<SEC-DOCUMENT>0000930413-12-001269.txt : 20120301
<SEC-HEADER>0000930413-12-001269.hdr.sgml : 20120301
<ACCEPTANCE-DATETIME>20120301134751
ACCESSION NUMBER:		0000930413-12-001269
CONFORMED SUBMISSION TYPE:	POS AM
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20120301
DATE AS OF CHANGE:		20120301

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ETFS Precious Metals Basket Trust
		CENTRAL INDEX KEY:			0001483386
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		POS AM
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164769
		FILM NUMBER:		12656655

	BUSINESS ADDRESS:	
		STREET 1:		ETF SECURITIES USA LLC
		STREET 2:		48 WALL STREET, 11TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
		BUSINESS PHONE:		212-918-4954

	MAIL ADDRESS:	
		STREET 1:		ETF SECURITIES USA LLC
		STREET 2:		48 WALL STREET, 11TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
</SEC-HEADER>
<DOCUMENT>
<TYPE>POS AM
<SEQUENCE>1
<FILENAME>c68736_posam.htm
<TEXT>

<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>

<P ALIGN=CENTER><FONT SIZE=2><B>As filed with the Securities and Exchange
Commission on March 1, 2012</B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2><B>Registration No. 333-164769</B></FONT></P>

<HR WIDTH="100%" SIZE="4" COLOR=BLACK STYLE="MARGIN-TOP: -5PX">
<HR WIDTH="100%" SIZE="1" COLOR=BLACK STYLE="MARGIN-TOP: -10PX">

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

<P ALIGN=CENTER><FONT SIZE="3"><B>POST-EFFECTIVE AMENDMENT NO. 1<BR>
TO</B></FONT><BR>
<FONT SIZE="5"><B>FORM S-1</B></FONT><BR>
<FONT SIZE="3"><B>ON</B></FONT><BR>
<FONT SIZE="5"><B>F<SMALL>ORM</SMALL> S-3</B></FONT><BR>
<FONT SIZE="3"><B>REGISTRATION STATEMENT UNDER<BR>
THE SECURITIES ACT OF 1933</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE="6"><B>ETFS PRECIOUS METALS BASKET TRUST</B> </FONT><B> <BR>
</B><FONT SIZE="2"><B>Sponsored by ETF Securities USA LLC</B> </FONT><B> <BR>
</B><FONT SIZE="2">(Exact name of Registrant as specified in its charter) </FONT> </P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="30%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="30%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="30%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>New York</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>1040</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>27-2780046</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(State
 or other jurisdiction of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(Primary
 Standard Industrial</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(I.R.S.
 Employer</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>incorporation
 or organization)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Classification
 Code Number)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Identification
 No.)</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2><B>48 Wall Street<BR>
11th Floor<BR>
New York, NY 10005<BR>
(212) 918-4954<BR>
</B>(Address, including
zip code, and telephone number, including area code,<BR>
of Registrant&#146;s principal executive offices)</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>Corporation Service Company<BR>
80 State Street<BR>
Albany, NY 12207-2543<BR>
(800) 927-9800</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>(Name, address, including zip code, and telephone number, including
area code, of agent for service)</FONT></P>

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

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>Kathleen H. Moriarty, Esq.<BR>
 Katten Muchin Rosenman LLP<BR>
 575 Madison Avenue<BR>
 New York, NY 10022</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>Peter J. Shea, Esq.<BR>
 Katten Muchin Rosenman LLP<BR>
 575 Madison Avenue<BR>
 New York, NY 10022</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximate
date of commencement of proposed sale to the public:</B> As soon as practicable after this
registration statement becomes effective.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the only securities being registered on this Form are being offered pursuant to
dividend or interest reinvestment plans, please check the following box. <FONT FACE=WINGDINGS>o</FONT></FONT></P>

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

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If

any of the securities being registered on this Form are to be offered on a
delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, other than securities offered only in connection with dividend or
interest reinvestment plans, check the following box. <FONT FACE=WINGDINGS>x</FONT></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this Form is filed to register additional securities for an offering pursuant
to Rule 462(b) under the Securities Act, please check the following box and
list the Securities Act registration statement number of the earlier effective
registration statement for the same offering. <FONT FACE=WINGDINGS>o</FONT></FONT></P>

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

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this Form is a registration statement pursuant to General Instruction I.D. or a
post-effective amendment thereto that shall become effective upon filing with
the Commission pursuant to Rule 462(e) under the Securities Act, check the
following box. <FONT FACE=WINGDINGS>o</FONT></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this Form is a post-effective amendment to a registration statement filed
pursuant to General Instruction I.D. filed to register additional securities or
additional classes of securities pursuant to Rule 413(b) under the Securities
Act, check the following box. <FONT FACE=WINGDINGS>o</FONT></FONT></P>

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

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="68%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="31%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Large accelerated filer <FONT  FACE=WINGDINGS>o</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Accelerated filer <FONT  FACE=WINGDINGS>x</FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Non-accelerated filer <FONT  FACE=WINGDINGS>o</FONT> (Do not check if a smaller reporting
 company)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Smaller reporting company <FONT  FACE=WINGDINGS>o</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR SIZE=1 WIDTH="20%" NOSHADE COLOR=BLACK ALIGN=CENTER>
<P><FONT SIZE=2>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>

<HR WIDTH="100%" SIZE="1" color=black noshade style="margin-top: -2px">
<HR WIDTH="100%" SIZE="4" color=black noshade style="margin-top: -10px">

<P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>EXPLANATORY NOTE</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>This Post-Effective Amendment No. 1 to Form S-1
    on Form S-3 is being filed to convert the Registration Statement on Form
    S-1 (Commission File No. 333-164769) into a Registration Statement on Form
S-3.</FONT></P>

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

<P ALIGN=CENTER><FONT SIZE=2><img src="c68736001_v1.jpg" ALT="(ETF SECURITIES LOGO)"></font></P>

<P ALIGN=CENTER><FONT SIZE=3><B> 13,350,000 ETFS Physical PM Basket Shares</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=5><B>ETFS Precious Metals Basket Trust</B></FONT></P>

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

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

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

<P><FONT SIZE=2><B>Investing in the Shares involves significant
risks. See &#147;Risk Factors&#148; starting on page 7.</B></FONT></P>

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

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

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

<P ALIGN=CENTER><FONT SIZE=2>The date of this prospectus is March 1, 2012.</FONT></P>

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

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2><B>Page</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c68736a001_v1">STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>ii</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c68736a002_v1">GLOSSARY OF DEFINED TERMS</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>ii</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c68736a003_v1">PROSPECTUS SUMMARY</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>1</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c68736a004_v1">THE OFFERING</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>2</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c68736a005_v1">RISK FACTORS</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>7</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c68736a006_v1">USE OF PROCEEDS</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>17</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c68736a007_v1">OVERVIEW OF THE BULLION INDUSTRIES</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>18</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c68736a008_v1">OPERATION OF THE BULLION MARKETS</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>28</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c68736a009_v1">BUSINESS OF THE TRUST</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>36</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c68736a010_v1">DESCRIPTION OF THE TRUST</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>41</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c68736a011_v1">THE SPONSOR</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>42</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c68736a012_v1">THE TRUSTEE</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>43</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c68736a013_v1">THE CUSTODIAN</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>44</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c68736a014_v1">DESCRIPTION OF THE SHARES</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>45</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c68736a015_v1">CUSTODY OF THE TRUST&#146;S BULLION</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>46</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c68736a016_v1">DESCRIPTION OF THE CUSTODY AGREEMENTS</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>47</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c68736a017_v1">CREATION AND REDEMPTION OF SHARES</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>51</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c68736a018_v1">DESCRIPTION OF THE TRUST AGREEMENT</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>58</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c68736a019_v1">UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>69</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c68736a020_v1">ERISA AND RELATED CONSIDERATIONS</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>73</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c68736a021_v1">PLAN OF DISTRIBUTION</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>74</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c68736a022_v1">LEGAL MATTERS</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>75</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c68736a023_v1">EXPERTS</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>75</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c68736a024_v1">INCORPORATION BY REFERENCE OF CERTAIN DOCUMENTS</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>76</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c68736a025_v1">WHERE YOU CAN FIND MORE INFORMATION</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>77</FONT></P>
 </TD>
 </TR>
</TABLE>

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

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

<P ALIGN=CENTER><FONT SIZE=2>i</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>S<A NAME="c68736a001_v1"></a>TATEMENT
REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus contains &#147;forward-looking statements&#148; with respect to the Trust&#146;s
financial conditions, results of operations, plans, objectives, future
performance and business. Statements preceded by, followed by or that include
words such as &#147;may,&#148; &#147;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. All statements (other than
statements of historical fact) included in this prospectus that address
activities, events or developments that will or may occur in the future,
including such matters as changes in commodity prices and market conditions
(for gold, silver, platinum, 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><FONT SIZE=2><B>G<A NAME="c68736a002_v1"></a>LOSSARY OF DEFINED
TERMS</B></FONT></P>

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

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

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

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

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

<P ALIGN=CENTER><FONT SIZE=2>ii</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Authorized
Participant Unallocated Account&#148;&#151;An unallocated Bullion account, either loco
London or loco Zurich, established with the Custodian or a Bullion clearing
bank by an Authorized Participant. Each Authorized Participant&#146;s Authorized
Participant Unallocated Account will be used to facilitate the transfer of
Bullion deposits and Bullion redemption distributions between the Authorized
Participant and the Trust in connection with the creation and redemption of
Baskets.</FONT></P>

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

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Bullion&#148;&#151;Gold,
silver, platinum and palladium metals, as applicable and in their capacity as
bullion metals represented by each Share.</FONT></P>

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

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

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Creation
Basket Deposit&#148;&#151;The total deposit required to create a Basket. The deposit will
be an amount of Bullion 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. The Bullion comprising
a deposit is in a proportion equal to 0.03 ounces of gold, 1.1 ounces of
silver, 0.004 ounces of platinum and 0.006 ounces of palladium. The total
number of ounces of Bullion required for a Creation Basket Deposit 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 Bullion to pay the Trust&#146;s expenses.</FONT></P>

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

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

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

<P ALIGN=CENTER><FONT SIZE=2>iii</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;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 acts as the securities depository for the
Shares.</FONT></P>

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

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

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

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

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Good
Delivery&#148;&#151;With respect to gold, gold in bar form with a minimum fineness and
purity of 99.5% weighing between 350 and 430 troy ounces. With respect to
silver, silver in bar form with a minimum fineness and purity of 99.9% weighing
between 750 and 1,100 troy ounces. With respect to platinum or palladium,
platinum or 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 Good Delivery Standards.</FONT></P>

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

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;London
Fix&#148;&#151;With respect to gold, the afternoon session of the twice daily fix of the
price of an ounce of gold which starts at 3:00 PM London, England time and is
performed in London by the five members of the London gold fix. With respect to
silver, the fix of the price for an ounce of silver which is set at
approximately 12:00 noon London time and is performed in London by three market
making </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>iv</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>members of the
LBMA. With respect to platinum, the afternoon session of the twice daily fix of
the price of an ounce of platinum which starts at 2:00 PM London, England time
and is performed in London by the four fixing members of the LPPM. With respect
to palladium, 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 fixing members of the LPPM. See &#147;Operation of
the Bullion Markets&#148; for a description of the operation of the London Fix for
gold, silver, platinum and palladium.</FONT></P>

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

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

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

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

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

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Trust&#148;&#151;The
ETFS Precious Metals Basket Trust, a common law trust, formed on October 18,
2010 under New York law pursuant to the Trust Agreement.</FONT></P>

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

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

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

<P ALIGN=CENTER><FONT SIZE=2>v</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Trust
Unallocated Account&#148;&#151;The unallocated Bullion 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 Bullion deposits and Bullion
redemption distributions between Authorized Participants and the Trust in
connection with the creation and redemption of Baskets and the sale of Bullion
made by the Trustee for the Trust.</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Zurich
Sub-Custodian&#148;&#151;The Zurich Sub-Custodian is any firm selected by the Custodian
to hold the Trust&#146;s platinum and 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 any 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><FONT SIZE=2>vi</FONT></P>

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

<P ALIGN=CENTER><FONT SIZE=2><B>P<A NAME="c68736a003_v1"></a>ROSPECTUS SUMMARY</B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
is only a summary of the prospectus and, while it contains material information
about the Trust and its Shares, it does not contain or summarize all of the
information about the Trust and the Shares contained in this prospectus which
is material and/or which may be important to you. You should read this entire
prospectus, including &#147;Risk Factors&#148; beginning on page 7, before making
an investment decision about the Shares.</I></FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust is a common law trust, formed on October 18, 2010 under New York law
pursuant to the Trust Agreement. The Trust holds Bullion and from time to time
issues Baskets in exchange for deposits of Bullion and distributes Bullion in
connection with redemptions of Baskets. The investment objective of the Trust
is for the Shares to reflect the performance of the prices of physical gold,
silver, platinum and palladium, in the proportions held by the Trust, less the
Trust&#146;s expenses. The Sponsor believes that, for many investors, the Shares
will represent a cost-effective investment in Bullion. 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 trade under the
ticker symbol &#147;GLTR&#148; on the NYSE Arca.</FONT></P>

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee is The Bank of New York Mellon. The Trustee is generally responsible
for the day-to-day administration of the Trust. This includes (1) transferring
the Trust&#146;s Bullion as needed to pay the Sponsor&#146;s fee in Bullion (Bullion
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 (&#147;DTC&#148;) and (4) selling the Trust&#146;s Bullion as needed
to pay any extraordinary Trust expenses that are not assumed by the Sponsor.
The general role, responsibilities and regulation of the Trustee are further
described in &#147;The Trustee.&#148;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian is JPMorgan Chase Bank, N.A. The Custodian is responsible for the
safekeeping of the Trust&#146;s Bullion deposited with it by Authorized Participants
in connection with the creation of Baskets. The Custodian also facilitates the
transfer of Bullion in and out of the Trust through Bullion accounts it will
maintain for Authorized Participants and the Trust. The Custodian is a market
maker, clearer and approved weigher of gold and silver under the rules of the
London Bullion Market Association (&#147;LBMA&#148;) and of platinum and palladium under
the rules of the London Platinum and Palladium Market (&#147;LPPM&#148;). The Custodian
holds the Trust&#146;s loco London allocated Bullion in its London, England vaulting
premises on a segregated basis and may select one or more Zurich Sub-</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>Custodians to
hold the Trust&#146;s loco Zurich allocated platinum and palladium on the
Custodian&#146;s behalf at any such 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 Bullion.&#148;</FONT></P>

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
investment objective of the Trust is for the Shares to reflect the performance
of the price of physical gold, silver, platinum and palladium in the
proportions held by the Trust, 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 a basket of Bullion with minimal credit risk.</FONT></P>

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

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

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

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

<P ALIGN=CENTER><FONT SIZE=2><B>T<A NAME="c68736a004_v1"></a>HE OFFERING</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="75%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Offering</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The Shares
 represent units of fractional undivided beneficial interest in and ownership
 of the Trust.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Use of proceeds</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Proceeds
 received by the Trust from the issuance and sale of Baskets, including the
 Shares (as described on the front page of this prospectus), will consist of
 Bullion deposits and, possibly from time to time, cash. Pursuant to the Trust
 Agreement, during the life of the Trust such proceeds will only be (1) held
 by the Trust, (2) distributed to Authorized Participants in connection with
 the redemption of Baskets or (3) disbursed to pay the Sponsor&#146;s Fee or sold
 as needed to pay the Trust&#146;s expenses not assumed by the Sponsor.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Exchange symbol</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>GLTR</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>2</FONT></P>

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

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="75%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>CUSIP</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>26922W 10 9</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Creation and redemption</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The Trust
 expects to create and redeem the Shares from time to time, but only in one or
 more Baskets (a Basket equals a block of 50,000 Shares). The creation and
 redemption of Baskets requires the delivery to the Trust or the distribution
 by the Trust of the amount of Bullion 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. On October 18, 2010, the Trust&#146;s formation date, the initial amount
 of Bullion required for deposit with the Trust to create Shares was 1,500
 ounces of gold, 55,000 ounces of silver, 200 ounces of platinum and 300
 ounces of palladium per Basket. The number of ounces of Bullion 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 Bullion to pay the Trust&#146;s expenses. See
 &#147;Business of the Trust&#151;Trust Expenses.&#148; Baskets may be created or redeemed
 only by Authorized Participants, who will pay a transaction fee for each
 order to create or redeem Baskets and may sell the Shares included in the
 Baskets they create to other investors. The Trust will not issue fractional
 Baskets. See &#147;Creation and Redemption of Shares&#148; for more details.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Net Asset Value</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The NAV of
 the Trust is the aggregate value of the Trust&#146;s assets less its liabilities
 (which include estimated accrued but unpaid fees and expenses). In
 determining the NAV of the Trust, the Trustee will value the prices of
 Bullion as determined by the relevant London Fix. Gold held by the Trust will
 be valued on the basis of the price of an ounce of gold as set by the
 afternoon session of the twice daily fix of the price of an ounce of gold
 which starts at 3:00 PM London, England time and is performed in London by
 the five members of the London gold fix. Silver held by the Trust will be
 valued on the basis of the price of an ounce of silver as set at
 approximately 12:00 noon London time and performed in London by three market
 making members of the LBMA. Platinum held by the Trust will be valued on the basis
 of the price of an ounce of platinum as set by the afternoon session of the
 twice daily fix of the price of an ounce of platinum which starts at 2:00 PM
 London, England time and is performed in London by the four fixing members of
 the LPPM. Palladium held by the Trust will be valued 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 and is performed in London by the four fixing members of
 the LPPM. See &#147;Operation of the Bullion Markets&#148; for a description of the
 operation of the London Fix for gold, silver, platinum and palladium. The
 Trustee will determine the NAV of the Trust on each day the NYSE Arca is open
 for regular trading, as promptly as practicable after 4:00 p.m. New York
 time. If no London Fix is made any gold, silver, platinum or palladium on a
 particular evaluation day or has not been announced by 4:00 p.m. New York
 time on a particular evaluation day, the next most recent London Fix for such
 metal or metals will be used in the determination of the NAV of the Trust,
 unless the Sponsor determines that such price is inappropriate to use as
 basis for such </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>3</FONT></P>

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

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="71%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>determination.
 The Trustee also determines the NAV per Share, which equals the NAV of the
 Trust, divided by the number of outstanding Shares.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Trust expenses</B></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>The Trust&#146;s
 only ordinary recurring charge is expected to be the remuneration due to the
 Sponsor (&#147;Sponsor&#146;s Fee&#148;). 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 pays the costs of the Trust&#146;s sale of
 the Shares, including the applicable SEC registration fees.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Sponsor&#146;s Fee</B></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>The
 Sponsor&#146;s Fee accrues daily and is payable in-kind in Bullion monthly in
 arrears. Bullion used to pay the Sponsor&#146;s Fee shall be comprised of gold,
 silver, platinum and palladium in such proportion so as to ensure that the
 Bullion held by the Trust following such transfer is in the same ratio of
 metals as the Bullion required for a Creation Basket Deposit. 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. The Trustee
 from time to time delivers Bullion in such quantity as may be necessary to permit
 payment of the Sponsor&#146;s Fee and sells Bullion in such quantity as may be
 necessary to permit payment in cash of Trust expenses not assumed by the
 Sponsor. The Trustee will endeavor to sell Bullion 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 Bullion. Accordingly, the amount of Bullion to be sold will vary from
 time to time depending on the level of the Trust&#146;s expenses and the market
 price of gold, silver, platinum and palladium. See &#147;Business of the
 Trust&#151;Trust Expenses.&#148;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Each
 delivery or sale of Bullion by the Trust to pay the Sponsor&#146;s Fee or other
 expenses shall be delivered or sold in such proportion of gold, silver,
 platinum and palladium so as to ensure that the Bullion held by the Trust
 following such transfer is in the same ratio of metals as the Bullion
 required for a Creation Basket Deposit, and such delivery or sale will be a
 taxable event to Shareholders. See &#147;United States Federal Tax
 Consequences&#151;Taxation of US Shareholders.&#148;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Termination events</B></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>The Trustee
 will terminate and liquidate the Trust if one of the following events occurs:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>the Shares
 are delisted from the NYSE Arca and are not approved for listing on another
 national securities exchange within five business days of their delisting;<BR><BR></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Shareholders
 acting in respect of at least 75% of the outstanding Shares notify the
 Trustee that they elect to terminate the Trust;<BR><BR></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>60 days have
 elapsed since the Trustee notified the Sponsor of the Trustee&#146;s election to
 resign and a successor trustee has not been </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>4</FONT></P>

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

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="71%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>appointed
 and accepted its appointment;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>the SEC
 determines that the Trust is an investment company under the Investment
 Company Act of 1940 and the Trustee has actual knowledge of that
 determination;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>the
 aggregate market capitalization of the Trust, based on the closing price for
 the Shares, was less than $350 million (as adjusted for inflation by reference
 to the US Consumer Price Index) at any time after the first anniversary after
 the Trust&#146;s formation and the Trustee receives, within six months after the
 last trading date on which the aggregate market capitalization of the Trust
 was less than $350 million, notice from the Sponsor of its decision to
 terminate the Trust;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>the CFTC
 determines that the Trust is a commodity pool under the Commodity Exchange
 Act of 1936 and the Trustee has actual knowledge of that determination;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>the Trust
 fails to qualify for treatment, or ceases to be treated, for US federal
 income tax purposes, as a grantor trust, and the Trustee receives notice from
 the Sponsor that the Sponsor determines that, because of that tax treatment
 or change in tax treatment, termination of the Trust is advisable;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>60 days have
 elapsed since DTC ceases to act as depository with respect to the Shares and
 the Sponsor has not identified another depository which is willing to act in
 such capacity; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>the Trustee
 elects to terminate the Trust after the Sponsor is deemed conclusively to
 have resigned effective immediately as a result of the Sponsor being adjudged
 bankrupt or insolvent, or a receiver of the Sponsor or of its property being
 appointed, or a trustee or liquidator or any public officer taking charge or
 control of the Sponsor or of its property or affairs for the purpose of
 rehabilitation, conservation or liquidation.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Upon the
 termination of the Trust, the Trustee will sell the Trust&#146;s Bullion 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>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>5</FONT></P>

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

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="71%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Authorized Participants</B></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Baskets may
 be created or redeemed only by Authorized Participants. Each Authorized
 Participant must (1) be a registered broker-dealer or other securities market
 participant such as a bank or other financial institution which is not
 required to register as a broker-dealer to engage in securities transactions,
 (2) be a participant in DTC, (3) have entered into an agreement with the
 Trustee and the Sponsor (&#147;Authorized Participant Agreement&#148;) and (4) have
 established an unallocated Bullion account with the Custodian or a physical
 Bullion clearing bank (&#147;Authorized Participant Unallocated Account&#148;). The
 Authorized Participant Agreement provides the procedures for the creation and
 redemption of Baskets and for the delivery of Bullion and any cash required
 for such creations or redemptions. A list of the current Authorized
 Participants can be obtained from the Trustee or the Sponsor. See &#147;Creation
 and Redemption of Shares&#148; for more details.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Clearance and settlement</B></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>The Shares
 are evidenced by one or more global certificates that the Trustee issues to
 DTC. The Shares are available only in book-entry form. Shareholders may hold
 their Shares through DTC, if they are participants in DTC, or indirectly
 through entities that are participants in DTC.</FONT></P>
 </TD>
 </TR>
</TABLE>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the close of business on February 27,  2012, the NAV of the Trust, which
represents the value of the Bullion deposited into and held by the Trust in
exchange for the Baskets, was
$230,912,500 and the NAV per
Share was $112.64. </FONT></P>

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

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>R<A NAME="c68736a005_v1"></a>ISK FACTORS</B></FONT></P>

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

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

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

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Investors&#146;
 expectations with respect to the rate of inflation;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Currency
 exchange rates;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Interest
 rates;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Investment
 and trading activities of hedge funds and commodity funds;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Global or
 regional political, economic or financial events and situations; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Global
 Bullion supply and demand.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global
supply and demand for gold is influenced by such factors as forward selling by
gold producers, purchases made by gold producers to unwind gold hedge
positions, central bank purchases and sales, and production and cost levels in
major gold-producing countries such as South Africa, the United States and
Australia. Global supply and demand for silver is influenced by general changes
in economic conditions, such as a recession or other economic downturn, because
of the wide use of silver in a range of industrial applications. Global
platinum supply and demand is influenced by such factors as forward selling by
platinum producers, purchases made by platinum producers to unwind platinum
hedge positions, and production and cost levels in major platinum-producing
countries such as South Africa, which accounted for 64% of the world&#146;s platinum
supply in 2008. 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>

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

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

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2><B>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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shares may trade at, above or below the NAV per Share. The NAV per Share 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 Bullion
markets. While the Shares will trade on the NYSE Arca until 4:00 PM New York
time, liquidity in the market for gold, platinum and palladium will be reduced
after the close of the major world markets for gold, platinum and palladium,
including London, Zurich and the COMEX and liquidity in the market for silver
will be reduced after the close of the major world silver markets, including
London and the COMEX. As a result, during these periods, trading spreads and
the resulting premium or discount on the Shares may widen.</FONT></P>

<P><FONT SIZE=2><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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors
may purchase Shares to hedge existing exposure to Bullion or to speculate on
the price of Bullion. Speculation on the price of Bullion 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 Bullion.</FONT></P>

<P><FONT SIZE=2><B>Purchasing activity in the platinum and
palladium markets associated with Basket creations or selling activity
following Basket redemptions may affect the prices of platinum and palladium
and Share trading prices. These price changes may adversely affect an
investment in the Shares.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchasing
activity associated with acquiring the Bullion required for deposit into the
Trust in connection with the creation of Baskets may increase the market prices
of platinum and palladium, which will result in higher prices for the Shares.
Increases in the market prices of platinum and 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 prices of
platinum and palladium that may result from increased purchasing activity of
platinum and palladium connected with the issuance of Baskets. If the prices of
platinum and palladium decline, the trading price of the Shares will also
decline.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling
activity associated with sales of platinum and palladium withdrawn from the
Trust in connection with the redemption of Baskets may decrease the market
price of platinum and palladium, which will result in lower prices for the
Shares. Decreases in the market price of platinum and palladium may also occur
as a result of the selling activity of other market participants. If the price
of platinum and palladium declines, the trading price of the Shares will also
decline.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since the
inception of the Trust, the Sponsor has been unable to discern any impact from Trust
operations on the prices of platinum and platinum. Trading activity of the ETFS Platinum
Trust and ETFS Palladium Trust, to which the Sponsor also acts as the sponsor, may have
impacted the market prices of platinum and palladium, respectively.</FONT></P>

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

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
the effectiveness of the initial public offering of its shares on January 6,
2010 through February 14, 2012, the ETFS Platinum Trust engaged in basket
creations totaling approximately $1,390 million. Of this amount, approximately
$328 million in basket creations occurred over the nine trading days of the
period from January 8, 2010 (the date its shares began trading on the Exchange)
to January 21, 2010. London PM Fix platinum per ounce prices were $1,556 on
January 6, 2010 and $1,628 on February 14, 2011 and during this period, reached
a high of $1,887 on August 22, 2011 and a low of $1,354 on December 29, 2011.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
the effectiveness of the initial public offering of its shares on January 6,
2010 through February 14, 2012, the ETFS Palladium Trust engaged in basket
creations totaling approximately $958 million. Of this amount, approximately
$173 million in basket creations occurred over the eight trading days of the
period from January 8, 2010 (the date its shares began trading on the Exchange)
to January 20, 2010. London PM Fix palladium per ounce prices were $422 on
January 6, 2010 and $781 on March 8, 2011 and, during this period, reached a
high of $858 on February 21, 2011 and a low of $395 on February 5, 2010.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor is unable to ascertain whether the platinum and palladium price
movements during this period were attributable to the basket creation and
redemption processes of the ETFS Platinum Trust and ETFS Palladium Trust,
respectively, or independent metal market forces or both. Nevertheless, the
Trust and the Sponsor cannot assure you that future Basket creations or
redemptions will have a similar effect or will have no effect on the platinum
and palladium metal prices and, consequently, Share trading prices.</FONT></P>

<P><FONT SIZE=2><B>Since there is no limit on the amount of
platinum and palladium that the Trust may acquire, the Trust, as it grows, may
have an impact on the supply and demand of platinum and palladium that
ultimately may affect the price of the Shares in a manner unrelated to other
factors affecting the global markets for platinum and palladium.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust Agreement places no limit on the amount of platinum and 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 platinum and palladium. The global market for platinum and 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
2010, world platinum supply measured 6.40 million ounces and world palladium
supply measured 8.12 million ounces. In 2011, supply measured 7.07 million
ounces of platinum and 7.42 million ounces of palladium. If the amount of
platinum and palladium acquired by the Trust is large enough in relation to
global platinum and palladium supply and demand, further in-kind creations and
redemptions of Shares could have an impact on the supply and demand of platinum
and palladium unrelated to other factors affecting the global markets for
platinum and palladium. Such an impact could affect the prices for platinum and
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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of February 14, 2012, the ETFS Platinum Trust held approximately 488,881 ounces
of platinum that it acquired since it was formed on December 30, 2009,
representing approximately 7.2% of the 1999-2010 average annual world platinum
supply or approximately 7.6% of the 2011 world platinum supply. As of February
14, 2012, the ETFS Palladium Trust held approximately 706,162 ounces of
palladium that it acquired since it was formed on December 30, 2009,
representing approximately 8.7% of the 1999-2010 average annual world palladium
supply or approximately 9.5% of 2009/10 world palladium supply. Although the
February 14, 2012 London Fixes of $1,628 for platinum and $686 for palladium
represent an increase from the London Fixes of $1,556 and $432, respectively,
when the ETFS Platinum Trust&#146;s and ETFS Palladium Trust&#146;s initial share
offerings became effective on January 6, 2010,</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>9</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>the Sponsor is
unable to conclude that a long-term metal market price impact has been caused
by their holdings. Nevertheless, the Trust and the Sponsor cannot provide you
any assurance that the metal holdings of the Trust will have a similar impact
or have no long-term metal price impact thereby affecting Share trading prices.</FONT></P>

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

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

<P><FONT SIZE=2><B>If the process of creation and redemption of
Baskets encounters any unanticipated difficulties, the possibility for
arbitrage transactions intended to keep the price of the Shares closely linked
to the prices of the underlying bullion may not exist and, as a result, the
price of the Shares may fall.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the processes of creation and redemption of Shares (which depend on timely
transfers of Bullion 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 prices of the underlying Bullion may not take the risk that,
as a result of those difficulties, they may not be able to realize the profit
they expect. If this is the case, the liquidity of Shares may decline and the
price of the Shares may fluctuate independently of the prices of the underlying
Bullion and may fall.</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that one or more Authorized Participants having substantial interests
in Shares or otherwise responsible for a significant portion of the Shares&#146;
daily trading volume on the Exchange withdraw from participation, the liquidity
of the Shares will likely decrease which could adversely affect the market
price of the Shares and result in your incurring a loss on your investment.</FONT></P>

<P><FONT SIZE=2><B>Shareholders 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust is not registered as an investment company under the Investment Company
Act of 1940 and is not required to register under such act. Consequently,
Shareholders 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, although
the Sponsor registered as a commodity pool operator with the CFTC in 2011.
Consequently, Shareholders will not have the regulatory protections provided to
investors in CEA-regulated instruments or commodity pools.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>10</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2><B>The Trust may be required to terminate and
liquidate at a time that is disadvantageous to Shareholders.</B></FONT></P>

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

<P><FONT SIZE=2><B>The lack of an active market for the Shares
may limit the ability of Shareholders to sell the Shares.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
Shares are listed for trading on the NYSE Arca, it cannot be assumed that an
active trading market for the Shares will be maintained. If an investor needs to sell Shares at a
time when no active market for Shares exists, such lack of an active market
will most likely adversely affect the price the investor receives for the Shares
(assuming the investor is able to sell them). </FONT></P>

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

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust will compete with other financial vehicles, including traditional debt
and equity securities issued by companies in the gold, silver, platinum and
palladium industries and other securities backed by or linked to Bullion,
direct investments in Bullion 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 Bullion directly, which could limit the market for the Shares and
reduce the liquidity of the Shares.</FONT></P>

<P><FONT SIZE=2><B>The price of Bullion may be affected by the
sale of ETVs tracking the gold, silver, platinum or palladium markets.</B></FONT></P>

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

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

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

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

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2><B>Several factors may have the effect of
causing a decline in the prices of Bullion and a corresponding decline in the
price of Shares. Among them:</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
significant increase in Bullion hedging activity by Bullion producers. Should
there be an increase in the level of hedge activity of Bullion producing
companies, it could cause a decline in world Bullion prices, adversely
affecting the price of the Shares.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
significant change in the attitude of speculators and investors towards
Bullion. Should the speculative community take a negative view towards any
Bullion metals, it could cause a decline in world prices for such Bullion metals,
negatively impacting the price of the Shares.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
widening of interest rate differentials between the cost of money and the cost
of Bullion could negatively affect the price of Bullion which, in turn, could
negatively affect the price of the Shares.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
combination of rising money interest rates and a continuation of the current
low cost of borrowing Bullion could improve the economics of selling Bullion
forward. This could result in an increase in hedging by Bullion mining
companies and short selling by speculative interests, which would negatively
affect the price of Bullion. Under such circumstances, the price of the Shares
would be similarly affected.</FONT></P>

