of the Trust Agreement).and in the Authorized Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>The
    undersigned does hereby certify as of the date set forth below that he/she
    is an Authorized Representative under the Authorized Participant Agreement
    and that he/she is authorized to deliver this Purchase or Redemption Order
    to the Trustee on behalf of the Authorized Participant. The Authorized Participant
    acknowledges and agrees that (1) once accepted by the Trustee, this Purchase
    or Redemption Order will become a legally binding contract for the delivery
    of the Basket Amount per Basket, or the number of Baskets, indicated above,
    and that the final Basket Amount will be announced at the conclusion of the
    trading day and, (2) any taxes (including Value Added Taxes) incurred in
    connection with this transaction will be the responsibility of, and will
    be reimbursed upon demand from the Custodian or the Trust by, the Authorized
    Participant if required pursuant to the Authorized Participant Agreement.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="734" style='border-collapse:collapse'>
    <tr >
        <td  colspan="3" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> </tr>
    <tr >
      <td valign=top ><p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>__________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
      <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p></td>
      <td valign=top ><p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>________________________________________</font></p>
      <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p></td>
      <td valign=top ><p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>________________________________________</font></p>
      <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p></td>
    </tr>
    <tr >
        <td width="165" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1 face="Times New Roman, Times, serif">&nbsp;</font></p> </td>
        <td width="323" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Authorized
            Representative&#146;s Signature</font></p> </td>
        <td width="246" valign=top >
            <p align="center" style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Date  </font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S1-13</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p><page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
  <font face="Times New Roman, Times, serif"><B><font SIZE=2>II.  TO BE COMPLETED BY TRUSTEE: </font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>This certifies that the above order has been: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;</font></u><font size=2>Accepted by the Trustee </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;</font></u><font size=2>Declined-Reason:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="734" style='border-collapse:collapse'>
    <tr >
        <td width="245" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Final # of Ounces:  </font><font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></font></p> </td>
        <td width="245" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Final # of Shares:  </font><font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></font></p> </td>
        </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Final Cash Due to BNYM </font><font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;</font></u></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="734" style='border-collapse:collapse'>
    <tr >
        <td  colspan="3" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </td> </tr>
    <tr >
      <td valign=top ><font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></font></td>
      <td valign=top ><font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></font></td>
      <td valign=top ><font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></font><font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></font></td>
    </tr>
    <tr >
        <td width="245" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Date</font></p> </td>
        <td width="245" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Time</font></p> </td>
        <td width="245" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Authorized Signature of Trustee</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S1-14</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p><page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
  <font FACE="Times New Roman, Times, serif" SIZE=2>ANNEX II TO CREATION AND REDEMPTION PROCEDURES</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>ORDER ENTRY SYSTEM TERMS AND CONDITIONS</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.57in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>This
    Annex II shall govern use by Authorized Participant of the electronic order
    entry system for placing Purchase Orders and Redemption Orders for Shares
    (the &#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>System</font></b><font size=2>&#148;).
    Capitalized terms used but not otherwise defined herein shall have the meanings
    ascribed to such terms in Schedule A of the Authorized Participant Agreement.
    In the event of any conflict between the terms of this Annex II and the main
    body of the Authorized Participant Agreement with respect to the placing
    of Purchase Orders and Redemption Orders, the terms of this Annex II shall
control.</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
    Authorized Participant shall provide to The Bank of New York Mellon a duly
    executed authorization letter, in a form satisfactory to The Bank of New
    York Mellon, identifying those authorized persons who will access the System
    (the &#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Authorized Persons</font></b><font size=2>&#148;).  Authorized Participant shall notify The Bank of New York Mellon in writing in the event that any person&#146;s status as an Authorized Person is revoked or terminated as soon as possible, in order to give The Bank of New York Mellon a reasonable opportunity to terminate such Authorized Person&#146;s
access to the System. </font></font></p>

<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>(b)
    It is understood and agreed that each Authorized Person shall be designated
    as an authorized user of Authorized Participant for the purpose of the Authorized
    Participant Agreement. Upon termination of the Authorized Participant Agreement,
    the Authorized Participant&#146;s and each Authorized Person&#146;s access
rights with respect to System shall be immediately revoked.</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    Bank of New York Mellon grants to Authorized Participant a personal, nontransferable
    and nonexclusive license to use the System solely for the purpose of transmitting
    Purchase Orders and Redemption Orders and otherwise communicating with The
    Bank of New York Mellon in connection with the same. Authorized Participant
    shall use the System solely for its own internal and proper business purposes.
    Except as set forth herein, no license or right of any kind is granted to
    Authorized Participant with respect to the System. Authorized Participant
    acknowledges that The Bank of New York Mellon and its suppliers retain and
    have title and exclusive proprietary rights to the System. Authorized Participant
    further acknowledges that all or a part of the System may be copyrighted
    or trademarked (or a registration or claim made therefor) by The Bank of
    New York Mellon or its suppliers. Authorized Participant shall not take any
    action with respect to the System inconsistent with the foregoing acknowledgments.
    Authorized Participant may not copy, distribute, sell, lease or provide,
    directly or indirectly, the System or any portion thereof to any other person
    or entity without The Bank of New York Mellon&#146;s prior written consent.  Authorized Participant may not remove any statutory copyright notice or other notice included in the System.  Authorized Participant shall reproduce any such notice on any reproduction of any portion of the System and shall add any statutory copyright notice or other notice upon The Bank of New York Mellon&#146;s
request.</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
    Authorized Participant acknowledges that any user manuals or other documentation
    (whether in hard copy or electronic form) (collectively, the &#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Material</font></b><font size=2>&#148;), which is delivered or made available to Authorized Participant regarding the System is the exclusive and confidential property of The Bank of New York Mellon.  Authorized Participant shall keep the Material confidential by using the same care and discretion that Authorized Participant uses with respect to its own confidential property and trade secrets, but in no event less than reasonable care.  Authorized Participant may make such copies of the Material as is reasonably necessary for Authorized Participant to use the
System and shall reproduce The Bank of New York Mellon&#146;s proprietary markings
on any such copy. The foregoing shall not in any way be deemed to affect the
copyright status of any of the Material which may be copyrighted and shall apply
to all Material whether or not copyrighted. THE BANK OF NEW YORK MELLON AND ITS
SUPPLIERS MAKE NO WARRANTIES, EXPRESS OR IMPLIED, CONCERNING THE MATERIAL OR
ANY PRODUCT OR SERVICE, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY
OR FITNESS FOR A PARTICULAR PURPOSE.</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S1-15</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p><page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>(b)
    Upon termination of the Authorized Participant Agreement for any reason,
    Authorized Participant shall return to The Bank of New York Mellon all copies
    of the Material which is in Authorized Participant&#146;s possession or under
its control.</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
    Participant agrees that it shall have sole responsibility for maintaining
    adequate security and control of the user IDs, passwords and codes for access
    to the System, which shall not be disclosed to any third party without the
    prior written consent of The Bank of New York Mellon. The Bank of New York
    Mellon shall be entitled to rely on the information received by it from the
    Authorized Participant and The Bank of New York Mellon may assume that all
    such information was transmitted by or on behalf of an Authorized Person
regardless of by whom it was actually transmitted.</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    Bank of New York Mellon shall have no liability in connection with the use
    of the System, the access granted to the Authorized Participant and its Authorized
    Persons hereunder, or any transaction effected or attempted to be effected
    by the Authorized Participant hereunder, except for damages incurred by the
    Authorized Participant as a direct result of The Bank of New York Mellon&#146;s
    gross negligence or willful misconduct. WITHOUT LIMITING THE GENERALITY OF
    THE FOREGOING, IT IS HEREBY AGREED THAT IN NO EVENT SHALL THE BANK OF NEW
    YORK MELLON OR ANY MANUFACTURER OR SUPPLIER OF EQUIPMENT, SOFTWARE OR SERVICES
    BE RESPONSIBLE OR LIABLE FOR ANY SPECIAL, INDIRECT, OR CONSEQUENTIAL DAMAGES
    WHICH THE AUTHORIZED PARTICIPANT MAY INCUR OR EXPERIENCE BY REASON OF ITS
    HAVING ENTERED INTO OR RELIED ON THIS AGREEMENT, OR IN CONNECTION WITH THE
    ACCESS GRANTED TO AUTHORIZED PARTICIPANT HEREUNDER, OR ANY TRANSACTION EFFECTED
    OR ATTEMPTED TO BE EFFECTED BY AUTHORIZED PARTICIPANT HEREUNDER, EVEN IF
    THE BANK OF NEW YORK MELLON OR SUCH MANUFACTURER OR SUPPLIER HAS BEEN ADVISED
    OF THE POSSIBILITY OF SUCH DAMAGES, NOR SHALL THE BANK OF NEW YORK MELLON
    OR ANY SUCH MANUFACTURER OR SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR
    COMPUTER BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION OF COMMUNICATION
    FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR CAUSE BEYOND
SUCH PERSON'S REASONABLE CONTROL.</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    Bank of New York Mellon reserves the right to revoke Authorized Participant&#146;s
    access to the System immediately and without notice upon any breach by the
Authorized Participant of the terms and conditions of this Annex II.</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    Bank of New York Mellon shall acknowledge through the System its receipt
    of each Purchase Order or Redemption Order communicated through the System,
    and in the absence of such acknowledgment The Bank of New York Mellon shall
    not be liable for any failure to act in accordance with such orders and Authorized
    Participant may not claim that such Purchase Order or Redemption Order was
    received by The Bank of New York Mellon. The Bank of New York Mellon may
    in its discretion decline to act upon any instructions or communications
    that are insufficient or incomplete or are not received by The Bank of New
    York Mellon in sufficient time for The Bank of New York Mellon to act upon,
or in accordance with such instructions or communications.</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
    Participant agrees to use reasonable efforts to prevent the transmission
    through the System of any software or file which contains any viruses, worms,
    harmful component or corrupted data and agrees not to use any device, software,
    or routine to interfere or attempt to interfere with the proper working of
the Systems. </font></p>

<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
    Participant acknowledges and agrees that encryption may not be available
    for every communication through the System, or for all data. Authorized Participant
    agrees that The Bank of New York Mellon may deactivate any encryption features
    at any time, without notice or liability to Authorized Participant, for the
purpose of maintaining, repairing or troubleshooting its systems. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S1-16</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><B><font SIZE=2>SCHEDULE 2- STANDARD TERMS</font></B></font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><B><font SIZE=2>TABLE OF CONTENTS - SCHEDULE 2</font></B></font></p>

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<table width="100%" border="0" cellpadding=0 cellspacing=0 style='border-collapse:collapse'>
<tr >
  <td height="20" valign=top >&nbsp;</td>
  <td valign=top >&nbsp;</td>
  <td valign=top >&nbsp;</td>
  <td valign=top ><font face="Times New Roman, Times, serif"><u><font size=2>Page</font></u></font></td>
</tr>
<tr >
        <td  colspan="4" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font FACE="Times New Roman, Times, serif" SIZE=2>ARTICLE I ORDERS FOR PURCHASE AND REDEMPTION</font></p> </td> </tr>
    <tr >
        <td width="9%" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1 face="Times New Roman, Times, serif">&nbsp;</font></p> </td>
  <td width="9%" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Section 1.01.</font></p> </td>
  <td width="78%" valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Authorization
      to Purchase and Redeem Baskets</font></p> </td>
  <td width="4%" valign=top >
  <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>1</font></p> </td> </tr>
    <tr >
        <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1 face="Times New Roman, Times, serif">&nbsp;</font></p> </td>
  <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Section 1.02.</font></p> </td>
  <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Procedures
      for Orders</font></p> </td>
  <td valign=top >
  <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>1</font></p> </td> </tr>
    <tr >
        <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1 face="Times New Roman, Times, serif">&nbsp;</font></p> </td>
  <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Section 1.03.</font></p> </td>
  <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Consent
      to Recording</font></p> </td>
  <td valign=top >
  <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>1</font></p> </td> </tr>
    <tr >
        <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1 face="Times New Roman, Times, serif">&nbsp;</font></p> </td>
  <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Section 1.04.</font></p> </td>
  <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Irrevocability</font></p> </td>
  <td valign=top >
  <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>1</font></p> </td> </tr>
    <tr >
        <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1 face="Times New Roman, Times, serif">&nbsp;</font></p> </td>
  <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Section 1.05.</font></p> </td>
  <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Costs
      and Expenses</font></p> </td>
  <td valign=top >
  <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>2</font></p> </td> </tr>
    <tr >
        <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1 face="Times New Roman, Times, serif">&nbsp;</font></p> </td>
  <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Section 1.06.</font></p> </td>
  <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Delivery
      of Property to the Trust</font></p> </td>
  <td valign=top >
  <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>2</font></p> </td> </tr>
    <tr >
        <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1 face="Times New Roman, Times, serif">&nbsp;</font></p> </td>
  <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Section 1.07.</font></p> </td>
  <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Title
      to Deposit Property and Shares Surrendered for Redemption</font></p> </td>
  <td valign=top >
  <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>2</font></p> </td> </tr>
    <tr >
        <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1 face="Times New Roman, Times, serif">&nbsp;</font></p> </td>
  <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Section 1.08.</font></p> </td>
  <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Certain
      Payments or Distributions</font></p> </td>
  <td valign=top >
  <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>3</font></p> </td> </tr>
    <tr >
        <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1 face="Times New Roman, Times, serif">&nbsp;</font></p> </td>
  <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Section 1.09.</font></p> </td>
  <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Ambiguous
      Instructions</font></p> </td>
  <td valign=top >
  <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>3</font></p> </td> </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td colspan="3" valign=top ><font face="Times New Roman, Times, serif" size=2>ARTICLE
      II AUTHORIZED REPRESENTATIVES</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>4</font></td>
    </tr>

    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Section
      2.01.</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Certification</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>4</font></td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Section
      2.02.</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>PIN
      Numbers</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>4</font></td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Section
      2.03.</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Termination
      of Authority</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>5</font></td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Section
      2.04.</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Verification</font></td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td colspan="3" valign=top ><font face="Times New Roman, Times, serif" size=2>ARTICLE
      III STATUS OF THE AUTHORIZED PARTICIPANT</font></td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Section
      3.01.</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Clearing
      Status</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>5</font></td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Section
      3.02.</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Broker-Dealer
      Status</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>5</font></td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Section
      3.03.</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Foreign
      Status</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>5</font></td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Section
      3.04.</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Compliance
      with Certain Laws</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>6</font></td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Section
      3.05.</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Authorized
      Participant Status</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>6</font></td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td colspan="3" valign=top ><font face="Times New Roman, Times, serif" size=2>ARTICLE
      IV ROLE OF AUTHORIZED PARTICIPANT</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>6</font></td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Section
      4.01.</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>No
      Agency</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>6</font></td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Section
      4.02.</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Rights
      and Obligations of DTC Participant</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>6</font></td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Section
      4.03.</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Beneficial
      Owner Communications</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>7</font></td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Section
      4.04.</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Authorized
      Participant Customer Information</font></td>
      <td valign=top >&nbsp;</td>
    </tr>

    <tr >
      <td colspan="3" valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td colspan="3" valign=top ><font face="Times New Roman, Times, serif" size=2>ARTICLE
      V MARKETING MATERIALS AND REPRESENTATIONS AND WARRANTIES</font></td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Section
      5.01.</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Authorized
      Participant&#146;s Representation</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>7</font></td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Section
      5.02.</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Prospectus</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>7</font></td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td colspan="3" valign=top ><font face="Times New Roman, Times, serif" size=2>ARTICLE
      VI INDEMNIFICATION; LIMITATION OF LIABILITY</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>8</font></td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Section
      6.01.</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Indemnification</font></td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td colspan="3" valign=top ><font face="Times New Roman, Times, serif" size=2>ARTICLE
      VII MISCELLANEOUS</font></td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Section
      7.01.</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>Commencement
      of Trading</font></td>
      <td valign=top ><font face="Times New Roman, Times, serif" size=2>10</font></td>
    </tr>
</table>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif" size=2>i</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, serif"><B><font SIZE=2>STANDARD TERMS FOR AUTHORIZED PARTICIPANT AGREEMENTS</font></B><font size=2> (the &#147;<b>Standard Terms</b>&#148;)
      agreed to as of June o 2009 by and between The Bank of New York Mellon,
      a New York banking corporation (the &#147;<b>Trustee</b>&#148;), and ETF
Securities USA LLC, a Delaware limited liability company (the &#147;<b>Sponsor</b>&#148;). </font></font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>ARTICLE I</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>ORDERS FOR PURCHASE AND REDEMPTION</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 1.01. </font><font face="Times New Roman, Times, serif"><u><font size=2>Authorization to Purchase and Redeem Baskets</font></u><font size=2>. Subject to the provisions of the Authorized Participant Agreement, during the term of the Authorized Participant Agreement the Authorized Participant will be authorized to purchase and redeem Baskets of Shares in compliance with the provisions of the relevant Prospectus.  </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 1.02. </font><font face="Times New Roman, Times, serif"><u><font size=2>Procedures for Orders</font></u><font size=2>. Each party hereto agrees to comply with the provisions of the relevant Prospectus and the Procedures to the extent applicable to it. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 1.03. </font><font face="Times New Roman, Times, serif"><u><font size=2>Consent to Recording</font></u><font size=2>.
      The phone lines used by the Trustee, the Custodian, the Sponsor and/or
      their affiliated persons may be recorded, and the Authorized Participant
      hereby consents to the recording of all calls with any of those parties.
      In the event that the Trustee, the Custodian, the Sponsor or any of their
      affiliated persons becomes legally compelled to disclose to any third party
      any recording involving communications with the Authorized Participant,
      the Sponsor agrees to provide the Authorized Participant with reasonable
      advance written notice identifying the recordings to be so disclosed unless
      prohibited by applicable rule, law or order, together with copies of such
      recordings, so that the Authorized Participant may seek a protective order
      or other appropriate remedy with respect to the recordings or waive its
      right to do so. In the event that such protective order or other remedy
      is not obtained or the Authorized Participant waives its right to seek
      such protective order or remedy, the Sponsor will use commercially reasonable
      efforts to obtain reliable assurance that confidential treatment will be
      accorded the recorded conversation. The Trustee, the Sponsor or any of
      their affiliated persons shall not otherwise disclose to any third party
      any recording involving communications with the Authorized Participant
      without the Authorized Participant&#146;s express written consent, except
      the Trustee and the Sponsor may disclose to any regulatory or self-regulatory
      organization, to the extent required by applicable rule or law, any recording
involving communications with the Authorized Participant. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 1.04. </font><font face="Times New Roman, Times, serif"><u><font size=2>Irrevocability</font></u><font size=2>. The Authorized Participant agrees that delivery to the Trustee of an Order shall be irrevocable; provided that the Trust will reject any Order that is not properly completed.  In the event that the purchase or redemption of Baskets is suspended by the Trustee or the Sponsor and such suspension affects any Order submitted by the Authorized Participant, the Trustee or Sponsor, as applicable, will promptly notify the Authorized Participant of such suspension.  In such case, the Sponsor agrees to undertake commercially reasonable efforts to accommodate any request by the Authorized Participant to cancel a previously placed Order.</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 1.05. </font><font face="Times New Roman, Times, serif"><u><font size=2>Costs and Expenses</font></u><font size=2>. The Authorized Participant shall be responsible for the expenses and costs incurred by the Trust that can be directly attributable to Orders submitted by the Authorized Participant other than ordinary course expenses and costs which are reimbursed through payment of the fee contemplated in Section 2.02(g) of the Procedures.  The Trustee or </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S2-1</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p><page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>the Sponsor shall provide the Authorized Participant with reasonably detailed information relating to such expenses and costs upon request by the Authorized Participant.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 1.06. </font><font face="Times New Roman, Times, serif"><u><font size=2>Delivery of Property to the Trust and Shares Surrendered for Redemption</font></u><font size=2>.
      The Authorized Participant understands and agrees that in the event Deposit
      Property is not transferred to the Trust by the time specified for the
      Purchase Order, or Shares are not delivered to the Trustee by the time
      specified for the Redemption Order and, in each such case, in compliance
      with the Procedures and the relevant Prospectus, the Purchase Order or
      Redemption Order may be cancelled by the Trustee and the Authorized Participant
      will be solely responsible for all costs incurred by the Trust, the Trustee
      or the Custodian related to the cancelled Order. The Authorized Participant
      will not, however, be responsible for costs incurred by the Trust, the
      Trustee, or the Custodian related to cancelled Orders where the failure
      to transfer Deposit Property to the Trust is due to the gross negligence,
      bad faith, or reckless or willful misconduct of the Trustee, the Sponsor,
      or the Custodian. The foregoing provisions notwithstanding, the Authorized
      Participant shall not be liable for any failure or delay in making Delivery
      of Bullion in respect of a Purchase Order or for any failure or delay in
      surrendering Shares for redemption arising from nuclear fission or fusion,
      radioactivity, war, terrorist event, invasion, insurrection, civil commotion,
      riot, strike, act of government, public authority, public service or utility
      problems, power outages resulting in telephone, telecopy and computer failures,
      acts of God, such as fires, floods, extreme weather conditions, market
      conditions or activities causing trading halts, systems failures involving
      computer or other information systems affecting the Authorized Participant,
      or similar extraordinary events beyond the Authorized Participant&#146;s
      control. In the event of any such delay, the time to complete Delivery
      in respect of a Purchase Order or Redemption Order will be extended for
      a period equal to that during which the inability to perform continues.
      Upon the deposit of any Bullion, the Authorized Participant as Depositor
      represents and warrants that (i) the Bullion meets the relevant requirements
      to be such Bullion and contains the required number of Ounces, (ii) the
      Authorized Participant is duly authorized to make such deposit of Bullion
      and (iii) at the time of delivery, the Bullion is free and clear of any
lien, pledge, encumbrance, right, charge or claim.</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 1.07. </font><font face="Times New Roman, Times, serif"><u><font size=2>Title to Deposit Property and Shares Surrendered for Redemption</font></u><font size=2>. The Authorized Participant represents and warrants to the Trustee and the Sponsor that </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
    connection with each Purchase Order, the Authorized Participant will have
    the right and authority to transfer to the Trust the corresponding Deposit
    Property, and that upon delivery of such Deposit Property to the Custodian
    and/or the relevant sub-custodian in accordance with the Procedures, the
    Trust will acquire good and unencumbered title to such property, free and
    clear of all liens, charges, duties imposed on the transfer of assets and
    encumbrances and not subject to any adverse claims or transferability restrictions,
whether arising by operation of law or otherwise; and</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>b. in connection with a Redemption Order, the Authorized Participant will have the right and authority to surrender to the Trustee for redemption the corresponding Shares, and upon such surrender the Trust will acquire good and unencumbered title to such Shares, free and clear of all liens, charges, duties imposed on the transfer of assets and encumbrances and not subject to any adverse claims, transferability restrictions (whether arising by operation of law or otherwise), loan, pledge, repurchase or securities lending agreements or other arrangements which, under such circumstances, would </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S2-2</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p><page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>preclude the delivery of such Shares to the Trustee on the third Business Day following the date of the Redemption Order.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 1.08. </font><font face="Times New Roman, Times, serif"><u><font size=2>Certain Payments or Distributions</font></u><font size=2>. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
    respect to any Purchase Order, the Trustee acknowledges and agrees to return
    to the Authorized Participant or any Authorized Participant Client for which
    it is acting any payment, distribution or other amount paid to the Trust
    in respect of any Deposit Property transferred to the Trust that, based on
    the valuation of such Deposit Property at the time of transfer, should have
    been paid to the Authorized Participant or any Authorized Participant Client.
    Likewise, the Authorized Participant acknowledges and agrees to return to
    the Trust any payment, distribution or other amount paid to the Authorized
    Participant or any Authorized Participant Client in respect of any Deposit
    Property transferred to the Trust that, based on the valuation of such Deposit
Property at the time of transfer, should have been paid to the Trust. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
    respect to any Redemption Order, the Authorized Participant on behalf of
    itself and any Authorized Participant Client acknowledges and agrees to return
    to the Trust any payment, distribution or other amount paid to it or an Authorized
    Participant Client in respect of any property transferred to the Authorized
    Participant or any Authorized Participant Client that, based on the valuation
    of such property at the time of transfer, should have been paid to the Trust.
    The Trustee is entitled to reduce the amount of any property due to the Authorized
    Participant or any Authorized Participant Client by an amount equal to any
    payment, distribution or other sum to be paid to the Authorized Participant
    or to the Authorized Participant Client in respect of any property transferred
    to the Authorized Participant or any Authorized Participant Client that,
    based on the valuation of such property at the time of transfer, should be
    paid to the Trust. If, however, the Trustee so reduces an amount of any property
    appropriately due to the Authorized Participant, the Authorized Participant
    shall not be required to return to the Trust payments, distributions or other
    amounts equal to such reduction that has been paid to the Authorized Participant
    or the Authorized Participant Client as is contemplated in the first sentence
    of this Section 1.08(b). Likewise, the Trust acknowledges and agrees to return
    to the Authorized Participant or any Authorized Participant Client any payment,
    distribution or other amount paid to it in respect of any Shares transferred
    to the Trust that, based on the valuation of such Shares at the time of transfer,
    should have been paid to the Authorized Participant or such Authorized Participant
Client. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 1.09. </font><font face="Times New Roman, Times, serif"><u><font size=2>Ambiguous Instructions</font></u><font size=2>.  In the event that a Purchase Order or Redemption Order contains terms that differ from the information provided in the related telephone call or email transmission, the Trustee will attempt to contact the Authorized Participant to request confirmation of the terms of the order at the telephone number indicated in the Purchase Order or Redemption Order.  If an Authorized Person confirms the terms as they appear in the Purchase Order or Redemption Order, then the order will be accepted and processed.  If an Authorized Person contradicts the terms of the Purchase Order or Redemption Order, the order will be deemed invalid, and a corrected Purchase Order or Redemption Order must be received by the Trustee not later than the earlier of (i) within fifteen