<P><FONT SIZE=2><B>A continued decline in the automobile
industry may have the effect of causing a decline in the prices of platinum and
palladium and a corresponding decline in the price of Shares. </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autocatalysts,
automobile components that use platinum and palladium, accounted for
approximately 56% of the global demand in platinum and 55% 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 platinum and
palladium and affect the price of the Shares.</FONT></P>

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

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust does not insure its Bullion. The Custodian maintains insurance with
regard to its business on such terms and conditions as it considers appropriate
in connection with its custodial obligations and is responsible for all costs,
fees and expenses arising from the insurance policy or policies. The Trust is
not a beneficiary of any such insurance and does not have the ability to
dictate the existence, nature or amount of coverage. Therefore, Shareholders
cannot be assured that the Custodian maintains adequate insurance or any
insurance with respect to the Bullion held by the Custodian on behalf of the
Trust. In addition, the Custodian and the Trustee do not require the Zurich
Sub-Custodians or any other direct or indirect subcustodians to be insured or
bonded with respect to their custodial activities or in respect of the Bullion
held by them on behalf of the Trust. Further, Shareholders&#146; recourse against
the</FONT></P>

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

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>Trust, the
Trustee and the Sponsor under New York law, the Custodian, the Zurich
Sub-Custodians 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 Bullion which
is not covered by insurance and for which no person is liable in damages.</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
liability of the Custodian is limited under the Custody Agreements. Under the
agreements between the Trustee and the Custodian which establish the Trust&#146;s
unallocated Bullion account (&#147;Unallocated Account Agreement&#148;) and the Trust&#146;s
allocated Bullion account (&#147;Allocated Account Agreement&#148;), 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 Bullion 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 Bullion 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. For any Authorized Participant Unallocated
Bullion Account Agreement between an Authorized Participant and another Bullion
clearing bank, the liability of the Bullion clearing bank to the Authorized
Participant may be greater or lesser than the Custodian&#146;s liability to the
Authorized Participant described in the preceding sentence, depending on the
terms of the agreement. In addition, the Custodian will not be liable for any
delay in performance or any non-performance of any of its obligations under the
Allocated Account Agreement, the Unallocated Account Agreement or the
Authorized Participant Unallocated Bullion Account Agreement by reason of any
cause beyond its reasonable control, including acts of God, war or terrorism.
As a result, the recourse of the Trustee or the investor, under English law, is
limited. Furthermore, under English common law, the Custodian, any Zurich
Sub-Custodian, or any other subcustodian will not be liable for any delay in
the performance or any non-performance of its custodial obligations by reason
of any cause beyond its reasonable control.</FONT></P>

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

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

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

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>and/or
expensive for the Trust to enforce in a foreign court a judgment rendered by a
United States, New York or other court situated in the United States.</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations of the Zurich Sub-Custodians under their arrangements with the
Custodian with respect to the Trust&#146;s allocated Bullion are or will be
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 those arrangements. Not only might it be difficult
or impossible for a United States or English court to apply Swiss law to the
Zurich Sub-Custodians&#146; arrangements, but application of Swiss law may, among
other things, alter the relative rights and obligations of the Custodian and
the Zurich Sub-Custodians to the extent that a loss to the Trust&#146;s Bullion may
not have adequate or any legal redress. Further, the ability of the Trust to
seek legal redress against a Zurich Sub-Custodian may be frustrated by
application of Swiss law.</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Trust&#146;s Bullion 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-Custodians 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><FONT SIZE=2><B>Shareholders and Authorized Participants lack
the right under the Custody Agreements to assert claims directly against the
Custodian, the Zurich Sub-Custodians, and any other subcustodian.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Shareholders nor any Authorized Participant have a right under the Custody
Agreements to assert a claim of the Trustee against the Custodian, 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><FONT SIZE=2><B>The Custodian may be reliant on the Zurich
Sub-Custodians for the safekeeping of the Trust&#146;s platinum and palladium held
in Zurich on an allocated basis. Furthermore, the Custodian has limited
obligations to oversee or monitor the Zurich Sub-Custodians. As a result,
failure by a Zurich Sub-Custodian to exercise due care in the safekeeping of
the Trust&#146;s platinum and palladium could result in a loss to the Trust.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
some trading occurs in London, platinum and palladium generally trade 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 one or more Zurich
Sub-Custodians for the safekeeping of that portion of the Trust&#146;s allocated
platinum and palladium that is held in Zurich. Other than obligations to (1)
use reasonable care in appointing a Zurich Sub-Custodian, (2) require the
Zurich Sub-Custodians to segregate the platinum and palladium held by it for
the Trust from any other platinum and 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 a Zurich Sub-Custodian provides
confirmation to the Trustee that it has undertaken to segregate the platinum
and</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>14</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>palladium held
by it for the Trust, the Custodian is not liable for the acts or omissions of
the Zurich Sub-Custodians. Other than as described above, the Custodian does
not undertake to monitor the performance by the Zurich Sub-Custodians of their
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-Custodians 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 a Zurich Sub-Custodian for the purpose
of examining the Trust&#146;s platinum or palladium and certain related records maintained
by the Custodian or the Zurich Sub-Custodians.</FONT></P>

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Allocated Account Agreement, the Custodian may appoint from time to time
one or more subcustodians to hold the Trust&#146;s Bullion on a temporary basis
pending delivery to the Custodian. The subcustodians which the Custodian
currently uses are (1) in London only for all Bullion, Barclays Bank plc, The
Bank of Nova Scotia &#150; ScotiaMocatta, HSBC Bank USA, N.A and Deutsche Bank A.G
(2) in London only for gold only, the Bank of England (3) in London and Zurich
for all Bullion, Union Bank of Switzerland (UBS), Brink&#146;s Global Services Inc.,
Via Mat International and (4) in Zurich only for platinum and palladium only,
Credit Suisse, and the custodian may use LBMA and LPPM market-making members
that provide bullion vaulting and clearing services to third parties. The
Custodian will select the Zurich Sub-Custodians, and each Zurich Sub-Custodian
will custody that portion of the Trust&#146;s allocated platinum and 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-Custodians and any other subcustodian, 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 Bullion 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 Bullion 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 Bullion and certain
related records maintained by the Custodian.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>15</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2><B>The obligations of any subcustodian of the
Trust&#146;s Bullion are not determined by contractual arrangements but by LBMA and
LPPM rules and London or Zurich Bullion market customs and practices, which may
prevent the Trust&#146;s recovery of damages for losses on its Bullion custodied
with subcustodians.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
for the Custodian&#146;s arrangements with the Zurich Sub-Custodians, there are
expected to be no written contractual arrangements between subcustodians that
hold the Trust&#146;s Bullion and the Trustee or the Custodian because traditionally
such arrangements are based on the LBMA&#146;s and the LPPM&#146;s rules and on the
customs and practices of the London or Zurich Bullion markets. In the event of
a legal dispute with respect to or arising from such arrangements, it may be
difficult to define such customs and practices. The LBMA&#146;s and 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
Bullion. If the Trust&#146;s Bullion 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 Bullion 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 Bullion by
such subcustodian.</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Trustee nor the Custodian independently confirms the fineness of the
physical gold, silver, platinum or palladium allocated to the Trust in
connection with the creation of a Basket. The Bullion allocated to the Trust by
the Custodian may be different from the reported fineness or weight required by
the LBMA&#146;s standards for gold and silver bars or the LPPM&#146;s standards for
platinum and palladium plates and ingots delivered in settlement of a Bullion
trade (&#147;Good Delivery Standards&#148;), the standards required by the Trust. If the
Trustee nevertheless issues a Basket against such Bullion, and if the Custodian
fails to satisfy its obligation to credit the Trust the amount of any
deficiency, the Trust may suffer a loss.</FONT></P>

<P><FONT SIZE=2><B>Bullion held in the Trust&#146;s unallocated
Bullion account and any Authorized Participant&#146;s unallocated Bullion 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 gold and
silver bars and platinum and palladium plates and ingots held in the Trust&#146;s
allocated Bullion account.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bullion
which is part of a deposit for a purchase order or part of a redemption
distribution is held for a time in the Trust Unallocated Account and,
previously or subsequently, in the Authorized Participant Unallocated Account
of the purchasing or redeeming Authorized Participant. During those times, the
Trust and the Authorized Participant, as the case may be, have no proprietary
rights to any specific bars of gold or silver or plates or ingots of platinum
or palladium held by the Custodian and each is an unsecured creditor of the
Custodian with respect to the amount of Bullion held in such unallocated
accounts. In addition, if the Custodian fails to allocate the Trust&#146;s Bullion
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 Bullion held by it on behalf of the Trust, unallocated Bullion 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</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>16</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>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 Bullion held in their respective
unallocated Bullion accounts.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of the insolvency of the Custodian, a liquidator may seek to freeze
access to the Bullion held in all of the accounts held by the Custodian,
including the Trust&#146;s allocated account (&#147;Trust Allocated Account&#148;). Although
the Trust would be able to claim ownership of properly allocated Bullion, the
Trust could incur expenses in connection with asserting such claims, and the
assertion of such a claim by the liquidator could delay creations and
redemptions of Baskets.</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian&#146;s definitive records are prepared after the close of its business
day. However, when issuing Baskets, the Trustee relies on information reporting
the amount of Bullion 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 Bullion actually received by the Trust may be more or less than the
amount required to be deposited for the issuance of Baskets.</FONT></P>

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

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

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

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

<P ALIGN=CENTER><FONT SIZE=2><B>U<A NAME="c68736a006_v1"></a>SE OF PROCEEDS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds
received by the Trust from the issuance and sale of Baskets, will consist of
gold, silver, platinum and palladium deposits. Pursuant to the Trust Agreement,
during the life of the Trust such proceeds will only be (1) held by the Trust,
(2) distributed to Authorized Participants in connection with the redemption of
Baskets or (3) disbursed to pay the Sponsor&#146;s Fee or sold as needed to pay the
Trust&#146;s expenses not assumed by the Sponsor.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>17</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>O<A NAME="c68736a007_v1"></a>VERVIEW OF THE
BULLION INDUSTRIES</B></FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
section provides a brief introduction to the gold, silver, platinum and
palladium industries by looking at some of the key participants, detailing the
primary sources of demand and supply and, with respect to the gold and silver
industries, outlining the role of the &#147;official&#148; sector (i.e., central banks)
in the markets.</FONT></P>

<P><FONT SIZE=2><B>The Gold Industry</B></FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
participants in the world gold market may be classified in the following
sectors: the mining and producer sector, the banking sector, the official
sector, the investment sector, and the manufacturing sector. A brief
description of each follows.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining
and Producer Sector. This group includes mining companies that specialize in
gold and silver production, mining companies that produce gold as a by-product
of other production (such as a copper or silver producer), scrap merchants and
recyclers.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banking
Sector. Gold bullion banks provide a variety of services to the gold market and
its participants, thereby facilitating interactions between other parties.
Services provided by the gold bullion banking community include traditional
banking products as well as mine financing, physical gold purchases and sales,
hedging and risk management, inventory management for industrial users and
consumers, and gold deposit and loan instruments.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Official Sector. The official sector encompasses the activities of the various
central banking operations of gold-holding countries. According to statistics
released by the World Gold Council, central banks are estimated to hold
approximately 30,000 tonnes of gold reserves, or approximately 20% of existing
above-ground stocks. Since September 2009, the European Central Bank and 18
other central banks have operated under the Central Bank Gold Agreement
(&#147;CBGA&#148;). The CBGA maintains a cap on lending and derivatives activities and
allows a maximum level of sales of 400 tonnes per year, with an overall total
of no more than 2,000 tonnes permitted during the five-year life of the CBGA.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Investment Sector. This sector includes the investment and trading activities
of both professional &amp; private investors and speculators. These
participants range from large hedge and mutual funds to day-traders on futures
exchanges, and retail-level coin collectors.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manufacturing Sector. The fabrication and manufacturing sector represents all
the commercial and industrial users of gold for whom gold is a daily part of
their business. The jewelry industry is a large user of gold. Other industrial
users of gold include the electronics and dental industries.</FONT></P>

<P><FONT SIZE=2><I>World Gold Supply and Demand 2000-2009 (in
tonnes)</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth a summary of the world gold supply and demand for
the period from 2000 to 2009 and is based on information reported in the GFMS
Gold Survey 2010.</FONT></P>

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

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="28%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN="CENTER"><FONT SIZE=2><B>2000</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN="CENTER"><FONT SIZE=2><B>2001</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN="CENTER"><FONT SIZE=2><B>2002</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN="CENTER"><FONT SIZE=2><B>2003</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN="CENTER"><FONT SIZE=2><B>2004</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN="CENTER"><FONT SIZE=2><B>2005</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN="CENTER"><FONT SIZE=2><B>2006</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN="CENTER"><FONT SIZE=2><B>2007</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN="CENTER"><FONT SIZE=2><B>2008</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN="CENTER"><FONT SIZE=2><B>2009</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Mine production</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,620</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,646</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,618</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,623</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,494</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,550</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,485</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,478</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,416</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,572</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Official sector sales</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>479</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>520</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>547</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>620</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>479</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>663</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>365</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>484</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>246</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>41</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Old gold scrap</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>619</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>749</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>872</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>985</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>878</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>898</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,129</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>958</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,218</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,674</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Net producer hedging</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Implied net disinvestment</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>298</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Total reported supply(1)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>4,017</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>3,915</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>4,037</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>4,227</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>3,866</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>4,111</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>3,979</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>3,920</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>3,880</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>4,287</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Gold fabrication in carat jewelry</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>3,204</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>3,008</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,660</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,483</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,617</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,712</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,288</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,404</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,159</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,759</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Gold fabrication&#151;other</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>557</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>474</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>481</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>515</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>555</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>580</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>648</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>671</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>691</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>658</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Bar hoarding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>242</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>261</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>264</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>180</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>257</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>264</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>235</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>236</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>384</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>187</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Implied net investment and producer de-hedging</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>171</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>631</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,050</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>438</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>556</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>808</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>608</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>646</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,683</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><I>Of which</I>: ETFs and Related Products(2)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>39</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>133</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>208</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>260</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>253</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>321</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>617</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Total identifiable demand(1)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>4,017</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>3,915</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>4,037</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>4,227</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>3,866</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>4,111</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>3,979</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>3,920</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>3,880</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>4,287</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

<BR>

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

<P><FONT SIZE=2><I>Source: GFMS Gold Survey 2010</I></FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold
supply over the past ten years has averaged 4,024 tonnes with primary
production (new mine output) accounting for approximately two thirds of the
total.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is a slight overall increase in gold supply when comparing the average 5-year
period ended 2004 to the average 5-year period ended 2009 at 4,012 tonnes and
4,035 tonnes respectively.</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
significant new source of demand has been from the Investment in Exchange
Traded Funds and related products comprising of 1,834 tonnes over 8 years and a
compound average growth rate of 114%.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statistics
published by Gold Fields Mineral Services Ltd Gold Survey 2010.</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
price of gold is volatile and fluctuations are expected to have a direct impact
on the value of the Shares. However, movements in the price of gold in the past
are not a reliable indicator of future movements. Movements may be influenced
by various factors, including announcements from central </FONT></P>

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

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

<P><FONT SIZE=2>banks regarding a country&#146;s reserve gold holdings, agreements among central banks,
political uncertainties around the world, and economic concerns.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following chart illustrates the movements in the price of an ounce of gold in
US dollars from December 1999 to September 2010:</FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><img src="c68736002_v1.jpg" ALT="(LINE GRAPH)"></font></P>

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

<P><FONT SIZE=2><B>The Silver Industry</B></FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
participants in the world silver market may be classified in the following
sectors: the mining and producer sector, the banking sector, the official
sector, the investment sector, and the manufacturing sector. A brief
description of each follows.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining
and Producer Sector. This group includes mining companies that specialize in
silver and silver production, mining companies that produce silver as a
by-product of other production (such as a copper or gold producer), scrap
merchants and recyclers.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banking
Sector. Bullion banks provide a variety of services to the silver market and
its participants, thereby facilitating interactions between other parties.
Services provided by the bullion banking community include traditional banking
products as well as mine financing, physical silver purchases and sales,
hedging and risk management, inventory management for industrial users and consumers
and silver leasing.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Official Sector. Unlike gold, there are no official statistics published by the
International Monetary Fund, Bank of International Settlements, or national
banks on silver holdings by national governments. The main reason for this is
that silver is generally not recognized as a reserve asset. Consequently, there
are very limited silver stocks held by governments. According to GFMS Limited
in World Silver Survey 2010, at the end of 2009, government held silver bullion
stocks total 61 million ounces.</FONT></P>

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

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Investment Sector. This sector includes the investment and trading activities
of both professional &amp; private investors and speculators. These
participants range from large hedge and mutual funds to day-traders on futures
exchanges, and retail-level coin collectors.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manufacturing Sector. The fabrication and manufacturing sector represents all
the commercial and industrial users of silver. Industrial applications comprise
the largest use of silver. The jewelry and silverware sector is the second
largest, followed by the photographic industry (although the latter has been
declining over the past several years as a result of the spread of digital
photography).</FONT></P>

<P><FONT SIZE=2><I>World Silver Supply and Demand 2000-2009
(million ounces)</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth a summary of the world silver supply and demand for
the period from 2000 to 2009 and is based on information reported in the World
Silver Survey 2010, the Silver Institute and GFMS Limited.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="28%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>2000</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>2001</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>2002</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>2003</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>2004</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>2005</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>2006</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>2007</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>2008</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>2009</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2><B>Supply</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Mine production</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>591</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>606</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>594</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>601</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>621</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>644</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>647</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>664</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>685</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>710</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Net Government Sales</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>60</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>63</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>60</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>88</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>60</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>68</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>78</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>42</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>28</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>14</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Old silver scrap</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>181</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>183</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>188</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>184</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>184</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>186</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>188</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>182</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>176</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>166</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Net producer hedging</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>19</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>10</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>28</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Implied Net Disinvestment</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>87</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>11</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Total Supply</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>919</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>870</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>852</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>873</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>875</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>925</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>914</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>888</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>888</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>889</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Demand</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Fabrication</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Industrial Application</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>374</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>335</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>339</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>350</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>367</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>405</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>425</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>454</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>443</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>352</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Photography</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>218</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>213</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>204</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>193</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>179</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>160</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>144</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>125</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>105</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>83</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Jewelry &amp; Silverware</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>267</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>280</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>252</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>263</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>242</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>242</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>228</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>222</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>215</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>217</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Coins &amp; Medals</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>32</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>31</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>32</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>36</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>42</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>40</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>40</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>40</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>65</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>79</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Total Fabrication</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>892</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>859</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>827</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>842</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>831</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>847</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>836</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>840</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>829</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>730</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Net Government Purchases</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Producer De-hedging</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>27</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>25</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>21</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>24</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>12</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>22</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Implied Net Investment</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>11</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>11</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>44</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>78</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>71</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>25</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>48</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>137</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Total Demand</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>919</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>870</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>852</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>873</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>875</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>925</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>914</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>888</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>888</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>889</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver
supply over the period shown, including mine production, net government sales,
old silver scrap, producer hedging and implied net disinvestment averaged 886
million ounces (Moz) per year. Mine production averages 72% of total silver
supply between 2000-2009.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the period shown, old silver scrap was the second largest contributor to
supply, averaging approximately 182 Moz per year, which averages 20 percent
over the 10 year period 2000-2009.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2009, producer de-hedging rose by 10.7 Moz.</FONT></P>

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

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
biggest source of demand for silver is in industrial applications. Industrial
applications decreased to 352 Moz in 2008 from 443 Moz in 2008. Silver is among
the best electrical and thermal conductor of all metals and is therefore used
in many electrical applications, particularly in a conductor, switches, contacts,
and fuses. Silver is also used in the manufacture of batteries, featuring
silver alloys as the cathode. Silver, a well-known bactericide, is used in a
number of applications, including water purification systems, air-handling
systems, and in a wide-range of textile and plastic consumer products. Silver
is also used to join metals through brazing and soldering. In the last ten
years, industrial applications averaged 385 Moz per year.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver
is also used in the manufacturing of jewelry and silverware. This application
for silver consumed an average of 243 Moz per year over the period shown.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver&#146;s
role in photography has been a regular component of silver demand, although
photographic use has decreased each year since 2000. Silver use in photography
averaged 162 Moz per year over the period shown. Silver is also used in the
fabrication of coins and medals. Silver was once widely used in coinage, and
many nations were on a silver standard until the 19th century. Today silver is in
limited use for circulating coinage, and is used in bullion coins issued by
national governments for use by investors wishing to own physical silver in
small quantities and in commemorative coins. Silver&#146;s use in coinage has
averaged over 44 Moz per year from 2000-2009.</FONT></P>

<P><FONT SIZE=2><I>Historical Chart of the Price of Silver</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
price of silver is volatile and fluctuations are expected to have a direct
impact on the value of the Shares. However, movements in the price of silver in
the past are not a reliable indicator of future movements. Movements may be
influenced by various factors, including announcements from central banks
regarding a country&#146;s reserve silver holdings, agreements among central banks,
political uncertainties around the world, and economic concerns. The following
chart illustrates the movements in the price of an ounce of silver in dollars
from December 1999 through September&nbsp;2010:</FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><img src="c68736003_v1.jpg" ALT="(LINE GRAPH)"></font></P>

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
2002, the price of silver increased due to a number of factors. Among such
factors are the decline in the US dollar against other currencies, the poor
performance of US and other major equities markets, a surge in investment
demand in commodities as an asset class generally, strength in fabrication
demand, and the low level of forward selling by mining companies. In 2006, the
silver price experienced a 58 percent increase over the average 2005 price of
$7.31 per ounce. The average price in 2006 was $11.55 per ounce. While prices
gyrated around the $14 level (though as much as $16 and as low as $11)
throughout much of 2007, 2008 experienced larger swings in price movements
between $9 and $21, before settling around $11 at the end of December. In 2009,
prices averaged around $15 per ounce and ended the year at $16.99 per ounce. In
early 2010, silver prices were being driven by a number of factors, reflecting
both its precious and industrial metal characteristics, ranging from the
recovery in manufacturing growth in 2009 to rising investor demand for silver
as a store of value, a weaker dollar and hedge against rising sovereign and
inflation risks.</FONT></P>

<P><FONT SIZE=2><B>Platinum Group Metals</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Platinum
and palladium are the two best known metals of the six platinum group metals
(&#147;PGMs&#148;). 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PGMs
are found primarily in South Africa and Russia. South Africa is the world&#146;s
leading platinum producer and the second largest palladium producer. Russia is
the largest producer of palladium and most production is concentrated in the
Norilsk region. All of South Africa&#146;s production is sourced from the Bushveld Igneous
Complex, which hosts the world&#146;s largest resource of PGMs. Together, South
Africa and Russia accounted for 75% of total platinum supply in 2008.</FONT></P>

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

<P><FONT SIZE=2><I>Suppliers of Platinum</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
main supplier of platinum is South Africa, providing approximately 67% of total
supply over the past four years. Russia is the second largest supplier of
platinum. However, its share of world production has varied from approximately
10% to 20% of total supply over the past ten years. Recovery of platinum from
autocatalysts is the other main source of supply and provided around 12% of
total supply in 2009. This source of supply increases along with autocatalyst
production and decreased from 16% of total supply in 2008.</FONT></P>

<P><FONT SIZE=2><I>Demand for Platinum</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jewelry
demand for platinum had declined from a peak of 48% of total demand in 1999 to
19% of total demand in 2008; however, jewelry demand recovered to 38% of total
demand in 2009. Autocatalyst demand for platinum declined by 39% from 2008 and
accounted for 34% of total demand in 2008. Industrial demand declined by 38%
from 2008 after having increased by 26% over the prior decade, contributing to
18% of total demand in 2008. The global automotive industry is currently
experiencing declining demand and, in certain cases, solvency concerns. A
continued decline in the global automotive industry may impact the price of
platinum and affect the price of the Shares.</FONT></P>

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
sector includes the investment and trading activities of both professional
&amp; private investors and speculators. These participants range from large
hedge and mutual funds to day-traders on futures exchanges, and retail-level
coin collectors. Physically-backed investment demand, comprising coins, bars,
investments held in allocated accounts and exchange traded products, has
steadily risen since 2000 and represented approximately 10% of total reported
demand in 2009.</FONT></P>

<P><FONT SIZE=2><I>The Manufacturing Sector</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fabrication and manufacturing sector represents all the commercial and industrial
users of platinum for whom platinum is a daily part of their business. The
autocatalyst and jewelry industries are the largest users of platinum.</FONT></P>

<P><FONT SIZE=2><I>World Platinum Supply and Demand 2000-2009</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth a summary of the world platinum supply and demand
for the period from 2000 to 2009 and is based on information reported in the
Johnson Matthey, Platinum 2010: Interim Review.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="28%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>2000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>2001</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>2002</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>2003</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>2004</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>2005</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>2006</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>2007</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>2008</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>2009</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=29 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B> (&#145;000 oz)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2><B>Supply</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>South Africa</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4,450</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4,630</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>5,010</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>5,115</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>5,295</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>5,070</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4,515</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4,530</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Russia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>980</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,050</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>845</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>890</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>920</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>915</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>805</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>785</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>North America</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>285</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>360</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>390</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>295</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>385</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>365</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>345</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>325</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>325</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>260</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Others</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>105</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>150</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>225</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>270</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>270</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>290</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>295</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>345</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Recovery from auto
 catalyst</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>470</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>530</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>565</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>645</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>690</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>770</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>860</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>935</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,130</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>830</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2><B>Total
 Reported Supply</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>5,760</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>6,390</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>6,535</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>6,845</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>7,180</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>7,410</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>7,690</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>7,535</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>7,070</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>6,750</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=3>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=3>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=3>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=3>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=3>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=3>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=3>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=3>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=3>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2><B>Demand</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Jewelry</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,830</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,590</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,820</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,510</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,160</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,965</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,640</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,455</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,365</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,445</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Autocatalyst</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,890</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,520</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,590</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,270</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,490</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,795</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,905</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4,145</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,655</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,230</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Other industrial(1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,115</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,095</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,005</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>910</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,065</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,215</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,340</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,350</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,185</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Investment(2)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>60</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>90</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>80</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>45</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>-40</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>170</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>555</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>660</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Other(3)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>375</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>465</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>540</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>470</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>470</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>475</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>490</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>495</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>535</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>440</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2><B>Total
 Reported Demand</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>6,150</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>6,760</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>7,035</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>7,175</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>7,230</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>7,465</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>7,335</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>7,615</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>7,295</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>6,475</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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


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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Ot<I>her Industrial Demand </I>consists primarily
 of demand from chemical, electrical, glass and petroleum usage.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Investment
 Demand </I>comprises
 physically backed holdings in coins, small bars, allocated accounts and
 exchange traded products.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(3)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Other </I>comprises any other industrial or
 manufacturing use</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>24</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following are some of the main characteristics of the platinum market
illustrated by the table:</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Platinum
supply from 2000 to 2009 has averaged 6.9 million ounces with the majority of
production from South Africa. Production from South Africa, on average,
accounted for approximately 67% of total production over that period.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is a 12% increase in platinum supply when comparing the average five-year
periods ended 2003 and 2008, at 6.5 million ounces and 7.3 million ounces,
respectively.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
biggest source of demand for platinum output over the period shown has come
from the autocatalyst sector which has accounted for an approximate average of
45% of all demand. After a continuous decline in demand from 2002 to 2008 the
jewelry sector experienced a 79% increase in demand, accounting for 38% of
worldwide demand in 2009.</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
price of platinum is volatile and fluctuations are expected to have a direct
impact on the value of the Shares. However, movements in the price of platinum
in the past are not a reliable indicator of future movements.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following chart illustrates the movements in the price of an ounce of platinum
in US dollars from December 1999 to September 2010:</FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><img src="c68736004_v1.jpg" ALT="(LINE GRAPH)"></font></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the second half of 2008 platinum prices fell sharply (from a high of $2276 in
March to a low of $898 per ounce at the end of December) as industrial demand
collapsed on the back of the global financial crisis. Prices remained weak in
the first few months of 2009 as industrial activity continued to slow. As
global manufacturing lead indicators (such as European, US and Asian purchasing
managers indexes) started to turn up in early 2009, platinum prices began to
rise. During this period the prices of a wide range of commodities, equities
and other cyclically-oriented assets also began to rebound strongly from the
lows of late 2008/early 2009. As it became clear that auto sales in the US,
Europe and China were rebounding on a sustainable basis, platinum and palladium
continued to rise. By the end of 2009 platinum prices had risen to $1416 per
ounce, representing a 63% increase from the beginning of 2009 and 64% of the
March 2008 high.</FONT></P>

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

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

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

<P><FONT SIZE=2><I>Suppliers of Palladium</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
main supplier of palladium is Russia. However, its contribution has fallen from
65% in 2000 to 45% of total supply in 2009. South Africa is the second largest
source of supply, accounting for 29% of total supply in 2009. As with 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 9% to supply while the recovery of palladium from autocatalysts
has increased more than four-fold over the past ten years to account for 12% of
supply in 2009.</FONT></P>

<P><FONT SIZE=2><I>Demand for Palladium</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autocatalysts
are the largest component of palladium demand, comprising 55% of total demand
by the end of 2009. Industrial demand (electronics, dentistry, and chemical)
had fallen to a low of 23% of total demand in 2001 before a slight recovery to
25% of total demand by 2009. Jewelry demand for palladium has increased by the
largest of all the key sectors, rising by 192% over the past ten years and
contributing 10% of total demand in 2009.</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
sector includes the investment and trading activities of both professional
&amp; private investors and speculators. These participants range from large
hedge and mutual funds to day-traders on futures exchanges, and retail-level
coin collectors. Physically-backed investment demand, comprising coins, bars,
investments held in allocated accounts and exchange traded products, has
steadily risen since 2000 and represented approximately 9% of total reported
demand in 2008.</FONT></P>

<P><FONT SIZE=2><I>The Manufacturing Sector</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fabrication and manufacturing sector represents all the commercial and
industrial users of 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><FONT SIZE=2><I>World Palladium Supply and Demand 2000-2009</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth a summary of the world palladium supply and demand
for the period from 2000 to 2009 and is based on information reported in the
Johnson Matthey, Platinum 2010: Interim Review.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="28%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>2000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>2001</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>2002</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>2003</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>2004</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>2005</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>2006</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>2007</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>2008</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>2009</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=28 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B> (&#145;000 oz)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2><B>Supply</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>South Africa</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,860</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,010</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,160</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,320</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,480</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,605</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,775</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,765</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,430</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,370</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Russia</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>5,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>4,340</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,930</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,950</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>4,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>4,620</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>3,920</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>4,540</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>3,660</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>3,635</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>North America</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>635</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>850</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>990</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>935</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1035</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>910</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>985</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>990</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>910</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>755</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Others</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>105</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>120</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>170</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>245</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>265</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>270</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>270</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>285</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>310</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>340</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Recovery from auto
 catalyst</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>230</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>280</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>370</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>410</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>530</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>625</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>805</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,015</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,140</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>965</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="28%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2><B>Total
 Reported Supply</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>8,030</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>7,600</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>5,620</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>6,860</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>9,110</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>9,030</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>8,755</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>9,595</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>8,450</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2><B>8,065</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2><B>Demand</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Autocatalyst</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>5,640</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>5,090</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>3,050</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>3,450</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>3,790</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>3,865</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>4,015</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>4,545</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>4,465</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>4,050</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Other industrial(1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,235</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,645</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,990</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,080</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,265</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,245</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,815</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Investment(2)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>30</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>220</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>20</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>260</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>420</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>625</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Jewelry</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>255</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>240</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>270</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>260</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>930</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,4.30</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>995</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>715</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>850</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>745</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Other(3)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>60</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>65</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>90</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>110</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>90</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>265</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>85</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>85</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>75</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>70</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2><B>Total
 Reported Demand</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>9,190</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>7,040</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>5,210</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>5,840</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>7,090</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>7980</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>7,410</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>7,850</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>7,810</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><B>7,305</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

<P ALIGN=CENTER><FONT SIZE=2>26</FONT></P>

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

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Other
 Industrial Demand </I>consists
 primarily of demand from chemical, dental and electronics usage.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Investment
 Demand </I>comprises
 physically backed holdings in coins, small bars, allocated accounts and
 exchange traded products.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(3)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Other </I>comprises any other industrial or
 manufacturing use.</FONT></P>
 </TD>
 </TR>
</TABLE>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palladium
supply from 2000 to 2009 has averaged 8.1 million ounces with the majority of
production from Russia. Production from Russia, on average, accounted for
approximately 49% of total production over that period.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is an 18% increase in palladium supply when comparing the average five-year
periods ended 2004 and 2009, at 7.4 million ounces and 8.8 million ounces,
respectively.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 2009 from its 2001 peak of 72% of total demand to 55% by 2009.</FONT></P>

<P><FONT SIZE=2><I>Historical Chart of the Price of Palladium</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 December 1999 to September 2010:</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>27</FONT></P>