 (15) minutes of
such contact with the Authorized Person or (ii) thirty (30) minutes after the Order Cutoff Time.  For the avoidance of doubt, notwithstanding the invalidation of the initial Purchase Order or Redemption Order pursuant to this paragraph, a Purchase Order or Redemption Order that is otherwise in proper </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S2-3</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>form
    shall be deemed submitted at the time of its initial submission for purposes
    of determining when orders are deemed &#147;received.&#148; If the Trustee
    is not able to contact an Authorized Person, then the Purchase Order or Redemption
    Order shall be accepted and processed in accordance with its terms notwithstanding
    any inconsistency from the terms of the telephone information. In the event
    that a Purchase Order or Redemption Order contains terms that are illegible,
    the submission will be deemed invalid and the Trustee will attempt to contact
    the Authorized Participant to request retransmission. A corrected Purchase
    Order or Redemption Order must be received by the Trustee, as applicable,
    not later than the earlier of (i) within fifteen (15) minutes of such contact
    with the Authorized Participant or (ii) thirty (30) minutes after the Order
Cutoff Time.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>ARTICLE II</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>AUTHORIZED REPRESENTATIVES</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 2.01. </font><font face="Times New Roman, Times, serif"><u><font size=2>Certification</font></u><font size=2>.
      Concurrently with the execution of the Authorized Participant Agreement,
      the Authorized Participant shall deliver to the Trustee a certificate in
      a form as attached at Schedule 3-A to the Authorized Participant Agreement
      (an &#147;<b>Authorized Representative Certificate</b>&#148;) signed by the Authorized Participant&#146;s
      Secretary or other duly authorized person setting forth the names, signatures,
      e-mail addresses and telephone and facsimile numbers of all persons authorized
      to give instructions relating to any activity contemplated hereby or any
      other notice, request or instruction on behalf of the Authorized Participant
      (each an &#147;<b>Authorized
Representative</b>&#148;).  Such certificate may be accepted and relied upon
by the Trustee as conclusive evidence of the facts set forth therein and shall
be considered to be in full force and effect until (i) receipt by the Trustee
of a superseding Authorized Representative Certificate, or (ii) termination of
the Authorized Participant Agreement. After such Authorized Representative Certificate
is accepted by the Trustee, the Authorized Participant may authorize additional
Authorized Representatives to give instructions relating to any activity contemplated
hereby or any other notice, request or instruction on behalf of the Authorized
Participant by delivering to the Trustee an addendum to the certificate described
above in a form as attached at Schedule 3-B to the Authorized Participant Agreement. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 2.02. </font><font face="Times New Roman, Times, serif"><u><font size=2>PIN Numbers</font></u><font size=2>.
      The Trustee shall issue to each Authorized Participant a unique personal
      identification number (&#147;<b>PIN Number</b>&#148;) by which such Authorized Participant shall be identified and instructions issued by the Authorized Participant shall be authenticated. The PIN Number shall be kept confidential and only provided to Authorized Representatives. The Authorized Participant may revoke the PIN Number at any time upon written notice to the Trustee, and the Authorized Participant shall be responsible for doing so in the event that it becomes aware that an unauthorized person has received access to its PIN Number or has or intends to use the PIN Number in an unauthorized manner.  Upon receipt of such written
request, the Trustee shall, as promptly as practicable, de-activate the PIN Number. If an Authorized Participant&#146;s PIN Number is changed, the new PIN Number will become effective on a date mutually agreed upon by the Authorized Participant and the Trustee.  Except as otherwise provided in these Standard Terms, the Authorized Participant agrees that, absent the Trustee&#146;s fraud, gross negligence, bad faith or reckless or willful misconduct in failing to cancel the PIN Number promptly following a written request to do so from the Authorized Participant or the termination of the Authorized Participant Agreement, none of the Trust or the Trustee shall be liable for losses incurred by the Authorized Participant as a result of unauthorized use of the Authorized Participant&#146;s
PIN Number prior to the time when the Authorized Participant provides </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S2-4</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p><page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>notice to the Trustee of the termination or revocation of authority pursuant to Section 2.03 and the Trustee has de-activated the PIN Number as provided for in this paragraph. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 2.03. </font><font face="Times New Roman, Times, serif"><u><font size=2>Termination of Authority</font></u><font size=2>. Upon the termination or revocation of authority of an Authorized Representative by the Authorized Participant, the Authorized Participant shall (i) give, as promptly as practicable under the circumstances, written notice of such fact to the Trustee and such notice shall be effective upon receipt by the Trustee; and (ii) request a new PIN Number.  The Trustee shall, as promptly as practicable, de-activate the PIN Number upon receipt of such written notice. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 2.04. </font><font face="Times New Roman, Times, serif"><u><font size=2>Verification</font></u><font size=2>.
      The Trustee may assume that all instructions issued to it using the Authorized
      Participant&#146;s PIN Number have been properly placed by Authorized Representatives, unless the Trustee has actual knowledge to the contrary or the Authorized Participant has revoked its PIN Number.  The Trustee shall have no duty to verify that an Order is being placed by an Authorized Representative that uses a valid PIN Number.  The Authorized Participant agrees that the Trustee shall not be responsible, absent the Trustee&#146;s
      fraud, gross negligence, bad faith or reckless or willful misconduct, for
      any losses incurred by the Authorized Participant as a result of an Authorized
      Representative identifying himself or herself as a different Authorized
      Representative or an unauthorized person identifying himself or herself
      as an Authorized Representative, unless the Trustee previously received
from the Authorized Participant written notice to revoke its PIN Number. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>ARTICLE III</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>STATUS OF THE AUTHORIZED PARTICIPANT</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 3.01. </font><font face="Times New Roman, Times, serif"><u><font size=2>Clearing Status</font></u><font size=2>. The Authorized Participant represents, covenants and warrants that, as of the date of execution of the Authorized Participant Agreement, and at all times during the term of the Authorized Participant Agreement, the Authorized Participant is and will be entitled to use the clearing and settlement services of each of the national or international clearing and settlement organizations through which, in compliance with the Procedures, the transactions contemplated hereby will clear and settle. Any change in the foregoing status of the Authorized Participant shall terminate the Authorized Participant Agreement and the Authorized Participant shall give prompt written notice thereof to the Trustee. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 3.02. </font><font face="Times New Roman, Times, serif"><u><font size=2>Broker-Dealer Status</font></u><font size=2>.
      The Authorized Participant represents and warrants that, if required under
      U.S. law, it is (i) registered as a broker-dealer under the Securities
      Exchange Act of 1934, as amended, (ii) qualified to act as a broker or
      dealer in the states or other jurisdictions where it transacts business
      to the extent so required by applicable law, and (iii) a member in good
      standing with FINRA. The Authorized Participant agrees that it will maintain
      such registrations, qualifications, and membership in good standing and
      in full force and effect throughout the term of the Authorized Participant
      Agreement. The Authorized Participant further agrees to comply with all
      applicable U.S. federal laws, the laws of the states or other jurisdictions
      concerned, and the rules and regulations promulgated thereunder, to the
      extent such laws and regulations are applicable to the Authorized Participant&#146;s
      transactions in Shares, and with the FINRA By-Laws and Conduct Rules of
      the NASD (or with comparable FINRA Conduct Rules, if such NASD Conduct
      Rules are subsequently repealed, rescinded, or are otherwise replaced by
FINRA Conduct Rules) to the extent the foregoing relates to the </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S2-5</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p><page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Authorized
    Participant&#146;s activities with respect to, Shares, and that it will not
    offer or sell Shares in any state or jurisdiction where they may not lawfully
be offered and/or sold. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 3.03. </font><font face="Times New Roman, Times, serif"><u><font size=2>Foreign Status</font></u><font size=2>.
      If the Authorized Participant is offering and selling Shares in jurisdictions
      outside the several states, territories and possessions of the United States
      and is not otherwise required to be registered, qualified, or a member
      of FINRA as set forth in the preceding paragraph, the Authorized Participant
      nevertheless agrees to observe the applicable laws of the jurisdiction
      in which such offer and/or sale is made and to conduct its business in
      accordance with the FINRA Conduct Rules, to the extent the foregoing relates
      to the Authorized Participant&#146;s transactions in, and activities with
respect to, Shares. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 3.04. </font><font face="Times New Roman, Times, serif"><u><font size=2>Compliance with Certain Laws</font></u><font size=2>.
      If the Authorized Participant is subject to the requirements of the Uniting
      and Strengthening America by Providing Appropriate Tools Required to Intercept
      and Obstruct Terrorism Act of 2001 (the &#147;<b>U.S.A. PATRIOT Act</b>&#148;),
      the Authorized Participant has policies and procedures reasonably designed
      to comply with the anti-money laundering and related provisions of the
U.S.A. PATRIOT Act.</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 3.05. </font><font face="Times New Roman, Times, serif"><u><font size=2>Authorized Participant Status</font></u><font size=2>.
      The Authorized Participant understands and acknowledges that the method
      by which Baskets of Shares will be created and traded may raise certain
      issues under applicable securities laws. For example, because new Baskets
      of Shares may be issued and sold by the Trust on an ongoing basis, at any
      point a &#147;distribution&#148;, as such term is used in the 1933 Act,
may occur. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>ARTICLE IV</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>ROLE OF AUTHORIZED PARTICIPANT</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 4.01. </font><font face="Times New Roman, Times, serif"><u><font size=2>No Agency</font></u><font size=2>.
      The Authorized Participant acknowledges and agrees that for all purposes
      of the Authorized Participant Agreement, the Authorized Participant will
      have no authority to act as agent for the Trust or the Trustee in any matter
      or in any respect. The Authorized Participant agrees to make itself and
      its employees available, upon reasonable request, during normal business
      hours to consult with the Trustee, the Sponsor or their designees concerning
      the performance of the Authorized Participant&#146;s responsibilities under
      the Authorized Participant Agreement; <i>provided, however</i>, that the Authorized Participant shall be under no obligation to divulge or otherwise disclose any information that the Authorized
Participant reasonably believes (i) the disclosure of which to third parties is in violation of any applicable law or regulation or is otherwise prohibited, or (ii) is confidential or proprietary in nature. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 4.02. </font><font face="Times New Roman, Times, serif"><u><font size=2>Rights and Obligations of DTC Participant</font></u><font size=2>. The Authorized Participant, as a DTC Participant, agrees that it shall be bound by all of the obligations of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Procedures. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 4.03. </font><font face="Times New Roman, Times, serif"><u><font size=2>Beneficial Owner Communications</font></u><font size=2>. The Authorized Participant agrees (i) subject to any limitations arising under federal or state securities laws relating to privacy, its internal privacy policies, or other obligations it may have to its customers, to assist the Trustee or the Sponsor in determining certain information regarding sales of Shares made by or through the Authorized Participant (including, without limitation, the ownership level of each beneficial owner relating to positions in Shares that the Authorized Participant may hold as record holder) upon the request of the Trustee or the Sponsor that is necessary for the Trustee or Sponsor to </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S2-6</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p><page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>comply with their obligations to distribute information to beneficial owners of Shares under applicable state or federal securities laws or (ii) in lieu thereof, and at the option of the Authorized Participant, to forward to such beneficial owners written materials and communications received from the Sponsor or the Trustee in sufficient quantities to allow mailing thereof to such beneficial owners, including notices, annual reports, disclosure or other informational materials and any amendments or supplements thereto that may be required to be sent by the Sponsor or the Trustee to such beneficial owners pursuant applicable law or regulation or otherwise, or that the Sponsor or the Trustee reasonably wishes to distribute to such beneficial owners, in each case at the expense of the Sponsor and/or the Trust.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 4.04. </font><font face="Times New Roman, Times, serif"><u><font size=2>Authorized Participant Customer Information</font></u><font size=2>.
      The Sponsor and the Trustee agree that the names and addresses and other
      information concerning the Authorized Participant&#146;s customers are
      and shall remain the sole property of the Authorized Participant, and none
      of the Sponsor, the Trust, or the Trustee, or any of their respective affiliates
      shall use such names, addresses or other information for any purpose except
      in connection with the performance of their duties and responsibilities
      under the Authorized Participant Agreement, the Procedures, the Standard
      Terms and the applicable Prospectus and except for servicing and informational
mailings related to the Trust(s) referred to in Section 4.03 above.</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>ARTICLE V</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>MARKETING MATERIALS AND REPRESENTATIONS AND WARRANTIES</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 5.01. </font><font face="Times New Roman, Times, serif"><u><font size=2>Authorized
        Participant&#146;s Representation</font></u><font size=2>. The Authorized
        Participant represents, warrants and agrees that, in connection with
        any sale or solicitation of a sale of Shares, it will not make, or permit
        any of its representatives to make on its behalf, any representations
        concerning Shares other than those not inconsistent with the Trust&#146;s then current Prospectus or any promotional materials or sales literature furnished to the Authorized Participant by the Sponsor. The Authorized Participant agrees not to furnish or cause to be furnished to any person or display or publish any information or materials relating to Shares (excluding, without limitation, promotional materials and sales literature, advertisements, press releases, announcements, statements, posters, signs or other similar
materials not inconsistent with the Trust&#146;s then current Prospectus and in accordance with applicable laws and regulations, and any materials prepared and used for the Authorized Participant&#146;s
internal use only or brokerage communications prepared by the Authorized Participant
in the normal course of its business), except such information and materials
as may be furnished to the Authorized Participant by the Sponsor and such other
information and materials as may be approved in writing by the Sponsor. The Authorized
Participant understands that the Trust will not be advertised as offering redeemable
securities, and that any advertising materials will prominently disclose that
the Shares are not redeemable units of beneficial interest in the Trust. Notwithstanding
the foregoing, the Authorized Participant and its Affiliates and representatives
may, without the approval of the Sponsor, prepare and circulate in the regular
course of their respective businesses, research, reports, marketing materials,
sales literature or similar materials that include information, opinions or recommendations
relating to Shares (i) for public dissemination, provided that such reports,
research, marketing materials, sales literature or other similar materials comply
with applicable FINRA rules and (ii) for internal use by the Authorized Participant
and its Affiliates and representatives. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S2-7</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
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<p style='page-break-before:always'></p><page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 5.02. </font><font face="Times New Roman, Times, serif"><u><font size=2>Prospectus</font></u><font size=2>.
      The Sponsor will provide, or cause to be provided, to the Authorized Participant
      copies of the then current Prospectus and any printed supplemental information
      in reasonable quantities upon request. The Sponsor will, as promptly as
      practicable under the circumstances, notify the Authorized Participant
      when a revised, supplemented or amended Prospectus for the Shares is available,
      and deliver or otherwise make available to the Authorized Participant copies
      of such revised, supplemented or amended Prospectus at such time and in
      such quantities as may be reasonable to permit the Authorized Participant
      to comply with any obligation the Authorized Participant may have to deliver
      such Prospectus to its customers. The Sponsor will make such revised, supplemented
      or amended Prospectus available to the Authorized Participant no later
      than its effective date. The Sponsor shall be deemed to have complied with
      this Section 5.02 when the Authorized Participant has received such revised,
      supplemented or amended Prospectus by e-mail, in printable form, with such
      number of hard copies as may be agreed from time to time by the parties
promptly thereafter</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>ARTICLE VI</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>INDEMNIFICATION; LIMITATION OF LIABILITY</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 6.01. </font><font face="Times New Roman, Times, serif"><u><font size=2>Indemnification</font></u><font size=2>. The provisions of this Section 6.01 shall survive termination of the Agreement. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    Authorized Participant shall indemnify and hold harmless the Sponsor, in
    its capacity as sponsor of the applicable Trust, the Trustee, the Trust and
    their respective Affiliates, subsidiaries, directors, officers, employees
    and agents, and each person, if any, who controls such persons within the
    meaning of Section 15 of the 1933 Act (each an &#147;</font><font face="Times New Roman, Times, serif"><B><font SIZE=2>AP</font></B> <b><font size=2>Indemnified Party</font></b><font size=2>&#148;) from and against any loss, liability, cost and expense (including reasonable attorneys&#146; fees)
    incurred by such AP Indemnified Party as a result of (i) any breach by the
    Authorized Participant of any provision of the Authorized Participant Agreement
    that relates to the Authorized Participant; (ii) any failure on the part
    of the Authorized Participant to perform any of its obligations set forth
    in the Authorized Participant Agreement applicable to it; (iii) any failure
    by the Authorized Participant to comply in all material respects with applicable
    laws, including rules and regulations of self-regulatory organizations to
    the extent such laws, rules and regulations are applicable to the transactions
    being undertaken pursuant to the Authorized Participant Agreement; or (iv)
    actions of such AP Indemnified Party pursuant to any instructions issued
    in accordance with the relevant Prospectus, Authorized Participant Agreement,
    the Procedures, or the Standard Terms reasonably believed by the AP Indemnified
    Party to be genuine and to have been given by the Authorized Participant
    except to the extent that the Authorized Participant had previously revoked
    a PIN Number used in giving such instructions or representations (where applicable)
    and such revocation was given by the Authorized Participant and received
    by the Trustee in accordance with the terms of Section 2.03 hereto. The Authorized
    Participant shall not be liable under its indemnity agreement contained in
    this paragraph with respect to any claim made against any AP Indemnified
    Party unless the AP Indemnified Party shall have notified the Authorized
    Participant in writing of the claim within a reasonable time after the summons
    or other first written notification giving information of the nature of the
    claim was served upon the AP Indemnified Party (or after the AP Indemnified
    Party shall have received notice of service on any designated agent). However,
    failure to notify the Authorized Participant of any claim shall not relieve
the Authorized Participant from any liability which it may </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S2-8</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>have to any AP Indemnified Party against whom such action is brought otherwise than on account of its indemnity agreement contained in this paragraph and shall only release it from such liability under this paragraph to the extent it has been materially prejudiced by such failure to give notice.  The Authorized Participant shall be entitled to participate at its own expense in the defense, or, if it so elects, to assume the defense of any suit brought to enforce any claims, but if the Authorized Participant elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the AP Indemnified Parties in the suit and who shall not, except with consent of the AP Indemnified Parties, be counsel to the Authorized Participant.  If the Authorized Participant does not elect to assume the defense of any suit, it will reimburse the AP Indemnified
Parties in the suit for the reasonable fees and expenses of any counsel retained by them.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    Sponsor hereby agrees to indemnify and hold harmless the Authorized Participant,
    its Affiliates, subsidiaries, directors, officers, employees and agents,
    and each person, if any, who controls such persons within the meaning of
    Section 15 of the 1933 Act (each a &#147;</font><font face="Times New Roman, Times, serif"><b><font size=2>Sponsor Indemnified Party</font></b><font size=2>&#148;) from and against any loss, liability, cost and expense (including reasonable attorneys' fees) incurred by such Sponsor Indemnified Party as a result of (i)&nbsp;any
    breach by the Sponsor of any provision of the Authorized Participant Agreement
    that relates to the Sponsor; (ii) any failure on the part of the Sponsor
    to perform any of its obligations set forth in the Authorized Participant
    Agreement applicable to it; (iii) any failure on the part of the Sponsor
    to comply in all material respects with applicable laws, including rules
    and regulations of self-regulatory organizations to the extent such laws,
    rules and regulations are applicable to the transactions being undertaken
    pursuant to the Authorized Participant Agreement; (iv) actions of such Sponsor
    Indemnified Party pursuant to any instructions issued or representations
    made in accordance with the relevant Prospectus, Authorized Participant Agreement,
    the Procedures, or the Standard Terms reasonably believed by the Sponsor
    Indemnified Party to be genuine and to have been given by the Sponsor; or
    (v) any untrue statements or omissions made in any promotional material or
    sales literature furnished to the Authorized Participant by the Sponsor or
    otherwise approved in writing by the Sponsor. The Sponsor shall not be liable
    under its indemnity agreement contained in this paragraph with respect to
    any claim made against any Sponsor Indemnified Party unless the Sponsor Indemnified
    Party shall have notified the Sponsor in writing of the claim within a reasonable
    time after the summons or other first written notification giving information
    of the nature of the claim shall have been served upon the Sponsor Indemnified
    Party (or after the Sponsor Indemnified Party shall have received notice
    of service on any designated agent). However, failure to notify the Sponsor
    of any claim shall not relieve the Sponsor from any liability which it may
    have to any Sponsor Indemnified Party against whom such action is brought
    otherwise than on account of its indemnity agreement contained in this paragraph
    and shall only release it from such liability under this paragraph to the
    extent it has been materially prejudiced by such failure to give notice.
    The Sponsor shall be entitled to participate at its own expense in the defense,
    or, if it so elects, to assume the defense of any suit brought to enforce
    any claims, but if the Sponsor elects to assume the defense, the defense
    shall be conducted by counsel chosen by it and satisfactory to the Sponsor
    Indemnified Parties in the suit and who shall not, except with the consent
    of the Sponsor Indemnified Parties, be counsel to the Sponsor. If the Sponsor
does not elect to assume the defense of any suit, it will </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S2-9</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
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<p style='page-break-before:always'></p><page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>reimburse the Sponsor Indemnified Parties in the suit for the reasonable fees and expenses of any counsel retained by them.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
    indemnifying party, as described in paragraphs (a) and (b) above, shall,
    without the written consent of the AP Indemnified Party or the Sponsor Indemnified
    Party, as the case may be, effect the settlement or compromise of, or consent
    to the entry of any judgment with respect to, any pending or threatened action
    or claim in respect of which indemnification may be sought hereunder (whether
    or not the indemnified party is an actual or potential party to such action
    or claim) unless such settlement, compromise or judgment (i) includes an
    unconditional release of the AP Indemnified Party or Sponsor Indemnified
    Party, as the case may be, from all liability arising out of such action
    or claim and (ii) does not include a statement as to or an admission of fault,
    culpability or a failure to act, by or on behalf of any AP Indemnified Party
or Sponsor Indemnified Party, as the case may be.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    Authorized Participant shall not be liable to any AP Indemnified Party for
    any damages arising out of (i) mistakes or errors in data provided in connection
    with purchase or redemption transactions except for data provided by the
    Authorized Participant, or (ii) mistakes or errors by, or arising out of
    interruptions or delays of communications with, the Trustee or any AP Indemnified
Party. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    indemnification provided for in Section 6.01(a) shall not apply to the extent
    any such losses, liabilities, damages, costs and expenses are incurred as
    a result of any fraud, gross negligence, bad faith or reckless or willful
    misconduct on the part of an AP Indemnified Party. The indemnification provided
    for in Section 6.01(b) shall not apply to the extent any such losses, liabilities,
    damages, costs and expenses are incurred as a result of any fraud, gross
    negligence, bad faith or reckless or willful misconduct on the part of a
Sponsor Indemnified Party.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    indemnity agreements contained in this Section 6.01 shall remain in full
    force and effect and shall survive any termination of this Agreement. The
    Sponsor and the Authorized Participant agree promptly to notify each other
    of the commencement of any Proceeding against it and against any of their
    officers or directors in connection with the issuance and sale of the Shares
or in connection with the registration statement or the relevant Prospectus.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>ARTICLE VII</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>MISCELLANEOUS</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Section 7.01. </font><font face="Times New Roman, Times, serif"><u><font size=2>Commencement of Trading</font></u><font size=2>. The Authorized Participant may not submit an Order prior to the effectiveness of the registration statement, or amendment to the registration statement, filed with the Securities and Exchange Commission and pursuant to which the Authorized Participant is identified as such in the relevant Prospectus. </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif" size=2>[</font><font face="Times New Roman, Times, serif"><i><font size=2>Signatures Follow on Next Page</font></i><font size=2>]</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S2-10</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p><page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'>
  <font face="Times New Roman, Times, serif"><B><font SIZE=2>IN WITNESS WHEREOF</font></B><font size=2>, the Sponsor and the Trustee have executed these Standard Terms as of the date set forth above.</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif"><B><font SIZE=2>THE BANK OF NEW YORK MELLON</font></B><font size=2>, in its capacity as Trustee </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>By:</font><font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Name: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Title: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif"><B><font SIZE=2>ETF SECURITIES USA LLC</font></B><font size=2>, in its capacity as Sponsor </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>By:</font><font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Name: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Title:  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S2-11</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p><page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><B><font SIZE=2>SCHEDULE 3-A : AUTHORIZED REPRESENTATIVES OF THE AUTHORIZED PARTICIPANT</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Times New Roman, Times, serif"><u><font size=2>Certificate of Authorized Representatives of the Authorized Participant</font></u></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>The
    following are the names, titles, signatures, phone numbers, and email addresses
    of all persons (each, an &#147;Authorized Representative&#148;) authorized to give instructions relating to any activity contemplated by the Authorized Participant Agreement between [AUTHORIZED PARTICIPANT], The Bank of New York Mellon and ETF Securities USA LLC dated [DATE] (the &#147;Agreement&#148;)
    or any other notice, request or instruction on behalf of the Authorized Participant
pursuant to the Agreement.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<table width="80%" border="0" cellpadding=0 cellspacing=0 style='margin-left:0pt;border-collapse:collapse'>
<tr >
        <td valign=top >
    <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Name:</font></p> </td>
<td valign=top >
    <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p> </td>
<td valign=top >&nbsp;</td>
<td valign=top >
    <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Name:</font></p> </td>
<td valign=top >
  <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p> </td> </tr>
    <tr >
        <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Title:</font></p> </td>
  <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p> </td>
  <td valign=top >&nbsp;</td>
  <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Title:</font></p> </td>
  <td valign=top >
  <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p> </td> </tr>
    <tr >
        <td valign=top style='padding:6.0pt 0in 0in 0in'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Signature:</font></p> </td>
  <td valign=top style='padding:6.0pt 0in 0in 0in'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p> </td>
  <td valign=top style='padding:6.0pt 0in 0in 0in'>&nbsp;</td>
  <td valign=top style='padding:6.0pt 0in 0in 0in'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Signature:</font></p> </td>
  <td valign=top style='padding:6.0pt 0in 0in 0in'>
  <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p> </td> </tr>
    <tr >
        <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Phone:</font></p> </td>
  <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p> </td>
  <td valign=top >&nbsp;</td>
  <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Phone:</font></p> </td>
  <td valign=top >
  <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p> </td> </tr>
    <tr >
        <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Email:  </font></p> </td>
  <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p> </td>
  <td valign=top >&nbsp;</td>
  <td valign=top >
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Email:</font></p> </td>
  <td valign=top >
  <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p> </td> </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Name:</font></p></td>
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
      <td valign=top >&nbsp;</td>
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Name:</font></p></td>
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
    </tr>
    <tr >
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Title:</font></p></td>
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
      <td valign=top >&nbsp;</td>
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Title:</font></p></td>
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
    </tr>
    <tr >
      <td valign=top style='padding:6.0pt 0in 0in 0in'><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Signature:</font></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in'><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in'>&nbsp;</td>
      <td valign=top style='padding:6.0pt 0in 0in 0in'><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Signature:</font></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in'><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
    </tr>
    <tr >
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Phone:</font></p></td>
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
      <td valign=top >&nbsp;</td>
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Phone:</font></p></td>
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
    </tr>
    <tr >
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Email: </font></p></td>
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
      <td valign=top >&nbsp;</td>
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Email:</font></p></td>
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
      <td valign=top >&nbsp;</td>
    </tr>
    <tr >
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Name:</font></p></td>
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
      <td valign=top >&nbsp;</td>
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Name:</font></p></td>
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
    </tr>
    <tr >
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Title:</font></p></td>
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
      <td valign=top >&nbsp;</td>
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Title:</font></p></td>
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
    </tr>
    <tr >
      <td valign=top style='padding:6.0pt 0in 0in 0in'><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Signature:</font></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in'><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in'>&nbsp;</td>
      <td valign=top style='padding:6.0pt 0in 0in 0in'><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Signature:</font></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in'><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
    </tr>
    <tr >
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Phone:</font></p></td>
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
      <td valign=top >&nbsp;</td>
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Phone:</font></p></td>
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
    </tr>
    <tr >
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Email: </font></p></td>
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
      <td valign=top >&nbsp;</td>
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Email:</font></p></td>
      <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
    </tr>
</table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>



<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>The
    undersigned, [AP&#146;S AUTHORIZED SIGNATORY], does hereby certify that the
    persons listed above have been duly authorized to act as Authorized Representatives
pursuant to the Authorized Participant Agreement.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>By:</font><font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Name:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Title:</font></p>


<font face="Times New Roman, Times, serif" size=2>Date:</font>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S3-1</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>
<font face="Times New Roman, Times, serif"><br>
</font>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p><page>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
  <font face="Times New Roman, Times, serif"><B><font SIZE=2>SCHEDULE 3-B : ADDENDUM TO CERTIFICATE OF AUTHORIZED REPRESENTATIVES OF THE ETFS SILVER TRUST</font></B></font></p>

<p style=' margin-bottom:0pt; margin-top:3pt;text-align:center;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:3pt;text-align:center;'><font face="Times New Roman, Times, serif"><b><font size=2>[On
AP&#146;s Firm Letterhead]</font></b></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font face="Times New Roman, Times, serif"><b><font size=2>[DATE]</font></b></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Attn: Jarvis Joseph  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>The Bank of New York Mellon </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>2
Hanson Place &#151; Floor 9th </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Brooklyn, NY 11217</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>New York</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Re: </font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Addendum
                to the Certificate of Authorized Representatives for [AUTHORIZED
                PARTICIPANT] under the Authorized Participant Agreement for the
                relevant Trusts sponsored by ETF Securities USA LLC dated [DATE]
            (the &#147;Agreement&#148;)</font></p> </td> </tr>
    <tr >
      <td colspan="2" valign=top style="border-top:2px solid #000000">&nbsp;</td>
    </tr>
</table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Ladies and Gentlemen:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.56in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>Pursuant to the Agreement, the following are the names, titles, signatures, phone numbers, and email addresses of additional Authorized Representatives of </font><font face="Times New Roman, Times, serif"><u><font size=2>[AUTHORIZED PARTICIPANT]</font></u><font size=2> (the &#147;AP&#148;) authorized to give instructions relating to any activity contemplated by the Agreement or any other notice, request or instruction on behalf of the AP pursuant to the Agreement.  This list of Authorized Representatives is an addendum and adds further Authorized Representatives to the AP&#146;s most recently executed certificate (entitled &#147;Certificate of Authorized Representatives of the Authorized Participant&#148;). </font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<table width="80%" border="0" cellpadding=0 cellspacing=0 style='margin-left:0pt;border-collapse:collapse'>
  <tr >
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Name:</font></p></td>
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
    <td valign=top >&nbsp;</td>
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Name:</font></p></td>
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
  </tr>
  <tr >
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Title:</font></p></td>
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
    <td valign=top >&nbsp;</td>
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Title:</font></p></td>
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
  </tr>
  <tr >
    <td valign=top style='padding:6.0pt 0in 0in 0in'><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Signature:</font></p></td>
    <td valign=top style='padding:6.0pt 0in 0in 0in'><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
    <td valign=top style='padding:6.0pt 0in 0in 0in'>&nbsp;</td>
    <td valign=top style='padding:6.0pt 0in 0in 0in'><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Signature:</font></p></td>
    <td valign=top style='padding:6.0pt 0in 0in 0in'><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
  </tr>
  <tr >
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Phone:</font></p></td>
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
    <td valign=top >&nbsp;</td>
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Phone:</font></p></td>
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
  </tr>
  <tr >
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Email: </font></p></td>
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
    <td valign=top >&nbsp;</td>
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Email:</font></p></td>
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
  </tr>
  <tr >
    <td valign=top >&nbsp;</td>
    <td valign=top >&nbsp;</td>
    <td valign=top >&nbsp;</td>
    <td valign=top >&nbsp;</td>
    <td valign=top >&nbsp;</td>
  </tr>
  <tr >
    <td valign=top >&nbsp;</td>
    <td valign=top >&nbsp;</td>
    <td valign=top >&nbsp;</td>
    <td valign=top >&nbsp;</td>
    <td valign=top >&nbsp;</td>
  </tr>
  <tr >
    <td valign=top >&nbsp;</td>
    <td valign=top >&nbsp;</td>
    <td valign=top >&nbsp;</td>
    <td valign=top >&nbsp;</td>
    <td valign=top >&nbsp;</td>
  </tr>
  <tr >
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Name:</font></p></td>
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
    <td valign=top >&nbsp;</td>
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Name:</font></p></td>
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
  </tr>
  <tr >
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Title:</font></p></td>
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
    <td valign=top >&nbsp;</td>
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Title:</font></p></td>
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
  </tr>
  <tr >
    <td valign=top style='padding:6.0pt 0in 0in 0in'><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Signature:</font></p></td>
    <td valign=top style='padding:6.0pt 0in 0in 0in'><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
    <td valign=top style='padding:6.0pt 0in 0in 0in'>&nbsp;</td>
    <td valign=top style='padding:6.0pt 0in 0in 0in'><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Signature:</font></p></td>
    <td valign=top style='padding:6.0pt 0in 0in 0in'><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
  </tr>
  <tr >
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Phone:</font></p></td>
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
    <td valign=top >&nbsp;</td>
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Phone:</font></p></td>
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
  </tr>
  <tr >
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Email: </font></p></td>
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
    <td valign=top >&nbsp;</td>
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>Email:</font></p></td>
    <td valign=top ><p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Times New Roman, Times, serif" size=2>__________________</font></p></td>
  </tr>
</table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>



<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Please provide PIN numbers for those listed above.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font face="Times New Roman, Times, serif" size=2>The
    undersigned, [AP&#146;S AUHTORIZED SIGNATORY], does hereby certify that the
    persons listed above have been duly authorized to act as Authorized Representatives
pursuant to the Authorized Participant Agreement.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>By:</font><font face="Times New Roman, Times, serif"><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Name:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Title:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>Date: </font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font FACE="Times New Roman, Times, serif" SIZE=2>S3-2</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Times New Roman, Times, serif" size=2>&nbsp;</font></p><HR noshade align="center" width="100%" size="2">

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<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>6
<FILENAME>c58962_ex4-3.htm
<TEXT>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:right;'><b><font style='font-size:10pt'>Exhibit 4.3</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><font STYLE='FONT-SIZE:10PT'>CERTIFICATE OF BENEFICIAL INTEREST</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><font style='font-size:10pt'>Evidencing</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><font STYLE='FONT-SIZE:10PT'>FRACTIONAL UNDIVIDED INTERESTS</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><font style='font-size:10pt'>In</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>ETFS PALLADIUM TRUST</font></B></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font STYLE='FONT-SIZE:10PT'>THE SHARES EVIDENCED HEREBY REPRESENT RIGHTS WITH RESPECT TO UNDERLYING TRUST PROPERTY (AS DEFINED IN THE DEPOSITARY TRUST AGREEMENT REFERRED TO HEREIN) HELD BY THE TRUST AND DO NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, AND ARE NOT GUARANTEED BY THE SPONSOR OR THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE SHARES NOR THE UNDERLYING TRUST PROPERTY ARE INSURED UNDER ANY AGREEMENT THAT DIRECTLY BENEFITS THE TRUST OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR ANY OTHER PERSON.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (&#147;DTC&#148;), TO THE AGENT AUTHORIZED BY THE ISSUER FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &amp; CO., HAS AN INTEREST HEREIN.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>ETFS PHYSICAL PALLADIUM SHARES</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>ISSUED BY</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>ETFS PALLADIUM TRUST</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>REPRESENTING</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>FRACTIONAL INTERESTS IN DEPOSITED PALLADIUM AND ANY OTHER TRUST </font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>PROPERTY</font></B></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><b><font style='font-size:10pt'>THE BANK OF NEW YORK MELLON, as Trustee</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
 <tr>
        <td valign=bottom >
      <p style=' margin-left:34.55pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>No. 1</font></p> </td>
        <td valign=bottom >
  <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>* Shares</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:0.36in;text-align:left;'><font STYLE='FONT-SIZE:10PT'>CUSIP: 26923A 10 6</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:0.36in;text-align:left;'><font style='font-size:10pt'>THE BANK OF NEW YORK MELLON, as Trustee (hereinafter called the Trustee), hereby certifies that CEDE &amp; CO., as nominee of The Depository Trust Company, or registered assigns, is the owner of * Shares issued by ETFS Palladium Trust, each representing a fractional undivided interest in the net assets of the Trust, as provided in the Agreement referred to below. At the time of delivery of the Agreement, each 50,000 Shares represented an interest in 5,000 Ounces of Palladium that are deposited under the Agreement and held by the Custodian referred to in the Agreement. The amount of Palladium in which each 50,000 Shares represents an interest will decline over time as provided in the Agreement. The Trustee&#146;s Corporate Trust Office is located at a different address than its principal executive office. Its Corporate Trust Office is located at 2 Hanson Place, Brooklyn, New
York 11217, and its principal executive office is located at One Wall Street, New York, New York 10286.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:0.36in;text-align:left;'><font style='font-size:10pt'>This Certificate is issued upon the terms and conditions set forth in the Depositary Trust Agreement dated as of December 30, 2009 (the &#147;Agreement&#148;) between ETF Securities USA LLC (herein called the Sponsor), and the Trustee. By becoming a Registered Owner or Beneficial Owner, or by depositing Palladium, a Person is bound by all the terms and conditions of the Agreement. The Agreement sets forth the rights of Depositors and Registered Owners and the rights and duties of the Trustee and the Sponsor. Copies of the Agreement are on file at the Trustee&#146;s Corporate Trust Office in New York City.</font></p>
<b><font style='font-size:10.5pt'>______________</font></b>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="85%" style=' border-collapse:collapse;'>
 <tr>
        <td width="6%" valign=top style='padding:8.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>*</font></p> </td>
        <td width="93%" valign=top style='padding:8.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>That number of Shares held at The Depository Trust Company at any given point in time.</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:0.36in;text-align:left;'><font style='font-size:10pt'>The Agreement is hereby incorporated by reference into and made a part of this Certificate as if set forth in full in this place. Capitalized terms not defined herein shall have the meanings set forth in the Agreement.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:0.36in;text-align:left;'><font style='font-size:10pt'>This Certificate shall not be entitled to any benefits under the Agreement or be valid or obligatory for any purpose unless it is executed by the Trustee by the manual or facsimile signature of a duly authorized signatory of the Trustee and, if a Registrar (other than the Trustee) for the Shares shall have been appointed, countersigned by the manual signature of a duly authorized officer of the Registrar.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=center>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Dated: December 30, 2009</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'></font></p> </td>
        <td colspan="2" valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font STYLE='FONT-SIZE:10PT'>THE BANK OF NEW YORK MELLON,</font><br> <font style='font-size:10pt'>as Trustee</font></p> </td> </tr>
 <tr>
        <td width="37%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'>  </p> </td>
        <td width="20%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="3%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>By:&nbsp;</font></p> </td>
        <td width="38%" valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><br> <font style='font-size:10pt'>/s/ Andrew Pfeifer</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><b><font style='font-size:10pt'>THE TRUSTEE&#146;S CORPORATE TRUST OFFICE ADDRESS IS</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>2 HANSON PLACE, BROOKLYN, NEW YORK 11217</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>7
<FILENAME>c58962_ex5-1.htm
<TEXT>

<HTML>
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<P align="right">
<FONT face="serif">Exhibit 5.1</FONT></P>



<div align="right"><img src="logox1x1.jpg" alt="logo" width="205" height="214"></div>

<P align="center">
<FONT face="serif">December 31, 2009</FONT></P>
<P align="left">
<FONT face="serif">ETF Securities USA LLC </FONT><BR>
<FONT face="serif">as Sponsor to ETFS Palladium Trust </FONT><BR>
<FONT face="serif">c/o ETF Securities Representative Office</FONT><BR>
<FONT face="serif">2 London Wall Buildings, 6th Floor </FONT><BR>
<FONT face="serif">London, EC2M 5UU, United Kingdom </FONT><BR>
<FONT face="serif">Attention: Graham Tuckwell </FONT></P>
<P align="center">
<B><I><FONT face="serif">ETFS Palladium Trust (Registration No. 333-158380)</FONT></I></B></P>
<P align="left">
<FONT face="serif">Ladies and Gentlemen:</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">We have acted as counsel for ETF Securities USA LLC, a Delaware limited liability company (the &#147;</FONT><I><FONT face="serif">Sponsor</FONT></I><FONT face="serif">&#148;), the sponsor of ETFS
Palladium Trust, a grantor trust formed under the laws of the State of New York (the &#147;</FONT><I><FONT face="serif">Trust</FONT></I><FONT face="serif">&#148;), in connection with the Trust&#146;s filing on April 2, 2009 with the Securities and
Exchange Commission (the &#147;</FONT><I><FONT face="serif">Commission</FONT></I><FONT face="serif">&#148;) of its Registration Statement on Form S-1 (as amended, the &#147;</FONT><I><FONT face="serif">Registration Statement</FONT></I><FONT
face="serif">&#148;), including the prospectus included in Part I of the Registration Statement (the &#147;</FONT><I><FONT face="serif">Prospectus</FONT></I><FONT face="serif">&#148;), under the Securities Act of 1933 (the &#147;</FONT><I><FONT
face="serif">1933 Act</FONT></I><FONT face="serif">&#148;) (No. 333-158380) and the Trust&#146;s
filing with the Commission of its Pre-Effective Amendment No. 1 to the Registration
Statement on April 27, 2009, its Pre-Effective Amendment No. 2 to the Registration
Statement on October 20, 2009, and its Pre-Effective Amendment No. 3 to the Registration
Statement on December 31, 2009, relating to the issuance and sale by the Trust
of 12,880,000 ETFS Physical Palladium Shares (the
</FONT><I><FONT face="serif">&#147;Shares&#148;</FONT></I><FONT face="serif">). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">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 Trust's Depository Trust Agreement, (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>

<HR noshade align="center" width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<P align="left">
<FONT face="serif">December 31, 2009</FONT><BR>
<FONT face="serif">Page 2 </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">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 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="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">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="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">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="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">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>
<div style="margin-left:60%">
<P align="left">
<FONT face="serif">Respectfully submitted,</FONT></P>
<P align="left">
<FONT face="serif">/s/ Katten Muchin Rosenman LLP </FONT><BR>
<FONT face="serif">KATTEN MUCHIN ROSENMAN LLP</FONT></P>
</div>
<P align="left">
<FONT face="serif">PJS/mb</FONT></P>
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<TYPE>GRAPHIC
<SEQUENCE>8
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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>9
<FILENAME>c58962_ex8-1.htm
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<FONT face="serif">Exhibit 8.1</FONT></P>



<div align="right"><img src="logox1x1.jpg" alt="logo" width="205" height="214"></div>

<P align="left">
<FONT face="serif">December 31, 2009</FONT></P>
<P align="left">
<FONT face="serif">ETF Securities USA LLC </FONT><BR>
<FONT face="serif">as Sponsor to ETFS Palladium Trust </FONT><BR>
<FONT face="serif">c/o ETF Securities Representative Office</FONT><BR>
<FONT face="serif">2 London Wall Buildings, 6th Floor </FONT><BR>
<FONT face="serif">London, EC2M 5UU, United Kingdom </FONT><BR>
<FONT face="serif">Attention: Graham Tuckwell </FONT><BR>
<BR>
<FONT face="serif">The Bank of New York Mellon </FONT><BR>
<FONT face="serif">as Trustee to ETFS Palladium Trust </FONT><BR>
<FONT face="serif">2 Hanson Place </FONT><BR>
<FONT face="serif">Brooklyn, NY 11217 </FONT><BR>
<FONT face="serif">Attention: Donald Guire </FONT></P>
<P align="left">
<FONT face="serif">Messrs. Tuckwell and Guire:</FONT></P>
<P align="left">
<FONT face="serif">We are acting as special United States tax counsel to the ETFS Palladium Trust (the &#147;Trust&#148;)
in connection with the preparation of a registration statement on Form S-1 dated
April 2, 2009, and Amendment No. 1 thereto dated April 27, 2009, Amendment No.
2 thereto dated October 20, 2009 and Amendment No. 3 thereto dated December 31,
2009 (the registration statement, together with the amendments thereto, the &#147;Registration Statement&#148;), each 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 December 30, 2009 under New York law pursuant to a Depository Trust Agreement between
ETF Securities USA, LLC, as Sponsor, and The Bank of New York Mellon, as Trustee, of 12,880,000 shares, representing units of fractional undivided beneficial interest in and ownership of the Trust (the &#147;Shares&#148;). </FONT></P>
<P align="left">
<FONT face="serif">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>

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<P align="left" style="page-break-before:always"></P><PAGE>
<P align="left">
<FONT face="serif">ETF Securities USA LLC </FONT><BR>
<FONT face="serif">The Bank of New York Mellon</FONT><BR>
<FONT face="serif">December 31, 2009 </FONT></P>
<P align="left">
<FONT face="serif">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="left">
<FONT face="serif">Based on and subject to the foregoing, it is our opinion that the discussion relating to tax matters under the heading &#147;United States Federal Income Tax Consequences&#148; in the Prospectus correctly describes (subject to the
qualifications contained therein) the material aspects of the United States federal income tax treatment to a Shareholder, as of the date hereof, of an acquisition of a Share pursuant to the Prospectus. </FONT></P>
<P align="left">
<FONT face="serif">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="left">
<FONT face="serif">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>
<P align="left">
<FONT face="serif">Very truly yours,</FONT></P>
<P align="left">
<FONT face="serif">/s/ Katten Muchin Rosenman LLP </FONT><BR>
<BR>
<FONT face="serif">KATTEN MUCHIN ROSENMAN LLP</FONT></P>
<P align="left">&nbsp;</P>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>10
<FILENAME>c58962_ex10-1.htm
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:right;'><b><font style='font-size:10pt'>Exhibit 10.1</font></b></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>JPMORGAN CHASE BANK, N.A.</font></B></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><b><font style='font-size:10pt'>and</font></b></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>THE BANK OF NEW YORK MELLON</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>solely in its capacity as trustee of the ETFS Palladium Trust</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>and not individually</font></b></p><br>

<hr noshade="noshade" align="center" Width="120" >
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>ALLOCATED ACCOUNT AGREEMENT</font></B><br>
  <br>
</p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><B><font STYLE='FONT-SIZE:10PT'>THIS AGREEMENT</font></B><font style='font-size:10pt'> is made with effect on and from December 30, 2009</font></p>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><B><font STYLE='FONT-SIZE:10PT'>BETWEEN</font></B></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><B><font STYLE='FONT-SIZE:10PT'>JPMORGAN CHASE BANK, N.A,</font></B><font style='font-size:10pt'> whose principal place of business in England is at 125 London Wall, London EC2Y 5AJ (the &#147;</font><b><font style='font-size:10pt'>Custodian</font></b><font style='font-size:10pt'>&#148;); and</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(2)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'><strong>THE BANK OF NEW YORK MELLON, a New York banking corporation, solely in its capacity as trustee of the ETFS Palladium Trust created under the Trust Agreement identified below and not individually</strong> (the &#147;<strong>Trustee</strong>&#148;), which expression shall, wherever the context so admits, include the named Trustee and all other persons or companies for the time being the trustee or trustees of the Trust Agreement (as defined below) as trustee for the Shareholders (as defined below).</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><B><font STYLE='FONT-SIZE:10PT'>INTRODUCTION</font></B></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>The Trustee has agreed to act as trustee for the Shareholders of the Shares pursuant to the Trust Agreement.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(2)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Shares may be issued by the Trust against delivery of Bullion made by way of payment for the issue of such Shares. The Trustee has agreed that Bullion delivered to it on subscription for Shares will be paid into the Metal Accounts.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(3)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>The Custodian has agreed to transfer Bullion from the Allocated Account into the Unallocated Account pursuant to the terms of this Agreement.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(4)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>The Trustee has agreed that the Allocated Account will be established by the Trustee in its name (for each Shareholder pursuant to the Trust Agreement), and that the Trustee will have the sole right to give instructions for the making of any payments out of the Allocated Account.</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><B><font STYLE='FONT-SIZE:10PT'>IT IS AGREED AS FOLLOWS</font></B></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="28%" style=' border-collapse:collapse;'>
 <tr>
        <td width="16%" valign=top style='padding:12.0pt 0in 0in 0in;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>1.</font></b></p> </td>
        <td width="80%" valign=top style='padding:12.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>INTERPRETATION</font></B></U></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>1.1</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Definitions: </font></b></i><font style='font-size:10pt'>Words and expressions defined in the Prospectus, unless otherwise defined herein, have the same meanings when used in this Agreement. In addition, in this Agreement, unless there is anything in the subject or context inconsistent therewith the following expressions shall have the following meanings:</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Affiliate</font></b><font style='font-size:10pt'>&#148; means an entity that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with the Custodian;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Allocated Account</font></b><font style='font-size:10pt'>&#148; means the loco London allocated Bullion account, number 00161, or the loco Zurich allocated Bullion account, number 00159, each established in the name of the Trustee with the Custodian pursuant to this Agreement;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>1</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'> &#147;</font><b><font style='font-size:10pt'>Authorised Signatory</font></b><font style='font-size:10pt'>&#148; means, in relation to any person, an individual who is duly empowered to bind such person and whose authority is evidenced by a resolution of the board of directors (or any other appropriate means of authorisation) of such person, and, in relation to the Trustee, any individual named in the Trustee&#146;s Authorised Signatory list having due authority to bind the Trustee, which list shall be provided by the Trustee from time to time;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Availability Date</font></b><font style='font-size:10pt'>&#148; means the London/Zurich Business Day on which the Trustee requests the Custodian to credit to the Allocated Account Bullion debited from the Unallocated Account;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Bullion</font></b><font style='font-size:10pt'>&#148; means palladium in physical form complying with the Rules of the Relevant Association held by the Custodian or any Sub-Custodian under this Agreement and/or any credit balance in the Unallocated Account as the context requires;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Conditions</font></b><font style='font-size:10pt'>&#148; means the terms and conditions on and subject to which Shares are issued in the form or substantially in the form set out in the Trust Agreement;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>General Notice</font></b><font style='font-size:10pt'>&#148; means any notice given in accordance with this Agreement other than a Transfer Notice;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>London Business Day</font></b><font style='font-size:10pt'>&#148; means a day (other than a Saturday or a Sunday or a public holiday in England) on which commercial banks generally and the London palladium market are open for the transaction of business in London;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>London/Zurich</font></b><font style='font-size:10pt'> </font><b><font style='font-size:10pt'>Business Day</font></b><font style='font-size:10pt'>&#148; means a day which is both a London Business Day and a Zurich Business Day;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Metal Accounts</font></b><font style='font-size:10pt'>&#148; means the Allocated Account and the Unallocated Account;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Point of Delivery</font></b><font style='font-size:10pt'>&#148; means such date and time that the recipient (or its agent) acknowledges in written form its receipt of delivery of Bullion;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Prospectus</font></b><font style='font-size:10pt'>&#148; means the prospectus constituting a part of the registration statement filed on Form S-1, Registration Number 333-158380 with the Securities Exchange Commission in accordance with the U.S. Securities Act of 1933, as amended, in relation to the Shares dated on or about December 30, 2009 as the same may be modified, supplemented or amended from time to time;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Redemption</font></b><font style='font-size:10pt'>&#148; means the redemption of Shares by the Trust in accordance with the Conditions;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Redemption Form</font></b><font style='font-size:10pt'>&#148; means a notice in the form prescribed from time to time by the Trust requesting Redemption of Shares;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Redemption Obligations</font></b><font style='font-size:10pt'>&#148; means the obligation of the Trust on Redemption of a Share to make payment or deliver Bullion to the relevant Authorized Participant or Shareholder in accordance with the Conditions;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>2</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Relevant Association</font></b><font style='font-size:10pt'>&#148; means the London Platinum and Palladium Market or its successors;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Rules</font></b><font style='font-size:10pt'>&#148; means the rules, regulations, practices and customs of the Relevant Association (including without limitation the &#147;rules as to Good Delivery&#148;), the Bank of England and such other regulatory authority or other body as shall affect the activities contemplated by this Agreement or the activities of a Sub-Custodian;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Shareholder</font></b><font style='font-size:10pt'>&#148; means the beneficial owner of one or more Shares;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Shares</font></b><font style='font-size:10pt'>&#148;</font><b><font style='font-size:10pt'> </font></b><font style='font-size:10pt'>means the units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust, named &#147;ETFS&nbsp;Physical Palladium Shares&#148; and created pursuant to and constituted by the Trust Agreement</font><font style='font-size:11pt'>;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Sponsor</font></b><font style='font-size:10pt'>&#148; means ETF USA Securities LLC, its successors and assigns and any successor Sponsor appointed pursuant to the Trust Agreement</font><b><font style='font-size:10pt'>;</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Sub-Custodian</font></b><font style='font-size:10pt'>&#148; means a sub-custodian, agent or depository (including an entity within the Custodian&#146;s corporate group) appointed by the Custodian pursuant to clause 8 to perform any of the Custodian&#146;s duties under this Agreement including the custody and safekeeping of Bullion;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Transfer Notice</font></b><font style='font-size:10pt'>&#148; means any notice of a deposit or withdrawal made pursuant to clause 3 or clause 4 of this Agreement;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Trust</font></b><font style='font-size:10pt'>&#148;</font><b><font style='font-size:10pt'> </font></b><font style='font-size:10pt'>means the ETFS Palladium Trust formed pursuant to the Trust Agreement;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Trust Agreement</font></b><font style='font-size:10pt'>&#148;</font><b><font style='font-size:10pt'> </font></b><font style='font-size:10pt'>means the Depositary Trust Agreement of the ETFS Palladium Trust dated on or about December 30, 2009, as amended from time to time, between ETF Securities USA LLC, as Sponsor, and The Bank of New York Mellon, as Trustee;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Unallocated Account</font></b><font style='font-size:10pt'>&#148; means the loco London unallocated Bullion account, number 00160, or loco Zurich the unallocated Bullion, account number 00158, each established in the name of the Trustee with the Custodian pursuant to the Unallocated Account Agreement;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Unallocated Account Agreement</font></b><font style='font-size:10pt'>&#148; means the Unallocated Account Agreement dated on or about December 30, 2009 between the Trustee and the Custodian pursuant to which the Unallocated Account is established and operated;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><B><font STYLE='FONT-SIZE:10PT'>VAT</font></B><font style='font-size:10pt'>&#148; means value added tax as provided for in the Value Added Tax Act 1994 (as amended or re-enacted from time to time) and legislation supplemental thereto and any other tax (whether imposed in the United Kingdom in substitution thereof or in addition thereto or elsewhere) of a similar fiscal nature;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Withdrawal Date</font></b><font style='font-size:10pt'>&#148; means the London/Zurich Business Day on which the Trustee wishes a withdrawal of Bullion from the Allocated Account to take place;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>3</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Zurich Business Day</font></b><font style='font-size:10pt'>&#148;</font><b><font style='font-size:10pt'> </font></b><font style='font-size:10pt'>means a day (other than a Saturday or a Sunday or a public holiday in Zurich) on which commercial banks generally and the Zurich palladium market are open for the transaction of business in Zurich; and</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Zurich</font></b><font style='font-size:10pt'> </font><b><font style='font-size:10pt'>Sub-Custodian</font></b><font style='font-size:10pt'>&#148; means any firm selected by the Custodian to hold palladium on behalf of the Custodian in the firm&#146;s Zurich vault premises on a segregated basis, in the manner provided in clauses 7.2, 7.3 and 8.3 and whose appointment has been approved in writing by the Sponsor (such approval not to be unreasonably withheld).</font></p>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>1.2</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Headings: </font></b></i><font style='font-size:10pt'>The headings in this Agreement do not affect its interpretation.</font></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>1.3</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Singular and plural:</font></b></i><font style='font-size:10pt'> References to the singular include the plural and vice versa.</font></p> </td> </tr></table>
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      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>2.</font></b></p> </td>
        <td width="83%" valign=top style='padding:12.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>ALLOCATED ACCOUNT</font></B></U></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>2.1</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Opening Allocated Account:</font></b></i><font style='font-size:10pt'> The Custodian shall open and maintain the Allocated Account in the name of the Trustee (in its capacity as trustee for the Shareholders).</font></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>2.2</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Deposits and Withdrawals: </font></b></i><font style='font-size:10pt'>The Allocated Account shall evidence and record deposits and withdrawals of Bullion made pursuant to the terms of this Agreement.</font></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>2.3</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Denomination of Allocated Account: </font></b></i><font style='font-size:10pt'>The Allocated Account will hold deposits of Bullion and will be denominated in fine troy ounces to three decimal places.</font></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>2.4</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Reports: </font></b></i><font style='font-size:10pt'>For each day which is a London/Zurich Business Day, by no later than the following London/Zurich Business Day, the Custodian will transmit to Trustee a report showing the movement of Bullion into and out of the Allocated Account, identifying separately each transaction and the London/Zurich Business Day on which it occurred and providing sufficient information to identify each individual bar of Bullion held in the Allocated Account. For each calendar month, the Custodian will provide the Trustee within a reasonable time after the end of the month a statement of account for the Allocated Account.</font></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>2.5</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Reversal of Entries:</font></b></i><font style='font-size:10pt'> The Custodian shall reverse any provisional or erroneous entries to the Allocated Account which it discovers or of which it is notified with effect back-valued to the date upon which the final or correct entry (or no entry) should have been made.</font></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>2.6</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Provision of Information:</font></b></i><font style='font-size:10pt'> The Custodian agrees that it will forthwith notify the Trustee in writing of any encumbrance of which it is aware is or is purported to have been created over or in respect of the Allocated Account or any of the amounts standing to the credit thereof.</font></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>2.7</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Access:</font></b></i><font style='font-size:10pt'> The Custodian will allow the Sponsor and the Trustee and their Bullion auditors (currently Inspectorate International Limited), and will procure that any Zurich Sub-Custodian that it appoints allows, access to its premises during normal business hours, to examine the Bullion and such records as they may reasonably require to perform their respective duties with regard to investors in Shares. The Trustee agrees that any such access shall be subject to execution of a confidentiality</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>4</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>agreement and agreement to the Custodian&#146;s security procedures, and such audit shall be at the Trust&#146;s expense and shall be limited to no more than twice a calendar year.</font></p>
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      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>3.</font></b></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>DEPOSITS</font></B></U></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>3.1</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Procedure:</font></b></i><font style='font-size:10pt'> The Custodian shall receive deposits of Bullion into the Allocated Account relating to the same kind of Bullion and having the same denomination as that (or one of those) to which the Allocated Account relates only pursuant to transfers from the Unallocated Account.</font></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>3.2</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Right to Amend Procedure:</font></b></i><font style='font-size:10pt'> The Custodian may amend the procedure in relation to the deposit of Bullion only where such amendment is caused by a change in the Rules or procedures of the Relevant Association. The Custodian will, whenever practicable, notify the Trustee and the Sponsor within a commercially reasonable time before the Custodian amends its procedures or imposes additional ones in relation to the transfer of Bullion into and from the Unallocated Account, and in doing so the Custodian will consider the Trustee&#146;s needs to communicate any such change to Authorized Participants and others.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>3.3</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Allocation:</font></b></i><font style='font-size:10pt'> The Trustee acknowledges that the process of allocation of Bullion to the Allocated Account from the Unallocated Account may involve minimal adjustments to the weights of Bullion to be allocated to adjust such weight to the number of whole bars available.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="25%" style=' border-collapse:collapse;'>
 <tr>
        <td width="19%" valign=top style='padding:12.0pt 0in 0in 0in;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>4.</font></b></p> </td>
        <td width="78%" valign=top style='padding:12.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>WITHDRAWALS</font></B></U></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>4.1</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Procedure:</font></b></i><font style='font-size:10pt'> The Trustee may at any time give instructions to the Custodian for the withdrawal of Bullion from the Allocated Account but only by way of de-allocation to the Unallocated Account or such other account as the Trustee may instruct (subject to clause 4.3 below).</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>4.2</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Notice Requirements:</font></b></i><font style='font-size:10pt'> A confirmation from the Trustee to the Custodian, given in writing, that a valid Redemption Form has been lodged for Shares shall be deemed an instruction given under clause 4.1 unless otherwise notified in writing by the Trustee. Any other notice relating to a withdrawal of Bullion must be in writing.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>4.3</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Right to amend procedure:</font></b></i><font style='font-size:10pt'> The Custodian may amend the procedure for the withdrawal of Bullion only where such amendment is caused by a change in the Rules or procedures of the Relevant Association. Any such amendment will be subject to the notification conditions of the preceding clause 3.2 and will be promptly notified to the Sponsor and the Trustee, such notice to be given in advance of implementation whenever practicable.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>4.4</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Specification of Bullion:</font></b></i><font style='font-size:10pt'> The Custodian may specify the serial numbers of the bars to be withdrawn once it receives instructions from the Trustee to effect a withdrawal of Bullion pursuant to clause 4.1. The Custodian is entitled to select the Bullion to be made available to the Trustee; provided, however, that to the extent the Trustee provides specific serial numbers of bars to be so selected, the Custodian will take reasonable efforts to select such Bullion as specified by the Trustee. The Custodian</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>5</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>may require more than two London/Zurich Business Days prior notice in the event that the Trustee does specify the serial numbers of bars to be withdrawn.</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>4.5</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Collection of Bullion:</font></b></i><font style='font-size:10pt'> The Trustee agrees that in the normal course (which, for the avoidance of doubt, shall not include withdrawal in connection with the termination of this Agreement) withdrawal of Bullion from the Allocated Account shall be by way of de-allocation and subsequent credit of Bullion to the Unallocated Account.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>4.6</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>De-allocation: </font></b></i><font style='font-size:10pt'>Following receipt by the Custodian of notice for the withdrawal of Bullion from the Allocated Account pursuant to clause 4.1, the Custodian shall de-allocate sufficient Bullion from the Allocated Account to credit the Unallocated Account in the amount required. The Trustee acknowledges that the process of de-allocation of Bullion for withdrawal and/or credit to the Unallocated Account may involve minimal adjustments to the weight of Bullion to be withdrawn to adjust such weight to the whole bars available.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>4.7</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Risk:</font></b></i><font style='font-size:10pt'> With the exception of any transfer pursuant to clause 4.2 of the Unallocated Account Agreement, where there is a shipment to or from the Custodian of Bullion, all right, title and risk in and to such Bullion shall pass at the Point of Delivery to the relevant person for whose account the Bullion is being delivered.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="24%" style=' border-collapse:collapse;'>
 <tr>
        <td width="18%" valign=top style='padding:12.0pt 0in 0in 0in;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>5.</font></b></p> </td>
        <td width="77%" valign=top style='padding:12.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>INSTRUCTIONS</font></B></U></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>5.1</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Giving of Instructions:</font></b></i><font style='font-size:10pt'> Only the Trustee shall have the right to give instructions to the Custodian for deposit of Bullion to or withdrawal of Bullion from the Allocated Account. All such instructions given by the Trustee to the Custodian shall be given in writing and signed by two Authorised Signatories of the Trustee. The Trustee shall notify the Custodian in writing of the names of the people who are authorised to give instructions on the Trustee&#146;s behalf. Until the Custodian receives written notice to the contrary, the Custodian is entitled to assume that any of those people have full and unrestricted power to give instructions on the Trustee&#146;s behalf. The Custodian is also entitled to rely on any instructions which are from, or which purport to emanate from, any person who appears to have
such authority.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>5.2</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Account not to be Overdrawn</font></b></i><b><font style='font-size:10pt'>:</font></b><font style='font-size:10pt'> The Allocated Account may not at any time have a debit balance thereon, and no instruction shall be valid to the extent that the effect thereof would be for the Allocated Account to have a debit balance thereon.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>5.3</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Amendments:</font></b></i><font style='font-size:10pt'> Once given, instructions continue in full force and effect until they are cancelled, amended or superseded. Notice of amendment shall have effect only after actual receipt by the Custodian.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>5.4</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Unclear or Ambiguous Instructions:</font></b></i><font style='font-size:10pt'> If, in the Custodian&#146;s opinion, any instructions are unclear or ambiguous, the Custodian shall use reasonable endeavours (taking into account any relevant time constraints) to obtain clarification of those instructions from the Trustee and, failing that, the Custodian may in its absolute discretion and without any liability on its part, act upon what the Custodian believes in good faith such instructions to be or refuse to take any action or execute such instructions until any ambiguity or conflict has been resolved to the Custodian&#146;s satisfaction.</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>6</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>