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

<P ALIGN=CENTER><FONT SIZE=2><img src="c68736005_v1.jpg" alt="(LINE GRAPH)"></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the second half of 2008 palladium prices fell sharply (from a high of $558 in
March to a low of $184 per ounce at the end of December) as industrial demand
collapsed on the back of the global financial crisis. Prices remained weak in
the first few months of 2009 as industrial activity continued to slow. As
global manufacturing lead indicators (such as European, US and Asian purchasing
managers indexes) started to turn up in early 2009, palladium prices began to
rise. During this period the prices of a wide range of commodities, equities
and other cyclically-oriented assets also began to rebound strongly from the
lows of late 2008/early 2009. As it became clear that auto sales in the US,
Europe and China were rebounding on a sustainable basis, palladium continued to
rise. By the end of 2009 palladium prices had risen to $393 per ounce,
representing a 114% increase from the beginning of 2009 and 67% of the March
2008 high.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>O<A NAME="c68736a008_v1"></a>PERATION OF THE
BULLION MARKETS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
global trade in Bullion
consists of Over-the-Counter (&#147;OTC&#148;) transactions in spot, forwards, and
options and other derivatives, together with exchange-traded futures and
options.</FONT></P>

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market
makers, as well as others in the OTC market, trade with each other and with
their clients on a principal-to-principal basis. All risks and issues of credit
are between the parties directly involved in the transaction.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
gold and silver, market makers include the market-making members of the LBMA,
the trade association that acts as the coordinator for activities conducted on
behalf of its members and other participants in the London bullion market. The
nine market-making members of the LBMA are: Barclays Bank plc, Deutsche Bank
AG, HSBC Bank USA, N.A. (through its London branch), Goldman Sachs
International, JPMorgan Chase Bank, ScotiaMocatta (a division of the Bank of
Nova Scotia), Soci&eacute;t&eacute; G&eacute;n&eacute;rale, Mitsui &amp; Co Precious Metals Inc, and UBS
AG.</FONT></P>

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
platinum and palladium, 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 nine
market-making members of the LPPM are: Barclays Bank PLC, Credit Suisse,
Deutsche Bank AG, Engelhard Metals Limited, Goldman Sachs International, HSBC
USA NA London Branch, JP Morgan Chase Bank, Mitsui &amp; Co Precious Metals Inc
(London Branch) and Standard Bank PLC.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
OTC market provides a relatively flexible market in terms of quotes, price,
size, destinations for delivery and other factors. Bullion dealers customize
transactions to meet clients&#146; requirements. The OTC market has no formal
structure and no open-outcry meeting place.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
main centers of the OTC market are London and New York for gold and silver and
London, New York, Hong Kong and Zurich for platinum and palladium. Mining
companies, central banks, manufacturers of jewelry and industrial products,
together with investors and speculators, tend to transact their business
through one of these market centers. Centers such as Dubai and several cities
in the Far East also transact substantial OTC market business, typically
involving jewelry and bars of gold or silver and small plates or ingots of
platinum or palladium (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 LBMA and/or the LPPM.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of
the nine market-making members of the LBMA, six offer clearing services for
gold and silver. Platinum and Palladium are cleared loco Zurich by UBS AG and
Credit Suisse AG. As of September 2009, the six LBMA members offer loco London
clearing services for Platinum and Palladium as well. There are a further 59
full members, plus a number of associate members around the world. The number
of LBMA market-making, clearing and full members reported in this prospectus
are as of November 24, 2008. These numbers may change from time to time as new
members are added and existing members drop out. </FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the OTC market for silver, the standard size of trades between market makers is
100,000 ounces. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the OTC market for platinum and palladium, the standard size of trades between
market makers is 1,000 ounces.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidity
in the OTC market can vary from time to time during the course of the 24-hour
trading day. Fluctuations in liquidity are reflected in adjustments to dealing
spreads&#151;the differential between a dealer&#146;s &#147;buy&#148; and &#147;sell&#148; prices. The period
of greatest liquidity in the Bullion markets 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, Zurich 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 ALIGN=CENTER><FONT SIZE=2>29</FONT></P>

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

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

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

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Formal
participation in the London fix is traditionally limited to five members, each
of which is a gold bullion dealer and a member of the LBMA. The chairmanship
now rotates annually among the five member firms. The morning session of the
fix starts at 10:30 AM London time and the afternoon session starts at 3:00 PM
London time. The members of the gold fixing are currently The Bank of Nova
Scotia&#151;ScotiaMocatta, Deutsche Bank AG, HSBC Bank USA, N.A., Soci&eacute;t&eacute; G&eacute;n&eacute;rale
and Barclays Bank plc. Any other market participant wishing to participate in
the trading on the fix is required to do so through one of the five gold fixing
members.</FONT></P>

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

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
most significant gold futures exchanges are the COMEX and the Tokyo Commodity
Exchange (&#147;TOCOM&#148;). The COMEX is the largest exchange in the world for trading
precious metals futures and options and has been trading gold since 1974. The
TOCOM has been trading gold since 1982. Trading on these exchanges is based on
fixed delivery dates and transaction sizes for the futures and options
contracts traded. Trading costs are negotiable. As a matter of practice, only a
small percentage of the futures market turnover ever comes to physical delivery
of the gold represented by the contracts traded. Both exchanges permit trading
on margin. Margin trading can add to the speculative risk involved given the
potential for margin calls if the price moves against the contract holder. The
COMEX operates through a central clearance system. On June 6, 2003, the TOCOM
adopted a similar clearance system. In each case, the exchange acts as a
counterparty for each member for clearing purposes.</FONT></P>

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

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

<P><FONT SIZE=2><B>The Silver Market</B></FONT></P>

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term &#147;loco London&#148; silver refers to silver physically held in London that meets
the specifications for weight, dimensions, fineness (or purity), identifying
marks (including the assay stamp of a LBMA acceptable refiner) and appearance
set forth in &#147;The Good Delivery Rules for Gold and Silver Bars&#148; published by
the LBMA. Silver bars meeting these requirements are described in this
prospectus from time to time as &#147;Good Delivery bars.&#148; The unit of trade in
London is the troy ounce, whose conversion between grams is: 1,000 grams =
32.1507465 troy ounces and 1 troy ounce = 31.1034768 grams. A Good Delivery bar
is acceptable for delivery in settlement of a transaction on the OTC market. A
Good Delivery must contain between 750 ounces and 1,100 ounces of silver with a
minimum fineness (or purity) of 999.0 parts per 1,000. A Good Delivery bar must
also bear the stamp of one of the refiners who are on the LBMA-approved list.
Unless otherwise specified, the silver spot price always refers to that of a
Good Delivery bar. Business is generally conducted over the phone and through
electronic dealing systems.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once
daily during London trading hours there is a fix which provides reference
silver prices for that day&#146;s trading. Many long-term contracts will be priced
on the basis of the London Fix, and market participants will usually refer to
this price when looking for a basis for valuations. The London Fix is the most
widely used benchmark for daily silver prices and is quoted by various
financial information sources.</FONT></P>

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

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three
Market Making members of the LBMA conduct the Silver Fixing meeting under the
chairmanship of The Bank of Nova Scotia&#151;ScotiaMocatta by telephone at 12:00
noon London time each working day. The other two members of the Silver Fixing
are Deutsche Bank AG and HSBC Bank USA, National Association.</FONT></P>

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
most significant silver futures exchanges are the COMEX and the TOCOM. Future
exchanges seek to provide a neutral, regulated marketplace for the trading of
derivatives contracts for commodities. Future contracts are defined by the
exchange for each commodity. For each commodity traded, this contract specifies
the precise quality and quantity standards. The contract&#146;s terms and conditions
also define the location and timing of physical delivery.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
exchange does not buy or sell those contracts, but seeks to offer a transparent
forum where members, on their own behalf or on the behalf of customers, can
trade the contracts in a safe, efficient and orderly manner. During regular
trading hours at the COMEX, the commodity contracts are traded through open
outcry; a verbal auction in which all bids, offers and trades must be publicly
announced to all members. Electronic trading is offered by the exchange after
regular market hours. Except for brief breaks to switch between open outcry and
electronic trading in the evening and the morning, silver futures trade almost
24 hours a day, five business days a week.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the public nature of the pricing, futures exchanges in the United
States are regulated at two levels: internal and external governmental
supervision. The internal is performed through self-regulation and consists of
regular monitoring of the following: the open-outcry process to insure that it
is conducted in conformance with all exchange rules; the financial condition of
all exchange member firms to insure that they continuously meet financial
commitments; and the positions of commercial and non-commercial customers to
insure that physical delivery and other commercial commitments can be met, and
that pricing is not being improperly affected by the size of any particular
customer positions. External governmental oversight is performed by the CFTC,
which reviews all the rules and regulations of United States futures exchanges
and monitors their enforcement.</FONT></P>

<P><FONT SIZE=2><B>The Platinum Market</B></FONT></P>

<P><FONT SIZE=2><I>The Zurich and London Platinum Bullion Market</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
the market for physical platinum is distributed globally, most platinum is
stored and most OTC market trades are cleared through Zurich. As of September
1, 2009, London also serves as a center for the clearing of OTC trades in
platinum. 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 </FONT></P>

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

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>Good Delivery
Lists,&#148; which are the lists of LPPM accredited melters and assayers of
platinum. The LPPM also coordinates market clearing and vaulting, promotes good
trading practices and develops standard documentation.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Platinum
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 1, 2009, platinum 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 platinum can either be by physical delivery
or through the clearing systems to an unallocated account.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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 platinum 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 platinum content of a platinum 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 must also bear the stamp
of one of the melters and assayers who are on the LPPM approved list. Unless
otherwise specified, the platinum 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twice
daily during London trading hours there is a fix which provides reference
platinum 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 platinum prices and is quoted by various financial
information sources.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Formal
participation in the London fix is traditionally limited to four fixing
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 platinum fixing members.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orders
are placed either with one of the 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
platinum 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 ALIGN=CENTER><FONT SIZE=2>33</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
most significant platinum futures exchanges are the COMEX and the TOCOM. The
COMEX is the largest exchange in the world for trading precious metals futures
and options and has been trading platinum since 1974. The TOCOM has been trading
platinum 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 platinum
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, the TOCOM adopted a
similar clearance system. In each case, the exchange acts as a counterparty for
each member for clearing purposes.</FONT></P>

<P><FONT SIZE=2><B>The Palladium Market</B></FONT></P>

<P><FONT SIZE=2><I>The Zurich and London Palladium Bullion
Markets</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 serves 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twice
daily during London trading hours there is a fix which provides reference
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 ALIGN=CENTER><FONT SIZE=2>34</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Formal
participation in the London fix is traditionally limited to four fixing
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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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><FONT SIZE=2><I>Futures Exchanges</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
most significant palladium futures exchanges are the COMEX and the 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,
the TOCOM adopted a similar clearance system. In each case, the exchange acts
as a counterparty for each member for clearing purposes.</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
global gold, silver, platinum and 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 LBMA and the LPPM, falls under the authority of the Financial Services
Authority (&#147;FSA&#148;) as provided by the Financial Services and Markets Act 2000
(&#147;FSM Act&#148;). Under this act, all UK-based banks, together with other investment
firms, are subject to a range of requirements, including fitness and
properness, capital adequacy, liquidity, and systems and controls.</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
TOCOM has authority to perform financial and operational surveillance on its
members&#146; trading activities, scrutinize positions held by members and large-scale
customers, and monitor the price movements of futures markets by comparing them
with cash and other derivative markets&#146; prices. To act </FONT></P>

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

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>as a Futures
Commission Merchant Broker, a broker must obtain a license from Japan&#146;s
Ministry of Economy, Trade and Industry (&#147;METI&#148;), the regulatory authority that
oversees the operations of the TOCOM.</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust does not trade in gold, silver, platinum or palladium futures contracts
on the COMEX or on any other futures exchange. The Trust takes delivery of
physical Bullion that complies with the LBMA gold and silver delivery rules and
the LPPM platinum and palladium delivery rules as applicable. Because the Trust
does not trade in Bullion 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 is not operated by a CFTC-regulated commodity pool
operator. Investors in the Trust do not receive the regulatory protections
afforded to investors in regulated commodity pools, nor may the COMEX or any
futures exchange enforce its rules with respect to the Trust&#146;s activities. In
addition, investors in the Trust do not benefit from the protections afforded
to investors in Bullion futures contracts on regulated futures exchanges.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>B<A NAME="c68736a009_v1"></a>USINESS OF THE
TRUST</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
activities of the Trust are limited to (1) issuing Baskets in exchange for the
Bullion deposited with the Custodian as consideration, (2) delivering Bullion
as necessary to cover the Sponsor&#146;s Fee and selling Bullion as necessary to pay
Trust expenses not assumed by the Sponsor and other liabilities and (3)
delivering Bullion in exchange for Baskets surrendered for redemption. The
Trust is not actively managed. It does not engage in any activities designed to
obtain a profit from, or to ameliorate losses caused by, changes in the price
of gold, silver, platinum and palladium.</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
investment objective of the Trust is for the Shares to reflect the performance
of the prices of physical gold, silver, platinum and palladium in the
proportions held by the Trust, less the Trust&#146;s expenses. The Shares are
intended to constitute a simple and cost-effective means of making an
investment similar to a proportional investment in gold, silver, platinum and
palladium. An investment in physical Bullion requires expensive and sometimes
complicated arrangements in connection with the assay, transportation,
warehousing and insurance of the metal. Although the Shares are not the exact equivalent
of an investment in Bullion, they provide investors with an alternative that
allows a level of participation in the gold, silver, platinum and palladium
markets through the securities market.</FONT></P>

<P><FONT SIZE=2><B>Strategy Behind the Shares</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shares are intended to offer investors an opportunity to participate in the
gold, silver, platinum and palladium markets through an investment in
securities. The Bullion representing a Share in the initial Baskets was
comprised of 0.03 ounces of gold, 1.1 ounces of silver, 0.004 ounces of
platinum and 0.006 ounces of palladium. This ratio of gold, silver, platinum
and palladium held by the Trust will be maintained for the life of the Trust,
although the actual weights of the metals represented by a Share will decrease
over time as the Trust accrues expenses. The logistics of storing and insuring
Bullion 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 ALIGN=CENTER><FONT SIZE=2>36</FONT></P>

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

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

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Easily Accessible and Relatively Cost Efficient.</I>
 Investors can access the gold, silver, platinum and palladium markets 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 Bullion by using the Shares instead of using the
 traditional means of purchasing, trading and holding Bullion and for many
 investors, transaction costs related to the Shares will be lower than those
 associated with the purchase, storage and insurance of physical Bullion</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Exchange Traded and Transparent.</I> The Shares
 trade on the NYSE Arca, providing investors with an efficient means to
 implement various investment strategies. The Shares are eligible for margin
 accounts and are backed by the assets of the Trust and the Trust will not
 hold or employ any derivative securities. Furthermore, the value of the
 Trust&#146;s holdings will be reported on the Trust&#146;s website daily.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Minimal Credit Risk.</I> The Shares represent an
 interest in physical Bullion owned by the Trust (other than amounts of gold
 and silver held in unallocated form which are not sufficient to make up a
 whole bar, amounts of platinum and palladium held in unallocated form which
 are not sufficient to make up a whole plate or ingot, or amounts of Bullion
 which are held temporarily to effect a creation or redemption of Shares).
 Physical Bullion of the Trust in the Custodian&#146;s possession is not subject to
 borrowing arrangements with third parties. Other than the Bullion temporarily
 being held in an unallocated Bullion account with the Custodian, the physical
 Bullion of the Trust is not subject to counterparty or credit risks. See
 &#147;Risk Factors&#151;Bullion held in the Trust&#146;s unallocated Bullion account and any
 Authorized Participant&#146;s unallocated Bullion 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>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>The Trust
 differentiates itself from competing Bullion ETPs in the following ways:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><I>&#149;</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Location of Bullion Vault. </I>The Trust&#146;s
 custodian holds gold and silver bullion in a secure vault in London. The
 Trust&#146;s custodian holds platinum and palladium bullion in a secure vault in
 London or with a sub-custodian in Zurich. This custodial arrangement
 differentiates the Trust from other Bullion ETPs, which may custody bullion
 in locations such as the United States, Canada, the United Kingdom or
 Switzerland or which may use financial instruments to seek their investment
 objectives. The geographic and political considerations of owning gold and
 silver in London and platinum and palladium in London or Zurich may appeal to
 certain investors.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><I>&#149;</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Experienced Management Team. </I>The management
 team of the Sponsor&#146;s parent, ETF Securities Limited, pioneered the first
 Bullion ETP backed by physical gold in Australia in 2003. Since that time and
 including their activities with the Sponsor, the management team of ETF
 Securities Limited has established a long track record of operating Bullion
 ETPs backed by physical gold, silver, platinum and palladium, including
 listings in Australia, Europe, Japan and the United States.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Bullion Bar and Plate List. </I>In the interests
 of transparency, the Custodian maintains a list of the uniquely identifiable
 gold and silver bars and platinum and palladium plates held by the </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>37</FONT></P>

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

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Trust. This list is updated daily and published at
 etfsecurities.com/msl/index_us.asp. Although some Bullion ETPs that custody
 physical bullion, such as the ETFS Gold Trust, may utilize similar
 disclosure, United States and non-United States Bullion ETPs that do not hold
 Bullion in allocated form do not maintain inventory reports of bullion
 holdings.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><I>&#149;</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Vault Inspection. </I>The Sponsor has contracted
 with a specialist bullion assaying firm to provide biannual inspections of
 the bullion bars held on behalf of the Trust. One audit will be conducted at
 the end of each calendar year and the other at random, with the consent of
 the Custodian, on a date selected by the Sponsor. Other Bullion ETPs may not
 allow third party inspections of bullion bar holdings.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><I>&#149;</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Custodian. </I>The custodian of the Trust&#146;s
 Bullion is JPMorgan Chase Bank, NA. The custodian may be different for other
 Bullion ETPs.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><I>&#149;</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Allocated Bullion. </I>The Trust holds physical
 gold and silver in allocated form with the Custodian in the Custodian&#146;s
 London vaulting premises. The Trust holds physical platinum and palladium in
 allocated form with the Custodian in the Custodian&#146;s London vaulting premises
 or the Zurich Sub-Custodian&#146;s Zurich vaulting premises. The physical
 allocated Bullion of the Trust is not subject to counterparty or credit
 risks. A small portion of the Trust&#146;s physical Bullion, which amount is not
 expected to exceed 430 ounces of gold, 1,100 ounces of silver, 192 ounces of
 platinum and 192 ounces of palladium on any given day, will be held in
 unallocated form. This may differ from other Bullion ETPs that provide
 bullion exposure through other means, such as the use of financial
 instruments.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><I>&#149;</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Structure. </I>The Shares intend to track the
 performance of the price of Bullion in a proportion equal to 0.03 ounces of
 gold, 1.1 ounces of silver, 0.004 ounces of platinum and 0.006 ounces of
 palladium, less the Trust&#146;s expenses. The Trust seeks to achieve this
 objective by holding physical Bullion. This structure may be different from
 other Bullion ETPs that seek to track the performance of the price of
 physical bullion through the use of commodity futures contracts or through
 derivatives.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><I>&#149;</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><I>Sponsor&#146;s Fee. </I>The Sponsor&#146;s Fee associated
 with the Trust is a competitive factor that may influence an investor&#146;s
 decision to purchase Shares.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2><B>Secondary Market Trading</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
the Trust&#146;s investment objective is for the Shares to reflect the performance
of prices of physical gold, silver, platinum and palladium in the proportions
held by the Trust, 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
trade on the NYSE Arca until 4:00 PM New York time, liquidity in the global
gold, silver, platinum and palladium markets is reduced after the close of the
COMEX at 1:30 PM New York time. As a result, during this time, trading spreads,
and the resulting premium or discount, on the Shares may widen.</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust&#146;s only ordinary recurring expense is 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</FONT></P>

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor&#146;s Fee accrues daily at an annualized rate equal to 0.60% of the
adjusted net asset value (&#147;ANAV&#148;) of the Trust and is 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore,
the Sponsor may, in its sole discretion, agree to rebate all or a portion of
the Sponsor&#146;s Fee attributable to Shares held by institutional investors
subject to minimum Share holding and lock up requirements as determined by the
Sponsor to foster stability in the Trust&#146;s asset levels. The Sponsor expects
that any agreement to rebate the Sponsor&#146;s Fee will address key terms such as
the requirement that the institutional investor invest in an amount greater
than 2,000,000 Shares and that all or a portion of the investment to which the
rebate applies be subject to a lockup period. Furthermore, the written
agreement would detail how the institutional investor may establish that Share
holdings and lockup period requirements have been met (e.g., permitting the
Sponsor to monitor the institutional investor&#146;s holdings in Shares from time to
time). Each written rebate agreement will be expected to have an initial term
of one year and will automatically be extended on a month-to-month basis until terminated
by either party on written notice. Any such rebate will be subject to
negotiation and written agreement between the Sponsor and the investor on a
case by case basis. The Sponsor is under no obligation to provide any rebates
of the Sponsor&#146;s Fee. Neither the Trust nor the Trustee will be a party to any
Sponsor&#146;s Fee rebate arrangements negotiated by the Sponsor.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor&#146;s Fee is paid by delivery of Bullion 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 is of that number of ounces of gold, silver, platinum and palladium
which equals the daily accrual of the Sponsor&#146;s Fee for such prior month calculated
at the applicable London Fix. The gold, silver, platinum and palladium
delivered to pay the Sponsor&#146;s Fee shall be in such proportion so as to ensure
that the Bullion held by the Trust following such transfer is in the same ratio
of metals as the Bullion delivered for the Creation Basket Deposits.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee will, when directed by the Sponsor, and, in the absence of such
direction, may, in its discretion, sell Bullion 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 Bullion 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 Bullion. Accordingly, the amount of Bullion to be sold will vary
from time to time depending on the level of the Trust&#146;s expenses and the market
prices of gold, silver, platinum and palladium. The Custodian may purchase from
the Trust, at the request of the Trustee, Bullion needed to cover Trust
expenses not assumed by the Sponsor at the prices used by the Trustee to
determine the value of the Bullion held by the Trust on the date of the sale.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
held by the Trustee pending payment of the Trust&#146;s expenses will not bear any
interest. Each delivery or sale of Bullion by the Trust to pay the Sponsor&#146;s
Fee or other Trust expenses will be a taxable event to Shareholders. See
&#147;United States Federal Income Tax Consequences&#151;Taxation of US Shareholders.&#148;</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust
delivers Bullion to the Sponsor to pay the Sponsor&#146;s Fee and
sells Bullion 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 is the Trust&#146;s sole source of funds to cover its liabilities. The</FONT></P>

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

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>Trust does not
engage in any activity designed to derive a profit from changes in the prices
of gold, silver, platinum and palladium. Bullion not needed to redeem Baskets,
or to cover the Sponsor&#146;s Fee and Trust expenses not assumed by the Sponsor, is
held in physical form by the Custodian (except for residual amounts of gold not
exceeding 430 ounces, the maximum weight to make one Good Delivery gold bar,
residual amounts of silver not exceeding 1,100 ounces, the maximum weight to
make one Good Delivery silver bar, residual amounts of platinum not exceeding
192 ounces, the maximum weight to make one Good Delivery platinum plate or
ingot, and residual amounts of palladium not exceeding 192 ounces, the maximum
weight to make one Good Delivery palladium 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 Bullion to pay the Sponsor&#146;s Fee in-kind and
potential sales of Bullion to pay in cash the Trust expenses not assumed by the
Sponsor, the NAV of the Trust and, correspondingly, the fractional amount of
physical Bullion represented by each Share decreases over the life of the
Trust. New deposits of Bullion, received in exchange for additional new Baskets
issued by the Trust, will not reverse this trend.</FONT></P>

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

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

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

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

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="56%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=8 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Year</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=8 VALIGN=BOTTOM>

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

 </TD>
 <TD VALIGN=BOTTOM>

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

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

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

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

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

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

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

 </TD>
 <TD VALIGN=BOTTOM>

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

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Hypothetical gold price per ounce</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,000.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,000.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,000.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Hypothetical silver price per ounce</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>20.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>20.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>20.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Hypothetical platinum price per ounce</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,500.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,500.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,500.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Hypothetical palladium price per ounce</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>500.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>500.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>500.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Sponsor&#146;s Fee</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0.60</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0.60</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0.60</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Shares of Trust, beginning</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Ounces of gold in Trust, beginning</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>3,000.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,982.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,964.11</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Hypothetical value of gold in Trust</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,000,000.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,982,000.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,964,108.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Ounces of silver in Trust, beginning</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>110,000.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>109,340.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>108,683.96</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Hypothetical value of silver in Trust</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,200,000.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,186,800.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,173,679.20</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Ounces of platinum in Trust, beginning</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>400.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>397.60</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>395.21</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Hypothetical value of platinum in Trust</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>600,000.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>596,400.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>592,821.60</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Ounces of palladium in Trust, beginning</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>600.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>596.40</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>592.82</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Hypothetical value of palladium in Trust</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>300,000.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>298,200.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>296,410.80</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Beginning adjusted net asset value of the
 Trust</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>6,100,000.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>6,063,400.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>6,027,019.60</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Ounces of gold to be delivered to cover the
 Sponsor&#146;s Fee</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>18.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>17.89</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>17.78</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Ounces of gold in Trust, ending</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,982.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,964.11</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,946.32</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Ounces of silver to be delivered to cover
 the Sponsor&#146;s Fee</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>660.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>656.04</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>652.10</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Ounces of silver in Trust, ending</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>109,340.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>108,683.96</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>108,031.86</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Ounces of platinum to be delivered to cover
 the Sponsor&#146;s Fee</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2.40</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2.39</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2.37</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Ounces of platinum in Trust, ending</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>397.60</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>395.21</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>392.84</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Ounces of palladium to be delivered to
 cover the Sponsor&#146;s Fee</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3.60</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3.58</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3.56</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Ounces of palladium in Trust, ending</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>596.40</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>592.82</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>589.26</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Ending adjusted net asset value of the
 Trust</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>6,063,400.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>6,027,019.60</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>5,990,857.48</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Ending NAV per share</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>60.63</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>60.27</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>59.91</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2><B>D<A NAME="c68736a010_v1"></a>ESCRIPTION OF
THE TRUST</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust is a common law trust, formed on October&nbsp;18, 2010 under New York law
pursuant to the Trust Agreement. The Trust holds Bullion and is expected from
time to time to issue Baskets in exchange for deposits of Bullion and to
distribute Bullion in connection with redemptions of Baskets. The investment
objective of the Trust is for the Shares to reflect the performance of the
prices of physical gold, silver, platinum and palladium in the proportions held
by the Trust, 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 Bullion. 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 Bullion 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 Bullion to pay fees and expenses by the Trust is a taxable
event to Shareholders. See &#147;United States Federal Income Tax
Consequences&#151;Taxation of US Shareholders.&#148;</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust creates and redeems Shares from time to time but only in Baskets (a
Basket equals a block of 50,000 Shares). The number of outstanding Shares is
expected to increase and decrease from time to time as a result of the creation
and redemption of Baskets. The creation and redemption of Baskets requires the
delivery to the Trust or the distribution by the Trust of the amount of Bullion
and any cash represented by the Baskets being created or redeemed. The total
amount of Bullion 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 Bullion required for deposit with the Trust to create
Shares was 1,500 ounces of gold, 55,000 ounces of silver, 200 ounces of
platinum and 300 ounces of palladium per Basket. The number of ounces of
Bullion required to create a Basket or to be delivered upon a redemption of a
Basket gradually and proportionally decreases over time. This is because the
Shares comprising a Basket will represent a decreasing amount of Bullion due to
the delivery or sale of the Trust&#146;s Bullion 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 ALIGN=CENTER><FONT SIZE=2>41</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee determines the NAV of the Trust on each day that the NYSE Arca is open
for regular trading, as promptly as practicable after 4:00 p.m. New York time.
The NAV of the Trust is the aggregate value of the Trust&#146;s assets less its
estimated accrued but unpaid liabilities (which include accrued expenses). In
determining the Trust&#146;s NAV, the Trustee values (1) the gold held by the Trust
based on the London Fix price for an ounce of gold or such other publicly
available price as the Sponsor may deem fairly represents the commercial value
of the Trust&#146;s gold, (2) the silver held by the Trust based on the London Fix
price for an ounce of silver or such other publicly available price as the
Sponsor may deem fairly represents the commercial value of the Trust&#146;s silver,
(3) the platinum held by the Trust based on the London Fix price for an ounce
of platinum or such other publicly available price as the Sponsor may deem
fairly represents the commercial value of the Trust&#146;s platinum and (4) the
palladium held by the Trust based on the London 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 also
determines the NAV per Share. If on a day when the Trust&#146;s NAV is being
calculated the London Fix is not available or has not been announced by 4:00
p.m. New York time, for any Bullion metal the price from the next most recent
London fix (AM or PM) for such Bullion metal will be used, unless the Sponsor
determines that such price is inappropriate to use.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust&#146;s assets consist of allocated physical Bullion, Bullion credited to an
unallocated Bullion account and, from time to time, cash, which will be used to
pay expenses not assumed by the Sponsor. Except for the transfer of Bullion in
or out of the Trust Unallocated Account in connection with the creation or
redemption of Baskets, upon a delivery of Bullion to pay the Sponsor&#146;s Fee or
upon a sale of Bullion to pay the Trust&#146;s expenses not assumed by the Sponsor,
it is anticipated that only a small amount of unallocated gold, silver,
platinum and palladium will be held in the Trust Unallocated Account. Cash held
by the Trust will not generate any income. Each Share represents a proportional
interest, based on the total number of Shares outstanding, in the Bullion 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 prices
of gold, silver, platinum and 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors
may obtain on a 24-hour basis gold, silver, platinum and palladium pricing
information based on the spot price for an ounce of each Bullion metal from
various financial information service providers. Current spot prices are also
generally available with bid/ask spreads from physical Bullion dealers. In
addition, the Trust&#146;s website (www.etfsecurities.com) will provide ongoing
pricing information for gold, silver, platinum and palladium spot prices and
the Shares. Market prices for the Shares are available from a variety of
sources including brokerage firms, information websites and other information
service providers. The NAV of the Trust is published by the Sponsor on each day
that the NYSE Arca is open for regular trading and is posted on the Trust&#146;s
website.</FONT></P>

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

<P ALIGN=CENTER><FONT SIZE=2><B>T<A NAME="c68736a011_v1"></a>HE SPONSOR</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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><FONT SIZE=2>42</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2><B>The Sponsor&#146;s Role</B></FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor does not exercise day-to-day oversight over the Trustee or the
Custodian. The Sponsor may remove the Trustee and appoint a successor Trustee
(1) 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), (2) 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 (3)&nbsp;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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor or one of its affiliates or agents (1) develops a marketing plan for
the Trust on an ongoing basis, (2) prepares marketing materials regarding the
Shares, including the content of the Trust&#146;s website and (3) executes the
marketing plan for the Trust.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>T<A NAME="c68736a012_v1"></a>HE TRUSTEE</B></FONT></P>

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Bullion as
needed to pay the Sponsor&#146;s Fee in Bullion (Bullion transfers are expected to
occur approximately monthly in the ordinary course), (2) valuing the Trust&#146;s
Bullion 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 Bullion 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 Bullion. The Trustee shall, with respect to
directing the Custodian, act in accordance with the instructions of the
Sponsor.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>43</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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-Custodians for the
purpose of examining the Trust&#146;s Bullion and certain related records maintained
by the Custodian. Visits by auditors and inspectors to the Zurich Sub-Custodians&#146;
facilities will be arranged through the Custodian. In addition, other than with
respect to the Zurich Sub-Custodians, the Trustee has no right to visit the
premises of any subcustodian for the purposes of examining the Trust&#146;s Bullion
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.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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-Custodians, 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 assists and supports the Sponsor with the preparation of all periodic
reports required to be filed with the SEC on behalf of the Trust.</FONT></P>

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

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

<P ALIGN=CENTER><FONT SIZE=2><B>T<A NAME="c68736a013_v1"></a>HE CUSTODIAN</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan
Chase Bank, N.A. serves as the Custodian of the Trust&#146;s Bullion. 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 custodial operations are generally subject to supervision by the FSA.</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian is responsible for safekeeping for the Trust Bullion deposited with
it by Authorized Participants in connection with the creation of Baskets. The
Custodian is also responsible for selecting the Zurich Sub-Custodians and its
other subcustodians, if any. The Custodian facilitates the transfer of Bullion
in and out of the Trust through the unallocated Bullion accounts it maintains
for each Authorized Participant and the unallocated and allocated Bullion
accounts it maintains for the Trust. The Custodian holds at its London, England
vault premises that portion of the Trust&#146;s allocated Bullion to be held in
London. The Zurich Sub-Custodian holds at its Zurich, Switzerland vault
premises that portion of the Trust&#146;s allocated platinum and palladium to be
held in Zurich on behalf of the Custodian. The Custodian is responsible for
allocating specific bars of physical gold and silver and specific plates or
ingots of physical platinum and palladium to the Trust&#146;s allocated Bullion
account. The Custodian provides the Trustee with regular reports detailing the
Bullion transfers in and out of the Trust&#146;s unallocated and allocated Bullion
accounts and identifying the gold and silver bars and the platinum and
palladium plates or ingots held in the Trust&#146;s allocated Bullion account.</FONT></P>

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

<P ALIGN=CENTER><FONT SIZE=2>44</FONT></P>

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

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

<P ALIGN=CENTER><FONT SIZE=2><B>D<A NAME="c68736a014_v1"></a>ESCRIPTION OF THE SHARES</B></FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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) and only upon the order of an
Authorized Participant. The Shares represent units of fractional undivided
beneficial interest in and ownership of the Trust and have no par value. Any
creation and issuance of Shares above the amount registered on the Trust&#146;s
then-current and effective registration statement with the SEC will require the
registration of such additional Shares.</FONT></P>