<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>5.5</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Refusal to Execute:</font></b></i><font style='font-size:10pt'> The Custodian will, where practicable, refuse to execute instructions if in the Custodian&#146;s opinion they are or may be contrary to the Rules or any applicable law.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="28%" style=' border-collapse:collapse;'>
 <tr>
        <td width="15%" valign=top style='padding:8.0pt 0in 0in 0in;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>6.</font></b></p> </td>
        <td width="80%" valign=top style='padding:8.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>CONFIDENTIALITY</font></B></U></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>6.1</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Disclosure to Others:</font></b></i><font style='font-size:10pt'> Subject to clause 6.2, each of the Trustee and the Custodian shall respect the confidentiality of information acquired under this Agreement and will not, without the other party&#146;s consent, disclose to any other person any transaction or other information acquired about the other party, its business or the Trust under this Agreement, in the event such other party has made clear, at or before the time such information is provided, that such information is being provided on a confidential basis.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>6.2</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Permitted Disclosures:</font></b></i><font style='font-size:10pt'> Each party accepts that from time to time any other party may be required by law or the Rules, or requested by a government department or agency, fiscal body or regulatory or listing authority or as otherwise necessary in conducting the Trust&#146;s business, to disclose information acquired under this Agreement. In addition, the disclosure of such information may be required by a party&#146;s auditors, by its legal or other advisors, by a company which is in the same group of companies as a party (</font><i><font style='font-size:10pt'>i.e</font></i><font style='font-size:10pt'>., a subsidiary or holding company of a party), by a Sub-Custodian or (in the case of the Trustee) by any beneficiary of the trusts constituted by the Trust Agreement. Each party irrevocably authorises the
others to make such disclosures without further reference to such party.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="30%" style=' border-collapse:collapse;'>
 <tr>
        <td width="14%" valign=top style='padding:12.0pt 0in 0in 0in;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>7.</font></b></p> </td>
        <td width="81%" valign=top style='padding:12.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>CUSTODY SERVICES</font></B></U></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>7.1</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Appointment:</font></b></i><font style='font-size:10pt'> The Trustee hereby appoints the Custodian to act as custodian of the Bullion in accordance with this Agreement and any Rules which apply to the Custodian.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>7.2</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Segregation of Bullion: </font></b></i><font style='font-size:10pt'>The Custodian will be responsible for the safekeeping of the Bullion on the terms and conditions of this Agreement. The Custodian will segregate the Bullion from any Bullion which the Custodian owns or holds for others by making appropriate entries in its books and records and will require Sub-Custodians to segregate the Bullion from any palladium which they own or hold for others by making appropriate entries in their books and records. The Custodian shall be deemed to have required such segregation in relation to the Sub-Custodians named in clause 8.1.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>7.3</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Ownership of Bullion: </font></b></i><font style='font-size:10pt'>The Custodian will identify in its books that the Bullion belongs to the Trustee (on trust for the Shareholders).</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>7.4</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Location of Bullion:</font></b></i><font style='font-size:10pt'> Subject to and in accordance with clause 8.1 and unless otherwise agreed between the parties, Bullion must be held by the Custodian at its London vaulting premises or at the Zurich Sub-Custodian&#146;s Zurich vaulting premises. The Custodian agrees that it shall use, or where applicable procure any Sub-Custodian to use, commercially reasonable efforts promptly to transport any Bullion held for the Trustee to these locations at the Custodian&#146;s cost and risk. The Custodian</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>7</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>agrees that all delivery and packing shall be in accordance with the Rules and Relevant Association good market practices.</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="27%" style=' border-collapse:collapse;'>
 <tr>
        <td width="17%" valign=top style='padding:12.0pt 0in 0in 0in;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>8.</font></b></p> </td>
        <td width="79%" valign=top style='padding:12.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>SUB-CUSTODIANS</font></B></U></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>8.1</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Sub-Custodians:</font></b></i><font style='font-size:10pt'> With the exception of the Zurich Sub Custodian, which shall, for the avoidance of doubt, be governed by clause 8.3, the Custodian may employ Sub-Custodians solely for the temporary custody and safekeeping of Bullion until transported to the relevant vault premises as provided in clause 7.4. The Sub-Custodians the Custodian selects may themselves select sub-custodians to provide such temporary custody and safekeeping of Bullion, but such sub-custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian as such term is used herein. The Custodian will use reasonable care in selecting any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians that the Custodian uses are: Brinks Global Services, Via Mat International and Group 4 Security Limited.
The Custodian will notify each of the Trustee and the Sponsor if it selects any additional Sub-Custodian, or stops using any Sub-Custodian for such purpose. The receipt of notice by each of the Trustee and the Sponsor that the Custodian has selected a Sub-Custodian (including those named in this clause 8.1) shall not be deemed to limit the Custodian&#146;s responsibility in selecting such Sub-Custodian.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>8.2</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Liability:</font></b></i><font style='font-size:10pt'> Except for the Custodian&#146;s obligation to make commercially reasonable efforts to obtain delivery of Bullion from Sub-Custodians, the Custodian shall not be liable in contract, tort or otherwise for any loss, damage or expense arising directly or indirectly from an act or omission, or insolvency, of any Sub-Custodian or any further delegate of such Sub-Custodian unless the appointment of that Sub-Custodian was made by the Custodian negligently or in bad faith.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="32" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>8.3</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Zurich Sub-Custodians:</font></b></i><font style='font-size:10pt'> The Custodian may employ Zurich Sub-Custodians for the custody and safekeeping of palladium in their Zurich vault premises. The Custodian will use reasonable care in selecting any Zurich Sub-Custodian. As of the date of this Agreement, the Zurich Sub-Custodian that the Custodian uses is UBS AG. The Custodian will notify each of the Trustee and the Sponsor if it selects any additional Zurich Sub-Custodian, or stops using any Zurich Sub-Custodian for such purpose. The receipt of notice by each of the Trustee and the Sponsor that the Custodian has selected a Zurich Sub-Custodian (including those named in this clause 8.3) shall not be deemed to limit the Custodian&#146;s responsibility in selecting such Zurich Sub-Custodian. Nothing in clause 8.2 shall limit the Custodian&#146;s
liability with respect to palladium held by a Zurich Sub-Custodian. In addition to the requirements of clauses&nbsp;7.2 and 7.3, the Custodian shall require any Zurich Sub-Custodian to segregate the Bullion from any palladium which they hold for the Custodian and any other customers of the Custodian or the Zurich Sub-Custodian by making appropriate entries in their books and records. On entering into this Agreement and on the appointment of any subsequent Zurich Sub-Custodian, the Custodian shall give to such Zurich Sub-Custodian a notice in the form of Schedule 1 and ensure that such Zurich Sub-Custodian delivers to the Custodian (with a copy to the Trustee and the Sponsor) a countersigned copy of such notice prior to delivery of any Bullion to it.</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>8</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>


<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="29%" style=' border-collapse:collapse;'>
 <tr>
        <td width="18%" valign=top style='padding:12.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>9.</font></b></p> </td>
        <td width="81%" valign=top style='padding:12.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>REPRESENTATIONS</font></B></U></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>9.1</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Trustee&#146;s Representations:</font></b></i><font style='font-size:10pt'> The Trustee represents and warrants to the Custodian that (such representations and warranties being deemed to be repeated upon each occasion of deposit of Bullion under this Agreement):</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="69" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>the Trustee has all necessary authority, powers, consents, licences and authorisations (which have not been revoked) and has taken all necessary action to enable it lawfully to enter into and perform its duties and obligations under this Agreement;</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="69" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(2)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>the persons entering into this Agreement on behalf of the Trustee have been duly authorised to do so; and</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="69" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(3)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>this Agreement and the obligations created under it are binding upon and enforceable against the Trustee, as trustee of the Trust, in accordance with its terms (subject to applicable principles of equity) and do not and will not violate the terms of the Rules or any order, charge or agreement by which the Trustee is bound.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>9.2</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Custodian&#146;s Representations:</font></b></i><font style='font-size:10pt'> The Custodian represents and warrants to the Trust that (such representations and warranties being deemed to be repeated upon each occasion of deposit of Bullion under this Agreement):</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="69" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>the Custodian has all necessary authority, powers, consents, licences and authorisations (which have not been revoked) and has taken all necessary action to enable it lawfully to enter into and perform its duties and obligations under this Agreement;</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="69" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(2)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>the persons entering into this Agreement on behalf of the Custodian have been duly authorised to do so; and</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="69" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(3)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>this Agreement and the obligations created under it are binding upon the Custodian and enforceable against the Custodian in accordance with its terms (subject to applicable principles of equity) and do not and will not violate the terms of the Rules or any order, charge or agreement by which the Custodian is bound.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="30%" style=' border-collapse:collapse;'>
 <tr>
        <td width="16%" valign=top style='padding:12.0pt 0in 0in 0in;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>10.</font></b></p> </td>
        <td width="81%" valign=top style='padding:12.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>FEES AND EXPENSES</font></B></U></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>10.1</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Fees:</font></b></i><b><font style='font-size:10pt'></font></b><font style='font-size:10pt'> For the Custodian&#146;s services under this Agreement, the Trustee has procured the Sponsor&#146;s written agreement, to which the Custodian has agreed, to pay the Custodian&#146;s fee for services under this Agreement.</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>9</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>


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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>


<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>10.2</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Expenses:</font></b></i><font style='font-size:10pt'> The Trustee has procured the Sponsor&#146;s written agreement, to which the Custodian has agreed, to pay to the Custodian on demand all costs, charges and expenses (excluding (i) any relevant taxes and VAT, duties and other governmental charges, (ii) fees for storage and insurance of the Bullion and any fees and expenses of Sub-Custodians, which will be recovered under clause 10.1, and (iii) indemnification obligations of the Trustee under clause 12.5 which will be paid pursuant to the following sentence) incurred by the Custodian in connection with the performance of its duties and obligations under this Agreement or otherwise in connection with the Bullion. The Trustee will procure payment on demand, solely from and to the extent of the assets of the Trust, of any other costs, charges and
expenses not paid by the Sponsor under its agreement with the Custodian procured under this clause 10.2 (including any relevant taxes and VAT, duties, other governmental charges and indemnification claims of the Custodian payable by the Trustee pursuant to clause 12.5, but excluding fees for storage and insurance of the Bullion and any fees and expenses of Sub-Custodians, which will be recovered under clause 10.1) incurred by the Custodian in connection with the Bullion.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>10.3</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Default Interest:</font></b></i><b><font style='font-size:10pt'> </font></b><font style='font-size:10pt'>If neither the Trustee nor the Sponsor, as the case may be, procures payment to the Custodian of any amount when it is due, the Custodian reserves the right to charge the relevant party interest (both before and after any judgement) on any such unpaid amount calculated at a rate equal to 1% above the overnight London Interbank Offered Rate (LIBOR) for the currency in which the amount is due. Interest will accrue on a daily basis and will be due and payable as a separate debt.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>10.4</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Credit Balances: </font></b></i><font style='font-size:10pt'>No interest or other amount will be paid by the Custodian on any credit balance on an Allocated Account.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
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        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>10.5</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Recovery from Trust:</font></b></i><font style='font-size:10pt'> Amounts payable pursuant to this clause 10 shall not be debited from the Allocated Account, but shall be payable on behalf of the Trust, and the Custodian hereby acknowledges that it will have no recourse against Bullion standing to the credit of the Allocated Account or to the Trustee individually in respect of any such amounts.</font></p> </td> </tr></table>
</div>
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<table border="0" cellspacing=0 cellpadding=0 width="29%" style=' border-collapse:collapse;'>
 <tr>
        <td width="16%" valign=top style='padding:12.0pt 0in 0in 0in;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>11.</font></b></p> </td>
        <td width="81%" valign=top style='padding:12.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>VALUE ADDED TAX</font></B></U></p> </td> </tr></table>
</div>
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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>11.1</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>VAT Inclusive:</font></b></i><font style='font-size:10pt'> All sums payable under this Agreement by the Trust to the Custodian shall be deemed to be inclusive of VAT if and to the extent VAT is properly chargeable on any supplies made by the Custodian to the Trust pursuant to this Agreement.</font></p> </td> </tr></table>
</div>
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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>11.2</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>VAT Invoice:</font></b></i><font style='font-size:10pt'> If VAT is properly chargeable on any supplies made by the Custodian to the Trust pursuant to this Agreement, the Custodian shall provide a valid VAT invoice to the Trust.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="37%" style=' border-collapse:collapse;'>
 <tr>
        <td width="12%" valign=top style='padding:12.0pt 0in 0in 0in;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>12.</font></b></p> </td>
        <td width="85%" valign=top style='padding:12.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>SCOPE OF RESPONSIBILITY</font></B></U></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
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        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>12.1</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Exclusion of Liability:</font></b></i><b><font style='font-size:10pt'></font></b><font style='font-size:10pt'> The Custodian will use reasonable care in the performance of its duties under this Agreement and will only be responsible for any loss or damage suffered as a direct result of any negligence, fraud or wilful default on its part in the</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>10</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>performance of its duties, and in which case its liability will not exceed the market value of the Bullion lost or damaged at the time such negligence, fraud or wilful default is discovered by the Custodian, provided the Custodian notifies the Trustee promptly after any discovery of such lost or damaged Bullion.</font></p>
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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>12.2</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>No Duty or Obligation:</font></b></i><font style='font-size:10pt'> The Custodian is under no duty or obligation to make or take, or require any Sub-Custodian to make or take, any special arrangements or precautions beyond those required by the Rules or as specifically set forth in this Agreement.</font></p> </td> </tr></table>
</div>
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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>12.3</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Insurance:</font></b></i><font style='font-size:10pt'> The Custodian (or one of its Affiliates) shall make such insurance arrangements from time to time in connection with the Custodian&#146;s custodial obligations under this Agreement as the Custodian considers appropriate and will be responsible for all costs, fees and expenses (including any relevant taxes) in relation to any such insurance policy or policies. Upon reasonable prior written notice, in connection with the preparation of the initial registration statement under the United States Securities Act of 1933, as amended, covering any Shares, the Custodian will allow its insurance to be reviewed by the Trustee and by the Sponsor. The Custodian also will allow the Trustee and the Sponsor to review such insurance in connection with any amendment to that initial registration statement and
from time to time, in each case upon reasonable prior written notice from the Trustee. Any permission to review the Custodian&#146;s insurance is limited to the term of this Agreement and is conditioned on the reviewing party executing a form of confidentiality agreement provided by the Custodian, or if the confidentiality agreement is already in force, acknowledging that the review is subject thereto.</font></p> </td> </tr></table>
</div>
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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>12.4</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Force Majeure</font></b></i><b><font style='font-size:10pt'>:</font></b> <font style='font-size:10pt'>The Custodian shall not be liable for any delay in performance or for the non-performance of any of its obligations under this Agreement by reason of any cause beyond the Custodian&#146;s reasonable control. This includes any act of God or war or terrorism or any breakdown, malfunction or failure of transmission, communication or computer facilities, industrial action, acts and regulations of any governmental or supra national bodies or authorities or regulatory or self-regulatory organisation or failure to any such body, authority or organization, for any reason, to perform its obligations; provided, however, that the Custodian agrees to use reasonable efforts to assist the Trustee in finding a replacement custodian (including, b
ut not limited
to, agreeing to an assignment of its rights and obligations hereunder) should any event described in this clause 12.4 so prevent the Custodian from performing its obligations.</font></p> </td> </tr></table>
</div>
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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>12.5</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Indemnity</font></b></i><em><b><font style='font-size:10pt'>:</font></b></em><font style='font-size:10pt'> The Trustee, solely from and to the extent of the assets of the Trust, shall indemnify and keep indemnified the Custodian (on an after tax basis) on demand against all costs and expenses, damages, liabilities and losses (other than VAT and the expenses assumed by the Sponsor under its agreement with the Custodian procured under clause 10.2) which the Custodian may suffer or incur, directly or indirectly in connection with this Agreement except to the extent that such sums are due directly to the negligence, wilful default or fraud of the Custodian.</font></p> </td> </tr></table>
</div>
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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>12.6</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Third Parties</font></b></i><b><font style='font-size:10pt'><em>:</em></font></b> <font style='font-size:10pt'>Except with respect to the Trust, which shall be considered a beneficiary of this entire Agreement, and to the Sponsor, which shall be considered a beneficiary (as applicable) of clauses 2.7 and 12.3, the Custodian does not owe any</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>11</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>duty or obligation or have any liability towards any person who is not a party to this Agreement. Except as set forth in this clause 12.6, this Agreement does not confer a benefit on any person who is not a party to it. The parties hereto do not intend that any term of this Agreement shall be enforceable by any person who is not a party to it and do intend that the Contracts (Rights of Third Parties) 1999 Act shall not apply to this Agreement, provided that the Sponsor may enforce its rights under clauses 2.7 and 12.3. Nothing in this paragraph is intended to limit the obligations hereunder of any successor Trustee of the Trust or to limit the right of any successor Trustee of the Trust to enforce the Custodian&#146;s obligations hereunder.</font></p>
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<table border="0" cellspacing=0 cellpadding=0 width="36%" style=' border-collapse:collapse;'>
 <tr>
        <td width="13%" valign=top style='padding:12.0pt 0in 0in 0in;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>13.</font></b></p> </td>
        <td width="84%" valign=top style='padding:12.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>TERM AND TERMINATION</font></B></U></p> </td> </tr></table>
</div>
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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>13.1</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Method:</font></b></i><font style='font-size:10pt'> Subject to clause 13.2 below, either the Trustee or the Custodian may terminate this Agreement for any reason or if the Custodian or Zurich Sub-Custodian ceases to offer the services contemplated by this Agreement to its clients or proposes to withdraw from the Bullion business, by giving not less than 90 days&#146; written notice to the other party. Any such notice given by the Trustee must specify:</font></p> </td> </tr></table>
</div>
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<table border="0" cellspacing=0 cellpadding=0 width="62%" style=' border-collapse:collapse;'>
 <tr>
        <td width="17%" valign=top style='padding:8.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:8pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="8%" valign=top style='padding:8.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1)</font></p> </td>
        <td width="73%" valign=top style='padding:8.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>the date on which the termination will take effect;</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="71%" style=' border-collapse:collapse;'>
 <tr>
        <td width="15%" valign=top style='padding:8.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:8pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="7%" valign=top style='padding:8.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(2)</font></p> </td>
        <td width="76%" valign=top style='padding:8.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>the person to whom the Bullion is to be made available; and</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="98%" style=' border-collapse:collapse;'>
 <tr>
        <td width="11%" valign=top style='padding:8.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:8pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:8.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(3)</font></p> </td>
        <td width="83%" valign=top style='padding:8.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>all other necessary arrangements for the redelivery of the Bullion to the order of the Trustee.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>13.2</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Term: </font></b></i><font style='font-size:10pt'>This Agreement shall have a fixed term up to and including</font><font style='font-size:11pt'> </font><font style='font-size:10pt'>five years and will automatically renew for a further term of five years thereafter unless terminated by the parties in accordance with this clause 13;</font><font style='font-size:11pt'> </font><i><font style='font-size:10pt'>provided that</font></i><font style='font-size:10pt'> during such periods this Agreement may be terminated immediately upon written notice as follows:</font></p> </td> </tr></table>
</div>
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        <td width="69" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>by the Trustee, if the Custodian ceases to offer the services contemplated by this Agreement to its clients or proposes to withdraw from the Bullion business;</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="69" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(2)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>by the Trustee or the Custodian, if it becomes unlawful for the Custodian to be a party to this Agreement or to offer its services on the terms contemplated by this Agreement or it becomes unlawful for the Trustee or the Trust to receive such services or for the Trustee to be a party to this Agreement;</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="69" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(3)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>by the Custodian, if there is any event which, in the Custodian&#146;s reasonable view, indicates the Trust&#146;s insolvency or impending insolvency;</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="69" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(4)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>by the Trustee, if there is any event which, in the Trustee&#146;s sole view, indicates the Custodian&#146;s insolvency or impending insolvency;</font></p> </td> </tr></table>
</div>
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        <td width="69" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(5)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>by the Trustee, if the Trust is to be terminated; or</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>12</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>


<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="69" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(6)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>by the Trustee or the Custodian, if the Unallocated Account Agreement ceases to be in full force and effect at any time.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>13.3</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Change in Trustee:</font></b></i><font style='font-size:10pt'> If there is any change in the identity of the Trustee in accordance with the Trust Agreement, then the Custodian, the Trustee and the Trust shall execute such documents and shall take such actions as the new Trustee and the outgoing Trustee may reasonably require for the purpose of vesting in the new Trustee the rights and obligations of the outgoing Trustee, and releasing the outgoing Trustee from its future obligations under this Agreement.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>13.4</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Redelivery Arrangements:</font></b></i><font style='font-size:10pt'> If the Trustee does not make arrangements acceptable to the Custodian for the redelivery of the Bullion the Custodian may continue to store the Bullion, in which case the Custodian will continue to charge the fees and expenses payable under clause 10. If the Trustee has not made arrangements acceptable to the Custodian for the redelivery of the Bullion within six months of the date specified in the termination notice as the date on which the termination will take effect, the Custodian will be entitled to sell the Bullion and account to the Trustee for the proceeds.</font></p> </td> </tr></table>
</div>
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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>13.5</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Existing Rights:</font></b></i><b><font style='font-size:10pt'></font></b><font style='font-size:10pt'> Termination shall not affect rights and obligations then outstanding under this Agreement which shall continue to be governed by this Agreement until all obligations have been fully performed.</font></p> </td> </tr></table>
</div>
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<table border="0" cellspacing=0 cellpadding=0 width="18%" style=' border-collapse:collapse;'>
 <tr>
        <td width="25%" valign=top style='padding:12.0pt 0in 0in 0in;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>14.</font></b></p> </td>
        <td width="69%" valign=top style='padding:12.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>NOTICES</font></B></U></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>14.1</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Transfer Notices: </font></b></i><font style='font-size:10pt'>Subject to clause 5.1, any Transfer Notice shall be in writing in English and shall be marked &#147;Urgent &#150; This Requires Immediate Attention&#148; and signed by or on behalf of the party giving it (or its duly authorised representative). Any Transfer Notice shall be sent either by facsimile or such other authenticated method as may, from time to time, be agreed between the parties. Any Transfer Notice shall be deemed to have been given, made or served upon actual receipt by the recipient.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>14.2 </font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>General Notices:</font></b></i><font style='font-size:10pt'> Any General Notice shall be in writing in English and shall be marked &#147;Urgent &#150; This Requires Immediate Attention&#148; and shall be signed by or on behalf of the party giving it (or its duly authorised representative). Any General Notice shall be given, made or served by sending the same by pre-paid registered post (first class if inland, first class airmail if overseas) or facsimile transmission. Any General Notice sent by pre-paid registered post shall be deemed to have been received three London/Zurich Business Days in the case of inland post or seven London/Zurich Business Days in the case of overseas post after despatch. Any General Notice sent by facsimile shall be deemed to have been given, made or served upon actual receipt by the recipient.</font></p> </td> </tr></table>
</div>
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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="34" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>14.3</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>The addresses and numbers of the parties for the purposes of clauses 14.1 and 14.2 are:</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>13</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="201" valign=top >
                        <p style=' margin-left:34.55pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>The Custodian:</font></p> </td>
        <td width="425" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>JPMorgan Chase Bank, N.A.</font><br> <font style='font-size:10pt'>125 London Wall</font><br> <font style='font-size:10pt'>London EC2Y 5AJ</font><br> <font style='font-size:10pt'>Attention: Peter Smith &#150; Global Commodities</font><br> <font style='font-size:10pt'>Facsimile No. +44 207 777 4915</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:34.55pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>The Trustee:</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>The Bank of New York Mellon</font><br> <font style='font-size:10pt'>2 Hanson Place</font><br> <font style='font-size:10pt'>Brooklyn, New York 11217</font><br> <font style='font-size:10pt'>Attention: Donald Guire</font><br> <font style='font-size:10pt'>Facsimile: 718-315-4927</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>or such other address or facsimile number as shall have been notified (in accordance with this clause) to the other party hereto. The address and numbers of the Sponsor for purposes of receiving notices under this Agreement is:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="201" valign=top >
                        <p style=' margin-left:34.55pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'><a name="tabdatabeginip"></a>The Sponsor:</font></p> </td>
        <td width="425" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>ETF Securities USA LLC</font><br> <font style='font-size:10pt'>c/o ETF Securities Representative Office</font><br> <font style='font-size:10pt'>6<sup>th</sup> Floor</font><br> <font style='font-size:10pt'>2 London Wall Buildings</font><br> <font style='font-size:10pt'>London EC2M 5UU </font><br> <font style='font-size:10pt'>Telephone: +442074404330 </font><br> <font style='font-size:10pt'>Attention: US Fund Services</font></p> </td> </tr></table>
</div>
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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>14.4</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Recording of Calls:</font></b></i><font style='font-size:10pt'> Each of the Custodian and the Trustee may record telephone conversations without use of a warning tone. Such records will be the recording party&#146;s sole property and accepted by the other parties hereto as evidence of the orders or instructions given.</font></p> </td> </tr></table>
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<table border="0" cellspacing=0 cellpadding=0 width="19%" style=' border-collapse:collapse;'>
 <tr>
        <td width="25%" valign=top style='padding:12.0pt 0in 0in 0in;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>15.</font></b></p> </td>
        <td width="71%" valign=top style='padding:12.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>GENERAL</font></B></U></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>15.1</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Role of Trustee:</font></b></i><font style='font-size:10pt'> The Trustee is a party to this Agreement in its capacity as Trustee for the Shareholders and accordingly (i) the Trustee shall only be liable to satisfy any obligations under this Agreement, including any obligations or liabilities arising in connection with any default by the Trustee under this Agreement, to the extent of the assets held from time to time by the Trustee as trustee of the trusts constituted by the Trust Agreement (the &#147;</font><b><font style='font-size:10pt'>Trust Assets</font></b><font style='font-size:10pt'>&#148;) to the extent authorized by the Trust Agreement and (ii) no recourse shall be had to (a) any assets other than the Trust Assets, including any of the assets held by the Trustee as trustee, co-trustee or nominee of a trust other than the trusts
constituted by the Trust Agreement, as owner in its individual capacity or in any way other than as trustee of the trusts constituted by the Trust Agreement; or (b) the Trustee for any assets that have been distributed by the Trustee to the beneficiaries of the trusts constituted by the Trust Agreement.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>15.2</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>No Advice:</font></b></i><font style='font-size:10pt'> The Custodian&#146;s duties and obligations under this Agreement do not include providing the other party hereto with investment advice. In asking the Custodian to open and maintain the Allocated Account, the Trustee acknowledges that it is acting pursuant to the Trust Agreement and the Custodian shall not owe to the Trustee or the Trust any duty to exercise any judgment on their behalf as to the merits or suitability of any deposits into, or withdrawals from, the Allocated Account.</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>14</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>15.3</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Rights and Remedies</font></b></i><em><b><font style='font-size:10pt'>:</font></b></em><font style='font-size:10pt'> The Custodian hereby waives any right it has or may hereafter acquire to combine, consolidate or merge the Metal Accounts with any other account of the Trust or the Trustee or to set off any liabilities of the Trust or of the Trustee to the Custodian and agrees that it may not set off, transfer or combine or withhold payment of any sum standing to the credit or to be credited to the Metal Accounts in or towards or conditionally upon satisfaction of any liabilities to it of the Trust or the Trustee. Subject thereto, the Custodian&#146;s rights under this Agreement are in addition to, and independent of, any other rights which the Custodian may have at any time in relation to the Bullion.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>15.4</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Assignment</font></b></i><em><b><font style='font-size:10pt'>:</font></b></em><font style='font-size:10pt'> This Agreement is for the benefit of and binding upon the parties hereto and their respective successors and assigns. Save as expressly provided herein, no party may assign, transfer or encumber, or purport to assign, transfer or encumber, any right or obligation under this Agreement unless the other party otherwise agrees in writing, except that consent is not required where the Custodian assigns, transfers or encumbers any right or obligation under this Agreement to its Affiliate. This clause shall not restrict the Custodian&#146;s power to merge or consolidate with any party, or to dispose of all or part of its custody business and further provided that this clause shall not restrict the Trust from assigning its rights hereunder to a Shareholder
to the extent required for the Trust to fulfil its obligations under the Trust Agreement.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>15.5</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Amendments</font></b></i><b><font style='font-size:10pt'>:</font></b> <font style='font-size:10pt'>Any amendment to this Agreement must be agreed in writing and be signed by all of the parties hereto. Unless otherwise agreed, an amendment will not affect any legal rights or obligations which may already have arisen.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>15.6</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Partial Invalidity</font></b></i><em><b><font style='font-size:10pt'>:</font></b></em><font style='font-size:10pt'> If any of the clauses (or part of a clause) of this Agreement becomes invalid or unenforceable in any way under the Rules or any law, the validity of the remaining clauses (or part of a clause) will not in any way be affected or impaired.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>15.7</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Entire Agreement: </font></b></i><font style='font-size:10pt'>This document represents the entire agreement between the parties hereto in respect of its subject matter save for any agreements made with fraudulent intent, and excludes any prior agreements or representations. This Agreement supersedes and replaces any prior existing agreement between the parties relating to the same subject matter.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>15.8</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Counterparts</font></b></i><font style='font-size:10pt'><em><strong>:</strong></em> This Agreement may be executed in any number of counterparts each of which when executed and delivered is an original, but all the counterparts together constitute the same agreement.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>15.9</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Business Days</font></b></i><font style='font-size:10pt'><em><strong>: </strong></em>If any obligation falls due to be performed on a day which is not a New York Business Day or a London/Zurich Business Day, then the relevant obligations shall be performed on the next succeeding New York Business Day or London/Zurich Business Day, as applicable.</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>15</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>