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

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

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

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

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

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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><FONT SIZE=2><B>Book-Entry Form</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Individual
certificates will not be issued for the Shares. Instead, one or more global
certificates will be deposited by the Trustee with DTC and registered in the
name of Cede &amp; Co., as nominee for </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>45</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>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 (&#147;DTC Participants&#148;), (2) those who
maintain, either directly or indirectly, a custodial relationship with a DTC
Participant (&#147;Indirect Participants&#148;), and (3) those banks, brokers, dealers,
trust companies and others who hold interests in the Shares through DTC
Participants or Indirect Participants. The Shares are only transferable through
the book-entry system of DTC. Shareholders who are not DTC Participants may
transfer their Shares through DTC by instructing the DTC Participant holding
their Shares (or by instructing the Indirect Participant or other entity
through which their Shares are held) to transfer the Shares. Transfers will be
made in accordance with standard securities industry practice.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>C<A NAME="c68736a015_v1"></a>USTODY OF THE
TRUST&#146;S BULLION</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody
of the physical gold and silver deposited with and held by the Trust is
provided by the Custodian at its London, England vaults and by other
subcustodians on a temporary basis only in unallocated form. Custody of the
physical platinum and palladium deposited with and held by the Trust is
provided by the Custodian at its London, England vaults and by the Zurich Sub-Custodians selected by the
Custodian in their Zurich, Switzerland 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 LBMA and the LPPM.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian is the custodian of the physical Bullion credited to Trust Allocated
Account in accordance with the Custody Agreements. The Custodian will segregate
the physical Bullion credited to the Trust Allocated Account from any other
precious metal it holds
or holds for others by entering appropriate entries in its books and records,
and will require each Zurich Sub-Custodian to also segregate the physical
platinum and palladium of the Trust that it holds from the other platinum and
palladium held by it for other customers of the Custodian and such Zurich
Sub-Custodian&#146;s other customers. The Custodian will require each Zurich
Sub-Custodian to identify in its books and records the Trust as having the
rights to the physical platinum and palladium credited to its Trust Allocated
Account.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian, as instructed by the Trustee, is authorized to accept, on behalf of
the Trust, deposits of Bullion in unallocated form. Acting on standing
instructions specified in the Custody Agreements, the Custodian allocates
Bullion deposited in unallocated form with the Trust by selecting bars of gold
or silver or plates or ingots of physical platinum or palladium for deposit to
the Trust Allocated Account or, with respect to platinum or palladium to be
held in Zurich, requires the Zurich Sub-Custodians to allocate platinum or
palladium deposited in unallocated form with the Trust by selecting plates or
ingots of physical platinum or palladium for deposit for the benefit of the
Trust Allocated Amount. All physical gold and silver allocated to the Trust
must conform to the rules, regulations, practices and customs of the LBMA. All
physical platinum and palladium allocated to the Trust must conform to the
rules, regulations, practices and customs of the LPPM.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
process of withdrawing Bullion from the Trust for a redemption of a Basket is
the same general procedure as for depositing Bullion with the Trust for a
creation of a Basket, only in reverse. Each transfer of Bullion 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 Bullion
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 amounts of gold, silver, platinum and
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><FONT SIZE=2>46</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>D<A NAME="c68736a016_v1"></a>ESCRIPTION OF
THE CUSTODY AGREEMENTS</B></FONT></P>

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian provides the Trustee with reports for each business day, no later
than the following business day, identifying the movements of gold, silver,
platinum and palladium in and out of the Trust Allocated Account and the
credits and debits of Bullion
to the Trust Unallocated Account and containing sufficient information to
identify each bar of gold and silver and each plate or ingot of platinum and
palladium held in the Trust Allocated Account and whether the Custodian or a
Zurich Sub-Custodian has possession of such bar, plate or ingot. The Custodian
also provides 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 Bullion market are open for the transaction of business in
London, and a &#147;Zurich Business Day,&#148; when commercial banks generally and the
Zurich Bullion market are open for the transaction of business in Zurich.</FONT></P>

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Allocated Account Agreement, the Custodian selects one or more Zurich
Sub-Custodians for the custody and safekeeping of the Trust&#146;s physical platinum
and palladium to be held in Zurich in any such Zurich Sub-Custodian&#146;s vault
premises.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian uses reasonable care in selecting any Zurich Sub-Custodian. The
Custodian must require each Zurich Sub-Custodian to segregate the platinum and
palladium held by it for the Trust from platinum and 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
requires each Zurich Sub-Custodian to deliver to the Trustee (with a copy to
the Sponsor) an acknowledgement and undertaking to segregate all physical
platinum and palladium held by it for the Trust from any platinum and 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 platinum and
palladium. The Zurich Sub-Custodian that the Custodian currently uses is UBS
AG.</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Allocated Account Agreement, the Custodian may select, with the exception
of the Zurich Sub-Custodians, any other subcustodians solely for the temporary
holding of Bullion for it until transported to the Custodian&#146;s London vault
premises or the Zurich Sub-Custodian&#146;s Zurich vault premises, as applicable.
These subcustodians may in turn select other subcustodians to perform their </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>47</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>duties, including
temporarily holding Bullion 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 Bullion 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
subcustodians selected and used by the Custodian as of the date of this
prospectus are: (1)&nbsp;in London only for all Bullion, Barclays Bank plc, The
Bank of Nova Scotia&#151;ScotiaMocatta, HSBC Bank USA, N.A. and Deutsche Bank AG,
(2) in London only for Gold only, Bank of England, (3) in London and Zurich for
all Bullion, Union Bank of Switzerland (UBS), Brink&#146;s Global Services Inc. and
Via Mat International and (4) in
Zurich only for Platinum and Palladium only, Credit Suisse. The Allocated
Account Agreement provides that the Custodian will notify the Trustee if it
selects any additional subcustodians or stops using any subcustodian it has
previously selected.</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold
and silver held for the Trust Allocated Account by the Custodian is held at the
Custodian&#146;s London vault premises. Platinum and palladium held for the Trust
Allocated Account by the Custodian is held at the Custodian&#146;s London vault
premises or by a Zurich Sub-Custodian in its Zurich vault premises. Bullion 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 Bullion is
held for the Trust Allocated Account by any subcustodian, the Custodian agrees
to use commercially reasonable efforts to promptly arrange for the delivery of
any such physical Bullion held on behalf of the Trust to the Custodian&#146;s London
vault premises or the Zurich Sub-Custodian&#146;s Zurich vault premises, as
applicable, at the Custodian&#146;s own cost and risk.</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee and the Sponsor and their auditors may, during normal business hours,
visit the Custodian&#146;s or each Zurich Sub-Custodian&#146;s premises up to twice a
year and examine the Trust&#146;s Bullion 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 a Zurich Sub-Custodian&#146;s premises in any
calendar year shall require the consent of the Custodian, which consent may not
be withheld unreasonably. Visits by auditors and inspectors to a Zurich
Sub-Custodian&#146;s facilities will be arranged through the Custodian.</FONT></P>

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian credits to the Trust Unallocated Account the amount of Bullion 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 Bullion the Custodian accepts in physical form for credit to the Trust
Unallocated Account is Bullion that the Trustee has transferred from the Trust
Allocated Account, an Authorized Participant Unallocated Account or a third
party unallocated account.</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian transfers Bullion from the Trust Unallocated Account only in
accordance with the Trustee&#146;s instructions to the Custodian. A transfer of
Bullion from the Trust Unallocated Account may only be made (1) by transferring
Bullion to an Authorized Participant Unallocated Account; (2) by transferring
Bullion to the Trust Allocated Account; (3) by transferring Bullion to pay the
Sponsor&#146;s Fee; (4) by making Bullion 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)&nbsp;by delivering the Bullion 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 Bullion 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
Bullion to pay extraordinary expenses of the Trust not paid by the Sponsor or
with the liquidation of the Trust. Any Bullion made available in physical form
will be in a form which complies with the rules, regulations, practices and
customs of the LBMA, the LPPM, the Bank of England or any applicable regulatory
body (&#147;Custody Rules&#148;) or in such other form as may be agreed between the
Trustee and the Custodian, and in all cases all gold made available will
comprise one or more whole gold bars, all silver made available will comprise
one or more whole silver bars, all platinum made available will comprise one or
more whole platinum plates or ingots, and all palladium made available will
comprise one or more whole palladium plates or ingots, in each case as selected
by the Custodian.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian uses commercially reasonable efforts to transfer Bullion 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 and plates
or ingots of a weight most closely approximating, but not exceeding, the
appropriate balance for each Bullion metal in the Trust Unallocated Account and
shall transfer such weight from the Trust Unallocated Account to the Trust Allocated
Account.</FONT></P>

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

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

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

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

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

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2><B>Right to Refuse Transfers or Amend Transfer
Procedures</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian may refuse to accept instructions to transfer Bullion to or from the
Trust Unallocated Account and the Trust Allocated Account if in the Custodian&#146;s
opinion they are or may be contrary to the rules, regulations, practices and customs
of the LBMA or the LPPM, as applicable, or the Bank of England or contrary to
any applicable law. The Custodian may amend the procedures for transferring
Bullion to or from the Trust Unallocated Account or for the physical withdrawal
of Bullion from the Trust Unallocated Account or the Trust Allocated Account or
impose such additional procedures in relation to the transfer of Bullion to or
from the Trust Unallocated Account as the Custodian may from time to time
consider necessary due to a change in rules of the LBMA, 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian receives no fee under the Unallocated Account Agreement.</FONT></P>

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

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian uses reasonable care in the performance of its duties under the
Custody Agreements and is only 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 Bullion 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 Bullion 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore,
the Custodian has no duty to make or take or to require any Zurich
Sub-Custodian or any other subcustodians selected by it to make or take any
special arrangements or precautions beyond those required by the Custody Rules
or as specifically set forth in the Custody Agreements.</FONT></P>

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

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian maintains such insurance for its business, including its bullion and
custody business, as it deems appropriate in connection with its custodial and
other obligations and is 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
any Zurich Sub-Custodian&#146;s vaults for the accounts of all its customers for a
variety of events. The Trustee and the Sponsor may, subject to confidentiality </FONT></P>

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

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>restrictions, be provided
with details of this insurance coverage from time to time upon reasonable prior
notice.</FONT></P>

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

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custody Agreements have an initial five year term and will automatically renew
for successive five year terms unless otherwise terminated. The Trustee and the
Custodian may each terminate any Custody Agreement for any reason, 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 platinum 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
gold, silver, platinum or 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)&nbsp;by the Trustee or the Custodian, if either of the Custody Agreements
ceases to be in full force and effect. If either the Allocated Account
Agreement or the Unallocated Account Agreement is terminated, the other
agreement automatically terminates.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
redelivery arrangements acceptable to the Custodian for the Bullion held in the
Trust Allocated Account are not made, the Custodian may continue to store the
Bullion and continue to charge for its fees and expenses, and, after six months
from the termination date, the Custodian may sell the Bullion 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><FONT SIZE=2><B>Governing Law</B></FONT></P>

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

<P ALIGN=CENTER><FONT SIZE=2><B>C<A NAME="c68736a017_v1"></a>REATION AND
REDEMPTION OF SHARES</B></FONT></P>

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

<P ALIGN=CENTER><FONT SIZE=2>51</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Participants are the only persons that may place orders to create and redeem
Baskets. Authorized Participants must be (1) registered broker-dealers or other
securities market participants, such as banks and other financial institutions,
which are not required to register as broker-dealers to engage in securities
transactions, and (2) participants in DTC. To become an Authorized Participant,
a person must enter into an Authorized Participant Agreement with the Sponsor
and the Trustee. The Authorized Participant Agreement provides the procedures
for the creation and redemption of Baskets and for the delivery of the Bullion
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 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 receive no fees, commissions or other form of compensation or
inducement of any kind from either the Sponsor or the Trust, and no such person
has any obligation or responsibility to the Sponsor or the Trust to effect any
sale or resale of Shares.</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to initiating any creation or redemption order, an Authorized Participant must
have entered into an agreement with the Custodian or a Bullion clearing bank to
establish an Authorized Participant Unallocated Account in London (&#147;Authorized
Participant Unallocated Bullion Account Agreement&#148;). Bullion held in Authorized
Participant Unallocated Accounts is typically not segregated from the
Custodian&#146;s or other Bullion clearing bank&#146;s assets, as a consequence of which
an Authorized Participant will have no proprietary interest in any specific
bars of gold or silver or plates or ingots of platinum or palladium held by the
Custodian or the clearing bank. Credits to its Authorized Participant
Unallocated Account are therefore at risk of the Custodian&#146;s or other Bullion
clearing bank&#146;s insolvency. 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 Bullion 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
the terms of the Authorized Participant Unallocated Bullion Account Agreement
differ in certain respects from the terms of the Trust&#146;s Unallocated Account
Agreement, potential Authorized Participants should review the terms of the
Authorized Participant Unallocated Bullion Account Agreement carefully. A copy
of the Authorized Participant Agreement may be obtained by potential Authorized
Participants from the Trustee.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
Authorized Participants are expected to have the facility to participate
directly in the physical gold, silver, platinum and palladium markets and the
Bullion futures markets. In some cases, an Authorized Participant may from time
to time acquire Bullion from or sell Bullion to its affiliated Bullion trading
desk, which may profit in these instances. Each Authorized Participant must be
registered as a broker-dealer under the Securities Exchange Act of 1934
(&#147;Exchange Act&#148;) and regulated by FINRA or will be exempt from being or
otherwise will not be required to be so regulated or registered, and must 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
are regulated under federal and state banking laws and </FONT></P>

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

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>regulations. Each Authorized
Participant has 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Participants may act for their own accounts or as agents for broker-dealers,
custodians and other securities market participants that wish to create or
redeem Baskets. An order for one or more Baskets may be placed by an Authorized
Participant on behalf of multiple clients. As of the date of this prospectus,
Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., EWT, LLC,
Goldman Sachs &amp; Co., Goldman Sachs Execution &amp; Clearing, L.P., HSBC
Securities (USA) Inc., J.P. Morgan Securities Inc., Merrill Lynch Professional
Clearing Corp., Morgan Stanley &amp; Co. Incorporated, Newedge USA, LLC,
Prudential Bache Securities, LLC, Scotia Capital (USA) Inc., UBS Securities LLC
and Virtu Financial BD, LLC have each signed an Authorized Participant
Agreement with the Trust and, upon the effectiveness of such agreement, may
create and redeem Baskets as described above. Persons interested in purchasing
Baskets should contact the Sponsor or the Trustee to obtain the contact
information for the Authorized Participants. Shareholders who are not
Authorized Participants are only able to redeem their Shares through an Authorized
Participant.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Bullion 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. Bullion 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 specific bars of gold and silver and allocate, or cause
the allocation by a Zurich Sub-Custodian of, specific plates or ingots of
platinum, in each case representing the amount of Bullion credited to the Trust
Unallocated Account (to the extent such amount is representable by whole gold
or silver bars or platinum or palladium plates or ingots) to the Trust
Allocated Account. The movement of Bullion is reversed for the distribution of
Bullion to an Authorized Participant in connection with the redemption of
Baskets.</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
physical silver represented by a credit to any Authorized Participant
Unallocated Account and to the Trust Unallocated Account and all physical
silver held in the Trust Allocated Account with the Custodian must be of at
least a minimum fineness (or purity) of 999.0 parts per 1,000 (99.9%) and
otherwise conform to the rules, regulations, practices and customs of the LBMA,
including the specifications for a Good Delivery bar.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
physical platinum or palladium represented by a credit to any Authorized
Participant Unallocated Account and to the Trust Unallocated Account and all
physical platinum or palladium held in the Trust Allocated Account with the
Custodian or for the Custodian by the Zurich Sub-Custodians 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 Good Delivery plate or ingot.</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Loco
London &amp; Loco Zurich Platinum and Palladium Delivery Elections. </I>Although
all delivery of gold and silver in relation to the creation or redemption of a
Basket will be conducted loco London, </FONT></P>

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

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>Authorized Participants can
elect to deliver platinum or palladium loco London or loco Zurich in connection
with the creation of a Basket. Authorized Participants can also elect to
receive delivery of platinum or palladium loco London or loco Zurich in
connection with the redemption of a Basket. A Basket creation order that elects
to deliver all Bullion loco London will cause the Custodian to effect an
allocation of such Bullion to the Trust Allocated Account maintained by the
Custodian in its London vault premises. A Basket creation order that elects to
deliver (i) platinum, (ii) palladium or (iii) platinum and palladium loco
Zurich will cause the Custodian to effect an allocation of such platinum or
palladium to the Trust Allocated Account maintained by the Zurich Sub-Custodian
in its Zurich vault premises and an allocation of the remaining Bullion
constituting the Basket to the Trust Allocated Account maintained by the
Custodian in its London vault premises. Likewise, a Basket redemption order
that elects a total loco London delivery will cause the Custodian to effect a
de-allocation of Bullion necessary to satisfy such redemption requests from the
Trust Allocated Account maintained by the Custodian in London to the Trust
Unallocated Account maintained by the Custodian in London. A Basket redemption
order that elects a loco Zurich delivery for (i) platinum, (ii) palladium or
(iii) platinum and palladium will cause the Custodian to effect a de-allocation
of such platinum or palladium necessary to satisfy such redemption requests
from the Trust Allocated Account maintained by the Zurich Sub-Custodian in
Zurich to the Trust Unallocated Account maintained in Zurich and a
de-allocation of the remaining Bullion constituting the Basket necessary to
satisfy such redemption requests from the Trust Allocated Account maintained by
the Custodian in London to the Trust Unallocated Account maintained by the
Custodian in London.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that there is not sufficient platinum or 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 platinum or
palladium held by it for the Trust Allocated Account in Zurich and cause a
transfer of such platinum or 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 platinum or palladium in the Trust Allocated Account in Zurich to
satisfy loco Zurich redemptions, the Custodian will initiate the reverse
procedure to transfer platinum or 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 platinum or 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 platinum or 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following description of the procedures for the creation and redemption of
Baskets is only a summary and an investor should refer to the relevant
provisions of the Trust Agreement and the form of Authorized Participant
Agreement for more detail, each of which is attached as an exhibit to the
registration statement of which this prospectus is a part. See &#147;Where You Can
Find More Information&#148; for information about where you can obtain the
registration statement.</FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
any business day, an Authorized Participant may place an order with the Trustee
to create one or more Baskets. Creation and redemption orders will be accepted
on &#147;business days&#148; the NYSE Arca is open for regular trading. Settlements of
such orders requiring receipt or delivery, or confirmation of receipt or
delivery, of Bullion 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 Bullion markets are regularly
open for business. If such banks or the London or </FONT></P>

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

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>Zurich Bullion 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 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
Bullion delivery, on &#147;business days&#148; when the NYSE Arca is open for regular
trading. Purchase orders must be placed no later than 3:59:59 p.m. on each
business day the NYSE Arca is open for regular trading. The day on which the
Trustee receives a valid purchase order is the purchase order date.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
placing a purchase order, an Authorized Participant agrees to deposit Bullion
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><FONT SIZE=2><I>Determination of required deposits</I></FONT></P>

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

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Authorized Participant who places a purchase order is responsible for crediting
its Authorized Participant Unallocated Account with the required Bullion
deposit amount by the third business day in London or Zurich, as applicable,
following the purchase order date. Upon receipt of the Bullion 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 Bullion 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 Bullion until such Bullion has been received by
the Trust shall be borne solely by the Authorized Participant. The Trustee may
accept delivery of Bullion 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 Bullion 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acting
on standing instructions given by the Trustee, the Custodian will transfer the
Bullion deposit amount from the Trust Unallocated Account to the Trust
Allocated Account by transferring gold and silver bars from its inventory and
platinum and palladium plates and ingots from its inventory or the inventory of
a Zurich Sub-Custodian to the Trust Allocated Account. The Custodian will use
commercially reasonable efforts to complete the transfer of Bullion 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 </FONT></P>

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

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>delivered against receipt of
the Bullion deposit amount in the Trust Unallocated Account, and all
Shareholders will be exposed to the risks of unallocated Bullion to the extent
of that Bullion deposit amount until the Custodian completes the allocation
process or a Zurich Sub-Custodian completes the allocation process for the
Custodian. See &#147;Risk Factors&#151;Bullion held in the Trust&#146;s unallocated Bullion
account and any Authorized Participant&#146;s unallocated Bullion account will not
be segregated from the Custodian&#146;s assets....&#148;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
gold and silver are allocated only in multiples of whole bars and platinum and
palladium are only allocated in multiples of whole plates or ingots, the amount
of Bullion allocated from the Trust Unallocated Account to the Trust Allocated
Account may be less than the total fine ounces of Bullion 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 Bullion held in the Trust Unallocated Account; no more than 430 ounces of
gold (maximum weight to make one Good Delivery bar), no more than 1,100 ounces
of silver (maximum weight to make one Good Delivery Bar) and no more than 192
ounces of platinum and 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><FONT SIZE=2><I>Rejection of purchase orders</I></FONT></P>

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

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

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

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

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

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>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 Bullion held by the Trust evidenced by the
Shares being redeemed. Fractions of a fine ounce of gold, silver, platinum and
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 ALIGN=CENTER><FONT SIZE=2>56</FONT></P>

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

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian will transfer the redemption Bullion 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 Bullion credited
to their respective unallocated accounts in the event of the Custodian&#146;s
insolvency. See &#147;Risk Factors&#151;Bullion held in the Trust&#146;s unallocated platinum
account and any Authorized Participant&#146;s unallocated Bullion account will not
be segregated from the Custodian&#146;s assets....&#148;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
with the allocation of Bullion to the Trust Allocated Account which occurs upon
a purchase order, if in transferring Bullion from the Trust Allocated Account
to the Trust Unallocated Account in connection with a redemption order there is
an excess amount of Bullion transferred to the Trust Unallocated Account, the
excess over the Bullion redemption amount will be held in the Trust Unallocated
Account. The Custodian will use commercially reasonable efforts to minimize the
amount of Bullion held in the Trust Unallocated Account; no more than 430
ounces of gold (maximum weight to make one Good Delivery bar), no more than
1,100 ounces of silver (maximum weight to make one Good Delivery Bar), no more
than 192 ounces of platinum (maximum weight to make one Good Delivery plate or
ingot) and 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><FONT SIZE=2><I>Suspension or rejection of redemption orders</I></FONT></P>

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

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

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

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

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

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

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

<P ALIGN=CENTER><FONT SIZE=2><B>D<A NAME="c68736a018_v1"></a>ESCRIPTION OF
THE TRUST AGREEMENT</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust operates under the terms of the Trust Agreement, dated as of
October&nbsp;18, 2010 between the Sponsor and the Trustee. A copy of the Trust
Agreement is available for inspection at the Trustee&#146;s office. The following is
a description of the material terms of the Trust Agreement.</FONT></P>

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

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

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

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

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

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

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>interests of the
Shareholders and, in such event, the legal expenses and costs of any such
actions shall be expenses and costs of the Trust and the Sponsor shall be
entitled to be reimbursed therefor by the Trust.</FONT></P>

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

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

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

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

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee and any successor trustee must be (1) a bank, trust company,
corporation or national banking association organized and doing business under
the laws of the United States or any of its states, and authorized under such
laws to exercise corporate trust powers, (2) a participant in DTC or such other
securities depository as shall then be acting with respect to the Shares and (3),
unless counsel to the Sponsor, the appointment of which is acceptable to the
Trustee, determines that such requirement is not necessary for the exception
under section 408(m)(3)(B) of the United States Internal Revenue Code of 1986,
as amended (&#147;Code&#148;), to apply, a banking institution as defined in Code section
408(n). The Trustee and any successor trustee must have, at all times, an
aggregate capital, surplus, and undivided profits of at least $150 million.</FONT></P>

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

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee will not be liable for the disposition of Bullion 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 </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>59</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>acting on behalf of either
which the Trustee believes is given as authorized by the Trust Agreement or a
Custody Agreement, respectively; or (b) from or on behalf of any Authorized
Participant which the Trustee believes is given pursuant to or is authorized by
an Authorized Participant Agreement (provided that the Trustee has complied
with the verification procedures specified in the Authorized Participant Agreement).
In no event will the Trustee be liable for acting or omitting to act in
reliance upon the advice of or information from legal counsel, accountants or
any other person believed by it in good faith to be competent to give such
advice or information. In addition, the Trustee will not be liable for any
delay in performance or for the non-performance of any of its obligations under
the Trust Agreement by reason of causes beyond its reasonable control,
including acts of God, war or terrorism. The Trustee will not be liable for any
indirect, consequential, punitive or special damages, regardless of the form of
action and whether or not any such damages were foreseeable or contemplated, or
for an amount in excess of the value of the Trust&#146;s assets.</FONT></P>

<P><FONT SIZE=2><I>Trustee&#146;s liability for custodial services
and agents</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee will not be answerable for the default of the Custodian, the Zurich
Sub-Custodians, or any other custodian or sub-custodian of the Trust&#146;s Bullion
employed at the direction of the Sponsor or selected by the Trustee with
reasonable care. The Trustee does not monitor the performance of the Custodian,
the Zurich Sub-Custodians, 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 Bullion, 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 Bullion 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 Bullion will be an
expense of the Trustee.</FONT></P>

<P><FONT SIZE=2><I>Taxes</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee will not be personally liable for any taxes or other governmental
charges imposed upon the Bullion or its custody, moneys or other Trust assets,
or on the income therefrom or the sale or proceeds of the sale thereof, or upon
it as Trustee or upon or in respect of the Trust or the Shares which it may be
required to pay under any present or future law of the United States of America
or of any other taxing authority having jurisdiction in the premises. For all
such taxes and charges and for any expenses, including counsel&#146;s fees, which
the Trustee may sustain or incur with respect to such taxes or charges, the
Trustee will be reimbursed and indemnified out of the Trust&#146;s assets and the
payment of such amounts shall be secured by a lien on the Trust.</FONT></P>

<P><FONT SIZE=2><I>Indemnification of the Trustee</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee, its directors, employees and agents shall be indemnified from the
Trust and held harmless against any loss, liability or expense (including, but
not limited to, the reasonable fees and expenses of counsel) arising out of or
in connection with the performance of its obligations under the Trust Agreement
and under each other agreement entered into by the Trustee in furtherance of
the administration of the Trust (including, without limiting the scope of the
foregoing, the Custody Agreements and any Authorized Participant Agreement,
including the Trustee&#146;s indemnification obligations under these agreements) or
by reason of the Trustee&#146;s acceptance of the Trust incurred without (1) gross
negligence, bad faith, willful misconduct or willful malfeasance on the part of
such indemnified party in connection with the performance of its obligations
under the Trust Agreement or any such other agreement or any actions taken in
accordance with the provisions of the Trust Agreement or</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>60</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>any such other agreement or
(2) reckless disregard on the part of such indemnified party of its obligations
and duties under the Trust Agreement or any such other agreement. Such
indemnity shall include payment from the Trust of the costs and expenses
incurred by such indemnified party in defending itself against any claim or
liability in its capacity as Trustee. Any amounts payable to a indemnified
party may be payable in advance or shall be secured by a lien on the Trust.</FONT></P>

<P><FONT SIZE=2><I>Indemnity for actions taken to protect the Trust</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee is under no obligation to appear in, prosecute or defend any action
that in its opinion may involve it in expense or liability, unless it is
furnished with reasonable security and indemnity against the expense or
liability. The Trustee&#146;s costs resulting from the Trustee&#146;s appearance in,
prosecution of or defense of any such action are deductible from and will
constitute a lien against the Trust&#146;s assets. Subject to the preceding
conditions, the Trustee shall, in its discretion, undertake such action as it
may deem necessary to protect the Trust and the rights and interests of all
Shareholders pursuant to the terms of the Trust Agreement.</FONT></P>

<P><FONT SIZE=2><I>Protection for amounts due to Trustee</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any fees or costs owed to the Trustee under the Trust Agreement are not paid
when due by the Sponsor, the Trustee may sell or otherwise dispose of any Trust
assets (including Bullion) and pay itself from the proceeds provided, however,
that the Trustee may not charge to the Trust unpaid fees owed to the Trustee by
the Sponsor in excess of the fees payable to the Sponsor by the Trust without
regard to any waiver by the Sponsor of its fees. As security for all
obligations owed to the Trustee under the Trust Agreement, the Trustee is
granted a continuing security interest in, and a lien on, the Trust&#146;s assets
and all Trust distributions.</FONT></P>

<P><FONT SIZE=2><I>Holding of Trust property other than Bullion</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee will hold and record the ownership of the Trust&#146;s assets in a manner so
that it will be owned by the Trust and the Trustee as trustee thereof for the
benefit of the Shareholders for the purposes of, and subject to and limited by
the terms and conditions set forth in, the Trust Agreement. Other than issuance
of the Shares, the Trust shall not issue or sell any certificates or other
obligations or, except as provided in the Trust Agreement, otherwise incur,
assume or guarantee any indebtedness for money borrowed.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
moneys held by the Trustee hereunder shall be held by it, without interest
thereon or investment thereof, as a deposit for the account of the Trust. Such
monies held hereunder shall be deemed segregated by maintaining such monies in
an account or accounts for the exclusive benefit of the Trust. The Trustee may
also employ custodians for Trust assets other than Bullion, 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 Bullion 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 (&#147;Book Entry
System&#148;), DTC, or through any other clearing agency or similar system
(&#147;Clearing Agency&#148;), 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 ALIGN=CENTER><FONT SIZE=2>61</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2><I>Resignation, discharge or removal of Trustee;
successor trustees</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may at any time resign as Trustee by written notice of its election so
to do, delivered to the Sponsor, and such resignation shall take effect upon
the appointment of a successor Trustee and its acceptance of such appointment.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor may remove the Trustee in its discretion on the fifth anniversary of
the date of the Trust Agreement by written notice delivered to the Trustee at
least 90 days prior to such date or, thereafter, on the last day of any
subsequent three-year period by written notice delivered to the Trustee at
least 90 days prior to such date.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor may also remove the Trustee at any time if the Trustee (1) ceases to be
a Qualified Bank (as defined below), (2) is in material breach of its
obligations under the Trust Agreement and fails to cure such breach within 30
days after receipt of written notice from the Sponsor or Shareholders acting on
behalf of at least 25% of the outstanding Shares specifying such default and
requiring the Trustee to cure such default, or (3) fails to consent to the
implementation of an amendment to the Trust&#146;s initial Internal Control Over
Financial Reporting deemed necessary by the Sponsor and, after consultations
with the Sponsor, the Sponsor and the Trustee fail to resolve their differences
regarding such proposed amendment. Under such circumstances, the Sponsor,
acting on behalf of the Shareholders, may remove the Trustee by written notice
delivered to the Trustee and such removal shall take effect upon the
appointment of a successor Trustee and its acceptance of such appointment.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
&#147;Qualified Bank&#148; means a bank, trust company, corporation or national banking
association organized and doing business under the laws of the United States or
any State of the United States that is authorized under those laws to exercise
corporate trust powers and that (i) is a DTC Participant or a participant in
such other depository as is then acting with respect to the Shares;
(ii)&nbsp;unless counsel to the Sponsor, the appointment of which is acceptable
to the Trustee, determines that the following requirement is not necessary for
the exception under Section 408(m) of the Code, to apply, is a banking
institution as defined in Section 408(n) of the Code and (iii) had, as of the
date of its most recent annual financial statements, an aggregate capital,
surplus and undivided profits of at least $150 million.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor may also remove the Trustee at any time if the Trustee merges into,
consolidates with or is converted into another corporation or entity in a
transaction in which the Trustee is not the surviving entity. The surviving
entity from such a transaction shall be the successor of the Trustee without
the execution or filing of any document or any further act; however, during the
90-day period following the effectiveness of such transaction, the Sponsor may,
by written notice to the Trustee, remove the Trustee and designate a successor
Trustee.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Trustee resigns or is removed, the Sponsor, acting on behalf of the
Shareholders, shall use its reasonable efforts to appoint a successor Trustee,
which shall be a Qualified Bank. Every successor Trustee shall execute and
deliver to its predecessor and to the Sponsor, acting on behalf of the
Shareholders, an instrument in writing accepting its appointment hereunder, and
thereupon such successor Trustee, without any further act or deed, shall become
fully vested with all the rights, powers, duties and obligations of its
predecessor; but such predecessor, nevertheless, upon payment of all sums due
it and on the written request of the Sponsor, acting on behalf of the
Shareholders, shall execute and deliver an instrument transferring to such
successor all rights and powers of such predecessor hereunder, shall duly
assign, transfer and deliver 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 ALIGN=CENTER><FONT SIZE=2>62</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Trustee resigns and no successor trustee is appointed within 60 days after
the date the Trustee issues its notice of resignation, the Trustee will
terminate and liquidate the Trust and distribute its remaining assets.</FONT></P>

<P><FONT SIZE=2><B>The Custodian and Custody of the Trust&#146;s
Bullion</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
section summarizes some of the important provisions of the Trust Agreement
which apply to the Custodian and the custody of the Trust&#146;s Bullion. 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 Bullion, see &#147;Custody
of the Trust&#146;s Bullion&#148; and &#147;Description of the Custody Agreements.&#148;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee, on behalf of the Trust, entered into the Custody Agreements with the
Custodian under which the Custodian maintains the Trust Allocated Account and
the Trust Unallocated Account.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
upon the resignation of any custodian there would be no custodian acting
pursuant to the Custody Agreements, the Trustee shall, promptly after receiving
notice of such resignation, appoint a substitute custodian or custodians
selected by the Sponsor pursuant to custody agreements approved by the Sponsor
(provided, however, that the rights and duties of the Trustee under the Trust
Agreement and such custody agreements shall not be materially altered without
its consent). When directed by the Sponsor or if the Trustee in its discretion
determines that it is in the best interest of the Shareholders to do so and
with the written approval of the Sponsor (which approval shall not be
unreasonably withheld or delayed), the Trustee shall appoint a substitute or
additional custodian or custodians, which shall thereafter be one of the
custodians under the Trust Agreement. After the entry into the Custody
Agreements, the Trustee shall not enter into or amend any custody agreement
with a custodian without the written approval of the Sponsor (which approval
shall not be unreasonably withheld or delayed). When instructed by the Sponsor,
the Trustee shall demand that a custodian of the Trust deliver such of the
Trust&#146;s Bullion held by it as is requested of it to any other custodian or such
substitute or additional custodian or custodians directed by the Sponsor. Each
such substitute or additional custodian shall, forthwith upon its appointment,
enter into a custody agreement in form and substance approved by the Sponsor.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor will appoint accountants or other inspectors to monitor the accounts
and operations of the Custodian and any successor custodian or additional
custodian and for enforcing the obligations of each such custodian as is necessary
to protect the Trust and the rights and interests of the Shareholders. The
Trustee has no obligation to monitor the activities of any Custodian other than
to receive and review such reports of the Bullion held for the Trust by such
Custodian and of transactions in Bullion 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 Bullion 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 Bullion 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
any Zurich Sub-Custodian.</FONT></P>

<P><FONT SIZE=2><I>Appointment and removal of custodians</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>63</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>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 Bullion
and services in connection with the deposit and delivery of Bullion.</FONT></P>

<P><FONT SIZE=2><B>Valuation of Bullion, Definition of Net Asset
Value and Adjusted Net Asset Value</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
each day that the NYSE Arca is open for regular trading, as promptly as
practicable after 4:00 p.m., New York time, on such day (&#147;Evaluation Time&#148;),
the Trustee will evaluate the Bullion held by the Trust and determine both the
ANAV and the NAV of the Trust.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the Evaluation Time, the Trustee will value the Trust&#146;s Bullion on the basis of
that day&#146;s London Fix for such metal or, if no London Fix is made for a metal
on such day or has not been announced by the Evaluation Time, the next most
recent London price fix for such metal 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 Fix
or such other publicly available price as the Sponsor may deem fairly represents
the commercial value of the Trust&#146;s Bullion metal is not an appropriate basis
for evaluation of the Trust&#146;s Bullion metal, 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 Fix or such other publicly available price is not appropriate as a basis
for evaluation of the Trust&#146;s Bullion 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 Bullion Markets&#148; for a description of the
London Fix for each Bullion metal.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once
the value of the Bullion 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 Bullion 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
fees accruing for the day on which the valuation takes place computed by
reference to the value of the Trust or its assets shall be calculated using the
ANAV calculated for such day on which the valuation takes place. The Trustee
shall subtract from the ANAV the amount of accrued fees so computed for such
day and the resulting figure is the NAV of the Trust. The Trustee will also
determine the NAV per Share by dividing the NAV of the Trust by the number of
the Shares outstanding as of the close of trading on the NYSE Arca (which
includes the net number of any Shares created or redeemed on such evaluation
day).</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee&#146;s estimation of accrued but unpaid fees, expenses and liabilities will
be conclusive upon all persons interested in the Trust and no revision or
correction in any computation made under the Trust Agreement will be required
by reason of any difference in amounts estimated from those actually paid.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor and the Shareholders may rely on any evaluation furnished by the
Trustee, and the Sponsor will have no responsibility for the evaluation&#146;s
accuracy. The determinations the Trustee makes will be made in good faith upon
the basis of, and the Trustee will not be liable for any errors contained in,
information reasonably available to it. The Trustee will not be liable to the
Sponsor, DTC, Authorized Participants, the Shareholders or any other person for
errors in judgment. However, the preceding liability exclusion will not protect
the Trustee against any liability resulting from bad faith or gross negligence
in the performance of its duties.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>64</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><B>Other Expenses</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
at any time, other expenses are incurred outside the daily business of the
Trust and the Sponsor&#146;s Fee, the Trustee will at the discretion of the Sponsor
or in its own discretion sell the Trust&#146;s Bullion as necessary to pay such
expenses. The Trust shall not bear any expenses incurred in connection with the
issuance and distribution of the securities being registered. These expenses
shall be paid by the Sponsor.</FONT></P>

<P><FONT SIZE=2><B>Sales of Bullion</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee will at the direction of the Sponsor or in its own discretion sell the
Trust&#146;s Bullion as necessary to pay the Trust&#146;s expenses not otherwise assumed
by the Sponsor. The Trustee will not sell Bullion to pay the Sponsor&#146;s Fee. The
Sponsor&#146;s Fee will be paid through delivery of Bullion from the Trust
Unallocated Account that had been de-allocated from the Trust Allocated Account
for this purpose. When selling Bullion to pay other expenses, the Trustee will
endeavor to sell the smallest amounts of Bullion needed to pay expenses in
order to minimize the Trust&#146;s holdings of assets other than Bullion. 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 Bullion
only if the sale transaction is made at the next London Fix for each Bullion
metal 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 Bullion sales.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee will also sell the Trust&#146;s Bullion 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 Bullion directed by the Sponsor.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
property received by the Trust other than Bullion, cash or an amount receivable
in cash (such as, for example, an insurance claim) will be promptly sold or
otherwise disposed of by the Trustee at the direction of the Sponsor.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
disposition of Bullion by the Trustee to pay the Sponsor&#146;s Fee, to pay other
expenses of the Trust or for any other reason will be executed by the
disposition of gold, silver, platinum and palladium in such proportions so as
to ensure that the Bullion held by the Trust, if any, following such sale or
sales is in the same ratio of metals as the Bullion required for a Creation
Basket Deposit.</FONT></P>

<P><FONT SIZE=2><B>The Securities Depository; Book-Entry-Only
System; Global Security</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTC
acts as securities depository for the Shares. DTC is a limited-purpose trust
company organized under the laws of the State of New York, a member of the
Federal Reserve System, a &#147;clearing corporation&#148; within the meaning of the New
York Uniform Commercial Code, and a &#147;clearing agency&#148; registered pursuant to
the provisions of section 17A of the Exchange Act. DTC was created to hold
securities of DTC Participants and to facilitate the clearance and settlement
of transactions in such securities among the DTC Participants through
electronic book-entry changes. This eliminates the need for physical movement
of securities certificates. DTC Participants include securities brokers and
dealers, banks, trust companies, clearing corporations, and certain other
organizations, some of whom (and/or their representatives) own DTC. Access to
the DTC system is also available to others such as banks, brokers, dealers and
trust companies that clear through or maintain a custodial relationship with a
DTC </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>65</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>Participant, either directly
or indirectly. DTC is expected to agree with and represent to the DTC
Participants that it will administer its book-entry system in accordance with
its rules and by-laws and the requirements of law.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Individual
certificates will not be issued for the Shares. Instead, one or more global
certificates will be signed by the Trustee on behalf of the Trust, registered
in the name of Cede &amp; Co., as nominee for DTC, and deposited with the
Trustee on behalf of DTC. The global certificates will evidence all of the
Shares outstanding at any time. The representations, undertakings and
agreements made on the part of the Trust in the global certificates are made
and intended for the purpose of binding only the Trust and not the Trustee or
the Sponsor individually.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the settlement date of any creation, transfer or redemption of Shares, DTC will
credit or debit, on its book-entry registration and transfer system, the amount
of the Shares so created, transferred or redeemed to the accounts of the
appropriate DTC Participants. The Trustee and the Authorized Participants will
designate the accounts to be credited and charged in the case of creation or
redemption of Shares.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficial
ownership of the Shares will be limited to DTC Participants, Indirect
Participants and persons holding interests through DTC Participants and
Indirect Participants. Owners of beneficial interests in the Shares will be
shown on, and the transfer of ownership will be effected only through, records
maintained by DTC (with respect to DTC Participants), the records of DTC
Participants (with respect to Indirect Participants), and the records of
Indirect Participants (with respect to Shareholders that are not DTC
Participants or Indirect Participants). Shareholders are expected to receive
from or through the DTC Participant maintaining the account through which the
Shareholder has purchased their Shares a written confirmation relating to such
purchase.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
that are not DTC Participants may transfer the Shares through DTC by
instructing the DTC Participant or Indirect Participant through which the
Shareholders hold their Shares to transfer the Shares. Shareholders that are
DTC Participants may transfer the Shares by instructing DTC in accordance with
the rules of DTC. Transfers will be made in accordance with standard securities
industry practice.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTC
may decide to discontinue providing its service with respect to Baskets and/or
the Shares by giving notice to the Trustee and the Sponsor. Under such
circumstances, the Sponsor will find a replacement for DTC to perform its
functions at a comparable cost or, if a replacement is unavailable, the Trustee
will terminate the Trust.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
rights of the Shareholders generally must be exercised by DTC Participants
acting on their behalf in accordance with the rules and procedures of DTC.
Because the Shares can only be held in book-entry form through DTC and DTC
Participants, investors must rely on DTC, DTC Participants and any other
financial intermediary through which they hold the Shares to receive the
benefits and exercise the rights described in this section. Investors should
consult with their broker or financial institution to find out about procedures
and requirements for securities held in book-entry form through DTC.</FONT></P>

<P><FONT SIZE=2><B>Share Splits</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Sponsor believes that the per Share price in the secondary market for
Shares has fallen outside a desirable trading price range, the Sponsor may
direct the Trustee to declare a split or reverse split in the number of Shares
outstanding and to make a corresponding change in the number of Shares
constituting a Basket.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>66</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2><B>Books and Records</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee keeps proper books of record and account of the Trust at its office
located in New York or such office as it may subsequently designate. These
books and records are open to inspection by any person who establishes to the
Trustee&#146;s satisfaction that such person is a Shareholder at all reasonable
times during the usual business hours of the Trustee.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee will keep a copy of the Trust Agreement on file in its office which
will be available for inspection on reasonable advance notice at all reasonable
times during its usual business hours by any Shareholder.</FONT></P>

<P><FONT SIZE=2><B>Statements, Filings and Reports</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
the end of each fiscal year, the Sponsor will cause to be prepared an annual
report for the Trust containing audited financial statements. The annual report
will be in such form and contain such information as will be required by
applicable laws, rules and regulations and may contain such additional
information which the Sponsor determines shall be included. The annual report
shall be filed with the SEC and the NYSE Arca and shall be distributed to such
persons and in such manner, as shall be required by applicable laws, rules and
regulations.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor is responsible for the registration and qualification of the Shares
under the federal securities laws and any other securities and blue sky laws of
the US or any other jurisdiction as the Sponsor may select. The Sponsor will
also prepare, or cause to be prepared, and file any periodic reports or updates
required under the Exchange Act. The Trustee will assist and support the
Sponsor in the preparation of such reports.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
accounts of the Trust will be audited, as required by law and as may be
directed by the Sponsor, by independent registered public accountants
designated from time to time by the Sponsor. The accountant&#146;s report will be
furnished by the Trustee to Shareholders upon request.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee will make such elections, file such tax returns, and prepare,
disseminate and file such tax reports, as it is advised to by its counsel or
accountants or as required from time to time by any applicable statute, rule or
regulation.</FONT></P>

<P><FONT SIZE=2><B>Fiscal Year</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fiscal year of the Trust is the period ending December 31 of each year. The
Sponsor may select an alternate fiscal year.</FONT></P>

<P><FONT SIZE=2><B>Termination of the Trust</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee will set a date on which the Trust shall terminate and mail notice of
the termination to the Shareholders at least 30 days prior to the date set for
termination if any of the following occurs:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><I>&#149;</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>The Trustee
 is notified that the Shares are delisted from the NYSE Arca and are not
 approved for listing on another national securities exchange within five
 business days of their delisting;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><I>&#149;</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Shareholders
 acting in respect of at least 75% of the outstanding Shares notify the
 Trustee that they elect to terminate the Trust;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>67</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><I>&#149;</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>60 days have
 elapsed since the Trustee notified the Sponsor of the Trustee&#146;s election to
 resign and a successor trustee has not been appointed and accepted its
 appointment;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><I>&#149;</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>the SEC
 determines that the Trust is an investment company under the Investment
 Company Act of 1940 and the Trustee has actual knowledge of such Commission
 determination;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><I>&#149;</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>the
 aggregate market capitalization of the Trust, based on the closing price for
 the Shares, was less than $350 million (as adjusted for inflation) at any
 time after the first anniversary after the Trust&#146;s formation and the Trustee
 receives, within six months after the last of those trading days, notice from
 the Sponsor of its decision to terminate the Trust;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><I>&#149;</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>the CFTC
 determines that the Trust is a commodity pool under the Commodity Exchange
 Act and the Trustee has actual knowledge of that determination;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><I>&#149;</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>the Trust
 fails to qualify for treatment, or ceases to be treated, for US federal
 income tax purposes, as a grantor trust, and the Trustee receives notice from
 the Sponsor that the Sponsor determines that, because of that tax treatment
 or change in tax treatment, termination of the Trust is advisable;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><I>&#149;</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>60 days have
 elapsed since DTC ceases to act as depository with respect to the Shares and
 the Sponsor has not identified another depository which is willing to act in
 such capacity; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><I>&#149;</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>the Trustee
 elects to terminate the Trust after the Sponsor is deemed conclusively to
 have resigned effective immediately as a result of the Sponsor being adjudged
 bankrupt or insolvent, or a receiver of the Sponsor or of its property being
 appointed, or a trustee or liquidator or any public officer taking charge or
 control of the Sponsor or of its property or affairs for the purpose of
 rehabilitation, conservation or liquidation. </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
and after the date of termination of the Trust, the Shareholders will, upon (i)
surrender of Shares then held, (ii) payment of the fee of the Trustee for the
surrender of Shares, and (iii)&nbsp;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
Bullion 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 Bullion
as necessary to meet those expenses and will continue to deliver Trust assets,
together with any distributions received with respect thereto and the net
proceeds of the sale of any other property, in exchange for Shares surrendered
to the Trustee (after deducting or upon payment of, in each case, the fee of
the Trustee for the surrender of Shares, any expenses for the account of the
Shareholders in accordance with the terms and conditions of the Trust
Agreement, and any applicable taxes or other governmental charges).</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any time after the expiration of 90 days following the date of termination of
the Trust, the Trustee may sell the Trust assets then held under the Trust
Agreement and may thereafter hold the net proceeds of any such sale, together
with any other cash then held by the Trustee under the Trust Agreement, without
liability for interest, for the pro rata benefit of 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 </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>68</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>accordance with the terms
and conditions of the Trust Agreement, and any applicable taxes or other
governmental charges). Upon the termination of the Trust, the Sponsor shall be
discharged from all obligations under the Trust Agreement except for its
certain obligations to the Trustee that survive termination of the Trust
Agreement.</FONT></P>

<P><FONT SIZE=2><B>Amendments</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee and the Sponsor may amend any provisions of the Trust Agreement without
the consent of any Shareholder. Any amendment that imposes or increases any
fees or charges (other than taxes and other governmental charges, registration
fees or other such expenses), or that otherwise prejudices any substantial
existing right of the Shareholders will not become effective as to outstanding
Shares until 30 days after notice of such amendment is given to the
Shareholders. Amendments to allow redemption for quantities of Bullion smaller
or larger than a Basket or to allow for the sale of Bullion to pay cash
proceeds upon redemption shall not require notice pursuant to the preceding
sentence. Every Shareholder, at the time any amendment so becomes effective,
shall be deemed, by continuing to hold any Shares or an interest therein, to
consent and agree to such amendment and to be bound by the Trust Agreement as
amended thereby. In no event shall any amendment impair the right of the
Shareholder to surrender Baskets and receive therefor the amount of Trust
assets represented thereby, except in order to comply with mandatory provisions
of applicable law.</FONT></P>

<P><FONT SIZE=2><B>Governing Law; Consent to New York
Jurisdiction</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust Agreement, and the rights of the Sponsor, the Trustee, DTC (as registered
owner of the Trust&#146;s global certificates for Shares) and the Shareholders under
the Trust Agreement, are governed by the laws of the State of New York. The
Sponsor, the Trustee and DTC and, by accepting Shares, each DTC Participant and
each Shareholder, consents to the jurisdiction of the courts of the State of
New York and any federal courts located in the borough of Manhattan in New York
City. Such consent in not required for any person to assert a claim of New York
jurisdiction over the Sponsor or the Trustee.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>U<A NAME="c68736a019_v1"></a>NITED STATES
FEDERAL INCOME TAX CONSEQUENCES</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following discussion of the material US federal income tax consequences that
generally applies to the purchase, ownership and disposition of Shares by a US
Shareholder (as defined below), and certain US federal income tax consequences
that may apply to an investment in Shares by a Non-US Shareholder (as defined
below), represents, insofar as it describes conclusions as to US federal income
tax law and subject to the limitations and qualifications described therein,
the opinion of Katten Muchin Rosenman LLP, counsel to the Sponsor and special
US tax counsel to the Trust. An opinion of counsel, however, is not binding on
the United States Internal Revenue Service (&#147;IRS&#148;) or on the courts, and does
not preclude the IRS from taking a contrary position. The discussion below is
based on the Code, United States Treasury Regulations (&#147;Treasury Regulations&#148;)
promulgated under the Code and judicial and administrative interpretations of
the Code, all as in effect on the date of this prospectus and all of which are
subject to change either prospectively or retroactively. The tax treatment of
Shareholders may vary depending upon their own particular circumstances.
Certain Shareholders (including broker-dealers, traders, banks and other
financial institutions, insurance companies, real estate investment trusts,
tax-exempt entities, Shareholders whose functional currency is not the US
dollar or other investors with special circumstances) may be subject to special
rules not discussed below. In addition, the following discussion applies only
to investors who hold Shares as &#147;capital assets&#148; within the meaning of Code
section 1221 and not as part of a straddle, hedging transaction or a conversion
or constructive sale transaction. Moreover, the discussion below does not
address the effect of any state, local or foreign tax law or any transfer tax
on an owner of Shares. Purchasers of Shares are urged to consult their own tax </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>69</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>advisors with
respect to all federal, state, local and foreign tax law or any transfer tax
considerations potentially applicable to their investment in Shares.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this discussion, a &#147;US Shareholder&#148; is a Shareholder that is:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>An
 individual who is treated as a citizen or resident of the United States for US
 federal income tax purposes;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>A
 corporation (or other entity treated as a corporation for US federal tax
 purposes) created or organized in or under the laws of the United States or
 any political subdivision thereof;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>An estate,
 the income of which is includible in gross income for US federal income tax
 purposes regardless of its source; or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>A trust, if
 a court within the United States is able to exercise primary supervision over
 the administration of the trust and one or more US persons have the authority
 to control all substantial decisions of the trust.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Shareholder that is not a US Shareholder as defined above (other than a
partnership, or an entity treated as a partnership for US federal tax purposes)
is generally considered a &#147;Non-US Shareholder&#148; for purposes of this discussion.
For US federal income tax purposes, the treatment of any beneficial owner of an
interest in a partnership, including any entity treated as a partnership for US
federal income tax purposes, generally depends upon the status of the partner
and upon the activities of the partnership. Partnerships and partners in
partnerships should consult their tax advisors about the US federal income tax
consequences of purchasing, owning and disposing of Shares.</FONT></P>

<P><FONT SIZE=2><B>Taxation of the Trust</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust is classified as a &#147;grantor trust&#148; for US federal income tax purposes. As
a result, the Trust itself is not subject to US federal income tax. Instead,
the Trust&#146;s income and expenses &#147;flow through&#148; to the Shareholders, and the
Trustee reports the Trust&#146;s income, gains, losses and deductions to the IRS on
that basis.</FONT></P>

<P><FONT SIZE=2><I>Taxation of US Shareholders</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
generally are treated, for US federal income tax purposes, as if they directly
owned a pro rata share of the underlying assets held in the Trust. Shareholders
are also treated as if they directly received their respective pro rata shares
of the Trust&#146;s income, if any, and as if they directly incurred their
respective pro rata shares of the Trust&#146;s expenses. In the case of a
Shareholder that purchases Shares for cash, its initial tax basis in its pro
rata share of the assets held in the Trust at the time it acquires its Shares
is equal to its cost of acquiring the Shares. In the case of a Shareholder that
acquires its Shares as part of a creation, the delivery of Bullion to the Trust
in exchange for the underlying Bullion represented by the Shares is not a
taxable event to the Shareholder, and the Shareholder&#146;s tax basis and holding
period for the Shareholder&#146;s pro rata share of the Bullion held in the Trust
are the same as its tax basis and holding period for the Bullion 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 Bullion related to such Shares.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>70</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
the Trust sells or transfers Bullion, for example to pay expenses, a
Shareholder generally will recognize gain or loss in an amount equal to the
difference between (1) the Shareholder&#146;s pro rata share of the amount realized
by the Trust upon the sale or transfer and (2) the Shareholder&#146;s tax basis for
its pro rata share of the Bullion that was sold or transferred, which gain or
loss will generally be long-term or short-term capital gain or loss, depending
upon whether the Shareholder has a holding period in its Shares of longer than
one year. A Shareholder&#146;s tax basis for its share of any Bullion sold by the
Trust generally will be determined by multiplying the Shareholder&#146;s total basis
for its share of all of the Bullion held in the Trust immediately prior to the
sale, by a fraction the numerator of which is the amount of Bullion sold, and
the denominator of which is the total amount of the Bullion 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 Bullion remaining in the Trust will be equal to
its tax basis for its share of the total amount of the Bullion held in the Trust
immediately prior to the sale, less the portion of such basis allocable to its
share of the Bullion that was sold.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
a Shareholder&#146;s sale of some or all of its Shares, the Shareholder will be
treated as having sold the portion of its pro rata share of the Bullion 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 Bullion held in the Trust at the time of sale that
is attributable to the Shares sold, as determined in the manner described in
the preceding paragraph.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
redemption of some or all of a Shareholder&#146;s Shares in exchange for the
underlying Bullion represented by the Shares redeemed generally will not be a
taxable event to the Shareholder. The Shareholder&#146;s tax basis for the Bullion
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 Bullion 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 Bullion received
should include the period during which the Shareholder held the Shares
redeemed. A subsequent sale of the Bullion received by the Shareholder will be
a taxable event.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
any sale or redemption of less than all of a Shareholder&#146;s Shares, the
Shareholder&#146;s tax basis for its pro rata share of the Bullion 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 Bullion 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 Bullion received by the Shareholder in the
redemption.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, recent legislation effective after December 31, 2012, if applicable
to a Shareholder, would impose a new 3.8% Medicare contribution tax on net
investment income. Shareholders should consult their tax advisor regarding this
tax.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Authorized Participant and other investors may be able to re-invest, on a
tax-deferred basis, in-kind redemption proceeds received from exchange-traded
products that are substantially similar to the Trust in the Trust&#146;s Shares.
Authorized Participants and other investors should consult their tax advisors
as to whether and under what circumstances the reinvestment in the Shares of
proceeds from substantially similar exchange-traded products can be
accomplished on a tax-deferred basis.</FONT></P>

<P><FONT SIZE=2><B>Maximum 28% Long-Term Capital Gains Tax Rate
for US Shareholders who are Individuals</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
current law, gains recognized by individuals from the sale of &#147;collectibles,&#148;
including physical Bullion, held for more than one year are taxed at a maximum
federal income tax rate of 28%, </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>71</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>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 Bullion which the Shareholder is treated (through its ownership of
Shares) as having held for more than one year, generally will be taxed at a
maximum rate of 28%. The tax rates for capital gains recognized upon the sale
of assets held by an individual US Shareholder for one year or less or by a
taxpayer other than an individual US taxpayer are generally the same as those
at which ordinary income is taxed.</FONT></P>

<P><FONT SIZE=2><B>Brokerage Fees and Trust Expenses</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
brokerage or other transaction fee incurred by a Shareholder in purchasing
Shares is treated as part of the Shareholder&#146;s tax basis in the underlying
assets of the Trust. Similarly, any brokerage fee incurred by a Shareholder in
selling Shares reduces the amount realized by the Shareholder with respect to
the sale.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
will be required to recognize gain or loss upon a sale of Bullion by the Trust
(as discussed above), even though some or all of the proceeds of such sale are
used by the Trustee to pay Trust expenses. Shareholders may deduct their
respective pro rata shares of each expense incurred by the Trust to the same
extent as if they directly incurred the expense. Shareholders who are
individuals, estates or trusts, however, may be required to treat some or all
of the expenses of the Trust, to the extent that such expenses may be deducted,
as miscellaneous itemized deductions. Individuals may deduct certain
miscellaneous itemized deductions only to the extent they exceed 2% of adjusted
gross income. In addition, such deductions may be subject to further
limitations under applicable provisions of the Code, and may not be deductible
at all for alternative minimum tax purposes.</FONT></P>

<P><FONT SIZE=2><B>Investment by Regulated Investment Companies</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual
funds and other investment vehicles which are &#147;regulated investment companies&#148;
within the meaning of Code section 851 should consult with their tax advisors
concerning (1) the likelihood that an investment in Shares, although they are a
&#147;security&#148; within the meaning of the Investment Company Act of 1940, may be
considered an investment in the underlying Bullion for purposes of Code section
851(b), and (2) the extent to which an investment in Shares might nevertheless
be consistent with preservation of their qualification under Code section 851.</FONT></P>

<P><FONT SIZE=2><B>United States Information Reporting and
Backup Withholding for US and Non-US Shareholders</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee or the appropriate broker will file certain information returns with
the IRS, and provides certain tax-related information to Shareholders, in
accordance with applicable Treasury Regulations. Each Shareholder will be
provided with information regarding its allocable portion of the Trust&#146;s annual
income (if any) and expenses.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
US Shareholder may be subject to US backup withholding tax in certain
circumstances unless it provides its taxpayer identification number and
complies with certain certification procedures. Non-US Shareholders may have to
comply with certification procedures to establish that they are not a US person
in order to avoid the information reporting and backup withholding tax
requirements. 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 ALIGN=CENTER><FONT SIZE=2>72</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2><B>Income Taxation of Non-US Shareholders</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust does not expect to generate taxable income except for gain (if any) upon
the sale of Bullion. A Non-US Shareholder generally is not subject to US
federal income tax with respect to gain recognized upon the sale or other
disposition of Shares, or upon the sale of Bullion by the Trust, unless (1) the
Non-US Shareholder is an individual and is present in the United States for
183&nbsp;days or more during the taxable year of the sale or other disposition,
and the gain is treated as being from United States sources; or (2) the gain is
effectively connected with the conduct by the Non-US Shareholder of a trade or
business in the United States.</FONT></P>