<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>15.10</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Prior Agreements:</font></b></i><font style='font-size:10pt'> The Custodian or any member of the JPMorgan group of companies (the &#147;</font><b><font style='font-size:10pt'>JPMorgan Group</font></b><font style='font-size:10pt'>&#148;) may trade in Shares for its own account as principal, may have underwritten or may underwrite an issue of Shares or, together with any such entities&#146; directors, officers or employees, may have a long or short position in Shares or in any related security or instrument. Brokerage or other fees may be earned by any member of the JPMorgan Group or persons associated with them in respect of any business transacted by them in all or any of the aforementioned securities or instruments.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="48%" style=' border-collapse:collapse;'>
 <tr>
        <td width="9%" valign=top style='padding:12.0pt 0in 0in 0in;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>16.</font></b></p> </td>
        <td width="88%" valign=top style='padding:12.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>GOVERNING LAW AND JURISDICTION</font></B></U></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>16.1</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Governing Law:</font></b></i><font style='font-size:10pt'> This Agreement is governed by, and will be construed in accordance with, English law.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>16.2</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Jurisdiction: </font></b></i><font style='font-size:10pt'>The Trustee and the Custodian agree that the courts of the State of New York, in the United States of America, and the United States federal court located in the Borough of Manhattan in such state are to have jurisdiction to settle any disputes or claims which may arise out of or in connection with this Agreement and, for these purposes the Trustee and the Custodian irrevocably submits to the non-exclusive jurisdiction of such courts, waive any claim of forum non conveniens and any objection to laying of venue, and further waive any personal service.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>16.3</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Waiver of Immunity: </font></b></i><font style='font-size:10pt'>To the extent that the Trustee may in any jurisdiction claim for it as Trustee, the Trust or its assets any immunity from suit, judgment, enforcement or otherwise howsoever, the Trustee agrees not to claim and irrevocably waives any such immunity which it would otherwise be entitled to (whether on grounds of sovereignty or otherwise) to the full extent permitted by the laws of such jurisdiction.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="35" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>16.4</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Service of Process</font></b></i><b><font style='font-size:10pt'>:</font></b><font style='font-size:10pt'> Process by which any proceedings are begun may be served on a party by being delivered to the party&#146;s address specified below. This does not affect any right to serve process in another manner permitted by law.</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><i><b><font style='font-size:10pt'>Custodian&#146;s Address for service of process:</font></b></i></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>JPMorgan Chase Bank, N.A. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>125 London Wall</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>London EC2Y 5AJ</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>Facsimile No. +44 207 777 4915</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>Attention: Peter Smith &#150; Global Commodities</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><i><font style='font-size:10pt'>With a copy to:</font></i></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>JPMorgan Chase Bank, N.A.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>125 London Wall, 13<sup>th</sup> Floor</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>London EC2Y </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>Facsimile No.: +44 (0)20 7325 8150</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>Attention: Legal Department-FX and Derivatives Group</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>16</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><i><b><font style='font-size:10pt'>Trustee&#146;s Address for service of process:</font></b></i></p>

<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>The Bank of New York Mellon</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>One Wall Street</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>New York, New York 10286 </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.36in;text-align:left;'><font style='font-size:10pt'>Attention: Legal Department</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>17</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><B><font STYLE='FONT-SIZE:10PT'>EXECUTED</font></B><font style='font-size:10pt'> by the Parties:</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Signed on behalf of and for </font><B><font STYLE='FONT-SIZE:10PT'>JPMORGAN CHASE BANK, N.A. </font></B><font style='font-size:10pt'>by</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<div align=center>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="44%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="44%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Signature&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><br> <font style='font-size:10pt'>/s/ Peter L. Smith</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'>  </p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Name </font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Peter L. Smith</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Title </font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Executive Director</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Signed on behalf of and for</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>THE BANK OF NEW YORK MELLON, solely in its capacity as trustee of the ETFS Palladium Trust and not individually</font></b><font style='font-size:10pt'> by</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<div align=center>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="44%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="44%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Signature&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><br> <font style='font-size:10pt'>/s/ Andrew Pfeifer</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'>  </p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Name </font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Andrew Pfeifer</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Title </font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Vice President</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:30pt;text-align:center;'><i><font style='font-size:10pt'> [Signature Page to ETFS Palladium Allocated Account Agreement]</font></i></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>18</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><b><font style='font-size:10pt'>Schedule 1</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>Notice to Zurich Sub-Custodians</font></b></p>
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
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        <td width="6%" valign=top style='padding:6.0pt 0in 0in 0in;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>From:</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
  <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>JPMorgan Chase Bank, N.A.<br>
125 London Wall<br>London EC2Y 5AJ
</font></p> </td> </tr></table>
</div>
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 <tr>
        <td width="6%" valign=top style='padding:8.0pt 0in 0in 0in;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>To:</font></p> </td>
        <td valign=top style='padding:8.0pt 0in 0in 0in;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>[Zurich Sub-Custodian]</font></p> </td> </tr></table>
</div>
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 <tr>
        <td width="100%" valign=top style='padding:8.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Date:</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Dear Sirs</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><font style='font-size:10pt'>Allocated Account Agreement (the &#147;</font><b><font style='font-size:10pt'>Agreement</font></b><font style='font-size:10pt'>&#148;)</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>dated _______________ between</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>The Bank of New York Mellon (the &#147;</font><b><font style='font-size:10pt'>Trustee</font></b><font style='font-size:10pt'>&#148;) and </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>JPMorgan Chase Bank, N.A. (the &#147;</font><b><font style='font-size:10pt'>Custodian</font></b><font style='font-size:10pt'>&#148;)</font></p>
<hr noshade="noshade" align="center" Width="360" >
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Reference is made to the Agreement between us and the Trustee and to [&nbsp;&nbsp;&nbsp;] (the &#147;Sub-Custodian&#148;) General Terms and Conditions Governing Custody Accounts agreed between us and the Sub-Custodian.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>We hereby give you notice and you hereby agree that certain of the palladium (&#147;Bullion&#148;) that we may deliver to you or arrange to be delivered to you in connection with the Agreement belongs to the ETFS Palladium Trust (the &#147;Trust&#148;) and/or the Trustee (as trustee for the holders of certain securities of the Trust) and that we have agreed to require you and you hereby agree to : (a) hold such Bullion in Switzerland as Sub-Custodian, (b) to segregate the Bullion from any palladium which you own or hold for others and (c) to segregate the Bullion from any palladium which you hold for the Custodian and any other customers of the Custodian, in each case by making appropriate entries in your books and records.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Please sign and return the enclosed copy of this notice to us by way of your confirmation that you have received this notice and will comply with the requirements of the above paragraph. You may neither forward this Schedule 1 nor disclose its content to any third party, except to the Trustee and ETF Securities USA LLC as the Sponsor of the Trust.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>This letter is governed by English law, without regard to the application of any choices of law rules. The exclusive place of jurisdiction in connection with this letter shall be Zurich, Switzerland.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The obligations between the Trustee and the Custodian are governed by the Agreement, the obligations between the Custodian and the Sub-Custodian are governed by the individual agreement among themselves.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:8pt;margin-bottom:0pt;'><font style='font-size:10pt'>Yours faithfully</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
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   <td valign=bottom >&nbsp;</td>
   <td valign=bottom >&nbsp;</td>
   <td colspan="2" valign=bottom >&nbsp;</td>
 </tr>
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        <td width="49%" valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'>  </p> </td>
        <td width="7%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="4%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="40%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'>  </p> </td> </tr>
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        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>for an on behalf of</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font style='font-size:10pt'>JPMorgan Chase Bank, N.A.</font></b></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Acknowledged and Agreed</font></p> </td> </tr>

 <tr style='height:20.75pt;'>
        <td valign=top style=' height:20.75pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top style=' height:20.75pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top style=' height:20.75pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top style='border-bottom:solid black .5pt; height:20.75pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>For and on behalf of</font> [&nbsp;&nbsp;&nbsp;] </p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>19</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<TYPE>EX-10.2
<SEQUENCE>11
<FILENAME>c58962_ex10-2.htm
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:right;'><b><font style='font-size:10pt'>Exhibit 10.2</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>JPMORGAN CHASE BANK, N.A.</font></B></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font style='font-size:10pt'>and</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>THE BANK OF NEW YORK MELLON</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>solely in its capacity as trustee of the ETFS Palladium Trust</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>and not individually</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font style='font-size:10pt'>_____________________</font></b>
</p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>UNALLOCATED ACCOUNT AGREEMENT</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>_____________________</font></b>
</p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><B><font STYLE='FONT-SIZE:10PT'>THIS AGREEMENT</font></B><font style='font-size:10pt'> is made with effect on and from December 30, 2009</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><B><font STYLE='FONT-SIZE:10PT'>BETWEEN </font></B></p>
<div align=left>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1) </font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><B><font STYLE='FONT-SIZE:10PT'>JPMORGAN CHASE BANK, N.A,</font></B><font style='font-size:10pt'> whose principal place of business in England is at 125 London Wall, London EC2Y 5AJ (the &#147;</font><b><font style='font-size:10pt'>Custodian</font></b><font style='font-size:10pt'>&#148;); and</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(2) </font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>THE BANK OF NEW YORK MELLON, a New York banking corporation, solely in its capacity as trustee of the ETFS Palladium Trust created under the Trust Agreement identified below and not individually </font></b><font style='font-size:10pt'>(the &#147;</font><b><font style='font-size:10pt'>Trustee</font></b><font style='font-size:10pt'>&#148;), which expression shall, wherever the context so admits, include the named Trustee and all other persons or companies for the time being the trustee or trustees of the Trust Agreement (as defined below) as trustee for the Shareholders (as defined below). </font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><B><font STYLE='FONT-SIZE:10PT'>INTRODUCTION </font></B></p>
<div align=left>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>The Trustee has agreed to act as trustee for the Shareholders of the Shares pursuant to the Trust Agreement.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(2) </font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>An Authorized Participant may apply to become a Shareholder by: (i) applying for Shares in accordance with an Authorized Participant Agreement and (ii) depositing the relevant amount of Bullion into the Unallocated Account.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(3) </font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>The Custodian has agreed to transfer Bullion deposited into the Unallocated Account to the Allocated Account and where applicable, other accounts, pursuant to the terms of this Agreement. </font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(4)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>In order to effect redemptions of Shares, Bullion must be transferred from the Allocated Account to the Unallocated Account by way of de-allocation, and must then be delivered to the Shareholder Account.</font></p> </td> </tr></table>
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<div align=left>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(5) </font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>The Trustee has agreed that the Unallocated Account will be established by the Trustee for the account of the Trust, and that the Trustee will have the sole right to give instructions for the making of any payments into or out of the Unallocated Account. </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><B><font STYLE='FONT-SIZE:10PT'>IT IS AGREED AS FOLLOWS </font></B></p>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>1. </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>INTERPRETATION</font></B></U></p> </td> </tr></table>
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<div align=left>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>1.1 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Definitions:</font></b></i><font style='font-size:10pt'>  Words and expressions defined in the Prospectus, unless otherwise defined herein, have the same meanings when used in this Agreement. In addition, in this Agreement, unless there is anything in the subject or context inconsistent therewith the following expressions shall have the following meanings:</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Affiliate</font></b><font style='font-size:10pt'>&#148; means an entity that directly or indirectly through one or more </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>1</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>intermediaries, controls, or is controlled by, or is under common control with the Custodian;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Allocated Account</font></b><font style='font-size:10pt'>&#148; means the loco London allocated Bullion account, number 00161, or the loco Zurich allocated Bullion account, number 00159, each established in the name of the Trustee, with the Custodian pursuant to the Allocated Account Agreement;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Allocated Account Agreement</font></b><font style='font-size:10pt'>&#148; means the Allocated Account Agreement dated on or about December 30, 2009 between the Trustee and the Custodian pursuant to which the Allocated Account is established and operated; </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>AP Account</font></b><font style='font-size:10pt'>&#148; means a loco London or Zurich account maintained on an unallocated basis by the Custodian or a Bullion clearing bank for the Authorized Participant, as specified in the applicable Transfer Notice;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Application</font></b><font style='font-size:10pt'>&#148; means an offer by an Authorized Participant to the Trust (in the form prescribed by the Trust) to subscribe for Shares, being an offer on terms referred to in the Prospectus and in accordance with the provisions of the relevant Authorized Participant Agreement;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Application Date</font></b><font style='font-size:10pt'>&#148; means the New York Business Day on which a valid Application Form is received (or deemed to be received) by the Trustee in accordance with the relevant Authorized Participant Agreement;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Application Form</font></b><font style='font-size:10pt'>&#148; means a Purchase Order as defined in the Authorized Participant Agreement;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Authorized Participant</font></b><font style='font-size:10pt'>&#148; means a person which has entered into an Authorized Participant Agreement with the Sponsor and the Trustee in relation to Shares and which: (a) is a person who (i) 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 and (ii) is a participant in DTC; (b) is approved by the Sponsor (in its absolute discretion); and (c) has established an AP Account;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Authorized Participant Agreement</font></b><font style='font-size:10pt'>&#148; means a written agreement between the</font><b><font style='font-size:10pt'> </font></b><font style='font-size:10pt'>Trustee, the Sponsor and another person under which such person is appointed to act as an &#147;Authorized Participant,&#148; in relation to Shares and if such agreement is subject to conditions precedent, provided that such conditions have been satisfied; </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Authorized Signatory</font></b><font style='font-size:10pt'>&#148; means, in relation to any person, an individual who is duly empowered to bind such person and whose authority is evidenced by a resolution of the board of directors (or any other appropriate means of authorisation) of such person, and, in relation to the Trustee, any individual named in the Trustee&#146;s Authorized Signatory list having due authority to bind the Trustee, which list shall be provided by the Trustee from time to time;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Availability Date</font></b><font style='font-size:10pt'>&#148; means the London/Zurich Business Day on which the </font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>2</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>Trustee requests the Custodian to credit to the Unallocated Account Bullion debited from the Allocated Account; </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Benchmark Price</font></b><font style='font-size:10pt'>&#148; means, as of any day, that publicly available per ounce price of Bullion used by the Trust on such day to value the Trust&#146;s Bullion, which is expected to be the London PM Fix but is subject to change by the Sponsor in accordance with the Trust Agreement;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Bullion</font></b><font style='font-size:10pt'>&#148; means palladium in physical form complying with the Rules of the Relevant Association held by the Custodian or any Sub-Custodian under the Allocated Account Agreement and/or any credit balance in the Unallocated Account as the context requires;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Conditions</font></b><font style='font-size:10pt'>&#148; means the terms and conditions on and subject to which Shares are issued in the form or substantially in the form set out in the Trust Agreement;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>General Notice</font></b><font style='font-size:10pt'>&#148; means any notice given in accordance with this Agreement other than a Transfer Notice;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Loco London</font></b><font style='font-size:10pt'>&#148; means in respect of an account holding Bullion, the custody, trading or clearing of such Bullion in London, United Kingdom;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Loco Zurich</font></b><font style='font-size:10pt'>&#148; means in respect of an account holding Bullion, the custody, trading or clearing of such Bullion in Zurich, Switzerland;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>London Business Day</font></b><font style='font-size:10pt'>&#148; means a day (other than a Saturday or a Sunday or a public holiday in England) on which commercial banks generally and the London palladium market are open for the transaction of business in London;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>London/Zurich Business Day</font></b><font style='font-size:10pt'>&#148; means a day which is both a London Business Day and a Zurich Business Day;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Management Fee</font></b><font style='font-size:10pt'>&#148; means the amount of Bullion which may be debited from the Metal Accounts at the end of each month and paid to the Sponsor Account in accordance with the terms of the Prospectus;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Metal Accounts</font></b><font style='font-size:10pt'>&#148; means the Allocated Account and the Unallocated Account; </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Metal Entitlement</font></b><font style='font-size:10pt'>&#148; means as at any date and in relation to any Share the amount(s) of Bullion to which the Shareholder is entitled on Redemption of that Share on that date in accordance with the Conditions;</font><i><font style='font-size:10pt'>  </font></i></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>New York Business Day</font></b><font style='font-size:10pt'>&#148; means a &#147;Business Day&#148; as defined in the Trust Agreement;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Point of Delivery</font></b><font style='font-size:10pt'>&#148; means such date and time that the recipient (or its agent) acknowledges in written form its receipt of delivery of Bullion;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>3</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Prospectus</font></b><font style='font-size:10pt'>&#148; means the prospectus constituting a part of the registration statement filed on Form S-1, Registration Number 333-158380 with the Securities Exchange Commission in accordance with the U.S. Securities Act of 1933, as amended, in relation to the Shares dated on or about December 30, 2009 as the same may be modified, supplemented or amended from time to time;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Redemption</font></b><font style='font-size:10pt'>&#148; means the redemption of Shares by the Trust in accordance with the Conditions;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Redemption Obligations</font></b><font style='font-size:10pt'>&#148; means the obligation of the Trust on Redemption of a Share to make payment or deliver Bullion to the relevant Authorized Participant or Shareholder in accordance with the Conditions;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Relevant Association</font></b><font style='font-size:10pt'>&#148; means the London Platinum and Palladium Market or its successors;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Rules</font></b><font style='font-size:10pt'>&#148; means the rules, regulations, practices and customs of the Relevant Association (including without limitation the &#147;rules as to Good Delivery&#148;), the Bank of England and such other regulatory authority or other body as shall affect the activities contemplated by this Agreement; </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Shareholder</font></b><font style='font-size:10pt'>&#148; means the beneficial owner of one or more Shares;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Shareholder Account</font></b><font style='font-size:10pt'>&#148; means a loco London or Zurich account maintained on an unallocated basis by the Custodian or a Bullion clearing bank, as applicable, for an Authorized Participant or a Shareholder, as specified in the applicable Redemption Notice;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Shares</font></b><font style='font-size:10pt'>&#148; means the units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust and named &#147;ETFS Physical Palladium Shares&#148; and created pursuant to and constituted by the Trust Agreement</font><font style='font-size:11pt'>;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Sponsor</font></b><font style='font-size:10pt'>&#148; means ETF Securities USA LLC, its successors and assigns and any successor Sponsor appointed pursuant to the Trust Agreement</font><b><font style='font-size:10pt'>;</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Sponsor Account</font></b><font style='font-size:10pt'>&#148; means a loco London or Zurich account maintained on an unallocated basis by the Custodian or a Bullion clearing bank, as applicable, for the Sponsor;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Transfer Notice</font></b><font style='font-size:10pt'>&#148; means any notice of a deposit or withdrawal made pursuant to clause 3 or clause 4 of this Agreement;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Trust</font></b><font style='font-size:10pt'>&#148; means the ETFS Palladium Trust formed pursuant to the Trust Agreement;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Trust Agreement</font></b><font style='font-size:10pt'>&#148; means the Depositary Trust Agreement of the ETFS Palladium</font><font style='font-size:11pt'> </font><font style='font-size:10pt'>Trust dated on or about December 30, 2009, as amended from time to time, between ETF Securities USA LLC, as Sponsor, and The Bank of New </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>4</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>York Mellon, as Trustee; </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Unallocated Account</font></b><font style='font-size:10pt'>&#148; means the loco London unallocated Bullion account, number 00160, or the loco Zurich unallocated Bullion account, number 00158, each established in the name of the Trustee, with the Custodian pursuant to this Agreement on an Unallocated Basis;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Unallocated Basis</font></b><font style='font-size:10pt'>&#148; means, with respect to an Unallocated Account maintained with the Custodian, that the person in whose name the account is held is entitled to delivery in accordance with the Rules of an amount of Bullion equal to the amount of Bullion standing to the credit of the person&#146;s account but is an unsecured creditor in any Bullion that the Custodian owns or holds;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><B><font STYLE='FONT-SIZE:10PT'>VAT</font></B><font style='font-size:10pt'>&#148; means value added tax as provided for in the Value Added Tax Act 1994 (as amended or re-enacted from time to time) and legislation supplemental thereto and any other tax (whether imposed in the United Kingdom in substitution thereof or in addition thereto or elsewhere) of a similar fiscal nature;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Withdrawal Date</font></b><font style='font-size:10pt'>&#148; means the London/Zurich Business Day on which the Trustee wishes a withdrawal of Bullion from the Unallocated Account to take place;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Zurich Business Day</font></b><font style='font-size:10pt'>&#148; means a day (other than a Saturday or a Sunday or a public holiday in Zurich) on which commercial banks generally and the Zurich palladium market are open for the transaction of business in Zurich; and</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>&#147;</font><b><font style='font-size:10pt'>Zurich</font></b><font style='font-size:10pt'> </font><b><font style='font-size:10pt'>Sub-Custodian</font></b><font style='font-size:10pt'>&#148; means any firm selected by the Custodian to hold palladium on behalf of the Custodian in the firm&#146;s Zurich vault premises on a segregated basis, in the manner provided in clauses 7.2 and 7.3 of the Allocated Account Agreement and whose appointment has been approved in writing by the Sponsor (such approval not to be unreasonably with held). </font></p>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>1.2 </font></b></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Headings: </font></b></i><font style='font-size:10pt'>The headings in this Agreement do not affect its interpretation.</font></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>1.3 </font></b></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Singular and plural:</font></b></i><font style='font-size:10pt'> References to the singular include the plural and vice versa.</font></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>2. </font></b></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>UNALLOCATED ACCOUNT</font></B></U></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Opening Unallocated Account:</font></b></i><font style='font-size:10pt'> The Custodian shall open and maintain the Unallocated Account in the name of the Trustee (in its capacity as trustee for the Shareholders).</font></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Denomination of Unallocated Account: </font></b></i><font style='font-size:10pt'>The Unallocated Account will hold deposits of Bullion and will be denominated in fine troy ounces to three decimal places.</font></p> </td> </tr></table>
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 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>2.3</font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Unallocated Account Reports:</font></b></i><font style='font-size:10pt'> For each London/Zurich Business Day, by no </font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>5</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>later than the following London/Zurich Business Day, the Custodian will provide the Trustee access to information showing the increases and decreases to the Bullion standing to the Trustee&#146;s credit in the Unallocated Account, and identifying separately each transaction and the New York Business Day, London Business Day or Zurich Business Day on which it occurred. On each London/Zurich Business Day on which Bullion is deposited or that is a Withdrawal Date, the Custodian will send the Trustee a notification of (i) each separate transaction transferring Bullion to the Unallocated Account, including the amount of Bullion transferred to the Unallocated Account and the AP Account or Shareholder Account from which such Bullion is transferred, (ii) the amount of Bullion transferred from the Unallocated Account to the Allocated Account or to any AP Account or Shareholder Account
and (iii) the amount of any remaining Bullion in the Unallocated Account, and the Custodian will use commercially reasonable efforts to send the notification by 9:00 a.m. (New York time). In addition, the Custodian will provide the Trustee such information about the increases and decreases to the Bullion standing to the Trustee&#146;s credit in the Unallocated Account on a same-day basis at such other times and in such other form as the Trustee and the Custodian shall agree. For each calendar month, the Custodian will provide the Trustee within a reasonable time after the end of the month a statement of account for the Unallocated Account. Such reports will be made available to the Trustee by means of the Custodian&#146;s proprietary electronic Bullion Transfer System website (&#147;</font><b><font style='font-size:10pt'>eBTS</font></b><font style='font-size:10pt'>&#148;). In the event eBTS is unavailable for any reason, the Trustee and the Custodian will agree upon a temporary
notification system for making such reports available to the Trustee.</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>2.4</font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Reversal of Entries:</font></b></i><font style='font-size:10pt'> The Custodian shall reverse any provisional or erroneous entries to the Unallocated Account which it discovers or of which it is notified with effect back-valued to the date upon which the final or correct entry (or no entry) should have been made (including, without limitation, where the Custodian has credited a deposit made pursuant to clause 3.1(b) and on receipt by the Custodian of the Bullion if it is determined that the Bullion does not comply with the Rules or that it is not the required weight).</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>2.5 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Provision of Information:</font></b></i><font style='font-size:10pt'>  The Custodian agrees that it will forthwith notify the Trustee in writing of any encumbrance of which it is aware is or is purported to have been created over or in respect of the Unallocated Account or any of the amounts standing to the credit thereof. </font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>2.6 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Access:</font></b></i><font style='font-size:10pt'> The Custodian will allow the Sponsor and the Trustee and their Bullion auditors (currently Inspectorate International Limited) access to its premises during normal business hours, to examine the Bullion and such records, as they may reasonably require to perform their respective duties with regard to investors in Shares. The Trustee agrees that any such access shall be subject to execution of a confidentiality agreement and agreement to the Custodian&#146;s security procedures, and such audit shall be at the Trust&#146;s expense and shall be limited to no more than twice a calendar year, provided however that any second visit within the same calendar year shall be subject to the consent of the Custodian, such consent not to be unreasonably withheld.</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>6</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>


<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>3. </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>DEPOSITS</font></B></U></p> </td> </tr></table>
</div>
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 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>3.1 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Procedure:</font></b></i><font style='font-size:10pt'> The Custodian shall receive deposits of Bullion into the Unallocated Account (in the manner and accompanied by such documentation as the Custodian may require) by: </font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:3.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:3.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(a)</font></p> </td>
        <td valign=top style='padding:3.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>de-allocation of Bullion held in the Allocated Account on redemption of Shares by a Shareholder or Authorized Participant or for any other purpose authorized by the Trust Agreement; or</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:3.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:3.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(b)</font></p> </td>
        <td valign=top style='padding:3.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>de-allocation of Bullion held in the Allocated Account for payment of the Management Fee; or  </font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:3.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:3pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:3.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(c) </font></p> </td>
        <td valign=top style='padding:3.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>transfer of Bullion from an AP Account relating to the same kind of Bullion and having the same denomination as that to which the Unallocated Account relates on Application by an Authorized Participant for Shares.</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>No other methods of deposit are permitted.</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>3.2</font></b></i></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Loco Designation for Deposits:</font></b></i><font style='font-size:10pt'> The Custodian shall receive deposits of Bullion pursuant to clause 3.1 into the Unallocated Account loco Zurich or loco London; provided, however, that the Custodian shall bear all costs, including all insurance costs, relating to any transfers between loco London and loco Zurich.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>3.3</font></b></i></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Notice Requirements: </font></b></i><font style='font-size:10pt'>Notice of intended deposit must be received by the Custodian from the Trustee no later than 3:00 p.m. (London time) one London/Zurich Business Day prior to the Availability Date and specify the weight (in fine troy ounces of palladium) to be credited to the Unallocated Account, the Availability Date, the account from which such deposit will be transferred, and any other information which the Custodian may, with the agreement of the Trustee, from time to time require. When by reference to the Trustee&#146;s notifications and instructions to the Custodian, the Custodian reasonably believes an amount of Bullion has been credited to the Unallocated Account in error, the Custodian will notify the Trustee promptly and, pending a joint resolution of the error, will treat such amount as not
being subject to the standing instruction in clause 5.2 below.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>3.4</font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Right to Amend Procedure:</font></b></i><font style='font-size:10pt'> The Custodian may amend the procedure in relation to the deposit of Bullion only where such amendment is caused by a change in the Rules or procedures of the Relevant Association. The Custodian will, whenever practicable, notify the Trustee and the Sponsor within a commercially reasonable time before the Custodian amends its procedures or imposes additional ones in relation to the transfer of Bullion into and from the Unallocated Account, and in doing so the Custodian will consider the Trustee&#146;s needs to communicate any such change to Authorized Participants and others.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>4.</font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>WITHDRAWALS</font></B></U></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>7</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>


<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>4.1 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Procedure:</font></b></i><font style='font-size:10pt'> The Trustee may at any time give instructions to the Custodian for the withdrawal of Bullion standing to the credit of the Unallocated Account in such form as may be agreed by the parties from time to time, </font><i><font style='font-size:10pt'>provided that </font></i><font style='font-size:10pt'>a withdrawal may be made only by: </font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(a)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>transfer to a Shareholder Account relating to the same kind of Bullion and having the same denomination as that to which the Unallocated Account relates when Shares are redeemed; or </font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(b)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>transfer to the Sponsor Account for payment of the Management Fee; or</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(c)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>transfer of Bullion to the Allocated Account; or </font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(d)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>the collection of Bullion from the Custodian at its vault premises, or such other location as the Custodian may direct by notice to the party taking delivery received not later than one London/Zurich Business Day prior to the Availability Date, at the Trust&#146;s expense and risk; or</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(e)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>delivery of Bullion to such location as the Trustee directs, at the Trust&#146;s expense and risk; or</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(f)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>transfer to an account maintained by the Custodian or by a third party on an unallocated basis in connection with the sale of Bullion or other transfers permitted under the Trust Agreement;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>and no other methods of withdrawal are permitted, save that the Trustee agrees to exercise its rights under clauses 4.1(d) and (e) on an exceptional basis only. Any Bullion made available to the relevant person (as instructed by the Trustee) pursuant to clauses 4.1(d) and (e) will be in a form which complies with the Rules or in such other form as may be agreed between the Trustee and the Custodian the combined fine weight of which will not exceed the number of fine ounces of Bullion the Trustee has instructed the Custodian to debit. The Custodian is entitled to select the Bullion to be made available to the relevant person (as instructed by the Trustee) provided it is in the same form as that deposited. To the extent that the Trustee is authorized to sell Bullion under the Trust Agreement, the Custodian may, but is not required to, purchase such Bullion; provided that the
Custodian&#146;s purchase price for such Bullion must be the Benchmark Price.</font><i><font style='font-size:10pt'> </font></i></p>
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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>4.2</font></b></i></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Loco Designations for Withdrawals:  </font></b></i><font style='font-size:10pt'>The Custodian may transfer Bullion from the Unallocated Account loco Zurich or loco London for all withdrawals under clause 4.1, provided, however, that the Custodian shall bear all costs, including all insurance costs, relating to any transfers between loco London and loco Zurich.</font></p> </td> </tr></table>
</div>
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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>4.3</font></b></i></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Notice Requirements: </font></b></i><font style='font-size:10pt'>Any notice relating to a withdrawal of Bullion must be in writing and:</font></p> </td> </tr></table>
</div>
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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(a)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>if it relates to a withdrawal pursuant to clauses 4.1(a), 4.1(b) or 4.1(f), to </font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>8</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:10%;text-align:left;'><font style='font-size:10pt'>be in such form as may be agreed by the parties from time to time and be received by the Custodian no later than 3:00 p.m. (London time) on the Withdrawal Date unless otherwise agreed;</font></p>
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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(b) </font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>if it relates to a transfer pursuant to clause 4.1(c), be in the form of an Application (which shall be sufficient instruction for the purposes of this Agreement) and be received by the Custodian no later than 3:00 p.m. (London time) on the day which is one London/Zurich Business Day prior to the Withdrawal Date;</font></p> </td> </tr></table>
</div>
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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(c) </font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>if it relates to a withdrawal pursuant to clause 4.1(d) or (e), be received by the Custodian no later than 11:30 a.m. (London time) not less than two London/Zurich Business Days prior to the Withdrawal Date unless otherwise agreed and specify the name of the person or carrier that will collect the Bullion from the Custodian or the identity of the person to whom delivery is to be made, as the case may be;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>and in all cases, specify the weight (in fine troy ounces of palladium) of the Bullion to be debited from the Unallocated Account, the Withdrawal Date and any other information which the Custodian may, with the agreement of the Trustee, from time to time require.</font></p>
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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>4.4</font></b></i></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Right to Amend Procedure:</font></b></i><font style='font-size:10pt'> The Custodian may amend the procedure for the withdrawal of Bullion from the Unallocated Account only where such amendment is caused by a change in the Rules or procedures of the Relevant Association. Any such amendment will be subject to the notification conditions of the preceding clause 3.4 and will be promptly notified to the Sponsor and the Trustee, such notice to be given in advance of implementation whenever practicable.</font></p> </td> </tr></table>
</div>
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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>4.5 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Delivery Obligations:</font></b></i><b><font style='font-size:10pt'></font></b><font style='font-size:10pt'> Unless otherwise instructed by the Trustee on behalf of the Trust or the relevant person, the Custodian shall make any transportation and insurance arrangements in respect of delivery of Bullion in accordance with its usual practice. Where instructions are given, the Custodian shall use all reasonable efforts to comply with the same. The Custodian shall not be obliged to effect any requested delivery if, in its reasonable opinion, this would cause the Custodian or its agents to be in breach of the Rules or other applicable law, court order or regulation; the costs incurred would be excessive or delivery is impracticable for any reason. With the exception of any delivery pursuant to clause 4.2, all insurance and transportation costs shall
be for the account of the Trust.</font></p> </td> </tr></table>
</div>
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 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>4.6 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Risk:</font></b></i><b><font style='font-size:10pt'></font></b><font style='font-size:10pt'> With the exception of any transfer pursuant to clause 4.2, where there is a shipment from the Custodian of Bullion, all right, title and risk in and to such Bullion shall pass at the Point of Delivery to the relevant person for whose account the Bullion is being delivered.</font></p> </td> </tr></table>
</div>
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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>4.7</font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Allocation:</font></b></i><b><font style='font-size:10pt'></font></b><font style='font-size:10pt'> Subject to clause 5.2 below, in the case of a transfer under clause 4.1(c), the Custodian will use its commercially reasonable endeavours to complete the allocation of such deposits of Bullion by not later than 2:00 p.m. </font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>9</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>(London time) on the London/Zurich Business Day after receipt of notice given in the form prescribed in clause 4.3(b). Following the Custodian&#146;s receipt of such notice, the Custodian shall identify bars or ingots of a weight most closely approximating, but not exceeding, the balance in the Unallocated Account and shall transfer such weight from the Unallocated Account to the Allocated Account. The Trustee acknowledges that the process of allocation of Bullion to the Allocated Account from the Unallocated Account may involve minimal adjustments to the weights of Bullion to be allocated to adjust such weight to the number of whole bars available.</font></p>
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<table border="0" cellspacing=0 cellpadding=0 width="24%" style=' border-collapse:collapse;'>
 <tr>
        <td width="22%" valign=top style='padding:8.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>5.</font></b></p> </td>
        <td width="77%" valign=top style='padding:8.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>INSTRUCTIONS</font></B></U></p> </td> </tr></table>
</div>
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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>5.1 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Giving of Instructions:</font></b></i><font style='font-size:10pt'> Only the Trustee shall have the right to give instructions to the Custodian for deposit of Bullion to or withdrawal of Bullion from the Unallocated Account. All instructions given by the Trustee to the Custodian shall be given in writing and signed by two Authorized Signatories of the Trustee. The Trustee shall notify the Custodian in writing of the names of the people who are authorized to give instructions on the Trustee&#146;s behalf. Until the Custodian receives written notice to the contrary, the Custodian is entitled to assume that any of those people have full and unrestricted power to give instructions on the Trustee&#146;s behalf. The Custodian is also entitled to rely on any instructions which are from, or which purport to emanate from, any person who appears to have
such authority.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>5.2 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Continuous Allocation of Bullion:</font></b></i><font style='font-size:10pt'> Without prejudice to clause 5.1 above, unless otherwise notified by the Trustee in writing, the Trustee hereby instructs the Custodian that, whenever Bullion is to be transferred from an AP Account to the Metal Accounts, it will combine such Bullion with any Bullion then standing to the credit of the Unallocated Account (excluding Bullion which has been de-allocated in order to effect delivery of Bullion to a redeeming Authorized Participant or Shareholder or pursuant to other withdrawals occurring on such day) and to the fullest extent possible, transfer such Bullion to the Allocated Account such that the amount of Bullion that remains standing to the credit of the Trustee in the Unallocated Account does not exceed 192 fine ounces at the close of each London/Zurich
Business Day.</font></p> </td> </tr></table>
</div>
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 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>5.3 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Account not to be Overdrawn:  </font></b></i><font style='font-size:10pt'>The Unallocated Account may not at any time have a debit balance thereon, and no instruction shall be valid to the extent that the effect thereof would be for the Unallocated Account to have a debit balance thereon.</font></p> </td> </tr></table>
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 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>5.4 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Amendments:</font></b></i><font style='font-size:10pt'> Once given, instructions continue in full force and effect until they are cancelled, amended or superseded. Notice of amendment shall have effect only upon actual receipt by the Custodian.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>5.5</font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Unclear or Ambiguous Instructions:</font></b></i><font style='font-size:10pt'> If, in the Custodian&#146;s opinion, any instructions are unclear or ambiguous, the Custodian shall use reasonable endeavours (taking into account any relevant time constraints) to obtain clarification of those instructions from the Trustee and, failing that, the Custodian may in its absolute discretion and without any liability on its part,</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>10</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>act upon what the Custodian believes in good faith such instructions to be or refuse to take any action or execute such instructions until any ambiguity or conflict has been resolved to the Custodian&#146;s satisfaction.</font></p>
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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>5.6 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Refusal to Execute:</font></b></i><font style='font-size:10pt'> The Custodian will, where practicable, refuse to execute instructions if in the Custodian&#146;s opinion they are or may be contrary to the Rules or any applicable law. </font></p> </td> </tr></table>
</div>
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 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>6.</font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>CONFIDENTIALITY</font></B></U></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>6.1 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Disclosure to Others:</font></b></i><font style='font-size:10pt'> Subject to clause 6.2, each of the Trustee and the Custodian shall respect the confidentiality of information acquired under this Agreement and will not, without the other party&#146;s consent, disclose to any other person any transaction or other information acquired about the other party, its business or the Trust under this Agreement, in the event such other party has made clear, at or before the time such information is provided, that such information is being provided on a confidential basis.</font></p> </td> </tr></table>
</div>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>6.2 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Permitted Disclosures:</font></b></i><font style='font-size:10pt'> Each party accepts that from time to time any other party may be required by law or the Rules, or requested by a government department or agency, fiscal body or regulatory or listing authority or as otherwise necessary in conducting the Trust&#146;s business, to disclose information acquired under this Agreement. In addition, the disclosure of such information may be required by a party&#146;s auditors, by its legal or other advisors, by a company which is in the same group of companies as a party (</font><i><font style='font-size:10pt'>i.e</font></i><font style='font-size:10pt'>., a subsidiary or holding company of a party) or (in the case of the Trustee) by any beneficiary of the trusts constituted by the Trust Agreement. Each party irrevocably authorises the others to make such
disclosures without further reference to such party.</font></p> </td> </tr></table>
</div>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>7.</font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>CUSTODY SERVICES</font></B></U></p> </td> </tr></table>
</div>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>7.1 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Appointment:</font></b></i><font style='font-size:10pt'> The Trustee hereby appoints the Custodian to act as custodian of the Bullion in accordance with this Agreement and any Rules which apply to the Custodian.</font></p> </td> </tr></table>
</div>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>7.2 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Safekeeping of Bullion: </font></b></i><font style='font-size:10pt'>The Custodian will be responsible for the safekeeping of the Bullion on the terms and conditions of this Agreement.</font></p> </td> </tr></table>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>7.3 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Ownership of Bullion: </font></b></i><font style='font-size:10pt'>The Custodian will identify in its books that the Bullion belongs to the Trustee (on trust for the Shareholders).</font></p> </td> </tr></table>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>8. </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>REPRESENTATIONS</font></B></U></p> </td> </tr></table>
</div>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>8.1 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Trustee&#146;s Representations:</font></b></i><b><font style='font-size:10pt'></font></b><font style='font-size:10pt'> The Trustee represents and warrants to the Custodian that (such representations and warranties being deemed to be repeated upon each occasion of withdrawal of Bullion under this Agreement):</font></p> </td> </tr></table>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
						<td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>the Trustee has all necessary authority, powers, consents, licences and </font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>11</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:10%;text-align:left;'><font style='font-size:10pt'>authorisations (which have not been revoked) and has taken all necessary action to enable it lawfully to enter into and perform its duties and obligations under this Agreement;</font></p>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
						<td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(2) </font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>the persons entering into this Agreement on the Trustee&#146;s behalf have been duly authorized to do so; and</font></p> </td> </tr></table>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
						<td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(3) </font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>this Agreement and the obligations created under it are binding upon and enforceable against the Trustee, as trustee of the Trust, in accordance with its terms (subject to applicable principles of equity) and do not and will not violate the terms of the Rules or any order, charge or agreement by which the Trustee is bound.</font></p> </td> </tr></table>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>8.2 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Custodian&#146;s Representations:</font></b></i><b><font style='font-size:10pt'></font></b><font style='font-size:10pt'> The Custodian represents and warrants to the Trust that (such representations and warranties being deemed to be repeated upon each occasion of withdrawal of Bullion under this Agreement):</font></p> </td> </tr></table>
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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
						<td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>the Custodian has all necessary authority, powers, consents, licences and authorisations (which have not been revoked) and has taken all necessary action to enable it lawfully to enter into and perform its duties and obligations under this Agreement;</font></p> </td> </tr></table>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
						<td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(2) </font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>the persons entering into this Agreement on behalf of the Custodian have been duly Authorized to do so; and</font></p> </td> </tr></table>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
						<td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(3) </font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>this Agreement and the obligations created under it are binding upon the Custodian and enforceable against the Custodian in accordance with its terms (subject to applicable principles of equity) and do not and will not violate the terms of the Rules or any order, charge or agreement by which the Custodian is bound.</font></p> </td> </tr></table>
</div>
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 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>9.</font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>FEES AND EXPENSES</font></B></U></p> </td> </tr></table>
</div>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>9.1 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Fees:</font></b></i><font style='font-size:10pt'> There will be no fees charged by the Custodian for the services provided by it under this Agreement. Payment of such fees will be made by the Sponsor under the Allocated Account Agreement.</font></p> </td> </tr></table>
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 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>9.2</font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Expenses:</font></b></i><font style='font-size:10pt'> The Trustee has procured the Sponsor&#146;s written agreement, to which the Custodian has agreed, to pay to the Custodian on demand all costs, charges and expenses (excluding (i) any relevant taxes and VAT, duties and other governmental charges, (ii) fees for storage and insurance of the Bullion, which will be recovered under the Allocated Account Agreement, and (iii) indemnification obligations of the Trustee under clause 11.5, which will be paid under the following sentence) incurred by the Custodian in connection with the performance of its duties and obligations under this Agreement or otherwise in connection with the Bullion. The Trustee will procure payment on demand, solely from and to the extent of the assets of the Trust, of any other costs, charges and expenses not paid by the
Sponsor under its agreement with the Custodian procured under this clause 9.2 (including any relevant taxes and VAT, duties, other governmental charges and indemnification claims of </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>12</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>the Custodian payable by the Trustee pursuant to clause 11.5, but excluding fees for storage and insurance of the Bullion, which will be recovered under the Allocated Account Agreement) incurred by the Custodian in connection with the Bullion.</font></p>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>9.3 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Default Interest:</font></b></i><b><font style='font-size:10pt'> </font></b><font style='font-size:10pt'>If neither the Trustee nor the Sponsor, as the case may be, procures payment to the Custodian of any amount when it is due, the Custodian reserves the right to charge the relevant party interest (both before and after any judgment) on any such unpaid amount calculated at a rate equal to 1% above the overnight London Interbank Offered Rate (LIBOR) for the currency in which the amount is due. Interest will accrue on a daily basis and will be due and payable as a separate debt. </font></p> </td> </tr></table>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>9.4</font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Credit Balances:  </font></b></i><font style='font-size:10pt'>No interest or other amount will be paid by the Custodian on any credit balance on an Unallocated Account.</font></p> </td> </tr></table>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>9.5 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Recovery from Trust:</font></b></i><font style='font-size:10pt'> Amounts payable pursuant to this clause 9 shall not be debited from the Unallocated Account, but shall be payable on behalf of the Trust, and the Custodian hereby acknowledges that it will have no recourse against Bullion standing to the credit of the Unallocated Account or to the Trustee in respect of any such amounts.</font></p> </td> </tr></table>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>10.</font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>VALUE ADDED TAX</font></B></U></p> </td> </tr></table>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>10.1 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>VAT Inclusive:</font></b></i><font style='font-size:10pt'> All sums payable under this Agreement by the Trust to the Custodian shall be deemed to be inclusive of VAT if and to the extent VAT is properly chargeable on any supplies made by the Custodian to the Trust pursuant to this Agreement.</font></p> </td> </tr></table>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>10.2 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>VAT Invoice:</font></b></i><font style='font-size:10pt'> If VAT is properly chargeable on any supplies made by the Custodian to the Trust pursuant to this Agreement, the Custodian shall provide a valid VAT invoice to the Trust.</font></p> </td> </tr></table>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>11.</font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>SCOPE OF RESPONSIBILITY</font></B></U></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>11.1 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Exclusion of Liability:</font></b></i><b><font style='font-size:10pt'></font></b><font style='font-size:10pt'> The Custodian will use reasonable care in the performance of its duties under this Agreement and will only be responsible for any loss or damage suffered as a direct result of any negligence, fraud or wilful default on its part in the performance of its duties, and in which case its liability will not exceed the market value of the Bullion lost or damaged at the time such negligence, fraud or wilful default is discovered by the Custodian, provided that the Custodian notifies the Trust and the Trustee promptly after any discovery of such lost or damaged Bullion. If the Custodian delivers from the Unallocated Account Bullion that is not of the fine weight the Custodian has represented to the Trustee, recovery by the Trustee, to the extent
such recovery is otherwise allowed, shall not be barred by any delay in asserting a claim because of the failure to discover such loss or damage regardless of whether such loss or damage could or should have been discovered.</font></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>11.2</font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>No Duty or Obligation: </font></b></i><font style='font-size:10pt'>The Custodian is under no duty or obligation to make </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>13</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>or take any special arrangements or precautions beyond those required by the Rules or as specifically set forth in this Agreement.</font></p>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>11.3</font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Insurance:</font></b></i><font style='font-size:10pt'> The Custodian (or one of its Affiliates) shall make such insurance arrangements from time to time in connection with the Custodian&#146;s custodial obligations under this Agreement as the Custodian considers appropriate and will be responsible for all costs, fees and expenses (including any relevant taxes) in relation to such insurance policy or policies. Upon reasonable prior written notice, in connection with the preparation of the initial registration statement under the United States Securities Act of 1933, as amended, covering any Shares, the Custodian will allow its insurance to be reviewed by the Trustee and by the Sponsor. The Custodian also will allow the Trustee and the Sponsor to review such insurance in connection with any amendment to that initial registration statement and from
time to time, in each case upon reasonable prior written notice from the Trustee. Any permission to review the Custodian&#146;s insurance is limited to the term of this Agreement and is conditioned on the reviewing party executing a form of confidentiality agreement provided by the Custodian, or if the confidentiality agreement is already in force, acknowledging that the review is subject thereto.</font></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>11.4 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Force Majeure:</font></b></i><b><font style='font-size:10pt'></font></b><font style='font-size:10pt'> The Custodian shall not be liable for any delay in performance, or for the non-performance of any of its obligations under this Agreement by reason of any cause beyond the Custodian&#146;s reasonable control. This includes any act of God or war or terrorism or any breakdown, malfunction or failure of transmission, communication or computer facilities, industrial action, acts and regulations of any governmental or supra national bodies or authorities or regulatory or self-regulatory organization or failure of any such body, authority or organization, for any reason, to perform its obligations; provided, however, that the Custodian agrees to use reasonable efforts to assist the Trustee in finding a replacement custodian (including, but not limited
to, agreeing to an assignment of its rights and obligations hereunder) should any event described in this clause 11.4 so prevent the Custodian from performing its obligations.</font></p> </td> </tr></table>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>11.5 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Indemnity:</font></b></i><b><font style='font-size:10pt'></font></b><font style='font-size:10pt'> The Trustee, solely from and to the extent of the assets of the Trust, shall indemnify and keep indemnified the Custodian (on an after tax basis) on demand against all costs and expenses, damages, liabilities and losses (other than VAT and the expenses assumed by the Sponsor under its agreement with the Custodian procured under clause 9.2) which the Custodian may suffer or incur, directly or indirectly in connection with this Agreement except to the extent that such sums are due directly to the negligence, wilful default or fraud of the Custodian.</font></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>11.6</font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Third Parties:</font></b></i><font style='font-size:10pt'> Except with respect to the Trust, which shall be considered a beneficiary of this entire Agreement, and the Sponsor, which shall be a beneficiary (as applicable) of clauses 2.6 and 11.3, the Custodian does not owe any duty or obligation or have any liability towards any person who is not a party to this Agreement. Except as set forth in this clause 11.6, this Agreement does not confer a benefit on any person who is not a party to it. The parties to this Agreement do not intend that any term of this Agreement shall be </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>14</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>enforceable by any person who is not a party to it and do intend that the Contracts (Rights of Third Parties) 1999 Act shall not apply to this Agreement, provided that the Sponsor may enforce its rights under clauses 2.6 and 11.3. Nothing in this paragraph is intended to limit the obligations hereunder of any successor Trustee of the Trust or to limit the right of any successor Trustee of the Trust to enforce the Custodian&#146;s obligations hereunder.</font></p>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>12. </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>TERM AND TERMINATION</font></B></U></p> </td> </tr></table>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>12.1 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Method:</font></b></i><font style='font-size:10pt'> Subject to clause 12.2 below, either the Trustee or the Custodian may terminate this Agreement for any reason including if the Custodian or Zurich Sub-Custodian ceases to offer the services contemplated by this Agreement to its clients or proposes to withdraw from the Bullion business, by giving not less than 90 days&#146; written notice to the other party. Any such notice given by the Trustee must specify:</font></p> </td> </tr></table>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1) </font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>the date on which the termination will take effect;</font></p> </td> </tr></table>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(2) </font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>the person to whom the Bullion is to be made available; and</font></p> </td> </tr></table>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(3) </font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>all other necessary arrangements for the redelivery of the Bullion to the order of the Trustee.</font></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>12.2</font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Term:</font></b></i><b><font style='font-size:10pt'> </font></b><font style='font-size:10pt'>This Agreement shall have a fixed term up to and including five years and will automatically renew for a further term of five years thereafter unless terminated by the parties in accordance with this clause 12;</font><font style='font-size:11pt'> </font><i><font style='font-size:10pt'>provided that</font></i><font style='font-size:10pt'> during such periods this Agreement may be terminated immediately upon written notice as follows:</font></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1) </font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>by the Trustee, if the Custodian ceases to offer the services contemplated by this Agreement to its clients or proposes to withdraw from the Bullion business; </font></p> </td> </tr></table>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(2) </font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>by the Trustee or the Custodian, if it becomes unlawful for the Custodian to be a party to this Agreement or to offer its services to the Trust on the terms contemplated by this Agreement or if it becomes unlawful for the Trustee or the Trust to receive such services or for the Trustee to be a party to this Agreement; </font></p> </td> </tr></table>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(3) </font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>by the Custodian, if there is any event which, in the Custodian&#146;s reasonable view, indicates the Trust&#146;s insolvency or impending insolvency;</font></p> </td> </tr></table>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(4)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>by the Trustee, if there is any event which, in the Trustee&#146;s sole view, indicates the Custodian&#146;s insolvency or impending insolvency; </font></p> </td> </tr></table>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(5)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>by the Trustee, if the Trust is to be terminated; or</font></p> </td> </tr></table>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(6)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>by the Trustee or by the Custodian, if the Allocated Account Agreement ceases to be in full force and effect at any time.</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>15</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>