<P><FONT SIZE=2><B>Taxation in Jurisdictions other than the
United States</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prospective
purchasers of Shares that are based in or acting out of a jurisdiction other
than the United States are advised to consult their own tax advisers as to the
tax consequences, under the laws of such jurisdiction (or any other
jurisdiction not being the United States to which they are subject), of their
purchase, holding, sale and redemption of or any other dealing in Shares and,
in particular, as to whether any value added tax, other consumption tax or
transfer tax is payable in relation to such purchase, holding, sale, redemption
or other dealing.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>E<A NAME="c68736a020_v1"></a>RISA AND RELATED
CONSIDERATIONS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Employee Retirement Income Security Act of 1974, as amended (&#147;ERISA&#148;), and/or
Code section 4975 impose certain requirements on certain employee benefit plans
and certain other plans and arrangements, including individual retirement
accounts and annuities, Keogh plans, and certain commingled investment vehicles
or insurance company general or separate accounts in which such plans or
arrangements are invested (collectively, &#147;Plans&#148;), and on persons who are
fiduciaries with respect to the investment of &#147;plan assets&#148; of a Plan.
Government plans and some church plans are not subject to the fiduciary
responsibility provisions of ERISA or the provisions of section 4975 of the
Code, but may be subject to substantially similar rules under other federal
law, or under state or local law (&#147;Other Law&#148;).</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
contemplating an investment of a portion of Plan assets in Shares, the Plan
fiduciary responsible for making such investment should carefully consider,
taking into account the facts and circumstances of the Plan and the &#147;Risk
Factors&#148; discussed above and whether such investment is consistent with its
fiduciary responsibilities under ERISA or Other Law, including, but not limited
to: (1) whether the investment is permitted under the plan&#146;s governing
documents, (2) whether the fiduciary has the authority to make the investment,
(3) whether the investment is consistent with the plan&#146;s funding objectives,
(4) the tax effects of the investment on the Plan, and (5) whether the
investment is prudent considering the factors discussed in this report. In
addition, ERISA and Code Section 4975 prohibit a broad range of transactions
involving assets of a plan and persons who are &#147;parties in interest&#148; under
ERISA or &#147;disqualified persons&#148; under Section 4975 of the Code. A violation of
these rules may result in the imposition of significant excise taxes and other
liabilities. Plans subject to Other Law may be subject to similar restrictions.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is anticipated that the Shares will constitute &#147;publicly-held offered
securities&#148; as defined in the Department of Labor &#147;Plan Asset Regulations,&#148;
&sect;2510.3-101(b)(2), as modified by section 3(42) of ERISA. Accordingly, pursuant
to the Plan Asset Regulations, Shares purchased by a Plan, and not an interest
in the underlying assets held in the Trust, should be treated as assets of the
Plan, for purposes of applying the &#147;fiduciary responsibility&#148; and &#147;prohibited
transaction&#148; rules of ERISA and the Code. Fiduciaries of plans subject to Other
Law should consult legal counsel to determine whether there would be a similar
result under the Other Law.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>73</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><B>Investment by Certain Retirement Plans</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Code
section 408(m) provides that the acquisition of a &#147;collectible&#148; by an
individual retirement account (&#147;IRA&#148;) 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 Bullion received by such IRA or plan
account upon the redemption of any of the Shares purchased by it, the Shares or
Bullion so distributed will be subject to federal income tax in the year of
distribution, to the extent provided under the applicable provisions of Code
sections 408(d), 408(m) or 402.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>P<A NAME="c68736a021_v1"></a>LAN OF
DISTRIBUTION</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust issues Shares in Baskets to Authorized Participants in exchange for
deposits of Bullion on a continuous basis. The Trust does not issue fractions
of a Basket. Because new Shares can be created and issued on an ongoing basis,
at any point during the life of the Trust, a &#147;distribution,&#148; as such term is
used in the Securities Act, will be occurring. Broker-dealers and other persons
are cautioned that some of their activities will result in their being deemed
participants in a distribution in a manner which would render them statutory
underwriters and subject them to the prospectus-delivery and liability
provisions of the Securities Act. For example, a broker-dealer firm or its
client will be deemed a statutory underwriter if it purchases a Basket from the
Trust, breaks the Basket down into the constituent Shares and sells the Shares
directly to its customers; or if it chooses to couple the creation of a supply
of new Shares with an active selling effort involving solicitation of secondary
market demand for the Shares. A determination of whether a particular market
participant is an underwriter must take into account all the facts and
circumstances pertaining to the activities of the broker-dealer or its client
in the particular case, and the examples mentioned above should not be
considered a complete description of all the activities that could lead to
designation as an underwriter.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors
that purchase Shares through a commission/fee-based brokerage account may pay
commissions/fees charged by the brokerage account. We recommend that investors
review the terms of their brokerage accounts for details on applicable charges.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dealers
that are not &#147;underwriters&#148; but are participating in a distribution (as
contrasted to ordinary secondary trading transactions), and thus dealing with
Shares that are part of an &#147;unsold allotment&#148; within the meaning of Section
4(3)(C) of the Securities Act, would be unable to take advantage of the
prospectus-delivery exemption provided by Section 4(3) of the Securities Act.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor intends to qualify the Shares in states selected by the Sponsor and
that sales be made through broker-dealers who are members of FINRA. Investors
intending to create or redeem Baskets through Authorized Participants in
transactions not involving a broker-dealer registered in such investor&#146;s state
of domicile or residence should consult their legal advisor regarding
applicable broker-dealer or securities regulatory requirements under the state
securities laws prior to such creation or redemption.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
offering of Baskets is being made in compliance with Conduct Rule 2310 of
FINRA. Authorized Participants will not receive from the Trust or the Sponsor
any compensation in connection with an offering or reoffering of the Shares.
Accordingly, there is, and will be, no payment of</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>74</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>underwriting
compensation in connection with any such offering of Shares in excess of 10% of
the gross proceeds of the offering.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to a Marketing Agent Agreement (&#147;Agent Agreement&#148;) between ALPS Distributors,
Inc. (&#147;ADI&#148;) and ETFS Marketing LLC, a Delaware limited liability company
(&#147;Marketing Agent&#148;) that provides marketing services under contract to the
Sponsor, ADI will be paid by the Marketing Agent approximately $20,000 per
annum, plus any fees or disbursements incurred by ADI in connection with its
assistance to the Marketing Agent in the marketing of the Trust and its Shares.
The maximum compensation ADI may receive under this Agent Agreement, as a
result of the Trust&#146;s offering, is estimated to be $115,635, which includes
$60,000 (fees) and $55,635 (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 $236,250. The Marketing Agent and its parent, ETF Securities
Marketing LLP (formerly known as C7 PLUS LLP), are solely responsible for the
payment of these salaries.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Agent Agreement, ADI will provide the following services to the Marketing
Agent:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Review
 marketing related legal documents and contracts;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><I>&#149;</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Consult with
 the Marketing Agent on the development of FINRA-compliant marketing
 campaigns;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><I>&#149;</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Consult with
 the Trust&#146;s legal counsel on free-writing prospectus materials and
 disclosures in all marketing materials;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><I>&#149;</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Review and
 file with FINRA marketing materials that are not free-writing prospectus
 materials;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><I>&#149;</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Register and
 oversee supervisory activities of the Marketing Agent&#146;s FINRA-licensed
 personnel; and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><I>&#149;</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Maintain
 books and records related to the ADI services provided. </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shares trade on the NYSE
Arca under the symbol &#147;GLTR.&#148;</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>L<A NAME="c68736a022_v1"></a>EGAL MATTERS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
validity of the Shares has been passed upon for the Sponsor by Katten Muchin
Rosenman LLP, New York, New York, who, as special US tax counsel to the Trust,
also rendered an opinion regarding the material US federal income tax
consequences relating to the Shares.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>E<A NAME="c68736a023_v1"></a>XPERTS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
financial statements incorporated in this prospectus by reference from the
Trust&#146;s Annual Report on Form 10-K for the year ended December 31, 2011,
and the effectiveness of Trust&#146;s
internal control over financial reporting have been audited by Deloitte &amp; Touche
LLP, an independent registered public accounting firm, as stated in their
reports, which are incorporated herein by reference. Such financial statements
have been so incorporated in reliance upon the reports of such firm given upon
their authority as experts in accounting and auditing.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>75</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>I<A NAME="c68736a024_v1"></a>NCORPORATION BY
REFERENCE OF CERTAIN DOCUMENTS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus is a part of a registration statement on Form S-3 filed by the
Sponsor with the SEC under the Securities Act of 1933. As permitted by the
rules and regulations of the SEC, this prospectus does not contain all of the
information contained in the registration statement and the exhibits and
schedules thereto. For further information about the Trust and about the
securities offered hereby, you should consult the registration statement and
the exhibits and schedules thereto. You should be aware that statements
contained in this prospectus concerning the provisions of any documents filed
as an exhibit to the registration statement or otherwise filed with the SEC are
not necessarily complete, and in each instance reference is made to the copy of
such document as so filed.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
SEC allows the &#145;&#145;incorporation by reference&#146;&#146; of information into this
prospectus, which means that information may be disclosed to you by referring
you to other documents filed or which will be filed with the SEC. The following
documents filed or to be filed by the Trust are so incorporated by reference:</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.
Annual Report on Form 10-K for the fiscal year ended December 31, 2011; and</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.
The description of the Shares contained in the Registration Statement on Form
8-A filed with the SEC on October 19, 2010.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, unless otherwise provided therein, any reports filed by the Trust
with the SEC pursuant to section 13(a), 13(c), 14 or 15(d) of the Securities
Exchange Act of 1934 after the date of this prospectus and before the
termination or completion of this offering shall be deemed to be incorporated
by reference in this prospectus and to be a part of it from the filing dates of
such documents and shall automatically update or upgrade, as applicable, any
information included in, or incorporated by reference into this prospectus.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
statements in and portions of this prospectus update and replace information in
the above listed documents incorporated by reference. Likewise, statements in
or portions of a future document incorporated by reference in this prospectus
may update and replace statements in and portions of this prospectus or the
above listed documents.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust posts on its website (www.etfsecurities.com) its Annual Report on Form
10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and
amendments to those reports filed or furnished pursuant to section 13(a) or
15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably
practicable after the Sponsor, on behalf of the Trust, electronically files
such material with, or furnishes it to, the SEC. The Trust&#146;s website and the
information contained on that site, or connected to that site, are not
incorporated into and are not a part of this prospectus. The Trust will provide
to each person, including any beneficial owner, to whom a prospectus is
delivered, a copy of any and all reports or documents that have been
incorporated by reference in the prospectus but which are not delivered with
the prospectus; copies of any of these documents may be obtained free of charge
through the Trust&#146;s website or by contacting the Trust, c/o ETFS Marketing LLC,
48 Wall Street, 11th Floor, New York, NY 10005, or by calling (212) 918-4954.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should rely only on the information contained in this prospectus or to which we
have referred you. We have not authorized any person to provide you with
different information or to make any representation not contained in this
prospectus.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>76</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>W<A NAME="c68736a025_v1"></a>HERE YOU CAN
FIND MORE INFORMATION</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor has filed on behalf of the Trust a registration statement on Form S-3
with the SEC under the Securities Act. This prospectus does not contain all of
the information set forth in the registration statement (including the exhibits
to the registration statement), parts of which have been omitted in accordance
with the rules and regulations of the SEC. For further information about the
Trust or the Shares, please refer to the registration statement, which you may
inspect, without charge, at the public reference facilities of the SEC at the
below address or online at www.sec.gov, or obtain at prescribed rates from the
public reference facilities of the SEC at the below address. Information about
the Trust and the Shares can also be obtained from the Trust&#146;s website. The
internet address of the Trust&#146;s website is www.etfsecurities.com. This internet
address is only provided here as a convenience to you to allow you to access
the Trust&#146;s website, and the information contained on or connected to the
Trust&#146;s website is not part of this prospectus or the registration statement of
which this prospectus is part.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust is subject to the informational requirements of the Exchange Act and the
Sponsor, on behalf of the Trust, will file quarterly and annual reports and
other information with the SEC. The reports and other information can be
inspected at the public reference facilities of the SEC located at <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><FONT SIZE=2>77</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>PROSPECTUS</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=3 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4><B>ETFS Precious Metals Basket Trust</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=3 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=3>13,350,000
 ETFS Physical PM Basket Shares</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=3 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>March 1, 2012</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>PART
II&#151;INFORMATION NOT REQUIRED IN PROSPECTUS</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 14.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Other Expenses of Issuance and Distribution.</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant (&#147;Registrant&#148; or &#147;Trust&#148;) shall not bear any expenses incurred in
connection with the issuance and distribution of the securities being
registered. These expenses shall be paid by ETF Securities USA LLC, the sponsor
of the Registrant (&#147;Sponsor&#148;).</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 15.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Indemnification of Directors and Officers.</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.6(a) of the Registrant&#146;s Depositary Trust Agreement (&#147;Trust Agreement&#148;)
between The Bank of New York Mellon, the Registrant&#146;s Trustee (&#147;Trustee&#148;), and
the Sponsor provides that the Trustee, its directors, employees and agents
(each a &#147;Trustee Indemnified Party&#148;) shall be indemnified from the Trust and
held harmless against any loss, liability or expense (including, but not
limited to, the reasonable fees and expenses of counsel) arising out of or in
connection with the performance of its obligations under the Trust Agreement
and under each other agreement entered into by the Trustee, in furtherance of
the administration of the Trust (including, without limiting the scope of the
foregoing, the Trust&#146;s custody agreements and authorized participant agreements
to which the Trustee is a party, including the Trustee&#146;s indemnification
obligations thereunder) or by reason of the Trustee&#146;s acceptance of the Trust
incurred without (1) gross negligence, bad faith, willful misconduct or willful
malfeasance on the part of such Trustee Indemnified Party in connection with
the performance of its obligations under the Trust Agreement or any such other
agreement or any actions taken in accordance with the provisions of the Trust
Agreement or any such other agreement or (2) reckless disregard on the part of
such Trustee Indemnified Party of its obligations and duties under the Trust
Agreement or any such other agreement. Such indemnity shall include payment
from the Trust of the costs and expenses incurred by such Trustee Indemnified
Party in defending itself against any claim or liability in its capacity as
Trustee. Any amounts payable to a Trustee Indemnified Party under section
5.6(a) of the Trust Agreement may be payable in advance or shall be secured by
a lien on the Trust.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.6(b) of the Trust Agreement provides that the Sponsor and its members,
managers, directors, officers, employees, affiliates (as such term is defined
under the Securities Act of 1933, as amended (&#147;Securities Act&#148;)) and
subsidiaries (each a &#147;Sponsor Indemnified Party&#148;) shall be indemnified from the
Trust and held harmless against any loss, liability or expense incurred without
(1) gross negligence, bad faith, willful misconduct or willful malfeasance on
the part of such Sponsor 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 Trust&#146;s custody agreements and authorized participant agreements
to which the Sponsor is a party) or any actions taken in accordance with the
provisions of the Trust Agreement or (2) reckless disregard on the part of such
Sponsor 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 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><FONT SIZE=2>II-1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
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>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 16.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Exhibits.</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
Exhibits</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:10PX">
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P><FONT SIZE=2><B>Exhibit<BR>
 Number</B></FONT></P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="83%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Description</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>4.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Depositary
 Trust Agreement (the Trust Agreement)*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>4.2</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Form of
 Authorized Participant Agreement*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>4.3</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Global
 Certificate*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>5.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Opinion of
 Katten Muchin Rosenman LLP as to legality*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>8.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Opinion of
 Katten Muchin Rosenman LLP as to tax matters*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>10.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Allocated
 Account Agreement*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>10.2</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Unallocated
 Account Agreement*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>10.3</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Depository
 Agreement*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>10.4</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Marketing
 Agent Agreement*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>23.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Consent of
 Deloitte &amp; Touche LLP</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>23.2</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Consents of
 Katten Muchin Rosenman LLP are included in Exhibits 5.1 and 8.1*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>24.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Powers of
 attorney are included on the signature page to this registration statement</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>99.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Opinion of
 Katten Muchin Rosenman UK LLP*</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>* Incorporated
by reference to the Exhibit identified with the same number and filed with