<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>12.3 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Change in Trustee:</font></b></i><font style='font-size:10pt'> If there is any change in the identity of the Trustee in accordance with the Trust Agreement, then the Custodian, the Trustee and the Trust shall execute such documents and shall take such actions as the new Trustee and the outgoing Trustee may reasonably require for the purpose of vesting in the new Trustee the rights and obligations of the outgoing Trustee, and releasing the outgoing Trustee from its future obligations under this Agreement.</font></p> </td> </tr></table>
</div>
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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>12.4 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Redelivery Arrangements: </font></b></i><font style='font-size:10pt'>If the Trustee does not make arrangements acceptable to the Custodian for the redelivery of the Bullion the Custodian may continue to store the Bullion, in which case the Custodian will continue to charge the fees and expenses payable under clause 10 of the Allocated Account Agreement. If the Trustee has not made arrangements acceptable to the Custodian for the redelivery of the Bullion within six months of the date specified in the termination notice as the date on which the termination will take effect, the Custodian will be entitled to sell the Bullion and account to the Trustee for the proceeds.</font></p> </td> </tr></table>
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 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>12.5 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Existing Rights:</font></b></i><b><font style='font-size:10pt'></font></b><font style='font-size:10pt'> Termination shall not affect rights and obligations then outstanding under this Agreement which shall continue to be governed by this Agreement until all obligations have been fully performed.</font></p> </td> </tr></table>
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 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>13. </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>NOTICES</font></B></U></p> </td> </tr></table>
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 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>13.1</font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Transfer Notices: </font></b></i><font style='font-size:10pt'>Subject to clause 5.1, any Transfer Notice shall be in writing in English and shall be marked &#147;Urgent &#150; This Requires Immediate Attention&#148; and signed by or on behalf of the party giving it (or its duly authorized representative). Any Transfer Notice shall be sent either by facsimile or such other authenticated method as may, from time to time, be agreed between the parties. Any Transfer Notice shall be deemed to have been given, made or served upon actual receipt by the recipient.</font></p> </td> </tr></table>
</div>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>13.2 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>General Notices:</font></b></i><font style='font-size:10pt'>  Any General Notice shall be in writing in English and shall be marked &#147;Urgent &#150; This Requires Immediate Attention&#148; and shall be signed by or on behalf of the party giving it (or its duly authorized representative). Any General Notice shall be given, made or served by sending the same by pre-paid registered post (first class if inland, first class airmail if overseas) or facsimile transmission. Any General Notice sent by pre-paid registered post shall be deemed to have been received three London/Zurich Business Days in the case of inland post or seven London/Zurich Business Days in the case of overseas post after dispatch. Any General Notice sent by facsimile shall be deemed to have been given, made or served upon actual receipt by the recipient.</font></p> </td> </tr></table>
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 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>13.3</font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>The addresses and numbers of the parties for the purposes of clauses 13.1 and 13.2 are:</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>16</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'>&nbsp;</p>
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                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="15%" valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>The Custodian:</font></p> </td>
        <td width="2%" valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="78%" valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>JPMorgan Chase Bank, N.A.</font></p> </td> </tr>
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        <td valign=top >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>125 London Wall, London EC2Y 5AJ</font></p> </td> </tr>
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        <td valign=top >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Attention: Peter Smith &#150; Global Commodities</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Facsimile No. +44 207 777 4915</font></p> </td> </tr>
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        <td valign=top >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>The Trustee:</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>The Bank of New York Mellon</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>2 Hanson Place</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Brooklyn, New York 11217</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Attention: Donald Guire</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Facsimile: 718-315-4927</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>or such other address or facsimile number as shall have been notified (in accordance with this clause) to the other party hereto. The address and numbers of the Sponsor for purposes of receiving notices under this Agreement is:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="15%" valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>The Sponsor:</font></p> </td>
        <td width="2%" valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="78%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>ETF Securities USA LLC</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>c/o ETF Securities Representative Office </font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>6<sup>th</sup> Floor</font></p> </td> </tr>
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        <td valign=top >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>2 London Wall Buildings</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>London EC2M 5UU</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Telephone: +442074404330 </font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Attention: US Fund Services </font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>13.4 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Recording of Calls:</font></b></i><font style='font-size:10pt'> Each of the Custodian and the Trustee may record telephone conversations without use of a warning tone. Such records will be the recording party&#146;s sole property and accepted by the other parties hereto as evidence of the orders or instructions given.</font></p> </td> </tr></table>
</div>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>14. </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>GENERAL</font></B></U></p> </td> </tr></table>
</div>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>14.1</font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Role of Trustee: </font></b></i><font style='font-size:10pt'>The Trustee is a party to this Agreement solely in its capacity as Trustee for the Shareholders and accordingly (i) the Trustee shall only be liable to satisfy any obligations under this Agreement, including any obligations or liabilities arising in connection with any default by the Trustee under this Agreement, to the extent of the assets held from time to time by the Trustee as trustee of the trusts constituted by the Trust Agreement (the &#147;</font><b><font style='font-size:10pt'>Trust Assets</font></b><font style='font-size:10pt'>&#148;) to the extent authorized by the Trust Agreement and (ii) no recourse shall be had to (a) any assets other than the Trust Assets, including any of the assets held by the Trustee as trustee, co-trustee or nominee of a trust other than the trusts
constituted by the Trust Agreement, as owner in its individual capacity or in any way other than as trustee of the trusts constituted by the Trust Agreement; or (b) the Trustee for any assets that have been distributed by the Trustee to the beneficiaries of the trusts constituted by the Trust Agreement.</font></p> </td> </tr></table>
</div>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>14.2</font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>No Advice:</font></b></i><font style='font-size:10pt'> The Custodian&#146;s duties and obligations under this Agreement do not include providing the other party hereto with investment advice. In asking </font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>17</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>the Custodian to open and maintain the Unallocated Account, the Trustee acknowledges that it is acting pursuant to the Trust Agreement and the Custodian shall not owe the Trustee or the Trust any duty to exercise any judgment on their behalf as to the merits or suitability of any deposits into, or withdrawals from, the Unallocated Account.</font></p>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>14.3 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Rights and Remedies:</font></b></i><b><font style='font-size:10pt'></font></b><font style='font-size:10pt'> The Custodian hereby waives any right it has or may hereafter acquire to combine, consolidate or merge the Metal Accounts with any other account of the Trust or the Trustee or to set off any liabilities of the Trust or of the Trustee to the Custodian and agrees that it may not set off, transfer or combine or withhold payment of any sum standing to the credit or to be credited to the Metal Accounts in or towards or conditionally upon satisfaction of any liabilities to it of the Trust or the Trustee. Subject thereto, the Custodian&#146;s rights under this Agreement are in addition to, and independent of, any other rights which the Custodian may have at any time in relation to the Bullion.</font></p> </td> </tr></table>
</div>
<div align=left>
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 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>14.4 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Assignment:</font></b></i><b><font style='font-size:10pt'></font></b><font style='font-size:10pt'> This Agreement is for the benefit of and binding upon the parties hereto and their respective successors and assigns. Save as expressly provided herein, no party may assign, transfer or encumber, or purport to assign, transfer or encumber any right or obligation under this Agreement unless the other party otherwise agrees in writing except that consent is not required where the Custodian assigns, transfers or encumbers any right or obligation under this Agreement to an Affiliate. This clause shall not restrict the Custodian&#146;s power to merge or consolidate with any party, or to dispose of all or part of its custody business and further provided that this clause shall not restrict the Trustee from assigning its rights hereunder to a Shareholder
to the extent required for the Trust to fulfill its obligations under the Trust Agreement.</font></p> </td> </tr></table>
</div>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>14.5 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Amendments:</font></b></i><b><font style='font-size:10pt'></font></b><font style='font-size:10pt'> Any amendment to this Agreement must be agreed in writing and be signed by all of the parties hereto. Unless otherwise agreed, an amendment will not affect any legal rights or obligations which may already have arisen.</font></p> </td> </tr></table>
</div>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>14.6 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Partial Invalidity:</font></b></i><font style='font-size:10pt'> If any of the clauses (or part of a clause) of this Agreement becomes invalid or unenforceable in any way under the Rules or any law, the validity of the remaining clauses (or part of a clause) will not in any way be affected or impaired.</font></p> </td> </tr></table>
</div>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>14.7 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Entire Agreement: </font></b></i><font style='font-size:10pt'>This document represents the entire agreement between the parties in respect of its subject matter save for any agreements made with fraudulent intent, and excludes any prior agreements or representations. This Agreement supersedes and replaces any prior existing agreement between the parties hereto relating to the same subject matter.</font></p> </td> </tr></table>
</div>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>14.8 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Counterparts:</font></b></i><font style='font-size:10pt'> This Agreement may be executed in any number of counterparts each of which when executed and delivered is an original, but all the counterparts together constitute the same agreement.</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>18</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>


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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>14.9 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Business Days:</font></b></i><b><font style='font-size:10pt'></font></b><font style='font-size:10pt'> If any obligation falls due to be performed on a day which is not a New York Business Day or a London/Zurich Business Day, as the case may be, then the relevant obligations shall be performed on the next succeeding New York Business Day or London/Zurich Business Day, as applicable.</font></p> </td> </tr></table>
</div>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>14.10 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Prior Agreements:</font></b></i><font style='font-size:10pt'> The Custodian or any member of the JP Morgan group of companies (the &#147;</font><b><font style='font-size:10pt'>JP Morgan Group</font></b><font style='font-size:10pt'>&#148;) may trade in Shares for its own account as principal, may have underwritten or may underwrite an issue of  Shares or, together with any such entities&#146; directors, officers or employees, may have a long or short position in Shares or in any related security or instrument. Brokerage or other fees may be earned by any member of the JP Morgan Group or persons associated with them in respect of any business transacted by them in all or any of the aforementioned securities or instruments. This Agreement supersedes and replaces any prior existing agreement between the parties hereto relating to the same subject
matter.</font></p> </td> </tr></table>
</div>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>15.</font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><U><B><font STYLE='FONT-SIZE:10PT'>GOVERNING LAW AND JURISDICTION</font></B></U></p> </td> </tr></table>
</div>
<div align=left>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>15.1 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Governing Law:</font></b></i><font style='font-size:10pt'> This Agreement is governed by, and will be construed in accordance with, English law.</font></p> </td> </tr></table>
</div>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>15.2 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Jurisdiction: </font></b></i><font style='font-size:10pt'>The Trustee and the Custodian agree that the courts of the State of New York, in the United States of America, and the United States federal court located in the Borough of Manhattan in such state are to have jurisdiction to settle any disputes or claims which may arise out of or in connection with this Agreement and, for these purposes the Trustee and the Custodian irrevocably submits to the non-exclusive jurisdiction of such courts, waive any claim of forum non conveniens and any objection to laying of venue, and further waive any personal service. </font></p> </td> </tr></table>
</div>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>15.4 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Waiver of Immunity: </font></b></i><font style='font-size:10pt'>To the extent that the Trustee may in any jurisdiction claim for it as Trustee, the Trust or its assets any immunity from suit, judgment, enforcement or otherwise howsoever, the Trustee agrees not to claim and irrevocably waives any such immunity which it would otherwise be entitled to (whether on grounds of sovereignty or otherwise) to the full extent permitted by the laws of such jurisdiction.</font></p> </td> </tr></table>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>15.5 </font></b></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Service of Process:</font></b></i><b><font style='font-size:10pt'></font></b><font style='font-size:10pt'> Process by which any proceedings are begun may be served on a party by being delivered to the address specified below. This does not affect any right to serve process in another manner permitted by law.</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><i><b><font style='font-size:10pt'>Custodian&#146;s Address for service of process:</font></b></i></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>JPMorgan Chase Bank, N.A. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>125 London Wall, London EC2Y 5AJ</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>Attention: Peter Smith &#150; Global Commodities</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>19</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><i><font style='font-size:10pt'>With a copy to:</font></i></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>JPMorgan Chase Bank, N.A.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>125 London Wall, 13<sup>th</sup> Floor</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>London EC2Y 5AJ</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>Facsimile No.: +44 (0)20 7325 8150</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>Attention: Legal Department-FX and Derivatives Group</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><i><b><font style='font-size:10pt'>Trustee&#146;s Address for service of process:</font></b></i></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>The Bank of New York Mellon</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>One Wall Street</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>New York, New York 10286 </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>Attention: Legal Department</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>20</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><B><font STYLE='FONT-SIZE:10PT'>EXECUTED </font></B><font style='font-size:10pt'>by the parties:</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Signed on behalf of and for </font><B><font STYLE='FONT-SIZE:10PT'>JPMORGAN CHASE BANK, N.A. </font></B><font style='font-size:10pt'>by</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<div align=center>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="8%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Signature&nbsp;</font></p> </td>
        <td width="2%" valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="42%" valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>/s/ Peter L. Smith&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="4%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="42%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>

 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Name&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Peter L. Smith&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>

 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Title&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Executive Director&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Signed on behalf of and for </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'><b>THE BANK OF NEW YORK MELLON solely in its capacity as trustee of the ETFS Palladium Trust and not individually by</b></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<div align=center>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="8%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Signature&nbsp;</font></p> </td>
        <td width="2%" valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="42%" valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>/s/ Andrew Pfeifer&nbsp;</font></p> </td>
        <td width="1%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="4%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="42%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Name&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Andrew Pfeifer&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Title&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Vice President&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><i><font style='font-size:10pt'>[Signature Page to ETFS Palladium Unallocated Account Agreement]</font></i></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>21</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>12
<FILENAME>c57028_ex10-3.htm
<TEXT>

<HTML>

<HEAD><TITLE></TITLE></HEAD>
<BODY>
<P align="right">
<FONT size=2 face="serif">Exhibit 10.3</FONT></P>
<br>
<P align="center">
<B><FONT size=5>The Depository Trust Company </FONT></B><BR>
<B><FONT>A subsidiary of the Depository Trust &amp; Clearing Corporation</FONT></B><BR>
<BR>
<B><FONT>BLANKET ISSUER LETTER OF REPRESENTATIONS </FONT></B></P>
<P align="center">
<B><FONT>ETFS PALLADIUM TRUST</FONT></B></P>
<P align="right">
<FONT><U>June 25, 2009</U><br>
(Date)</FONT></P>
<P align="left">
<FONT>Attention: Underwriting Department</FONT><BR>
<B><FONT>The Depository Trust Company </FONT></B><BR>
<FONT>55 Water Street, 1SL </FONT><BR>
<FONT>New York, NY 10041-0099 </FONT><BR>
<BR>
<FONT>Ladies and Gentlemen: </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This letter sets forth our understanding with respect to all issues (the &#147;Securities&#148;) that Issuer shall request to be made eligible for deposit by the Depository Trust Company (&#147;DTC&#148;). </P>
<P align="left">
<FONT>Issuer is formed under the laws of the State of New York. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT>To induce DTC to accept the Securities as eligible for deposit at DTC, and to act in accordance with DTC&#146;s Rules with respect to the Securities, Issuer represents to DTC that issuer will comply with the requirements stated
in DTC&#146;s Operational Arrangements, as they may be amended from time to time. </FONT></P>
<TABLE width="90%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<U><FONT size=2>Note</FONT></U><FONT size=2>:</FONT>    </TD>
        <TD  width=10%>&nbsp;   </TD>
        <TD colspan="2">
      <FONT>Very truly yours,</FONT>    </TD>
  </TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2>Schedule A contains statements that DTC believes</FONT>    </TD>
        <TD  width=10%>&nbsp;   </TD>
        <TD  width=3%>&nbsp;</TD>
        <TD align=left width=42% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2>accurate describe DTC, the method of effecting</FONT>      </TD>
        <TD  width=10%>&nbsp;   </TD>
        <TD colspan="2">
      <B><FONT>ETFS PALLADIUM TRUST,</FONT></B>    </TD>
  </TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2>book-entry transfers of securities distributed</FONT>      </TD>
        <TD  width=10%>&nbsp;   </TD>
        <TD  width=3%>&nbsp;</TD>
        <TD align=left width=42% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size=2>through DTC, and certain related matters.</FONT>   </TD>
        <TD  width=10%>&nbsp;   </TD>
        <TD colspan="2">
      <FONT>by ETF Securities USA LLC, as sponsor</FONT>        </TD>
  </TR>
<TR>
        <TD colspan=5>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<FONT size="2">Received and Accepted</FONT>      </TD>
    <TD  width=10%>&nbsp;   </TD>
        <TD  width=3%><FONT size=2>By:</FONT></TD>
        <TD align=left width=42% nowrap style="border-bottom:1px solid #000000;"><FONT size=2>/s/
            Greg Burgess</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>
<B><FONT size="2">THE DEPOSITORY TRUST COMPANY</FONT></B>        </TD>
    <TD  width=10%>&nbsp;   </TD>
        <TD  width=3%>&nbsp;</TD>
        <TD align=center width=42% nowrap>
<FONT size=2>(Authorized Officer&#146;s Signature)</FONT> </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=3% nowrap>
<FONT size="2">By:</FONT>        </TD>
    <TD align=left width=42% nowrap style="border-bottom:1px solid #000000;"><font size="2">/s/ The Depository Trust Company</font></TD>
    <TD  width=10%>&nbsp;   </TD>
        <TD  width=3%>&nbsp;</TD>
        <TD align=center width=42% style="border-bottom:1px solid #000000;"><FONT size=2>Greg
        Burgess</FONT> </TD>
</TR>
<TR>
        <TD>&nbsp;      </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><FONT size=1>(Print Name)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left nowrap>&nbsp;        </TD>
        <TD  width=10%>&nbsp;   </TD>
        <TD  width=3%>&nbsp;</TD>
        <TD align=center width=42% nowrap style="border-bottom:1px solid #000000;"><FONT size=2>Ordnance
            House, 31 Pier Road, St. Helier JE48 PW</FONT></TD>
</TR>
<TR>
        <TD>&nbsp;      </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><FONT size=1>(Street Address)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">

        <TD colspan="2" align=left nowrap>&nbsp;        </TD>
        <TD  width=10%>&nbsp;   </TD>
        <TD  width=3%>&nbsp;</TD>
        <TD align=center width=42% nowrap style="border-bottom:1px solid #000000;"><FONT size=2>Jersey,
            Channel Islands</FONT></TD>
</TR>
<TR>
        <TD colspan=2 rowspan="8"><img src="ex10-3x1x1.jpg" border=0>                                   </TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="42%" align="center"><FONT size=1>(City, State, Country, Zip)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD  width=10%>&nbsp;   </TD>
        <TD  width=3%>&nbsp;</TD>
        <TD align=center width=42% nowrap style="border-bottom:1px solid #000000;"><FONT size=2>011-44-77-997-8005</FONT></TD>
</TR>
<TR>
        <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="42%" align="center"><FONT size=1>(Phone Number)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD  width=10%>&nbsp;   </TD>
        <TD  width=3%>&nbsp;</TD>
        <TD align=center width=42% nowrap style="border-bottom:1px solid #000000;"><FONT size=2>Greg.Burgess@etfsecurities.com</FONT></TD>
</TR>
<TR valign="bottom">
        <TD  width=10%>&nbsp;   </TD>
        <TD  width=3%>&nbsp;</TD>
        <TD align=center width=42% nowrap>
<FONT size=1>(Email Address)</FONT>     </TD>
</TR>
<TR valign="bottom">
  <TD  width=10%>&nbsp;</TD>
  <TD  width=3%>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<BR>

<HR noshade align="center" width="100%" size=4 >





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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>ex10-3x1x1.jpg
<DESCRIPTION>GRAPHIC
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>14
<FILENAME>c58962_ex10-4.htm
<TEXT>

<HTML>
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   <TITLE> -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
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<BODY bgcolor="#ffffff">
<P align="right">
<FONT size=2 face="serif">Exhibit 10.4</FONT></P>
<br>


<P align="center">
<B><FONT size=2 face="serif">ETFS PALLADIUM TRUST </FONT></B><BR>
<B><FONT size=2 face="serif">MARKETING AGENT AGREEMENT</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">MARKETING AGENT AGREEMENT (the &#147;Agreement&#148;)
made as of July 16, 2009, on behalf of ETFS Palladium Trust, a New York trust
(the &#147;Fund&#148; or
the &#147;Trust&#148;), by and among ETFS Marketing, LLC, a
Delaware limited liability company, as agent of the Fund (&#147;ETFS Marketing&#148;)
and ALPS Distributors, Inc., a Colorado corporation (the &#147;Marketing Agent&#148;).
Capitalized terms used but not defined in this Agreement shall have the  meaning
ascribed thereto in the Trust&#146;s Prospectus included its Registration Statement
on Form S-1 (Registration No. 333-158380), as it may be amended from time-to-time. </FONT></P>
<P align="center">
<FONT size=2 face="serif">W I T N E S S E T H:</FONT></P>
<P align="left">
<FONT size=2 face="serif">WHEREAS, ETF Securities USA LLC, as sponsor of the Trust (the &#147;Sponsor&#148;), on behalf of the Fund, has filed with the Securities and Exchange Commission (the &#147;Commission&#148; or &#147;SEC&#148;) a registration
statement on Form S-1 (Registration No. 333-158380) and amendments thereto, including as part thereof a prospectus (the &#147;Prospectus&#148;), under the Securities Act of 1933, as amended (the &#147;1933 Act&#148;), the forms of which have
heretofore been delivered to the Marketing Agent; and </FONT></P>
<P align="left">
<FONT size=2 face="serif">WHEREAS, ETFS Marketing has been engaged to provide marketing services in the United States; and </FONT></P>
<P align="left">
<FONT size=2 face="serif">WHEREAS, the Trust and ETFS Marketing wish to employ the Marketing Agent in connection with the performance of the services listed in </FONT><U><FONT size=2 face="serif">Schedule A</FONT></U><FONT size=2 face="serif"> and
additional services as may be agreed from time-to-time;</FONT></P>
<P align="left">
<FONT size=2 face="serif">NOW, THEREFORE, in consideration of the mutual promises and undertakings herein contained, the parties agree as follows: </FONT></P>
<P align="left">
<FONT size=2 face="serif">1. Registration &#151; ETFS Marketing has furnished or will furnish, upon request, the Marketing Agent with copies of the Trust&#146;s trust agreement, custodian agreements, transfer agency agreement, current prospectus,
and all forms relating to any plan, program or service offered by the Trust. ETFS Marketing shall furnish, within a reasonable time period, to the Marketing Agent a copy of any amendment or supplement to any of the above-mentioned documents. Upon
request, ETFS Marketing shall furnish promptly to the Marketing Agent any additional documents necessary or advisable to perform its functions hereunder. As used in this Agreement the terms &#147;registration statement,&#148; &#147;prospectus&#148;
shall mean any registration statement and prospectus filed by the Trust with the SEC and any amendments and supplements thereto that are filed with the SEC. </FONT></P>
<P align="left">
<FONT size=2 face="serif">2. </FONT><U><FONT size=2 face="serif">Representations and Warranties of ETFS Marketing</FONT></U><FONT size=2 face="serif"> &#150; ETFS Marketing represents and warrants and covenants the following:  </FONT></P>
<P align="left">
<FONT size=2 face="serif">(a) ETFS Marketing has been duly organized and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with full power and authority to conduct its business as described
in the Registration Statement and the Prospectus, and has all requisite power and authority to execute and deliver this Agreement; </FONT></P>
<P align="left">
<FONT size=2 face="serif">(b) the Fund and ETFS Marketing are duly qualified and are in good standing in each jurisdiction where the conduct of its business requires such qualification; and</FONT></P>

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<P align="left">
<FONT size=2 face="serif">(d) this Agreement has been duly authorized, executed and delivered by ETFS Marketing and constitutes the valid and binding obligations of ETFS Marketing, enforceable against ETFS Marketing in accordance with its terms.
</FONT></P>
<P align="left">
<FONT size=2 face="serif">3. </FONT><U><FONT size=2 face="serif">Representations and Warranties of the Marketing Agent</FONT></U><FONT size=2 face="serif"> - The Marketing Agent represents and warrants and covenants the following:</FONT></P>
<P align="left">
<FONT size=2 face="serif">(a) The Marketing Agent is registered as a broker-dealer under the Exchange Act, and is a member in good standing of the Financial Industry Regulatory Authority (&#147;FINRA&#148;) and is qualified to act as a broker or
dealer in the states or other jurisdictions where the nature of its business so requires; and has all other necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any federal, state, local or
foreign law, regulation or rule, and has obtained all necessary authorizations, consents and approvals from other Persons, in order to conduct its activities as contemplated by this Agreement. The Marketing Agent will maintain any such
registrations, qualifications and membership in good standing and in full force and effect throughout the term of this Agreement. The Marketing Agent will comply with all applicable federal laws, including but not limited to, federal securities and
commodities laws, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder, and with the Constitution, By-Laws and Conduct Rules of FINRA;</FONT></P>
<P align="left">
<FONT size=2 face="serif">(b) The Marketing Agent (i) has been duly organized and is validly existing as a corporation in good standing under the laws of the State of Colorado, with full power and authority to conduct its business and has all
requisite power and authority to execute and deliver this Agreement and (ii) is duly qualified and is in good standing in each jurisdiction where the conduct of its business requires such qualification; and </FONT></P>
<P align="left">
<FONT size=2 face="serif">(c) This Agreement has been duly authorized, executed and delivered by the Marketing Agent and constitutes the valid and binding obligations of the Marketing Agent, enforceable against the Marketing Agent in accordance with
its terms. </FONT></P>
<P align="left">
<FONT size=2 face="serif">4. </FONT><U><FONT size=2 face="serif">Fees and Trust Expenses</FONT></U><FONT size=2 face="serif"> &#151; (a) In consideration of the services to be performed by the Marketing Agent hereunder as set forth on
</FONT><U><FONT size=2 face="serif">Schedule A</FONT></U><FONT size=2 face="serif"> attached hereto and as it may be amended from time-to-time, ETFS Marketing will pay the Marketing Agent an annual fee in the amount of &#36;20,000 per annum to be
paid in 1/12 equal monthly installments commencing on launch date of the Trust, subject to any limitation imposed by any law, rule or regulation applicable to any of the parties hereto. The fee shall not exceed &#36;100,000 for the five-year period
beginning from the date of this agreement. </FONT></P>
<P align="left">
<FONT size=2 face="serif">(b) ETFS Marketing shall reimburse the Marketing Agent for any reasonable fees or disbursements incurred by the Marketing Agent in connection with the performance by the Marketing Agent of its duties under and pursuant to
this Agreement including, but not limited to, the items identified as Out of Pocket Expenses in Schedule B of this agreement. These fees shall not exceed &#36;92,725 for the five-year period beginning from the date of this agreement. Further, unless
otherwise agreed to by the parties hereto in writing, the Marketing Agent shall not be responsible for fees and expenses in connection with (a) filing of any registration statement, printing and the distribution of any prospectus under the 1933 Act
and amendments prepared for use in connection with the offering of shares for sale to the public, preparing, setting in type, printing and mailing the prospectus, and any supplements thereto sent to shareholders of the Trust, (b) preparing, setting
in type, printing and mailing any report (including annual and semi-annual reports) or other communication to shareholders of the Trust, and (c) the Blue Sky registration and qualification of shares of the Trust for sale in the various states in
which the officers of the Trust shall determine it advisable to qualify such shares of the Trust for sale (including registering the Trust as a broker or dealer or any officer of the Trust or any Trust as agent or salesman in any state).</FONT></P>
<P align="center">
<FONT size=2 face="serif">2</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="left">
<FONT size=2 face="serif">5. </FONT><U><FONT size=2 face="serif">Use of the Marketing Agent&#146;s Name</FONT></U><FONT size=2 face="serif"> &#151; Neither the Trust nor ETFS Marketing, or any of their affiliates, shall use the name of the Marketing
Agent, or any of its affiliates, in any prospectus, sales literature, and other material relating to the Trust in any manner without the prior written consent of the Marketing Agent (which shall not be unreasonably withheld); </FONT><U><FONT size=2
face="serif">provided</FONT></U><FONT size=2 face="serif">, </FONT><U><FONT size=2 face="serif">however</FONT></U><FONT size=2 face="serif">, that the Marketing Agent hereby approves all lawful uses of the names of the Marketing Agent and its
affiliates in the prospectus of the Trust and in all other materials which merely refer to accurate terms to their appointment hereunder or which are required by the SEC, FINRA, OCC or any state securities authority. </FONT></P>
<P align="left">
<FONT size=2 face="serif">6. </FONT><U><FONT size=2 face="serif">Use of the Trust&#146;s Name</FONT></U><FONT size=2 face="serif"> &#151; Neither the Marketing Agent nor any of its affiliates shall use the name of the Trust in any publicly
disseminated materials, including sales literature in any manner without the prior consent of ETFS Marketing (which shall not be unreasonably withheld); </FONT><U><FONT size=2 face="serif">provided</FONT></U><FONT size=2 face="serif">,
</FONT><U><FONT size=2 face="serif">however</FONT></U><FONT size=2 face="serif">, that ETFS Marketing hereby approves all lawful uses of its or the Trust&#146;s names in any required regulatory filings of the Marketing Agent which merely refer in
accurate terms to the appointment of the Marketing Agent hereunder, or which are required by the SEC, FINRA, or any state securities authority. </FONT></P>
<P align="left">
<FONT size=2 face="serif">7. </FONT><U><FONT size=2 face="serif">Indemnification of Marketing Agent</FONT></U><FONT size=2 face="serif"> - ETFS Marketing agrees to indemnify, defend and hold harmless the Marketing Agent, its partners, stockholders,
members, directors, officers and employees of the foregoing, and the successors and assigns of all of the foregoing, from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which the Marketing
Agent or any such person may incur under the 1933 Act, the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;), the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon:
</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(a)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=90%>
<FONT size=2 face="serif">any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or in the Registration Statement as amended or supplemented) or in a Prospectus (the term Prospectus being deemed
to include the Prospectus and the Prospectus as amended or supplemented), or arises out of or is based upon any omission or alleged omission to state a material fact required to be stated in either such Registration Statement or such Prospectus or
necessary to make the statements made therein not misleading, except for any statements provided in writing, directly or indirectly through ETFS Marketing, by the Marketing Agent to the Sponsor for inclusion in such Registration Statement or such
prospectus or any material omissions therefrom;</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(b)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=90%>
<FONT size=2 face="serif">any untrue statement or alleged untrue statement of a material fact or breach by ETFS Marketing of any representation or warranty contained in this Agreement;</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(c)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=90%>
<FONT size=2 face="serif">the failure by ETFS Marketing to perform when and as required any agreement or covenant contained herein;</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(d)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=90%>
<FONT size=2 face="serif">any untrue statement of any material fact contained in any audio or visual materials provided by ETFS Marketing or based upon written information furnished by or on behalf of ETFS Marketing
including, without limitation, slides, videos, films or tape recordings used
in connection with the marketing of the Trust;</font></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(e)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=90%>
<FONT size=2 face="serif">the Marketing Agent&#146;s performance of its duties under this Agreement except in the case of this clause (e), for any loss, damage, expense, liability or claim resulting from the gross negligence or willful misconduct of
the Marketing Agent. In no case is the indemnity of ETFS Marketing in favor of the Marketing Agent deemed to protect the Marketing Agent against any liability to ETFS Marketing to which the Marketing Agent would otherwise be subject by reason of
willful misfeasance, bad faith or gross negligence in the performance of</FONT>	</TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">3</FONT></P>