Pre-Effective Amendment No. 2 to the Trust&#146;s registration statement on Form S-1
(File No. 333-164769) on October 19, 2010.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Financial Statement Schedules</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 17.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Undertakings.</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>The
undersigned registrant hereby undertakes:</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)
To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>II-2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
To include any prospectus required by section 10(a)(3) of the Securities Act of
1933;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
To reflect in the prospectus any facts or events arising after the effective
date of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration statement.
Notwithstanding the foregoing, any increase or decrease in volume of securities
offered (if the total dollar value of securities offered would not exceed that
which was registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of prospectus
filed with the Securities and Exchange Commission pursuant to Rule 424(b) if,
in the aggregate, the changes in volume and price represent no more than a 20
percent change in the maximum aggregate offering price set forth in the
&#147;Calculation of Registration Fee&#148; table in the effective registration statement;
and</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
To include any material information with respect to the plan of distribution
not previously disclosed in the registration statement or any material change
to such information in the registration statement.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
Provided, however, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of
this section do not apply if the registration statement is on Form S-3 (&sect;239.19
of this chapter) or Form F-3 (&sect;239.33 of this chapter) and the information
required to be included in a post-effective amendment by those paragraphs is
contained in reports filed with or furnished to the Commission by the
Registrant pursuant to section 13 or section 15(d) of the Securities Exchange
Act of 1934 that are incorporated by reference in the registration statement,
or is contained in a form of prospectus filed pursuant to Rule 424 (b) that is
part of the registration statement.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)
That, for the purpose of determining any liability under the Securities Act of
1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)
To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the
offering.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)
That, for the purpose of determining liability under the Securities Act of 1933
to any purchaser:</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
If the Registrant is relying on Rule 430B (&sect;230.430B of this chapter):</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)
Each prospectus filed by the Registrant pursuant to Rule 424(b)(3)
(&sect;230.424(b)(3) of this chapter) shall be deemed to be part of the registration
statement as of the date the filed prospectus was deemed part of and included
in the registration statement; and</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)
Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or
(b)(7) (&sect;230.424(b)(2), (b)(5), or (b)(7) of this chapter) as part of a
registration statement in reliance or Rule 430B relating to an offering made
pursuant to Rule 415(a)(1)(i), (vii), or (x) (&sect;230.415(a)(1)(i), (vii), or (x)
of this chapter) for the purpose of providing the information required by
section 10(a) of the Securities Act of 1933 shall be deemed to be part of an
included in the registration statement as of the earlier of the date such form
of prospectus is first used after effectiveness or the date of the first contract
of sale of securities in the offering described in the prospectus. As provided
in Rule 430B, for liability purposes of the issuer and any person that is at
that date an underwriter, such date shall be deemed to be a new effective date
of the registration statement relating to the securities in the registration
statement to which </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>II-3</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
If the Registrant is subject to Rule 430C (&sect;230.430C of this chapter), each
prospectus filed pursuant to Rule 424(b) as part of a registration statement
relating to an offering, other than registration statements relying on Rule
430B or other than prospectuses filed in reliance on Rule 430A (&sect;230.430A of
this chapter), shall be deemed to be part of and included in the registration
statement as of the date it is first used after effectiveness. Provided,
however, that no statement made in a registration statement or prospectus that
is part of the registration statement or made in a document incorporated or
deemed incorporated by reference into the registration statement or prospectus
that is part of the registration statement will, as to a purchaser with a time
of contract of sale prior to such first use, supersede or modify any statement
that was made in the registration statement or prospectus that was part of the
registration statement or made in any such document immediately prior to such
date of first use.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)
That, for the purpose of determining liability of the Registrant under the
Securities Act of 1933 to any purchaser in the initial distribution of the
securities:</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Registrant undertakes that in a primary offering of securities of
the undersigned Registrant pursuant to this registration statement, regardless
of the underwriting method used to sell the securities to the purchaser, if the
securities are offered or sold to such purchaser by means of any of the
following communications, the undersigned Registrant will be a seller to the
purchaser and will be considered to offer or sell such securities to such
purchaser:</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
Any preliminary prospectus or prospectus of the undersigned Registrant relating
to the offering required to be filed pursuant to Rule 424 (&sect;230.424 of this
chapter);</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
Any free writing prospectus relating to the offering prepared by or on behalf
of the undersigned Registrant or used or referred to by the undersigned
Registrant;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
The portion of any other free writing prospectus relating to the offering
containing material information about the undersigned Registrant or its securities
provided by or on behalf of the undersigned Registrant; and</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
Any other communication that is an offer in the offering made by the
undersigned Registrant to the purchaser.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)
That, for purposes of determining any liability under the Securities Act of
1933, each filing of the registrant&#146;s annual report pursuant to section 13(a)
or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each
filing of an employee benefit plan&#146;s annual report pursuant to section 15(d) of
the Securities Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)
The undersigned Registrant hereby undertakes to deliver or cause to be
delivered with the prospectus, to each person to whom the prospectus is sent or
given, the latest annual report to security holders that is incorporated by
reference in the prospectus and furnished pursuant to and meeting the</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>II-4</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>requirements
of Rule 14a-3 or Rule 14c-3 under the Securities Exchange Act of 1934; and,
where interim financial information required to be presented by Article 3 of
Regulation S-X is not set forth in the prospectus, to deliver, or cause to be
delivered to each person to whom the prospectus is sent or given, the latest
quarterly report that is specifically incorporated by reference in the
prospectus to provide such interim financial information. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)
That insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling persons of
the Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Securities Act of 1933 and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the payment by
the Registrant of expenses incurred or paid by a director, officer or
controlling person of the Registrant in the successful defense of any action, suit
or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question of
whether such indemnification by it is against public policy as expressed in the
Securities Act of 1933 and will be governed by the final adjudication of such
issue.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>II-5</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>SIGNATURES</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, the Registrant certifies
that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-3 and has duly caused this Registration Statement to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City
of St. Helier, Jersey, on March 1, 2012.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="51%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="45%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>ETF
 SECURITIES USA LLC</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Sponsor of
 the ETFS Precious Metals Basket Trust</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/s/ Graham Tuckwell</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="80%" NOSHADE COLOR=BLACK ALIGN=LEFT>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Graham
 Tuckwell</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>President
 and Chief Executive Officer</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
person whose signature appears below hereby constitutes Graham Tuckwell and Tom
Quigley, and each of them singly, his true and lawful attorneys-in-fact with
full power to sign on behalf of such person, in the capacities indicated below,
any and all amendments to this registration statement and any subsequent
related registration statement filed pursuant to Rule 462(b) under the
Securities Act of 1933, and generally to do all such things in the name and on
behalf of such person, in the capacities indicated below, to enable the
Registrant to comply with the provisions of the Securities Act of 1933 and all
requirements of the Securities and Exchange Commission thereunder, hereby
ratifying and confirming the signature of such person as it may be signed by
said attorneys-in-fact, or any of them, on any and all amendments to this
registration statement or any such subsequent related registration statement.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, this registration statement
has been signed by the following persons in the capacities* and on the dates
indicated.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="17%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="58%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="17%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Signature</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Capacity</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Date</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD align="center" VALIGN=TOP>
 <P><FONT SIZE=2>/s/ Graham Tuckwell</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>President and Chief
 Executive Officer (principal executive officer)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>March 1,
 2012</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Graham
 Tuckwell</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD align="center" VALIGN=bottom>
 <P><FONT SIZE=2>/s/ Thomas Quigley</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=bottom>
 <P><FONT SIZE=2>Chief Financial Officer and
 Treasurer (principal financial officer and principal accounting officer)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>March 1,
 2012</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Thomas
 Quigley</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>* The Registrant is a trust and
the persons are signing in their capacities as officers of ETF Securities USA
LLC, the Sponsor of the Registrant.</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>c68736001_v1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c68736001_v1.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````/```_^X`#D%D
M;V)E`&3``````?_;`(0`!@0$!`4$!@4%!@D&!08)"P@&!@@+#`H*"PH*#!`,
M#`P,#`P0#`X/$`\.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-#`T8$!`8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\``$0@`;0!>`P$1``(1`0,1`?_$`*X````&`P$`````````
M``````,$!08'"``!`@D!`0$!`0$!```````````````!`@,$!1```0,"`P0$
M!PL(!PD``````@$#!!$%`!(&(1,4!S$B%0A!4;$R<K,T84)2TB-S)'46-A=Q
MP6(S0Y.T-8&1H9)4-QCB4V.#TT1TU"41`0`!`@4"!`,(`P`````````!$0+P
M(3$2`T%A4<$3!'&1X8&AL='Q(D(4,H(C_]H`#`,!``(1`Q$`/P"NFMOOG?\`
MZQE^O/`$)OLD#YDO7.8`I@,P`L7VIGTQ\J8#4CVAWTR\N`,6;^9Q_2_,N`)X
M#,!F`%%/HQ^/.'D+`!8!:UM]\[_]8R_7G@"$WV2!\R7KG,`4P&8`6+[4SZ8^
M5,!J1[0[Z9>7`&+-_,X_I?F7`$\!F`,V^!(GR1C1\JNG6F<A!$1-J[2IC-UU
M(J'7$TW`A1'),L^)=;;XA`"HMID12&E=I51"Z4QX+/?;K]L1VQCY].7J]NIE
MX^BZG'K6*^YK#4#J&WE*Y3%ZSK0E[0?O5*N`3YL-]8T$<S759)$^6:_W[GZ6
M)$@MP4GX;/[YGXV*,X*3\-G]^S\?`=QX+Z2&ESL[#']LSX_2P'+L%]7C)"9V
MDO[=GQ^E@#%JA/=IL9B:\ZGZYKQ+^E3&+N2(U_"04X%^E:M_O6OC8U-V51G`
M/_"9_?L_'Q0;M]CFS93;#2MD1$(DH.MFJ"JT4LJ$JK2O@QCDOBV*RDS0OR;\
M1MSX@@TY%=%6(K^_;WM%!1SFJJ)'GRHJU5*>[CS</MHMG=UZN<<6F,4-;@'L
MU<[-/GV>C^]CV.I4UY3[<:B\?:DS^(/`)LU/HEO^9+U[F``5A]&D>5LD:):(
M[E7*J^EA4!X`6+[4SZ8^5,!I]%*0XB;54UHB>';@'';H4.UJPY-!';G(ZS,=
M4JC0=.=SHJI>!,>?EFZZ)BUB8F9II`BK]CG@B.MK;YNRKK:9F"V;:M](+L2F
M79X\=+8NCK6%B)@6G6:;"1#,1=CEYLIE4=:5*Y:H0^[LVXMG)%WBL34=?$[3
M:N&3JSKB**^FRH,)0D"J+7K[*_U84K,3X?HL21Z+P[NVOR@>0\;`6`<FLI#(
MZQOP'%:=)+C,0G25VJ_2#6O5<1,2VM,QVK4(+="FW&,`,(!-M1QWB.$68G$R
MU<%4%4-"S=;I\67'"^ZZ:VV:^/@Q,3G04/5LQ2-&V&FV2!6093>9!;+I%`0T
M#;Z.+;[:R,9_/4BSNTERL$G;*MZ1W\E%=94E;)ROG*VA`@#3P#BTOMTFOQ:S
M&6[6VXXV[`9BRV\R$JMF[O0#.B(1M*YU5V^;MQ;N6D:)OBM)<NNQK8V,ER*T
M-S*NZ83.N[1%_6.H9N)4DJF3*F%]N^*=&HD4ASQ?N39<.R+QDJJ]F>K547;M
M<QUB`2&7'Z.!97\I/?\`4P!J#?GH)YHT=IM%V&WF?R'LIUQWE%I7&;K8EFZV
M)U!R+J$A\WWH3!N&J$95>2M$IT(Y1/Z,6(HTX&5'1@ZPF5ZP])/[.J7_`!,*
M#CBHW^#9_O/?'Q0Z]4NVV#JB]3'VDE2I4N0_$AF"(+2.O$8K(`Z[<I>;_LEC
MR[[N6/V96^/Y8_),S:NLB3(;A2)#A.N.,F68MJ[7W:_VX[V61;HI/6E-G3C8
MQ%5.C`#1"))3*@JB6<=J+3PX#4HW#DNDX2F:F68B6JJM?&N!$#%FIVG'V^^7
MR+@"24\*TP&8#,`,`HL<Z)4LX42J;=A;*=.U<`K/:,U<Q/CVY^QW!J?,0BB1
M'(KPOO"W7.K3:AF+*B*JTP'.MOOG?_K&7Z\\`1F^R6_YDO7N8`G@,P`L7VIG
MTQ\J8#4CVAWTR\N`,6;^9Q_2_,N`6+WR\UC8M/V[4%XMI0[3=E08,AUQI2-5
M12VM"9.A41JF<$P#;7IP#VY0\O']=ZXMUB1#&"1;^ZOMU16HK6UPMX@.(VI)
MU`S)134?'@+^Z;TM8=,6YNUV&`S;H3?62-''(A&@(&8UJ2F9"`H1FJJJC55P
M`/XA:![1[)^T]J[4WW"\%QT;B.(S;O=;K/FWF?JY<M:[*8#SLUM]\[_]8R_7
MG@"$WV2!\R7KG,!NTVNXW6X-0+=$=G37U468D=LG73H*DJ`V/6)4%%79@'_`
M[M_.J9#;ELZ9=!MT4(!DOQ(SB"O1G:?>;<!?<(47`->_:&U?I:>VUJ*SR[8F
M_P!TVZ^RJ,N.`J9A:>VMN(GC$E3`-]_]<YZ2^7W,!/G=V[OLC4K\;5FIVB8T
MXT:.08E%%V<0_P!J,5Z53SNA-E5P$G][72E\N^C-/0M.6>5<%C35^BVZ,X]N
MFA8(1^39$LHIL1/!@*K2N6W,.#%>F3=+W>+$C`KLB2_`DMM-@**I&9D""*#[
MN`G3N@:5U/:M97.XW*SSH-NEVFL29)CO,LNYY#)AD=,1$ZBF;8O1MP%CN8B7
M==!ZD&T\05V[+E\%PB%O^(W![M&=VJFCF94RH.VO1X<!Y[2-#ZP8O,:QO6*X
MM7B4VKL:V%$>26Z"9U4Q85-X0INCVHG0-<`'K;[YW_ZQE^O/`&]/Z7NVJ;O8
M;!:@`Y]Q$VHXDJB*?*O$1F6WJ@(J14JM$V(O1@+\Z`Y;Z4T)96K?8H3<=XVV
MPDW`D$Y,@ZEUG7*(IJF953WHUZHHFS`,'4_>NY7V.]2;52X70HA;DYUO;CN1
MB(4ZZ`3CP*76ZM<E%\"JE%P$DVVYZ3Y@:261$)JYZ?NK:B8FE1-%6A`8KU@,
M53:FPA+W<!477G)W3W+KFO:4OS[RZ`FR1?XUQHG%%H54B8-0!W>$*HB*F6I#
MMI@+>Z.U;I75=A;NFF)"2;0)E&8<%HXXCN4HHBVZ#2B@]"=7HP`6M>8>DM$1
M8\W5%R2WQI3FZ9/=/OU<05)1RQVS).JBK4L!%/,SO"<H+YR_U':;9J!)%PG6
MZ1'B,K$FM[QPVZ"F8V`!*]%5),`N<BN<NE=7P(&E+7&EMW&R6B.LQZ2VV+*\
M.#<<LBBX9+UBJE4397`29J6^Q[#IZY7N8V91;9%?F/MMHA.$VP"N$("1"*DH
MBO228"I5_P"?NC)W/S3?,-F)<$LUJMSD.3&)II):N$$P$R`CJMJGTD%VN=%<
M!#&O/OSJ+ZSF?Q!X"8>Z9&BO\SHQO,MO.1;)*=9(@12;<XT0S@JHM"W;A#4?
M`JIX<!<.XPN,@3(B/.Q2D-.,\3')6WF]Z*CG9<5*"8YJBO@7`0>?<QY7&9&=
MWOA&2JI$LB(JJJ]*JO"XE8*)'Y9\L[3R_LS]EM,^?+AN/$^(3W1=1M2&BBSD
M:9`1)=JIEVKMPK!1'??#L\67RSC7-TSXJUS6D805%!+B$R'G&BKT)LVIBA0[
MH?\`DZS_`.?*\HX!N=]G[F:>^L3]06`I]@+"]RK_`#"O?U07\2S@+.<W?\JM
M8?4L_P#ACP'F]@'+K6:^WK"_`(LJ(W*912::-?:#7SB&I8D102#W=];1=.\R
M[$LU&QCWF*Y;"=$,JM./R55E41H%(LSC0!XNM5>C"+:"Z6H;5VO8KG:D<W''
MQ)$17LF\0%?;)M2R*J9LN;-2J9L4>?NO]"ZVT)=W+;?(`-,YU"+<$BM\+)1$
M1<S+JMT/JJBJ/G#6BHBX!#LS=]NEP8@VR`LZ2:]2/$A`\\0HM240;;4UIX\`
MZM=<L-=Z*LL"\:B8AQ`N;[C,>'E9.2.[%#S.H+:@.9"Z,^;X2)@+.]T>0#O*
M8$0FU<"?)W@CE11S**HF0:9:IB`MWK]-ZIONCK4NG[:[=7(<[-)9CL\4Z(FV
M0(HM92,DS*B5$5]W%%8EY;<U0A3KE(TO(A0[<P<R8_-@-Q&P:;IF5.(;:$U3
MIR`BE[F$P)/[F4@W^85YSH"(-H*F1L&_^Y8Z<@C7HP%E>;8I^%6KU\*66?\`
MD]F<\'1@/.OM.1F\QCI_P['Q,!+FJN[ASGN&J+S/B:=4XLJ=)>8,ID$5)MQT
MS`J$^B[4\>`*R^[-SL.-"!O37RC+1"_]-M^PE=<-/V_P"'`6?Y6W[G2+`VS7
M^EB:=`6VV+S#?@*VH@'664T,DB0JCYS(JBYO,&FT)22M-O3@$Z8ZY#B.%%M[
MLLFD^3C1]T)N45$RCO7&6O=ZYI_7B2*Y\^-,\[>9+T.#;]#K"L]L><<8=>GV
MXWW2-,N8Q!_(VE$\RI;??81!+?=ZTASGY=W"=#O&E9#]AN:"IK'F6Q39>#8+
MN4I`$0T6BHCB>-$5=F+46<1=E5_IP#0YK6R[77ESJ"U6F$=PN-QB.Q(S#9LM
MJI/#D0B)XV6T$<U5ZU:="*NS$JJ%.[#RCYAZ(UC=+AJ:U=GQ)-N*.P[Q$9_,
MZK[1Y<K#KA)40):JE,5$Z<Q;5/N^@=2VNWL[^X3K7,C0VD(15QQY@A`:DJ"E
M55$JJXE!2O\`TO\`/2M?LS[OMUO_`/8Q1+,O5%V'6NI(FM]0WZQ/\0ZMJ=MQ
M/!#:%M76FS.,.5XXQHTWNT9"I[3(NOFQ\V;YF[;?.,?5B^D3G-*PEBZZ^B:*
MTGIB&$@]57:[!&AVV0#F09YT;!R4;ZHZ`B:NBN;,68B3WN8A]M]\60U=,_&7
M>G.:@3]0W'3-_MRZ>O5M8XQQMR0$IE(V[!PC-X$``5O>IFZ4RKYWG99;?,VU
MB%BO4WK#SUO.H9[AV31LR?;&9C<1Z>#RJ@"Z:#O"!MIU$RBN<A`B1$\XJ*BX
MY<?N-UU*$UK0Z-*\SUOVN]0:66V;@;(X3?%[[-O5$U&J-[L<O1\-<;CEG?-L
MK0B6WGFL[2.I=0]BJ"Z?D)&2*LJN_P#"IH:-)D_)E7&9YMMLS/C0FA):Y\7*
MYV6=-:TI-[):A/NO79N06Y%\`J33;Z,947:E"\?O=F)Q\\W6;O!(FKJ-S/N%
MJY)QK[!8ERI0FL-N5<)237`,ERB])>$6#>7,5$$!V[$V)MQ/[/\`SW,[LJEL
M=5:EF\J[Q<[];)5LX>U`[&N$*>R,N6A,9C?:5H%2*>Q"3,BTS=&S'6;OV3E2
M?"6LZ"H<Y&+;RYTQ=&H#]RNMY7A(%MXG>RG=PX31NDYNMXX2HWT@QM,D'8BU
MQCU9MXXFGAEB?-+KJ16A4TWS2E7+6$C2.H+(>GKPC"R88F^$@)`"F8MV8H"%
MU4JB`I(J`=<N6B]+>29C2DELUC,VHG>)DS;1.U#%TP3FGK4^V-PD]H,I*:CO
M&@MNK%5O>*1@:94KES(J;R@J6./]O]U*98Z,>IE7^/B:W.#\4/L_<_M"D3[.
M]N'V,KRQN,W/RG"HS1/"G33Y7_D[S'@]SOW7>%(KC'6BW]],8Q(+F2&G$Y9<
MN4B/3"G!$_\`B%+:8%EVB1D-)(R7"1JI9%:RJ;*#5%JTM4^CR;=F?W^=?MU;
MNT.S2ZQ>)G=JIHQ8/9,WM+[.*B3MSNV]YFHBEDRYZY?T<<.&NW/3I3RZZ)QT
MIEI]39Y0CS0&W3$TDZ+NDDF!NSF-HTX3?$#O^"$C<`2W>;>=90^!U]N,<--^
M6E>OT\TX]U.W?5JV#J?\<-7IH@Q1Y5D<64X$41<54WB@(DF8A.NY0U057SJ8
M<U?5FG:NODUG7&A)TG7\'N8N\KO>*#.JTJIY>NJY>K6M?-V>+9C-U?2FNN_S
MA,]OR_%(#-/]+B_5!>M7'MR]+_7R;ZFE(&.O=B=22XX-)X*B@`E5Q'AHAIG'
M*"KYRBJJG@1<>?BV^A/PQ]_U<N/_`!R[EUG\1/P?O/VCW:V9=.'V3NMPCJ)E
MZF^R557-U3+EZN7SNMCIQ;]D[J5IWQ\5C=_+[L5,?4(V->3N@%)PAU"/%\$&
M12$XJRR1]#(C1H$1S=+51)5I1:"I*F/<[?1C=VQ^F;//2B2-'(XNL[4I'HL%
M0GU4=-"R4TBX1U$$E=(7!;HJJI,(KFQ$INR-1Q[2M.V-.C5M*QI]B/+AV[^)
M%IW?V6^V&=]9.YXCA>TMS\D,C>_1N*WV?=DS^VS9DKCSY^IUK7&/@LTKWKY?
$EY/_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>c68736002_v1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c68736002_v1.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````'@``_^X`#D%D
M;V)E`&3``````?_;`(0`$`L+"PP+$`P,$!</#0\7&Q00$!0;'Q<7%Q<7'QX7
M&AH:&A<>'B,E)R4C'B\O,S,O+T!`0$!`0$!`0$!`0$!`0`$1#P\1$Q$5$A(5
M%!$4$10:%!86%!HF&AH<&AHF,",>'AX>(S`K+B<G)RXK-34P,#4U0$`_0$!`
M0$!`0$!`0$!`_\``$0@!/@*\`P$B``(1`0,1`?_$`(,``0$!`0$!`0``````
M```````$!0$"`P8!`0`````````````````````0``$#`0,&"0@)!`(#``,`
M```!`@,$$1(%(=$34Y,5,5&1H5*2TA1407$B,J)C)55A@<%RPD.$-09"LB,T
ML6*",R3A\181`0````````````````````#_V@`,`P$``A$#$0`_`/T^'X50
MST<4TL=Z1Z6N6U>&TIW'ANJYU/IA/[=!]W[2L"#<>&ZKG4;CPW5<ZF@`,_<>
M&ZKG4;CPW5<ZF@`,_<>&ZKG4;CPW5<ZF@`,_<>&ZKG4;CPW5<ZF@`,_<>&ZK
MG4;CPW5<ZF@`,_<>&ZKG4;CPW5<ZF@`,_<>&ZKG4;CPW5<ZF@`,_<>&ZKG4;
MCPW5<ZF@`,_<>&ZKG4;CPW5<ZF@`,_<>&ZKG4;CPW5<ZF@`,_<>&ZKG4;CPW
M5<ZF@`,_<>&ZKG4;CPW5<ZF@`,_<>&ZKG4;CPW5<ZF@`,_<>&ZKG4;CPW5<Z
MF@`,_<>&ZKG4;CPW5<ZF@`,_<>&ZKG4;CPW5<ZF@`,_<>&ZKG4;CPW5<ZF@`
M,_<>&ZKG4;CPW5<ZF@<`@W'ANJYU&X\-U7.IH`#/W'ANJYU&X\-U7.IH'`(-
MQX;JN=1N/#=5SJ:``S]QX;JN=1N/#=5SJ:``S]QX;JN=1N/#=5SJ:``S]QX;
MJN=1N/#=5SJ:``S]QX;JN=1N/#=5SJ7@"#<>&ZKG4;CPW5<ZF@`,_<>&ZKG4
M;CPW5<ZF@`,_<>&ZKG4;CPW5<ZF@`,_<>&ZKG4;CPW5<ZF@`,_<>&ZKG4;CP
MW5<ZF@`,_<>&ZKG4;CPW5<ZF@`,_<>&ZKG4;CPW5<ZF@`,_<>&ZKG4;CPW5<
MZF@`,_<>&ZKG4;CPW5<ZF@`,_<>&ZKG4;CPW5<ZF@`,_<>&ZKG4;CPW5<ZF@
M`,_<>&ZKG4;CPW5<ZF@`,_<>&ZKG4;CPW5<ZF@`,_<>&ZKG4;CPW5<ZF@`,_
M<>&ZKG4;CPW5<ZF@`,_<>&ZKG4;CPW5<ZF@`,_<>&ZKG4;CPW5<ZF@`,_<>&
MZKG4A[O%H^ZV?X.]W;EODNFZ8_YWZW\(%N$_MT'W?M*R3"?VZ#[OVE8'0```
M````````````````````````````````````<4R:C$JV6MEHL-CC5:9$6HJ)
MU71L<[*UB(VQ56PUE,&HI*FEK:Q_<^_X?B-U\L352^R1J75M1ZHBM6Q/*!H,
MKG4]&M1BCX8;JW5?&Y7,6W@LMRV_01XCCD2X/4UF&3M=+`K&VJU;6JY[4])K
MT1>!3-BP>OBIF5$=)8D-<ZJCP]7)_P"ES59=Z-YMMJ(>ZO#L1KH<4JDI5@?5
MMIXX:95;?70O1SGNL6[P?2!H8UC])04<[6U#65S(5>QBHKK'*EK;V2Q+?I*Y
MJN6+!WUN1TL=.LV5+$5R,O<'%:8E=A^),;BU-%1]ZWBB/BGO-1&V1HVXZ]ER
M*F0V*JFF?@4U*QJK.ZE=&C/*KU9=L`^T%;'NV.NJGMB:L39)'*MC6VHBGS@Q
MK#*B*:6*H164[5?-:CFJUJ);>NN1%L,B:+$:W!X:)*"2*6D2&6[,K$9,L+FJ
MZ.UKG>M9Y3M31XAB,E;6)2.I;U!)2Q0O5M^5[_2M]%;$1.!`-BDQ?#:R9T--
M4-ED:V_=2U+6])%5$14\QGS_`,AIYL1H*3#ZALFFF<R=J-7*Q&N7T7.2SA3A
M0\2875/FPML<>C;#23PS/2Q-&Z1D;6HMGTHI-246)K)@\,E!H6X:Y6S37F^E
M8QS+S+,MU>'*!M3XWA<%1W66I:V:U&JBVV-5W`CG(EUJ^=158WA5)*Z&HJ6Q
MRLLOML55;;P*MB+D^DQ9J#$F4V(X4RBTW?YI)(ZQ7-T;6RK;:^WTK6>3(4)A
M52V3&/\`%?T]/%%3R+9;(K(W-=YLM@&IBE:ZCPNIKH+LBPQ.D8B^JZQ+4X/(
M9\.+8E%/!!71PKWN%\L#X5<EBL9I%1[7JOD\I]*BCJI/XJM"V-5JNYMAT=J6
MZ1&(U6V^<]T>"TU+3Z5K'OJW0:.]*]9'-M;E:U7*MF7B`^/\<QV7$Z&2:N:V
M&>%$>]&6W5B<V\UZ6_6>OX_C-5BLE;IXVQ,A>S0(VVU8Y$56JZWRJB6F6F"8
MHRCPV.!BQ/F@;1XDEJ6LB1;]_AX4RIDXS8PNBFIL2Q*18[D$JPI`N2Q6QLNK
M9Y@(:O'TCQJ>D6K[K34D;5=_A=(KY'VVVK=6Q&_0:5)BM)H&I/5-ED;`D[YK
MNC:^/RR-0G=152XKBD^C58JBD9'"[)Z3VH]%3G,F;`\2JZ&@I]"D,F'4Z/O/
ML732ZA;%]7)E`_08AB38,)DKX<JK&CH;45+7/R,R+]*F;6U>)R3P8-'41TU0
MZ%DTE3+:BR.1R6LC:U6\64HQYLU3@#I%C6.5B1SOA7*K=&YKW-R6\%A\\9JZ
M:5D$=1AKJZ"J1O=Y&*WUWI:C<JHK?.!;7UM31X/)4S-:VKN76L8MK=*];K4;
M;PY5/.\J7#*>"#$:FVIT:*^U'/>Y4]9RHQ'+9:9=)35;I,+PFK>KW4C5JZE+
M;UEBJV&-R^6PKGCK:+&:BNCI'5L55%&QNC5J.C='DNK?5/1=]`%=1CN%4T3)
MIJA$BE;?9(C7O:K>.UC5YSD5=)OE:577J>HIVST^2RRQ;KT_X4Q>XXG34E)0
M24;ZBE5\E35L@5BI:YZO9!Z3F^BGE-)J+/\`R2"1&*SN]&[2,6ST%E>EUJV>
M7T`-L```````````````````````````````````````'#'_`#?UOX38,?\`
M-_6_A`LPG]N@^[]I8283^W0?=^TK`Z``````````````````````````````
M````.&8[^1X.Q[XW5%BQN5CW*Q]QKDX462[=R><TS\[@E110X?B"UCV-B2KJ
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M!^N"GXZ*NQ;$9DCF?HW,I89&M6H6E6_(V\Z2QK%O9<EG`6PIB%3B]-25=6]$
M91,FF;3O5K))$D<EY')9D7G`W*RMI:&!U152)%$WA5?*O$B)E53PN)424+*]
M\J-I9&M>V1V2U'^KDLMR\1S$TBW?.Z5&K=C>K5=9D=<7@M\IC14SJS^.82L$
ML:34J03-;*MC'.8SU'<610->+&<,E@EJ63HD4&297HYBL7_LUZ(J6^8Y!C.&
MU$<LL<[493I;-?1S%8G&K7HU;#\W+35>*XE63(Z"-U.RF5RM<KJ=T\<CI$8]
M^2WT5L.U--5XOB54R1T$3F4K&O=$Y7Q(])6R1MD?Z/#=7Z@/TU%BM!7O?'2R
MWY(T17,5KF.L7RV/1JJGTE"SPMG9`YZ)+(BN8SRN1O"OU6GY^FDJZG^24ZRI
M"CZ>FET_=W*]$1[F7$>ZQ/*EJ(>L3I(G_P`HPY[YI8[\4UB-D5J6L5F1,OE\
MO&!^B/C55=-1P+/4O2.)+$M6WA7(B(B954_*SUD[Z7$,1?7R0UM)4/C@I6OL
MCL8J)&Q8OZKYNXI315M'`E1,E'4-<R6%ZV>C,WTDR.];S`5T==35L:R4SE<U
M%L6UKF*B_2UZ(I0?DZK&L1=`^E5T>EBJXZ>:KB<L4;V/2]Z_I7%\B\0K9L5H
M<+KI>\I'&U8EANSK4R1*KK'JLCVHMBIQ@?JWN:QBN<MC6HJN5?(B'F&6.:-L
ML3D?&]+S7)P*B^4_+U-K:KN=/735<%52323KI;RL5B6L>U6^JCER6)D)Z>6:
MFP;!H*69RQUBHDSW3K&B*C;4C;)8Y66KQ`?LGM:YJM<EK5R*B\"HIXCACCC;
M'&Q&1L2QC41+&^9#\Q4OQ:FH+CJJY?K88X712K/(R-^1S'R.:V]]9R2FJFU>
M*TJ8A5:*B@;/!_D6\CW,<[*[A5+4X`/T+:JFWFZC1BI4K$DKI+$L5EMU$O</
M"5GX^)S<0Q6BDJJM]*^;#F/>L;]$KW7NE]'">8<2Q*I904KI5?%(M0FF=,M,
MLR1.NQ_Y6M5>#+]('[)2:9U)1MEK)4;'>LTTEEJNLR-ML154_/2KBJ,PZDEK
M%9WBK?'I()-([0HU7(QTBHEKDLX;#??)38=1*ZHE5((&VNDE<KG*B<;G954#
ME+BV'U<<LL,Z*R#_`-UY%8K/+Z37HBH>:3&<-K9%BIIT?)8KD:YKF7FIPN;?
M1MY/,8%<Q]1A>*XJY$9)5LB1L"*BN;3Q/3*]$\JM554NJY*>?%L%2E<QZLTK
MWW%1;(5BNY;/);8!ITF*4-;/-!2RI+)3V:6[;=2];98[@7@\A\X\=PI]3W5E
M0BRJY6)D==5Z?TH]6W57ZS-@5B8SB\=*YJ.6E@2%K52RV[)9=L(G2TLG\4PZ
M"!S5JUDIVQ,2R^D[9&K(MG#DL6T#]>=.);Y3H```````````````````````