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<div style="margin-left:10%">
<P align="left">
<FONT size=2 face="serif">its duties or by reason of its reckless disregard of its obligations and duties under this Agreement. </FONT></P>
<P align="left">
<FONT size=2 face="serif">If any action, suit or proceeding (each, a &#147;Proceeding&#148;) is brought against the Marketing Agent in respect of which indemnity may be sought against ETFS Marketing pursuant to the foregoing paragraph, the Marketing
Agent shall promptly notify ETFS Marketing in writing of the institution of such Proceeding and ETFS Marketing shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to such indemnified party and
payment of all fees and expenses; provided, however, that the omission to so notify ETFS Marketing shall not relieve ETFS Marketing from any liability which it may have to the Marketing Agent hereunder except to the extent that it has been
materially prejudiced by such failure. The Marketing Agent shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Marketing Agent unless the employment of
such counsel shall have been authorized in writing by ETFS Marketing in connection with the defense of such Proceeding or ETFS Marketing shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have
charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from, additional to or in conflict with those available to ETFS
Marketing (in which case ETFS Marketing shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by ETFS Marketing and paid as
incurred (it being understood, however, that ETFS Marketing shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction
representing the indemnified parties who are parties to such Proceeding).</FONT></P>
<P align="left">
<FONT size=2 face="serif">ETFS Marketing shall not be liable for any settlement of any Proceeding effected without ETFS Marketing&#146;s written consent, but if settled with ETFS Marketing&#146;s written consent, ETFS Marketing agrees to indemnify
and hold harmless the Marketing Agent from and against any loss or liability by reason of such settlement. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the
indemnified party for fees and expenses of counsel as contemplated by the second sentence of the foregoing paragraph, then the indemnifying party agrees that it shall be liable for any settlement of any Proceeding effected without its written
consent if (i) such settlement is entered into more than 60 Business Days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall not have fully reimbursed the indemnified party in accordance with such
request prior to the date of such settlement and (iii) such indemnified party shall have given the indemnifying party at least 30 Business Days&#146; prior notice of its intention to settle. No indemnifying party shall, without the prior written
consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless
such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding and does not include an admission of fault, culpability or a failure to act, by or on behalf of
such indemnified party. </FONT></P>
</div>
<P align="left">
<FONT size=2 face="serif">8. </FONT><U><FONT size=2 face="serif">Indemnification of ETFS Marketing and the Trust</FONT></U><FONT size=2 face="serif"> - The Marketing Agent agrees to indemnify, defend and hold harmless ETFS Marketing and the Trust,
their partners, shareholders, members, directors, officers and employees of the foregoing, and the controlling persons of all of the foregoing, within the meaning of Section 15 of the 1933 Act or Section 20 of the Exchange Act, and the successors
and assigns of all of the foregoing, from and against any loss, damage, expense, liability or claim (including the</FONT></P>
<P align="center">
<FONT size=2 face="serif">4</FONT></P>

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<P align="left">
<FONT size=2 face="serif">reasonable cost of investigation) which ETFS Marketing may incur under the 1933 Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon
any untrue statement or alleged untrue statement of a material fact contained in and in conformity with information furnished in writing, directly or indirectly through ETFS Marketing, by or on behalf of the Marketing Agent to the Sponsor expressly
for use in the Registration Statement (or in the Registration Statement as amended or supplemented by any post-effective amendment thereof) or in a Prospectus, or arises out of or is based upon any omission or alleged omission to state a material
fact in connection with such information required to be stated in such Registration Statement or such Prospectus or necessary to make such information not misleading. </FONT></P>
<P align="left">
<FONT size=2 face="serif">The Marketing Agent will also indemnify ETFS Marketing and the Trust as stated above insofar as such loss, damage, expense, liability or claim arises out of or is based upon the Marketing Agent&#146;s performance of its
duties under this Agreement, except in the case of any loss, damage, expense, liability or claim resulting from the gross negligence or willful misconduct of ETFS Marketing or the Trust. In no case is the indemnity of the Marketing Agent in favor of
ETFS Marketing and the Trust to be deemed to protect ETFS Marketing and the Trust against any liability to the Marketing Agent to which ETFS Marketing or the Trust would otherwise be subject by reason of willful misfeasance, bad faith or gross
negligence in the performance of its duties or by reason of its reckless disregard of ETFS Marketing&#146;s obligations and duties under this Agreement. </FONT></P>
<P align="left">
<FONT size=2 face="serif">If any Proceeding is brought against ETFS Marketing or the Trust in respect of which indemnity may be sought against the Marketing Agent pursuant to the first paragraph of this Section 8, ETFS Marketing shall promptly
notify the Marketing Agent in writing of the institution of such Proceeding and the Marketing Agent shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to such indemnified party and payment of all
fees and expenses; provided, however, that the omission to so notify the Marketing Agent shall not relieve the Marketing Agent from any liability hereunder which it may have to ETFS Marketing except to the extent that it has been materially
prejudiced by such failure. ETFS Marketing and the Trust shall have the right to employ their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of ETFS Marketing unless the employment of such counsel
shall have been authorized in writing by the Marketing Agent in connection with the defense of such Proceeding or the Marketing Agent shall not have, within a reasonable period of time in light of the circumstances, employed counsel to defend such
Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from or additional to or in conflict with those available to the Marketing Agent (in which case
the Marketing Agent shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties, but the Marketing Agent may employ counsel and participate in the defense thereof but the fees and expenses of such
counsel shall be at the expense of the Marketing Agent), in any of which events such fees and expenses shall be borne by the Marketing Agent and paid as incurred (it being understood, however, that the Marketing Agent shall not be liable for the
expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).</FONT></P>
<P align="left">
<FONT size=2 face="serif">The Marketing Agent shall not be liable for any settlement of any such Proceeding effected without the written consent of the Marketing Agent but if settled with the written consent of the Marketing Agent, the Marketing
Agent agrees to indemnify and hold harmless ETFS Marketing and the Trust from and against any loss or liability by reason of such settlement. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an
indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of the foregoing paragraph, then the indemnifying party agrees that it shall be liable for any settlement of any Proceeding
effected without its written consent if (i) such settlement is entered into more than 60 Business Days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall not have reimbursed the</FONT></P>
<P align="center">
<FONT size=2 face="serif">5</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="left">
<FONT size=2 face="serif">indemnified party in accordance with such request prior to the date of such settlement and (iii) such indemnified party shall have given the indemnifying party at least 30 Business Days&#146; prior notice of its intention
to settle. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is or could have been a party and indemnity
could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding. </FONT></P>
<P align="left">
<FONT size=2 face="serif">9. </FONT><U><FONT size=2 face="serif">Term</FONT></U><FONT size=2 face="serif"> &#151; This Agreement shall become effective as of December 30, 2009, and shall continue until two years from such date and thereafter shall
continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by ETFS Marketing.  This Agreement is terminable without penalty on sixty (60) days&#146; written notice by ETFS
Marketing or by the Marketing Agent. This Agreement shall automatically terminate in the event of its assignment. </FONT></P>
<P align="left">
<FONT size=2 face="serif">Upon the termination of this Agreement, the Marketing Agent, at ETFS Marketing&#146;s expense and direction, shall transfer to such successor, as ETFS Marketing shall specify, all relevant books, records and other data
established or maintained by the Marketing Agent under this Agreement. </FONT></P>
<P align="left">
<FONT size=2 face="serif">10. </FONT><U><FONT size=2 face="serif">Notice</FONT></U><FONT size=2 face="serif"> &#151; Any notice required or permitted to be given by any party to the other shall be deemed sufficient if sent by (i) telecopier (fax) or
(ii) registered or certified mail, postage prepaid, addressed by the party giving notice to the other party at the last address furnished by the other party to the party giving notice: </FONT></P>
<div style="margin-left:5%">
<P align="left">
<FONT size=2 face="serif">if to the Trust or ETFS Marketing, at:</FONT><BR>
<BR>
<FONT size=2 face="serif">ETFS Marketing LLC </FONT><BR>
<FONT size=2 face="serif">555 California Street, Suite 2900 </FONT><BR>
<FONT size=2 face="serif">San Francisco, CA 94104 </FONT><BR>
<FONT size=2 face="serif">Attn: Fred Jheon </FONT></P>
<P align="left">
<FONT size=2 face="serif">with a copy to</FONT></P>
<P align="left">
<FONT size=2 face="serif">ETFS Palladium Trust </FONT><BR>
<FONT size=2 face="serif">c/o ETF Securities Representative Office</FONT><BR>
<FONT size=2 face="serif">6th Floor </FONT><BR>
<FONT size=2 face="serif">2 London Wall Buildings </FONT><BR>
<FONT size=2 face="serif">London, EC2M 5UU </FONT><BR>
<FONT size=2 face="serif">Telephone: 011 44 207 448-4330 </FONT><BR>
<FONT size=2 face="serif">Attention: President </FONT><BR>
<BR>
<FONT size=2 face="serif">if to the Marketing Agent at: </FONT><BR>
<BR>
<FONT size=2 face="serif">ALPS Distributors, Inc. </FONT><BR>
<FONT size=2 face="serif">1290 Broadway, Suite 1100</FONT><BR>
<FONT size=2 face="serif">Denver, Colorado, 80203</FONT><BR>
<FONT size=2 face="serif">Attn: General Counsel </FONT></P>
</div>
<P align="left">
<FONT size=2 face="serif">or such other telecopier (fax) number or address as may be furnished by one party to the other. </FONT></P>
<P align="left">
<FONT size=2 face="serif">11. </FONT><U><FONT size=2 face="serif">Confidential Information</FONT></U><FONT size=2 face="serif"> &#151; The Marketing Agent, its officers, directors, employees and agents will treat confidentially and as proprietary
information of the Trust, all records and other information relative to the Trust. If the Marketing Agent is requested or required by, but not limited to, depositions,</FONT></P>
<P align="center">
<FONT size=2 face="serif">6</FONT></P>

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<P align="left">
<FONT size=2 face="serif">interrogatories, requests for information or documents, subpoena, civil investigation, demand or other action, proceeding or process or as otherwise required by law, statute, regulation, writ, decree or the like to disclose
such information, the Marketing Agent will provide ETFS Marketing with prompt written notice of any such request or requirement so that ETFS Marketing may seek an appropriate protective order or other appropriate remedy and/or waive compliance with
this provision. If such order or other remedy is not sought, or obtained, or waiver not received within a reasonable period following such notice, then the Marketing Agent may without liability hereunder, disclose to the person, entity or agency
requesting or requiring the information, that portion of the information that is legally required in the reasonable opinion of the Marketing Agent&#146;s counsel. </FONT></P>
<P align="left">
<FONT size=2 face="serif">12. </FONT><U><FONT size=2 face="serif">Miscellaneous</FONT></U><FONT size=2 face="serif"> &#151; Each party agrees to perform such further acts and execute such further documents as are necessary to effectuate the purposes
hereof.  The Agreement shall be construed, interpreted, and enforced in accordance with and governed by the laws of the State of Colorado. The captions in this Agreement are included for convenience of reference only and in no way define or delimit
any of the provisions hereof or otherwise affect their construction or effect. This Agreement may not be changed, waived, discharged or amended except by written instrument that shall make specific reference to this Agreement and which shall be
signed by the party against which enforcement of such change, waiver, discharge or amendment is sought. This Agreement may be executed simultaneously in two or more counterparts, each of which taken together shall constitute one and the same
instrument. </FONT></P>
<P align="left">
<FONT size=2 face="serif">ETFS Marketing shall provide all information to the Marketing Agent necessary for the Marketing Agent to perform its obligations under applicable securities laws and regulations as they relate to the transactions
contemplated in this agreement; and agrees that its employees registered with and supervised by the Marketing Agent will comply with the Written Supervisory Procedures of the Marketing Agent, which may be amended from time to time. </FONT></P>
<P align="center">
<I><FONT size=2 face="serif">[Signature Page to Follow]</FONT></I></P>
<P align="center">
<FONT size=2 face="serif">7</FONT></P>

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<P align="left">
<B><FONT size=2 face="serif">IN WITNESS WHEREOF</FONT></B><FONT size=2 face="serif">, each of the undersigned has executed this instrument in its name and behalf as of the date and year first above written. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=60% align=left nowrap>&nbsp;</TD>
  <TD colspan="2" align=left nowrap>
<B><FONT size=2 face="serif">ETFS MARKETING, LLC</FONT></B>&nbsp;	</TD>
  </TR>
<TR>
  <TD width="60%">&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
	<TD width="36%">&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD width=60% align=left nowrap>&nbsp;</TD>
  <TD width=4% align=left nowrap><FONT size=2 face="serif">By:</FONT></TD>
	<TD width=36% align=left nowrap style="border-bottom:1px solid #000000">
<FONT size=2 face="serif"> /s/
Fred Jheon</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width=60% align=left nowrap>&nbsp;</TD>
  <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Name: Fred Jheon</FONT>&nbsp;	</TD>
  </TR>
<TR valign="bottom">
  <TD width=60% align=left nowrap>&nbsp;</TD>
  <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Title: President &amp; Chief Executive Officer</FONT>&nbsp;	</TD>
  </TR>
<TR>
  <TD width="60%">&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
	<TD width="36%">&nbsp;	</TD>
</TR>
<TR>
  <TD width="60%">&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
	<TD width="36%">&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD width=60% align=left nowrap>&nbsp;</TD>
  <TD colspan="2" align=left nowrap>
<B><FONT size=2 face="serif">ALPS DISTRIBUTORS, INC.</FONT></B>&nbsp;	</TD>
  </TR>
<TR>
  <TD width="60%">&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
	<TD width="36%">&nbsp;	</TD>
</TR>
<TR>
  <TD width="60%">&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
	<TD width="36%">&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD width=60% align=left nowrap>&nbsp;</TD>
  <TD width=4% align=left nowrap><FONT size=2 face="serif">By:</FONT></TD>
	<TD width=36% align=left nowrap style="border-bottom:1px solid #000000">
<FONT size=2 face="serif"> /s/ Thomas A. Carter</FONT>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD width=60% align=left nowrap>&nbsp;</TD>
  <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Name: Thomas A. Carter</FONT>&nbsp;	</TD>
  </TR>
<TR valign="bottom">
  <TD width=60% align=left nowrap>&nbsp;</TD>
  <TD colspan="2" align=left nowrap>
<FONT size=2 face="serif">Title: President</FONT>&nbsp;	</TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">8</FONT></P>

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<P align="center">
<B><FONT size=2 face="serif">Schedule A </FONT></B><BR>
<BR>
<B><FONT size=2 face="serif">Marketing Agent Services</FONT></B></P>
<UL>
<LI>
<FONT size=2 face="serif">Review marketing related legal documents and contracts.</FONT></LI>
<LI>
<FONT size=2 face="serif">Consult with ETFS Marketing&#146;s marketing staff and on development of FINRA compliant</FONT> <FONT size=2 face="serif">marketing campaigns.</FONT></LI>
<LI>
<FONT size=2 face="serif">Consult with Trust&#146;s legal counsel on marketing materials that are deemed to qualify as a</FONT> <FONT size=2 face="serif">free-writing prospectus materials and appropriate disclosure associated with all
marketing</FONT> <FONT size=2 face="serif">materials.</FONT></LI>
<LI>
<FONT size=2 face="serif">Review and file applicable marketing materials with FINRA that don&#146;t otherwise qualify as</FONT> <FONT size=2 face="serif">free-writing prospectus materials.</FONT></LI>
<LI>
<FONT size=2 face="serif">Register and oversee supervisory activities of unlimited number of FINRA licensed registered</FONT> <FONT size=2 face="serif">representatives.</FONT></LI>
<LI>
<FONT size=2 face="serif">Maintain, reproduction and storage of applicable books and records related to the services</FONT> <FONT size=2 face="serif">provided under this Agreement.</FONT></LI>
</UL>
<P align="center">
<FONT size=2 face="serif">9</FONT></P>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>15
<FILENAME>c58962_ex23-1.htm
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:right;'><b><font style='font-size:10pt'>Exhibit 23.1</font></b></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><font STYLE='FONT-SIZE:10PT'>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>We consent to the use in this Amendment No. 3 to Registration Statement No. 333-158380 of ETFS Palladium Trust on Form S-1 of our report dated December 30, 2009, appearing in the Prospectus, which is part of this Registration Statement, and to the reference to us under the heading &#147;Experts&#148; in such Prospectus.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;line-height:200%;'><font style='font-size:10pt'>DELOITTE &amp; TOUCHE LLP</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>New York, New York</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>December 30, 2009</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>16
<FILENAME>c58962_ex99-1.htm
<TEXT>

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<P align="right">
<FONT size=2 face="serif">Exhibit 99.1</FONT></P>
<br>


<div align="right"><img src="ex99-1x1x1.jpg" alt="letterhead" width="290" height="257"></div>


<P align="left">
<FONT size=2 face="serif">ETF Securities USA LLC </FONT><BR>
<FONT size=2 face="serif">as sponsor to ETFS Palladium Trust </FONT><BR>
<FONT size=2 face="serif">ETF Securities Representative Office</FONT><BR>
<FONT size=2 face="serif">2 London Wall Buildings </FONT><BR>
<FONT size=2 face="serif">6th Floor </FONT><BR>
<FONT size=2 face="serif">London, EC2M 5UU </FONT><BR>
<FONT size=2 face="serif">United Kingdom </FONT><BR>
<BR>
<FONT size=2 face="serif">December 31, 2009 </FONT></P>
<P align="left">
<FONT size=2 face="serif">Dear Sirs</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">ETFS PALLADIUM TRUST &#150; Form S-1 Registration Statement under the Securities Act of 1933 </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">1</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">We act as English legal advisers to ETF Securities
USA LLC, a Delaware limited liability company acting as sponsor to ETFS Palladium
Trust (<B>the Trust</B>), in connection with the preparation and filing of a Registration
Statement on Form S-1 (Registration No. 333-158380), as amended (<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>), originally filed on April 2,
2009, and as  amended by Amendment No. 1 filed on April 27, 2009, Amendment No.
2 filed on October 20, 2009 and Amendment No. 3 filed on December 31, 2009. The
Registration Statement related to the proposed registration under the 1933 Act
of 12,880,000 shares of  fractional undivided beneficial interest in and ownership
of the Trust.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">2</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">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>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">3</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">We are solicitors qualified in England and express no opinion as to any law other than English law at the date hereof. This opinion is governed by and construed in accordance with English law.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">4</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">For the purpose of the opinion contained in this letter, we have examined the following only:</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">4.1</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">the form of ETFS Palladium Trust Allocated Account Agreement 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>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">4.2</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">the form of ETFS Palladium Trust Unallocated Account Agreement 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; (together with the ETFS Palladium Trust Allocated Bullion Account Agreement, </FONT><B><FONT size=2 face="serif">the Custody Agreements</FONT></B><FONT size=2 face="serif">).</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">5</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">The opinion set out in this letter is based upon the following assumptions:</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>

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<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">5.1</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">that the Custody Agreements which we have examined and on which we have based the opinion set out in this letter are in the form in which they will be executed and delivered;</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">5.2</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">that all signatures, stamps or seals, if any, on all documents supplied to us as originals or as copied of originals are genuine;</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">5.3</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">that all documents submitted to us are authentic and complete;</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">5.4</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">that the parties to the Custody Agreements have the legal right and full power and authority to enter into and perform the Custody Agreements and any other documents to be executed by them pursuant to or in connection with
the Custody Agreements and that the Custody Agreements will when executed constitute valid and binding obligations on the parties in accordance with their terms;</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">5.5</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">that all corporate or constitutional action required by the parties to the Custody Agreements validly and duly authorise the execution and delivery of, and to exercise their rights and perform their obligations under, the
Custody Agreements has been duly taken;</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">5.6</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">that all documents submitted to us as copied conform to the original documents and such originals are authentic and complete;</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">5.7</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">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>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">5.8</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">that to the extent that any obligation under the Custody Agreements, is to be performed in any jurisdiction other than English, its performance will not be illegal, non-binding or unenforceable under the laws of such
jurisdiction (as to which we express no opinion); and</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">5.9</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">that the Custodian, the Trustee and any other person referred to in the Custody Agreements have been duly incorporated and are validly existing and will have due power and authority (at the relevant time) to enter into and
be bound by the arrangements contemplated by the Custody Agreements.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">6</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">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 when duly executed and delivered,
the Custody Agreements will constitute legally binding obligations of the parties thereto and would be enforceable if brought before a court in England and Wales.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">7</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">The opinion set out in paragraph 6 above (</FONT><B><FONT size=2 face="serif">the Opinion</FONT></B><FONT size=2 face="serif">) is subject to the following qualifications:</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">7.1</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">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>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>

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<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">7.2</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">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>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">7.3</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">if proceedings relating to the Custody Agreements are brought before an English court, permission will 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>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">7.4</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">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>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">7.5</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">we have reviewed the Custody Agreements in isolation from the rules, regulations, practices and customs of the London Platinum and Palladium Market 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 palladium or banking or custody arrangements and as to which we consequently express no opinion;</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">7.6</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">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 in outside England and Wales;</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">7.7</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">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>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">7.8</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">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>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">7.9</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">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, issued of public policy and procedure of general application; the
term does not address the extend to which a judgment obtained in a court outside England will be enforceable in England;</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">7.10</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">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>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">7.11</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">the power of the English court to grant equitable remedies, such as specific performance and injunctions, is discretionary and, accordingly where an equitable</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>

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<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT size=2 face="serif">remedy is sought an English court might, instead, make an award of damages if it considered this an adequate remedy;</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">7.12</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">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>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">7.13</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">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;</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">7.14</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">the effectiveness and enforceability of the terms exculpating a party from a liability or duty are limited by law;</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">7.15</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">the questions 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, as its total discretion;</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">7.16</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">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>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">7.17</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">any obligation to pay additional amounts in circumstances of breach of default might be held to be unenforceable under English law on the ground that it is a penalty;</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">7.18</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">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>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">7.19</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">provisions considered by the English courts to lack certainty may not be enforceable;</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">7.20</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">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, or is contrary to any applicable mandatory rules or
would be unlawful in the place where it is to be performed;</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">7.21</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">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; and</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">7.22</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">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 law in force as at today&#146;s date and upon existing documents of which we
have knowledge.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">8</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=95%>
<FONT size=2 face="serif">This opinion is furnished by Katten Muchin Rosenman Cornish LLP solely for the benefit of ETF Securities USA LLC for use in connection with the Registration Statement. It 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</FONT>	<font size=2 face="serif">Securities
USA LLC other than in connection with the Registration Statement, in each case
without our prior written consent.</font></TD>
</TR>

<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>

<P align="left">
<FONT size=2 face="serif">Yours faithfully </FONT></P>
<P align="left">
<FONT size=2 face="serif">/s/ Katten Muchin Rosenman Cornish LLP</FONT></P>
<P align="left">
<FONT size=2 face="serif">Katten Muchin Rosenman Cornish LLP </FONT></P>

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                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>575 Madison Avenue</font><br> <font style='font-size:8pt'>New York, NY 10022-2585</font><br> <font style='font-size:8pt'>212.940.8800 tel</font><br> <font style='font-size:8pt'>212.940.8776 fax</font><font color="#FFFFFF"><font style='font-size:8pt'>..</font></font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><B><font STYLE='FONT-SIZE:8PT'>P</font><font STYLE='FONT-SIZE:6PT'>ETER </font><font STYLE='FONT-SIZE:8PT'>J</font><font style='font-size:6pt'>. </font><font STYLE='FONT-SIZE:8PT'>S</font><font STYLE='FONT-SIZE:6PT'>HEA</font></B><br> <font style='font-size:8pt'>peter.shea@kattenlaw.com</font><br>
                        <font style='font-size:8pt'>212.940.6447 direct</font><br> <font style='font-size:8pt'>704.344.3195 fax</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>December 30, 2009</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><U><font STYLE='FONT-SIZE:10PT'>VIA EDGAR</font></U></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Securities and Exchange Commission</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>Washington, D.C. 20549</font></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><i><b><font style='font-size:10pt'>Pre-Effective Amendment No. 3 to Registration on Form S-1 </font></b></i></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><i><b><font style='font-size:10pt'>ETFS Palladium Trust </font></b></i></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><i><b><font style='font-size:10pt'>Registration No.: 333-158380</font></b></i></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Dear Ladies and Gentlemen:</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:0.36in;text-align:left;'><font style='font-size:10pt'>On behalf of ETF Securities USA LLC (the &#147;</font><i><font style='font-size:10pt'>Sponsor</font></i><font style='font-size:10pt'>&#148;), our client and the sponsor of</font><i><font style='font-size:10pt'> </font></i><font style='font-size:10pt'>the</font><i><font style='font-size:10pt'> </font></i><font style='font-size:10pt'>ETFS Palladium Trust (the &#147;</font><i><font style='font-size:10pt'>Trust</font></i><font style='font-size:10pt'>&#148;), we are filing with this correspondence pre-effective Amendment No.&nbsp;3 (the &#147;</font><i><font style='font-size:10pt'>Amendment</font></i><font style='font-size:10pt'>&#148;) to the Trust&#146;s registration statement on Form&nbsp;S-1 (the &#147;</font><i><font style='font-size:10pt'>Registration Statement</font></i><font style='font-size:10pt'>&#148;) concerning the registration of the ETFS Physical Palladium Shares
under the Securities Act of 1933 (the &#147;</font><i><font style='font-size:10pt'>Securities</font></i><font style='font-size:10pt'> </font><i><font style='font-size:10pt'>Act</font></i><font style='font-size:10pt'>&#148;). Blacklined copies of the Amendment that have been marked to show changes as against pre-effective Amendment No. 2 to the Registration Statement (filed on October 20, 2009) are being sent to the staff of the Securities and Exchange Commission under separate cover. Capitalized terms used but not defined herein are used with the meanings given to them in the Amendment. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:0.36in;text-align:left;'><font style='font-size:10pt'>With respect to the staff&#146;s comment letter to the Sponsor dated October 30, 2009 by Mr.&nbsp;H. Roger Schwall, we offer the following responses (the headings below corresponding to the headings in such comment letter with the numbered responses corresponding to the comment numbers of the comment letter). We have also made changes to the Registration Statement where appropriate in order to conform the Trust&#146;s prospectus to changes made or being made in response to comments received from the staff regarding registration statements of other registrants sponsored by the Sponsor. </font></p>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><u><b><font style='font-size:10pt'>Since there is no limit..., page 7</font></b></u></p>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>1.</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>The requested disclosure has been included.</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:0.36in;text-align:left;'><font style='font-size:10pt'>With respect to the staff&#146;s comment letter to the Sponsor dated April 29, 2009 by Mr.&nbsp;H. Roger Schwall, we offer the following responses (the headings below corresponding to the headings in such comment letter with the numbered responses corresponding to the comment</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Securities and Exchange Commission</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>December 30, 2009</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>Page 2</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>numbers of the comment letter). Comments numbered 1 and 2 in such letter were addressed in and the response thereto submitted with the filing of pre-effective Amendment No. 2.</font></p>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><u><b><font style='font-size:10pt'>Overview of the Palladium Industry, page 14</font></b></u></p>
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      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>3.</font></p> </td>
<td width="92%" valign=top style='padding:8.0pt 0in 0in 0in;'>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>The noted statement has been clarified to reconcile with later statements concerning palladium autocatalyst demand.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><u><b><font style='font-size:10pt'>The Investment Sector, page 14</font></b></u></p>
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      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>4.</font></p> </td>
<td width="92%" valign=top style='padding:8.0pt 0in 0in 0in;'>
        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>A quantification of the percentage of palladium demand in 2008 represented by investors has been added. Moreover, the palladium supply and demand data in the table following such disclosure has been updated and now includes
&#147;Investment&#148; demand data as separate from &#147;Other&#148; demand data.  Footnote definitions, based on information supplied in the &#147;Johnson Matthew, Palladium 2009: Interim Review&#148;, have also been added to clarify the meanings
of the more generalized demand categories.</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:0.36in;text-align:left;'><font style='font-size:10pt'>We have made such changes as have been requested in order to complete and include all information not previously included in the filing. All required exhibits, including the legality opinion have been included. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:0.36in;text-align:left;'><font style='font-size:10pt'>The filing now includes the required financial statements and corresponding accountant&#146;s report, in compliance with Item 11(c) of Form S-1. All disclosures required by Item 11 of Form S-1 have been included. All required consents of experts and counsel are included in the filing. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:0.36in;text-align:left;'><font style='font-size:10pt'>All Trust, Sponsor and Trust service provider personnel participating in the preparation of the Registration Statement are cognizant of their disclosure responsibilities to investors.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:0.36in;text-align:left;'><font style='font-size:10pt'>In the event that the Sponsor requests acceleration of the effective date of the Registration Statement on behalf of the Trust, it will furnish a letter containing the requested acknowledgements. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:0.36in;text-align:left;'><font style='font-size:10pt'>Please do not hesitate to contact me at (212) 940-6447 or Gregory Xethalis at (212) 940-8587 if you have any questions or comments with respect to the foregoing responses or the Amendment.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Very truly yours,</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'>  </p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><br> <font style='font-size:10pt'>/s/ Peter J. Shea</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Peter J. Shea</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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      <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>cc (w/enclosures):</font></p> </td>
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      <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Mr.&nbsp;H. Roger Schwall</font><br> <font style='font-size:10pt'>Ms.&nbsp;Tracy L. McNeil</font><br> <font style='font-size:10pt'>Ms.&nbsp;Sandra Eisen</font><br> <font style='font-size:10pt'>Mr.&nbsp;Graham Tuckwell</font><br> <font style='font-size:10pt'>Mr.&nbsp;Greg Burgess</font><br> <font style='font-size:10pt'>Mr.&nbsp;Gregory Xethalis</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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