M`````````'#'_-_6_A-@Q_S?UOX0+<)_;H/N_:5D>$_MT'W?M+`.@```````
M``````````````````````````#BD6Y\*699UHX-,JWEDT;;U[CM+@!/4T5)
M5L2.J@9,Q%M1LC4<B+YE/+L.H'TZ4SZ:-U.WU8E:BM3S)85`"27#,.FB9#+3
M1/CB_P#6QS&JC?NIY#VRDIF/8]D+&NB:K(W(U$5C5X6M^@^YT";N5)H]#H&:
M*_I+EU+M^V]>LX[<MIYFPW#YWK)-312O5R.5SF(JWD2Q%M5"LX!-4X=05=WO
M--'-<R-OM1UGFM/;*:GCD25D36R-8D;7(U$5&)E1B+Q'W`$]31TM7&D55"R>
M-%M1DC4<EJ>6Q3XLP;"F0NIVT<*0O5%=&C&W55.!50M.@3)A]"E,M(E/&E,O
M#"C4N+_X\`CH*&.G=31T\;('>M$UJ(U?.A2`)Z:CI:1BQTL+(&*MJMC:C4YC
ML]'2U*L6HA9*L:WHU>U%NKQI;P'W`$K\.H)*A*M]-$ZI3@E5B*_)_P!N$]U%
M+3U4>BJ8F31\-V1$<EOF4^X`F;0T3*=:5D$;:9>&%&HC,O\`U(J[`J6?#I*&
MD9'2-D<USE8Q$1;CD=P)9Q&J=`FIZ"AIG/6FIXX5E_\`8K&HU7>>SA/*89AR
M0.IVTL20/6\^.XEU7<:I85@"5F'4$<+8&4T;8FN1[8T8B-1[>!R)QGM::G5\
MDFC;?F:C976):]J)8C7<:'V.@1OPS#I6)')2Q/8QJ,:U6(J(QN5K4R<"'N6A
MHIH&T\U/&^!MEV)S45J6<2%(`F90T<;8FQP1M;"MZ)$:B(QR^5O$>JBEIZJ)
M8:F)DT3LJL>U'-6S@R*?8`24^%X;2JYU-2Q0N>EURL8C;6\2V'JGPZ@I5<M+
M3QPK)ZZL:C;WGL*@!##@V$P2I-#10QRM6UKVL:CD7SHA]&8=01U"U3*:)M0N
M5948B/R\/I%0`XB'0`````````````````````````````````.&/^=^M_";
M!C_F_K?P@6X3^W0?=^TJM2VRW*N5$)<)_;H/N_:255K<8A>Q'22.8C='=>C6
MLM]-[7IZ/E2U%^@#6!CTE5+#0+"R.9U4KYFP,F:YKG>D][+7/\EWRJ0MCQ)*
M.&.6.I;(Q)TC=:JN6;2(L3GZ-5]&[;PY`/TP,C#FU*5LCI$F3)*DJR7KBNTG
M^*Y>]'U.B55LM934SYFR,<K;,BL7RK9T@+@17,6UL/4=G%S%M;#U'9P+017,
M6UL/4=G%S%M;#U'9P+017,5UL/4=G%S%M;#U'9P+017,6UL/4=G%S%M;#U'9
MP+017,6UL/4=G%S%M;#U'9P+017,6UL/4=G%S%M;#U'9P+017,6UL/4=G%S%
MM;#U'9P+017,6UL/4=G%S%M;#U'9P+017,6UL/4=G%S%=;#U'9P+017,6UL/
M4=G%S%M;#U'9P+017,6UL/4=G%S%M;#U'9P+017,6UL/4=G%S%M;#U'9P+01
M7,6UL/4=G%S%M;#U'9P+017,6UL/4=G%S%M;#U'9P+017,6UL/4=G%S%M;#U
M'9P+017,5UL/4=G%S%M;#U'9P+017,6UL/4=G%S%=;#U'9P+017,6UL/4=G%
MS%M;#U'9P+017,6UL/4=G%S%M;#U'9P+017,6UL/4=G%S%M;#U'9P+017,6U
ML/4=G%S%M;#U'9P+017,6UL/4=G%S%=;#U'9P+017,6UL/4=G%S%M;#U'9P+
M017,5UL/4=G%S%M;#U'9P+017,6UL/4=G%S%M;#U'9P+017,6UL/4=G%S%M;
M#U'9P+017,6UL/4=G%S%M;#U'9P+017,6UL/4=G%S%M;#U'9P+017,5UL/4=
MG%S%M;#U'9P+017,6UL/4=G%S%=;#U'9P+017,6UL/4=G%S%M;#U'9P+017,
M6UL/4=G%S%M;#U'9P+017,6UL/4=G%S%M;#U'9P+017,6UL/4=G%S%M;#U'9
MP+017,6UL/4=G%S%=;#U'9P+017,6UL/4=G%S%M;#U'9P+017,5UL/4=G%S%
MM;#U'9P+017,6UL/4=G%S%M;#U'9P+017,6UL/4=G%S%M;#U'9P+`1W,5UL/
M4=VBF%)4C1)519/ZE:EB?4![,?\`-_6_A-@Q_P`[];^$"S"?VZ#[OVEA'A/[
M=!]W[2P!8G"O"=.`#I%B_P#H2>=O]R%A'B_^A)YV_P!R`6@`````````````
M````````````````````````````````````````````````````````````
M````````````````````````````.``.$@QFO[E1JYG_`+I/0B3RWE\OU'O"
M:5]+0QQRN5TJ^D]56WTG>0"PQ_S?UOX38,?\W];^$"W"?VZ#[OVGMU93MJFT
MBN_S.;>LRY$X$MXK<MGF/GA/[=!]W[3YU%+4OQ&*:)&L8U$TDR*Z^K6K;HU9
MZJHZWA\@%4=53RP=XC>CH4M]-.#T55'<BH?+>>'HQCUJ&(V1;K%MX7<1\*:'
M$Z:#0-;"YROE>CT5UUJ/5SVVI9;ZRHGF)W836R,])\22RLDCJ'>DMJ2JQ5<E
MJ</H66`:<592S2OABE:^6/UV(MJIY#Y8O_H2>=O]R'RHL/J(*A7RO8Z-B2MB
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MT=G`M!%NJEXY-H[.-U4O2DVCLX%H(MU4O')M'9QNJEXY-H[.!:"+=5+TI-H[
M.-U4O')M'9P+01;JI>E)M'9QNJEXY-H[.!:"+=5+QR;1V<;JI>.3:.S@6@BW
M52\<FT=G&ZJ7I2;1V<"T$6ZJ7I2;1V<;JI>.3:.S@6@BW52]*3:.SC=5+QR;
M1V<"T$6ZJ7CDVCLXW52]*3:.S@6@BW52\<FT=G&ZJ7I2;1V<"T$6ZJ7I2;1V
M<;JI>.3:.S@6@BW52\<FT=G&ZJ7CDVCLX%H(MU4O2DVCLXW52]*3:.S@6@BW
M52\<FT=G&ZJ7I2;1V<"T$6ZJ7CDVCLXW52\<FT=G`M!%NJEZ4FT=G&ZJ7CDV
MCLX%H(MU4O')M'9QNJEZ4FT=G`M!%NJEXY-H[.-U4O')M'9P+01;JI>E)M'9
MQNJEZ4FT=G`M!%NJEXY-H[.-U4O')M'9P+01;JI>E)M'9QNJEXY-H[.!:"+=
M5+QR;1V<;JI>E)M'9P+01;JI>.3:.SC=5+TI-H[.!:"+=5+QR;1V<;JI>.3:
M.S@6@RJZDI:.EDJ%TCM&EMW2.RKP)Y3SAU/25U(RI32-O9%;I'+8J9%3A`UP
M1;JI>E)M'9R>OI**CI9*AZR>@GHHLCLKO(G"!5B-?#00++(MKOZ&)PN7Z#,P
MG$*Y:Y8*^UO>&Z2%JY$3Z$^H^>&8*M4QM7B#G.O);%%>7T4\ZGK&\*;%3MJJ
M72+-$J6^DYRW5X@/;6[SQQSURTU#D1/(K_\`]FX8V%X-$VC8^97I-(E]]CG-
MX>!%L->*-L;$8VVQJ9+5M7E`]&/^;^M_";!C_F_K?P@683^W0?=^TL),)_;H
M/N_:5@=!P`=(L7_T)/.W^Y"PCQ?_`$)/.W^Y`+0`````````````````````
M````````````````````````````````````````````````````````````
M````````````X=.*!D?R1ZK314K?6J9$:GF3_P#)\\&MHL0JL,<OHY)(O,IV
MJ_\`I_D%/#PLIF:1R?2N7,??$L*DJIXZJGF6"HC2ZCK+0*ZRNIJ*-):A]UMM
MB)PJOF0QIJG?E9!3PM>E'&M^5SDLML**7!JB2I[SBDFG<S)&S^G)Y5-AK6M2
MQJ(B?0E@!J(B(B)8B9$0]```<.@<,?\`._6_A-@Q_P`W];^$"W"?VZ#[OVGF
M2M>S$64EU$C<R\LCELO.55L:SR+99E\YW"?VZ#[OVG9J%L]2R:21ZLCRI#;_
M`(U>BVM?9QH!YCQ!%P]];)&K-'I+T=J*O^-RLX?J)GXT^-'H^F<DD-Y9V(]J
MW6LN*KD=_5_[$/NF$Q-BT*2RN@<Y[I(W/5R.TEZU%5?):ZTXN"T;D2\LCG9;
M[U>JN>CKMK7KY4]%`/5+B/>*A8EB5C51[HY+46\D;]&ZU/Z<IYQ6H@6AD1)&
MJOHKP_\`9#[4]!3T\SYHT=>=>1$<Y5:U'K?<C47@M7*?/%F-2AD5&I;:WR)T
MD`^F\Z#7M&\Z#7M*-''T&\B#11]!O(@$^\Z#7M&\Z#7M*-%'T&\B#11]!O(@
M$^\Z#7M&\Z#7M*-%'T&\B#11]!O(@$^\Z#7M&\Z#7M*-%'T&\B#11]!O(@$^
M\Z#7M&\Z#7M*-%'T&\B#1Q]!O(@$^\Z#7M&\Z#7M*-%'T&\B#11]!O(@$^\Z
M#7M&\Z#7M*-''T&\B#11]!O(@$^\Z#7M&\Z#7M*-%'T&\B#11]!O(@$^\Z#7
MM&\Z#7M*-%'T&\B#11]!O(@$^\Z#7M&\Z#7M*-%'T&\B#1Q]!O(@$^\Z#7M&
M\Z#7M*-%'T&\B#11]!O(@$^\Z#7M&\Z#7M*-''T&\B#11]!O(@$^\Z#7M&\Z
M#7M*-%'T&\B#1Q]!O(@$^\Z#7M&\Z#7M*-%'T&\B#11]!O(@$^\Z#7M&\Z#7
MM*-%'T&\B#11]!O(@$^\Z#7M&\Z#7M*-%'T&\B#1Q]!O(@$^\Z#7M&\Z#7M*
M-''T&\B#11]!O(@$^\Z#7M&\Z#7M*-%'T&\B#11]!O(@$^\Z#7M&\Z#7M*-%
M'T&\B#11]!O(@$^\Z#7M&\Z#7M*-''T&\B#11]!O(@$^\Z#7M&\Z#7M*-%'T
M&\B#11]!O(@$^\Z#7M&\Z#7M*-%'T&\B#11]!O(@$^\Z#7M&\Z#7M*-''T&\
MB#1Q]!O(@$^\Z#7M&\Z#7M*-''T&\B#11]!O(@$^\Z#7M&\Z#7M*-%'T&\B#
M11]!O(@$^\Z#7M&\Z#7M*-%'T&\B#1Q]!O(@$^\Z#7M&\Z#7M*-''T&\B#11
M]!O(@$^\Z#7M&\Z#7M*-''T&\B#11]!O(@$^\Z#7M&\Z#7M*-%'T&\B#1Q]!
MO(@$^\Z#7M&\Z#7M*-''T&\B$>*5<%!2K*K&K(OHQLL3*Y0/IO.@U[1O.@U[
M2#"<1=*]:2OC;'5IZ3;6HV\BY>#C-?1Q]!O(@$^\Z#7M&\Z#7M*-''T&\B#1
MQ]!O(@$^\Z#7M&\Z#7M*-''T&\B#1Q]!O(@$^\Z#7M&\Z#7M*-''T&\B$3<2
MPUU8M$BMTJ9+;$NV\5H'UWG0:]HWG0:]I]W,B:U7*UJ(B6JMB>0_.T6,O2K<
M^J8G<IWJV)ZM2QBIDLM`V]YT&O:?*JQFA@@=(DB/<B>BQ.%RGJIK\-IF7Y'Q
MKQ-;8YR^9$,RDIWXO6=]J([E)"MD,5EE[Z5`[@\E.U\E?63-2HGX&=%EIJ[S
MH->T^Z11]!O(AW11]!O(@$^\Z#7M&\Z#7M*-%'T&\B#11]!O(@$^\Z#7M&\Z
M#7M*-%'T&\B#1Q]!O(@$^\J#7M*(WLD:CV+>:O`J#1Q]!O(AZ:EB6(EB<0`Q
M_P`W];^$V#'_`#?UOX0+<)_;H/N_:5DF$_MT'W?M*P.@X`.D6+_Z$GG;_<A8
M1XO_`*$GG;_<@%H.`#H.`#H.`#H.`#H.`#H.`#H.`#H.`#H.`#H.`#H.`#H.
M`#H.`#H.`#H.`#H.`#H.`#H.`#H.`#H.`#H.`#H.`#H.`#H.`#H.`#H.`#H.
M`#H.`#H.``IA1LWGCCWO]*FHK$:WR7S4Q&I2DHI9UX6-6[YUR(2_Q^F6##VO
M?_[)U61Z^7+P`>,=H5F@2KA2RII_2:J<*M3A0II,1@GH&UKW(QMG^15_I<G"
MA:N5.,Q&_P`9@69[I97.IW.5S8&^BB6\=@$\<>(8Q,^MBF=31,]&GX<MGEL+
ML&KJB=9Z:K5%J:=UBJF2UO&:444<,;8HVW6-2Q$0P<8?)AF))7PI:VH8K')Y
M+Z)P_:!JP8G!/6RT;$6_"EJN\B\=A8?E\-@EH<2I'RK:ZL8Y7>=Q^AK*J.DI
MGU$B^BQ+;.-?(@$&-5LR.CPZC7_Z9UL54_I;]AX=_':=*)(6+94M]-)_+?S'
M<#I)'7\2JLL]1E9;_2PV`/S,^,5$=#-A]2U6UR?XVKTT7RFK!A5.["XJ*9MK
M4:BJJ<-Y<JJ45.'TE3)'+,R\^)4<UR*J+:G'9PE*`9T&`X9`]'MBO.3@5ZJ[
MF4T&HB)8B6(G!8=`'0<`'0<`'0<`'0<``Q_S?UOX38,?\W];^$"S"?VZ#[OV
MEA)A/[=!]W[2L#&K:V6GJY[9DM9$]86,5KKEC;_^5GK>3(I&W&*U8+W>6M>U
M)%:MD;M(]FCNQ7FI==>OKZN4_0Z&-'ND1J7WHC7.LRJB6V(O*>M&Q+$1J6)E
M1+$R`9>'5T\]:^-\R2-NRJ^)$:BQ.CDN,3)E])N7*?3%9G+0R)H7IE;E6[9Z
MR<3C11J(JJB(BKPJ28O_`*$GG;_<@#OE7X*3K,[0[Y5^"DZS.T6@"+OE7X*3
MK,[0[Y5^"DZS.T6@"+OE7X*3K,[0[Y5^"DZS.T6@"+OE7X*3K,[0[Y5^"DZS
M.T6@"+OE7X*3K,[0[Y5^"DZS.T6@"+OE7X*3K,[0[Y5^"DZS.T6@"+OE7X*3
MK,[0[Y5^"DZS.T6@"+OE7X*3K,[0[Y5^"DZS.T6@"+OE7X*3K,[0[Y5^"DZS
M.T6@"+OE7X*3K,[0[Y5^"DZS.T6@"+OE7X*3K,[0[Y5^"DZS.T6@"+OE7X*3
MK,[0[Y5^"DZS.T6@"+OE7X*3K,[0[Y5^"DZS.T6@"+OE7X*3K,[0[Y5^"DZS
M.T6@"+OE7X*3K,[0[Y5^"DZS.T6@"+OE7X*3K,[0[Y5^"DZS.T6@"+OE7X*3
MK,[0[Y5^"DZS.T6@"+OE7X*3K,[0[Y5^"DZS.T6@"+OE7X*3K,[0[Y5^"DZS
M.T6@"+OE7X*3K,[0[Y5^"DZS.T6@"+OE7X*3K,[0[Y5^"DZS.T6@"+OE7X*3
MK,[0[Y5^"DZS.T6@"+OE7X*3K,[0[Y5^"DZS.T6@"+OE7X*3K,[0[Y5^"DZS
M.T6@"+OE7X*3K,[0[Y5^"DZS.T6@"+OE7X*3K,[0[Y5^"DZS.T6@"+OE7X*3
MK,[0[Y5^"DZS.T6G`(^^5?@I.LSM#OE7X*3K,[18`(^^5?@I.LS.2U6/,I'(
MRIIWL>Y+42UJY/J4T*RICI*:2HD]6-+;.-?(AEX31.JG/Q*N:CWSY(V.2U&L
M\R@1U%7+CD\<4,+W4L-CY6HJ(KOK4V6U52U$:VAD1$R(EYG`G_D404T%/:D$
M;8T=E<C41+5/L!%WRK\%)UF=H=\J_!2=9G:+0!%WRK\%)UF=H^%2Y]6Q&3X>
M][6K>:BN9PI_Y&H`/SF-33HZDJ5IGPI!(F55:J6+Y,BGG$*B?$J^&D2!^CA_
MR2Q(K;5\J9;;#3_D$6EPJ;_I8]/_`!4E_C4#G0RUTN62=;$7_JW(!<VKJFM1
MK:&1$3(B7F9$ZQWOE7X*3K,[18=`B[Y5^"DZS.T.^5?@I.LSM%H`B[Y5^"DZ
MS.T.^5?@I.LSM%H`B[Y5^"DZS.T.^5?@I.LSM%H`B[Y5^"DZS.T.^5?@I.LS
MM%H`B[Y5^"DZS.T.^5?@I.LSM%H`B[Y5^"DZS,Y5$YSV(YS58Y>%JY53D/8`
MX8_YOZW\)L&/^;^M_"!;A/[=!]W[2LCPG]N@^[]I8!T'+4MLMR\0`Z18O_H2
M>=O]R%A'B_\`H2>=O]R`6@``````````````````````````````````````
M````````````````````<`4`#(K<2K75RT.',:^1K;9'N_I4\4>)U-/5.HL6
M<C7KZ44V1&*G%P(!M`RE_D6&)*L:O=8W\RZMVTT8)X:B-)87H]B\#D`^@,W%
M<4=27(*9B2U<J^A&N6Q.-;"1<=K5_P#F;1.2M7)=7U4_[>8#=M/E45-/3,62
M>1K&\:J9"8-B%8J28C5N1>%(X\B)]G,?2'^-TJ27ZF1]0B>JUZY$`U89HIV)
M)$]'L7@5JGM51$M4QI,!EAD63#*EU-;^6MJM/*8-B%8ZW$ZI7,3@CBR)Y^!/
M^`.8M+W^LI\-A=>8JWYU:MJ(B&TQC6-1C4L:U$1$^A,A+1851T+E?`Q4>Y+'
M/<JJMA8@'0```````>7L:]JL>B.:N147*BG(XV1,2.-J,8W@:B6(A[``````
M````````````'``,?\W];^$V#'_-_6_A`LPG]N@^[]I8283^W0?=^TK`Q*U:
MA*RJ[KI))]$ZYZ+TT*JWT;MOH.O*G!PVDJI7K$C;M18B2)3O:DK5=+_C5CGM
M<KE1/63TLA^D3AM/0&/AR57?9%D25,DFETEZY>TG^*Y>]'U.B?;%6U/<9+SV
MJEK<ERS^I/\`LII$6+_Z$GG;_<@#18GXB/9KVAHL3\1'LU[1:`(M%B?B(]FO
M:&BQ/Q$>S7M%H`BT6)^(CV:]H:+$_$1[->T6@"+18GXB/9KVAHL3\1'LU[1:
M`(M%B?B(]FO:&BQ/Q$>S7M%H`BT6)^(CV:]H:+$_$1[->T6@"+18GXB/9KVA
MHL3\1'LU[1:`(M%B?B(]FO:&BQ/Q$>S7M%H`BT6)^(CV:]H:+$_$1[->T6@"
M+18GXB/9KVAHL3\1'LU[1:`(M%B?B(]FO:&BQ/Q$>S7M%H`BT6)^(CV:]H:+
M$_$1[->T6@"+18GXB/9KVAHL3\1'LU[1:`(M%B?B(]FO:&BQ/Q$>S7M%H`BT
M6)^(CV:]H:+$_$1[->T6@"+18GXB/9KVAHL3\1'LU[1:`(M%B?B(]FO:&BQ/
MQ$>S7M%H`BT6)^(CV:]H:+$_$1[->T6@"+18GXB/9KVAHL3\1'LU[1:`(M%B
M?B(]FO:&BQ/Q$>S7M%H`BT6)^(CV:]H:+$_$1[->T6G`(]%B?B(]FO:&BQ/Q
M$>S7M%AQSFM:JN5$:G"J@9\\E73HU9ZN&-'+8U7,LM7K'PKZ^JH8=(^IB<YR
M?XV(Q55R_4I.V-N.8B^21%6AI[6,1+4O.X[4+*3`**EG69$62SU&ORHWS`3X
M1A]?'$M4DC62U/IOOMO.^CRH?>MPFJKVM;42QK=6UJHQ45/HMO&JAT#*9A<[
M(4@18$C3)=T5O_*DK,#Q*ED5]#5-B1_KML6SZD6\;X`Q*7!JZ"H=5OJ&25#D
MLON:KK$^C*A=H<3U\=O'HU[1:`(M%B>OCV:]H:+$_$1[->T6@"+18GXB/9KV
MAHL3\1'LU[1:`(M%B?B(]FO:&BQ/Q$>S7M%H`BT6)^(CV:]H:+$_$1[->T6@
M"+18GXB/9KVAHL3\1'LU[1:`(M%B?B(]FO:&BQ/Q$>S7M%H`BT6)^(CV:]H:
M+$_$1[->T6@"+18GXB/9KVAHL3\1'LU[1:`(M%B?B(]FO:&BQ/Q$>S7M%H`B
MT6)^(CV:]H:+$_$1[->T6@"+18GXB/9KVAHL3\1'LU[1:`(M%B?B(]FO:&BQ
M/Q$>S7M%H`BT6)^(CV:]H:+$_$1[->T6@"+18GKX]FO:*HDD1B)*J.?9Z2HE
MB'L`<,?\[];^$V#'_-_6_A`MPG]N@^[]I61X3^W0?=^TL``^'>H%J.[(Y%E1
M%5R)Y.#(OU*>=Y4"1QR]X9HY55L;K<CE1;JV?6!418O_`*$GG;_<A]XJNFFE
M?#%*U\L?KL1;50^&+_Z$GG;_`'(!:#EJ"U`.@Y:@M0#H.6H+4`Z#EJ"U`.@Y
M:@M0#H.6H+4`Z#EJ"U`.@Y:@M0#H.6H+4`Z#EJ"U`.@Y:@M0#H.6IQBU`.@Y
M:@M3C`Z#EJ"U``/+Y&,:KGN1K4X55;$(H<;PV:9863)>1;$5<C7?=50+P?&>
MKIX(G2RR(C&\*VDF&XS35[W1M18Y&Y48[A<WR*@&D<%J<8O)9;:E@`$%1C>&
MTZJCID<],BM9Z2V\60SY,1K\45*?#XG01.R/J'Y+$^BP#?147@6T&#NO$\-L
M?ATVF9POA?P*OE5,IU,7Q>==#!17)T]=S[;B<M@&Z#$[[_(6?XGT;'O7@D:O
MH\RGG?-?0N5F*P9%RL?%P>;A`W;3CE1K555L1,JJIALK/Y!-;50P,2!?4B=8
MCK./AM.3)CV(L2"2)M-`]421UOI6`?5W\FH45R-9(^ZJHBHF153B4^+*/$,8
M=IJQRT](OJ0-7*J?2;%-2P4T#((VI<8EB6V<OUGWR`?&EI8:2)(:=MR-,MGT
MJ?<Y:@M0#H.6H+4`Z#EJ"U`.@Y:@M0#H.6H+4`Z#EJ"U`.@Y:@M0#H.6H+4`
MZ#EJ"U`.@Y:@M0#H.6H+4`Z#EJ"U`.@Y:@M0#H.6H+4`Z#EJ"U`.@Y:@M0#H
M.6H+4`Z#EJ``8_YWZW\)L&/^;^M_"!;A/[=!]W[2LDPG]N@^[]I6!EST%9+5
MS.A<E-'(RQTK%5SI%5MW*Q?116\9.S!*V.G;3I+$YMR:%WHJQ&QS/22UJ)>R
MI9Y3=`&;18=/!4K)*YBQM;(R*[;>5)I-*M[S<&0YBM-$VAD5$7A;_4Y?ZDXU
M-(CQ?_0D\[?[D`[NJCXG==V<;JH^)W7=G*[0CFN2UJHJ<:90)-U4?$[KNSC=
M5'Q.Z[LY6`)-U4?$[KNSC=5'Q.Z[LY6`)-U4?$[KNSC=5'Q.Z[LY6`)-U4?$
M[KNSC=5'Q.Z[LY6`)-U4?$[KNSC=5'Q.Z[LY6`)-U4?$[KNSC=5'Q.Z[LY6K
MFIPJB><`2;JH^)W7=G.;JH^)W7=G+#S)+'&V](Y&-XW+8!+NJCXG==V<;JH^
M)W7=G/,V,X9"BWJAJKQ-RJ0KC-?5OMPNFOPLX9),E[S`:&ZJ/B=UW9QNJCXG
M==V<AC_D&B?H\1IWTSO(Y$M:=?\`R.)ZW**"2H<O`J)8VW_D"[=5'Q.Z[LYQ
M<+HD155'(B</INSD&^<4B3_Z<.<EOJJU3YR.Q3&')!HG4=+^8Y>%WT`<FK<#
MAG2'_(]+;'R->Y6M\^4T8J##YF(^)5>Q>!4D<J?\GN#"Z*"G6G9"U6+ZU[*K
MOI52%_\`'WPNTF&U+Z9RKE8JWF@53T6&TT2RS*YC&\*J]V<^-,F#5;%?#(JH
MG"CGN:J?4JGS;@-1-,U^(U3JEC,J,RHBK])1/_'\,G>CUBN*GD8MU%\Z`05E
M3AT;T@H6/JJEV1$8]UB>=44^;<$QB=+[IFT]O!'><MG_`";M+A])1V]VB2-7
M>L[A5?K4H`P8?XU(_P#WJETC;?4:JV<KBQW\>PMS+NBL_P"R*MII@#%3^,4:
M/:KI)'1M_+<N1?K.UG\>@D:UU&O=YFKZUJK:G!8;(`P6?QN:S_)72_2C;;.=
M1_\`S3K4;WV58_ZFKQ<IO`#,9_'\+8U$T-Y4_J55M/LF$T:9$:Y$\B7W9RT`
M1;JH^)_7=G&ZJ3B?UW9RT`1;JH^)W7=G..PBA<ECF*Y$RV*YR_\`*EP`BW51
M\3NN[.=W51\3NN[.6`"/=5'Q.Z[LXW51\3NN[.6`"/=5'Q.Z[LXW51\3NN[.
M6`"/=5'Q.Z[LXW51\3NN[.6`"/=5'Q.Z[LXW51\3NN[.6`"/=5'Q.Z[LXW51
M\3NN[.6`"/=5'Q.Z[LXW51\3NN[.6`"/=5'Q.Z[LXW51\3NN[.6`"/=5'Q.Z
M[LXW51\3NN[.6`"/=5'Q.Z[LXW51\3NN[.6`"/=5'Q.Z[LXW51\3NN[.6`"/
M=5'Q.Z[LXW51\3NN[.6`"/=5'Q.Z[LXW51\3NN[.6`"/=5'Q.Z[LXW51\3NN
M[.6`"/=5'Q.Z[LXW51\3NN[.6`"/=5'Q.Z[LXW51\3NN[.6`"/=5'Q.Z[LXW
M51\3NN[.6`"/=5'Q.Z[LXW51\3NN[.6`"/=5'Q.Z[LXW51\3NN[.6`"+=5'T
M7]=V<JBC;$Q(VVW6IDM6W_D]@#AC_F_K?PFP8_YOZW\(%F$_MT'W?M+"3"?V
MZ#[OVE8"U!:A#WU[JV2E;&G^-JJEYR-<];$5+B+_`$\9\'XRK&K;3.5S+ZS-
M1R*C61JU'.:[@=ZR9$`U;2#&X])ATC554RMRIP^LAVEQ%*BH6)8E8VQ[HY%5
M%1R1/T;\B<&4\8K4P.H9$:]%6UO'TD`E_P#Y^H<ZX^ND=!T<MY><YNC$J%UN
M&U%L;N&.3R&EO7#]>WGS#>N'Z]O/F`SU=_*&)ZD+_-8BGE,)QB9>\35JQU'"
MUC?5;]!I;UP_7MY\PWKA^O;SY@,_0_R9&V)+$JIQHF7Z3BU7\BIO2FIXYV>[
M7*:.]</U[>?,<WIA^O;R+F`S]ZXS,B:##U:B_P!3UR!:_'J;TJFD;*Q=6N5O
M(:&],/U[>?,-Z8?KV\^8#/7':N-;TU!(V'I)PG5_D;7Y(*2615^BQ"_>F'Z]
MO/F.)B6'-R-F:B<2(J)_P!#O/&Y$MCP^ZGD5RJ<WIC?J;NL>OEM6PT-Z8?KV
M\^8;UP_7MY\P&:F%8EB*Z3$IEB1/4BC\GTGI*'^04UK:>I9+&GJI)E4T=ZX?
MKV\^8;UP_7MY\P&>L7\F>MBR1,1>%41,@9@$D[K^)U+JA4X&-R--#>N'Z]O/
MF&]</U[>?,!XBP?#8;%93MM3RKE_Y*VL:QJ-:B-:G`B)8A/O7#]>WGS#>N'Z
M]O/F`^\D4<S;LK$>U?(Y+4$<4<:61L1B)Y&HB'PWKA^O;SYAO7#]>WGS`5`E
MWKA^O;SYAO7#]>WGS`5@DWKA^O;SYAO7#]>WGS`5@DWKA^O;SYAO7#]>WGS`
M5@DWKA^O;SYAO7#]>WGS`5@DWKA^O;SYAO7#]>WGS`5@DWKA^O;SYAO7#]>W
MGS`5@DWKA^O;SYAO7#]>WGS`5@DWKA^O;SYAO7#]>WGS`5@DWKA^O;SYAO7#
M]>WGS`5@DWKA^O;SYAO7#]>WGS`5@DWKA^O;SYAO7#]>WGS`5@DWKA^O;SYA
MO7#]>WGS`5@DWKA^O;SYAO7#]>WGS`5@DWKA^O;SYAO7#]>WGS`5@DWKA^O;
MSYAO7#]>WGS`5@DWKA^O;SYAO7#]>WGS`5@DWKA^O;SYAO7#]>WGS`5@DWKA
M^O;SYAO7#]>WGS`5@DWKA^O;SYAO7#]>WGS`5@DWKA^O;SYAO7#]>WGS`5@D
MWKA^O;SYAO7#]>WGS`5@DWKA^O;SYAO7#]>WGS`5@DWKA^O;SYAO7#]>WGS`
M5@DWKA^O;SYAO7#]>WGS`5@DWKA^O;SYAO7#]>WGS`5@DWKA^O;SYAO7#]>W
MGS`5@DWKA^O;SYAO7#]>WGS`5@DWKA^O;SYAO7#]>WGS`5@DWKA^O;SYAO7#
M]>WGS`5@DWKA^O;R+F*(Y&2L22-;S'944#T8_P";^M_";!C_`)OZW\(%N$_M
MT'W?M*R/"?VZ#[OVE@$<N',FG?-)))E:K8VHZQ(E5+KG1V<"JA\]S4JQQQN=
M*Y(T5J*KUM<QRHKF.7RM6ZAH@".GP^"FF=-'>5SKR6.=:UJ/=?<C4\EKLIYQ
M9$[A)D\K?[D+B+%_]"3SM_N0"O1LZ*<B#1LZ*<B'H`>=&SHIR(-&SHIR(>@!
MYT;.BG(@T;.BG(AZ`'G1LZ*<B#1LZ*<B'H`>=&SHIR(-&SHIR(>@!YT;.BG(
M@T;.BG(AZ`'G1LZ*<B#1LZ*<B'H`>=&SHIR(-&SHIR(>@!YT;.BG(@T;.BG(
MAZ`'G1LZ*<B#1LZ*<B'H`>=&SHIR(-&SHIR(>@!YT;.BG(@T;.BG(AZ`'G1L
MZ*<B#1LZ*<B'H`>=&SHIR(-&SHIR(>@!YT;.BG(@T;.BG(AZ`'G1LZ*<B#1L
MZ*<B'H`>=&SHIR(-&SHIR(>@!YT;.BG(@T;.BG(AZ`'G1LZ*<B#1LZ*<B'H`
M>=&SHIR(-&SHIR(>@!YT;.BG(@T;.BG(AZ`'G1LZ*<B#1LZ*<B'H`>=&SHIR
M(-&SHIR(>@!YT;.BG(@T;.BG(AZ`'G1LZ*<B#1LZ*<B'H`>=&SHIR(-&SHIR
M(>@!YT;.BG(@T;.BG(AZ`'G1LZ*<B#1LZ*<B'H`>=&SHIR(-&SHIR(>@!YT;
M.BG(@T;.BG(AZ`'G1LZ*<B#1LZ*<B'H`>=&SHIR(-&SHIR(>@!YT;.BG(@T;
M.BG(AZ`'G1LZ*<B#1LZ*<B'H`>=&SHIR(-&SHIR(>@!YT;.BG(@T;.BG(AZ`
M'G1LZ*<B#1LZ*<B'H`>=&SHIR(-&SHIR(>@!YT;.BG(@T;.BG(AZ`'G1LZ*<
MB'42S(F1#H`X8_YOZW\)L&/^;^M_"!9A/[=!]W[2PDPG]N@^[]I6!TY:@,W%
M*A\+X%TJ,AO6R,:K4E<J.2[=:[UDXT0#2M0CQ?\`T)/.W^Y"7#JV>>L?&^5)
M$NRJZ)$1%A6.31M3)E])N7*=Q&:KDII(DI'(W)Z:N;98BHO`!K`S^_5_R]^T
M8._5_P`O?M&`:`,_OU?\O?M&#OU?\O?M&`:`,_OU?\O?M&#OU?\`+W[1@&@#
M/[]7_+W[1@[]7_+W[1@&@#/[]7_+W[1@[]7_`"]^T8!H`S^_5_R]^T8._5_R
M]^T8!H`S^_5_R]^T8._5_P`O?M&`:`,Y<1KD<C5H'HKN!-(WR'>_5_R]^T8!
MH`S^_5_R]^T8._5_R]^T8!H`S^_5_P`O?M&#OU?\O?M&`:`,_OU?\O?M&#OU
M?\O?M&`:`,_OU?\`+W[1@[]7_+W[1@&@#/[]7_+W[1@[]7_+W[1@&@#/[]7_
M`"]^T8._5_R]^T8!H`S^_5_R]^T8<3$:U7*U*!]K>%+[?*!H@S^_5_R]^T8.
M_5_R]^T8!H`S^_5_R]^T8._5_P`O?M&`:`,_OU?\O?M&#OU?\O?M&`:`,_OU
M?\O?M&#OU?\`+W[1@&@#/[]7_+W[1@[]7_+W[1@&@#/[]7_+W[1@[]7_`"]^
MT8!H`S^_5_R]^T8._5_R]^T8!H`SF8C6O:CFT#U:O`ND:=[]7_+W[1@&@#/[
M]7_+W[1@[]7_`"]^T8!H`S^_5_R]^T8._5_R]^T8!H`S^_5_R]^T8._5_P`O
M?M&`:`,_OU?\O?M&#OU?\O?M&`:`,_OU?\O?M&#OU?\`+W[1@&@#/[]7_+W[
M1@[]7_+W[1@&@#.=B%<QJN=0/1J<*Z1IWOU?\O?M&`:`,_OU?\O?M&#OU?\`
M+W[1@&@#/[]7_+W[1@[]7_+W[1@&@#/[]7_+W[1@[]7_`"]^T8!H`S^_5_R]
M^T8._5_R]^T8!H`S^_5_R]^T8._5_P`O?M&`:`,_OU?\O?M&#OU?\O?M&`:`
M,_OU?\O?M&''8A7-5$6@?:Y;$_R-X;+0-$&?WZO^7OVC!WZO^7OVC`-`&?WZ
MO^7OVC!WZO\`E[]HP"\$3:RM7UJ%[?\`S:50N>^-'/8L;EX6+ELY`/9C_G?K
M?PFP8_YOZW\(%N$_MT'W?M*R/"?VZ#[OVE@`\/AC>YCWM171K:Q52U6JJ6+9
M]1]#@'E&-:MY$1%7A6SA/,S-+$Z.VR\EEIDO?4I6S)$LZU"3IHV+?T.ANMO<
M/H<?TGSAK,4?%&Z=SXVN>ULKVQ*Z1BW55S;JQ)Z-^Q+;%\X&]:@M0P\47$W2
MPW$<URVM8R%[[+UYMDCU:Q&V66VM<?3"^^]_GTRO=$U'(KG*]6N>K[6W&R-;
M98S)Z.0#9`````````````<`7@4_.13UT=*Q]*L[Y$B;WI)DD6Z]7L1;B2-7
M^F]ZJ*!^@?'>>Q]OJ*J\J6'NTR*>IQ%TS$D55MC5T;+BM9*ZU^1\BQVL5$N^
M1/,?*1]6M<])%GC6UUYK+[HFPZ#^E42ZKM+_`.0&X=(L*E63#Z=77[[8VM?I
M&N:Z\B)>MOHBEH```````````#ATBQ=9$P^58U>CO1RQ7K]E]MZ[<]+@X@++
M3YM9=E>^WU[,GF0Q'U&(Q.1*59%I7/5(7S->Y^1&Y'VL>]&VV\-GG*(*C$WT
M\KF6R55BHZ*1JQ-B=8O_`*W7/33Z_K`U[1:A^=F=.M/+W>2I2UK%8YZ3*_3^
ME>:VRRQ.#A]$_01VW&V\-B6@>P``````````.'3B@+1:AF8LMDM+>=.V%7/T
MBT^DM]3T;=%]/&0I68XV^US51S&6M:K%<JM\CLC%2]9ELO?4!NPL2*-L=MME
MO.MI]+4,BJEJEI8;%E?3*YFEJ&HYDZL55O?XF,:Y/JR_0?&C6L;54[I'RR.>
MUJ/B>DB(QN7TU=;HU7@M1<H&Z=.(=```````````#@M"\!BR/J$K9M&LZSI.
MU(V+?T.@NLO\*:/I?2!KS,TL3H[;+R66GNU#!AK<4?#&Z=SXVN>ULCV1*Y[%
MNJKDNK$GHWK$M1%\Y[Q*3$%<Q+LD;KCM"D#GO:Z6\VYI%:UMEK;<CL@&V=,^
MBAD2NJ9;\NA;_C8R1SE:KO6>Y$=Y.!$L-````````````!RTZ>7<&0#MIXD8
MCW1NMLT;KW,J?:8$4]='2MDIEG?(D:=Z29)%L>KV)Z"2(O\`2KO512JGJ<1=
M+&V1555CO1MN*UDKKS\CWK':Q4:C5X$R@;%J(#"J7UZU,Z,=+%-8ZSUW0MB6
M'(J6-L54EXO2+<%=4NIGK.U[6WUT*2.<]URQ,JN>UKO6MX4`T0````'#'_._
M6_A-@Q_S?UOX0+,)_;H/N_:6&90MKVTD;:=T+XD3T'JCT54M\J%'Q7W'M`6'
M"3XK[CVA\5]Q[0%5AU+23XK[CVA\5]Q[0%=@LY"3XK[CVA\5]Q[0%@(_BON/
M:'Q7W'M`6`C^*^X]H?%?<>T!8"/XK[CVA\5]Q[0%@(_BON/:'Q7W'M`6`C^*
M^X]H?%?<>T!6<L7RDOQ7W'M#XK[CV@*LIW*2?%?<>T/BON/:`KL4Z1_%?<>T
M/BON/:`L!'\5]Q[0^*^X]H"P$?Q7W'M#XK[CV@+`1_%?<>T/BON/:`L!'\5]
MQ[0^*^X]H"PXI)\5]Q[0^*^X]H"K*+%)?BON/:'Q7W'M`593I)\5]Q[0^*^X
M]H"P$?Q7W'M#XK[CV@+`1_%?<>T/BON/:`L!'\5]Q[0^*^X]H"P$?Q7W'M#X
MK[CV@+#BDGQ7W'M#XK[CV@*K#N4D^*^X]H?%?<>T!58HRDOQ7W'M#XK[CV@*
MSI'\5]Q[0^*^X]H"P$?Q7W'M#XK[CV@+`1_%?<>T/BON/:`L!'\5]Q[0^*^X
M]H"P$?Q7W'M#XK[CV@*U.6>0E^*^X]H?%?<>T!7E.6*2_%?<>T/BON/:`J1#
MT1_%?<>T/BON/:`L!'\5]Q[0^*^X]H"P$?Q7W'M#XK[CV@+`1_%?<>T/BON/
M:`L!'\5]Q[0^*^X]H"PXJ6DGQ7W'M#XK[CV@*\IRPE^*^X]H?%?<>T!79D"$
MGQ7W'M#XK[CV@+`1_%?<>T/BON/:`L!'\5]Q[0^*^X]H"LQ_S?UMOLEOQ7W'
4M$5Q]RW2L[QWJVRQ]R_9ZO`!_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>c68736003_v1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c68736003_v1.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````'@``_^X`#D%D
M;V)E`&3``````?_;`(0`$`L+"PP+$`P,$!</#0\7&Q00$!0;'Q<7%Q<7'QX7
M&AH:&A<>'B,E)R4C'B\O,S,O+T!`0$!`0$!`0$!`0$!`0`$1#P\1$Q$5$A(5
M%!$4$10:%!86%!HF&AH<&AHF,",>'AX>(S`K+B<G)RXK-34P,#4U0$`_0$!`
M0$!`0$!`0$!`_\``$0@!4@*\`P$B``(1`0,1`?_$`((``0$``P$!````````
M```````$`0,%`@8!`0`````````````````````0``$#`00%!@P%`P0"`@,`
M```!`@,$$1)3!2%1DA,5,4&14A1487&!L>$B,M*3E#4&\$)R(T:A)!;!T6(S
M@D/QPH-$)1$!`````````````````````/_:``P#`0`"$0,1`#\`^ERO+:.I
MHHYIH[\CK;SK5UEG!LNP4Z5,9)]-B\OG.@!!P;+L%.E1P7+L%.E2\`0<%R[!
M3I4<&R[!3I4O`$'!<NP4Z5'!<NP4Z5+P!!P;+L%.E1P7+L%.E2\`0<%R[!3I
M4<%R[!3I4O`$'!<NP4Z5'!<NP4Z5+P!!P7+L%.E1P7+L%.E2\`0<%R[!3I4<
M%R[!3I4O`$'!LNP4Z5'!<NP4Z5+P!!P7+L%.E1P;+L%.E2\`0<%R[!3I4<%R
M[!3I4O`$'!LNP4Z5'!<NP4Z5+P!!P7+L%.E1P;+L%.E2\`0<%R[!3I4<%R[!
M3I4O`$'!<NP4Z5'!<NP4Z5+P!!P7+L%.E1P7+L%.E2\`0<&R[!3I4<%R[!3I
M4O`$'!<NP4Z5'!LNP4Z5+P!!P7+L%.E1P7+L%.E2\`0<&R[!3I4<%R[!3I4O
M`$'!<NP4Z5'!LNP4Z5+P!!P7+L%.E1P7+L%.E2\`0<%R[!3I4<%R[!3I4O`$
M'!<NP4Z5'!<NP4Z5+P!!P7+L%.E1P7+L%.E2\`0<%R[!3I4<&R[!3I4O`$'!
M<NP4Z5'!<NP4Z5+P!!P;+L%.E1P7+L%.E2\`0<%R[!3I4<&R[!3I4O`$'!<N
MP4Z5'!<NP4Z5+P!!P;+L%.E1P7+L%.E2\`0<%R[!3I4<%R[!3I4O`$'!<NP4
MZ5'!<NP4Z5+P!!P7+L%.E1P;+L%.E2\`0<%R[!3I4<%R[!3I4O`$'!LNP4Z5
M'!<NP4Z5+P!!P7+L%.E1P;+L%.E2\`0<%R[!3I4<%R[!3I4O`$'!LNP4Z5'!
M<NP4Z5+P!!P7+L%.E1P7+L%.E2\`0<%R[!3I4<%R[!3I4O`$'!<NP4Z5'!<N
MP4Z5+P!!P;+L%.E3D]DI^-]CN_V_4M74?2'"_D?XZH%V2?38O+YSH'/R/Z;%
MY?.=```````````````````````````````````````````8`R"',<S90)$B
MQOGFJ'W(8([+SW66K[5B)8AY975<J0.2E6&_(K)F3.1KF-ZS;MJ.\@'0!S\J
MS)<PBE>YJ1OCFDB1B+:JI&Z[>\I8DC;%6\EC5L5;>14Y@-@/%Y++;4L7D4FS
M',&T%#)6N:LC([NAO/><C/\`4"P'A'6M1RZ$5+1?14M145-=N@#V#Q>M]E46
MSE(ZW,5I:BB@:U).URK$Y;=+;&N=;8GB`O!YO);=M2]JMTF%>U%1+4M5;++4
M`]@CS+,&9=12ULC72,B2U6LLO+:J)HM)N)YB^&5S<O?!(R[<2HDC:QUJV+I8
MYW(@'5!J65B(YRO2ZU;'.M2QOC)LTKWT5.QT34DGFD9#"Q="*]ZV?T`N!QJ[
M-ZI*Q:3+Z=]0M*Z-]:]MVQL;K5N-1RHJN6SF*,US"2DH-_"VVHE5D<+'=>14
M1$5`.B#6URI8U[DOV);S6KX#*O:BV7DMU6Z0/8(<OKG54M7!(U&RTDJQJB<[
M51',=Y4+@````````````````````````````````````````,'"_DGXZIW3
MA?R3\=4"[(_IL7E\YT#GY)]-B\OG.@``````````````````````````````
M``````&#%H'H'E%4]`#"F3`'*SN/+)(X6U]0M(]K[U-4-=<<QZ)I5'<G)K.,
MRMJ:M<K=/(DR19BL452B74G8UKK'W3ZN2**5MV5C9&ZG(CD_J8:R'0U&M_;7
MU6HB>KXM0'QD%0W+(FYTO_5#5U<%19SLD<JMT)_S0V3T\U-'ED58^*."9DL\
M[JEKGPNJ)%1UCT:YG,NBU;#[!8(5:K%8U6JMJML2Q5UV&9(HY&W9&->WJN1%
M3H4#Y!]%&YF5TCJEM533UTFB&\R-K+CG;IMKG+=14UG6^YHH:?[;J(XVI'#$
MD2-:FA&M21AUTAA:C4:QJ(S2Q$1$1J^`RYK9&JQ[4<U>5JHBHOC10.!GF84M
M3ED79ZA)*9L\*5[H76W8%]J\K-*);9:<NM[+%#G"9.J)E[:5BO6-?VVSWO\`
MUKR6W>6P^Q934\:*UD3&-?[2-:B6^.Q`D,+6+&V-B1KI5B-1&Z?`!\R^EX;F
M#XLL1S))LKFD5J*JJ^9BM1CUMY7>L1TK,G2IR23+UO5:O7M*HJJM[=NM67FO
M6ZS[5&LO(ZZB.1+$6Q+;-5IY9!"QUK(V-55M54:B:=8'Q2+1NRO>HY?\EWVG
M2N_2;>>S9U+ODL-TU!33T&?5TJ*ZIIIIMP^\O[2L8UZ*S3HTGV&X@WF]W;=[
MU[J7NGE,[J*QR7&V/MOI8GK6\MNL#@_<#W2?:;WN6USXHE5WA56Z37GU'-29
M#5K+6352.W=B2W+&^NG)NVM/HEC8YMQS45G)=5$LT>`RZ-CVJU[4<U>5%2U`
M/D,R?$F>N>U5X1O8FYFJ67.T)_UV^#DO^0Z^>6I6Y0[\B5=B^5CD;_4ZRPQ7
M7-N-NN6UR6)8JZU)\QH65U-N'.6-R.;)'(U+58]BWFJ@''SA^6QU,]72Y@M%
MFL3;KV-6]O7-2\QCXG)ZW+S'N&6?,LPRV.H9NW4L"5=3'U97I<C3SJ==:&E?
M5-K'L1T[&*Q'*B:$546WQZ#%-11T]14U"*JR53D<]5YD:EUK4\"`?)UG87QY
MJZN<J9VR9R4B*J[Q$T;C<IJUV%+VY35Y[3LJ5ABJ:1L;ZI[E1LDM0K4NQIX$
MY5/J%B@=*CG,8LB):URHBN3Q+RA]+3.?O'0L<_EO*U%6WQV`<S+KR_<6;.3_
M`*T;3M7]:,T_T.R24-"VD=4/OK))4RK*]RI9RZ$;XD0J4#(,6BU0,@\VBU0/
M0,(ID````````````````````````````````#!POY)^.J=TX7\D_'5`NR/Z
M;%Y?.=`Y^1_38O+YSH```````````````````````````````````!@^;AH%
MS'-<WWE341.@FC9!NY7-:RV)CO8MN\O@/I%Y#ANRO.H:ZNFHJB"*&N>UZJ]K
MG2,NL;'H_+S`3TWW(Z*AIV5&[?7/DEA5TLB01KN%5KI'/<BV6Z.8WQ_<S:B&
M-*6!)ZV65\"0-D167HTO.=O41?5LY[!+]NK#%1NHI&=HHD>EM0V^V5)5O27_
M``JND]RY3F$B4M2R6"/,*1[W-5C%2%S)$NN8J)I`S5Y_)2+3P30QPUDZ.<L<
MT[8XVM9HMWJMTV\V@U-^Z&RP4LE-3K/+5324V[:]+&RQI:OK\BM\)[J<HS":
M2"M2:!]=$UT<B21VPOC>MZ[9RI8J<IL7*ZJ5^72ROB1]'*^61(VJUKD<U6V,
M0"1?NBK;'/))ESF,H7I'6NWJ*C%54TL]7U]"V\QJ;75E-G>:.HZ/M;;L,CUO
MI'8VY;HT+:O@*Y\BFEH\VITE8CLRDWD;K%L8EC4];9,29/FC*JJGHJJ)B5;(
MXWLD8JW;C+BO;9S@)?NB!=PVF;$KYH4G7M$S:=K6JMB-M<CK76\P_P`F=.E&
MV@I%J)*Z-[V-OHU&[M;KKSK%T>$\I]NS4;H9,N?$KF0M@E94LOM>C%M1Z6:4
M725QY94<0HZV1\?]M#)%(UC;J.=(J+:U.9$L`W9E#-49=(U)74S[JND6)?6L
M1JJK&N5-?.<5U74Q?:66RI*^-)-PRIJ$6U[(G>V^]IZ3NYA'62TKXZ)8V3/]
M572HJMNJBHOL\Y#E^7YQ1Y4VA62F>^%K60NNO5JM3EOHO^@''ES%])Q"GRBJ
M?50]F9/$]SEF6)RR;N16N=:JV-]8\SYDM#(G!:Q];VBFE<YCWK-=EC1KD>VW
MD6Q?9_H=NDRFL@=45CY(G5\S&QLNLNP1L:MMU&\NFU;3%+E%8E4ZOJY(5J6Q
MNCIHX6*V*-7:5<MNE54#FY?64T.9Y:V@KY*QM:CV5;)'K(B.:Q9&NL7V%M14
ML+LUKLU@SS+X*2)LD,K)55CI+B/5+MMOJ.LNFVDRFK6NCK<PDA5U.CD@BIV*
MQB.>ECGN5=*K9H-N9Y?5SUE'6T<D;):3>(K9456N;(B6^SSZ`-$V?U*+52TM
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M<N>N:S5]]+DM,E.C+%M14=>O+X`.*[-)JK.<NKJ"F69]112*D+G(R[^XEZ\Z
MQ>14U%SONB)M.Q7Q)#5NF=3N@FD;&UCV):Y72*GLV>`TT_V]F5)V*6EJ8DFH
MX'P*CV*K)-X^_P"-#VOVY4)''.V=CLR;,^HDDD9;$]9$NN9=ZMG(!G_*HNR.
MF;`DLT=0RE?'#(DC;TB6M5DB)8Y#KLW]3265#>S3/14<V-UY6>)UB>8YTV4U
MM52PQSO@9)%4QSKNF*UEV/\`*G/:=*LCJ7TLK*1Z1U#FJD3W):UKE_,J(!\\
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M4]GEJ66(G-H/0````````````````````````````````&#A?R3\=4[IPOY)
M^.J!=DGTV+R^<O(,D^FQ>7SFV6N;'6Q4:,<]\C5>Y4Y&MML15\H%1DYTF=4L
M;'.>R5KF2I"L:ML=><EYNA5Y%1#;59G3TK&/D:];Z*ZQK;RHUJ6N<[P-YP+`
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MNT@'NP6'C?P8C=I!OX,1NT@'LR:]_!B-VD&_@Q&[2`;`:]_!B-VD&_@Q&[2`
M;`:]_!B-VD&_@Q&[2`;`:]_!B-VD&_@Q&[2`;`:]_!B-VD&_@Q&[2`;`:]_!
MB-VD&_@Q&[2`;`:]_!B-VD&_@Q&[2`;`:]_!B-VD&_@Q&[2`;`:]_!B-VD&_
M@Q&[2`;`:]_!B-VD&_@Q&[2`;`:]_!B-VD&_@Q&[2`;`:]_!B-VD&_@Q&[2`
M;`:]_!B,VD/37M>EK514UHMH&3A?R3\=4[IPOY)^.J!=D?TV+R^<S6T,U540
MN:]C(8UO.6[^[:BVI<?;H1><QDGTV+R^<O`YC<KJ=S)'+/%,Z1^\5TD".T_I
M5_,FA!-D\CXHXF5-UL;'1-M9>7=R-1KT7UDTZ-"\WA.F9`Y]-ECJ>IWN^OQ-
MWBQ1W;%:LJHY]KK=/)HT#,Z>!M!.Y&(BW%L5-9T"/-?IT_Z`,MRR@NI^PSD3
MF,\,R_`9T%#/93Q(>@)>&9?@,Z!PS+\!G05`"7AF7X#.@<,R_`9T%0`EX9E^
M`SH'#,OP&=!4`)>&9?@,Z!PS+\!G05`"7AF7X#.@<,R_`9T%0`EX9E^`SH'#
M,OP&=!4`)>&9?@,Z!PS+\!G05`"7AF7X#.@<,R_`9T%0`EX9E^`SH'#,OP&=
M!4`)>&9?@,Z!PS+\!G05`"7AF7X#.@<,R_`9T%0`EX9E^`SH'#,OP&=!4`)>
M&9?@,Z!PS+\!G05`"7AF7X#.@<,R_`9T%0`EX9E^`SH'#,OP&=!4`)>&9?@,
MZ!PS+\!G05`"7AF7X#.@<,R_`9T%0`EX9E^`SH'#,OP&=!4`)>&9?@,Z!PS+
M\!G05`"7AF7X#.@<,R_`9T%0`EX9E^`SH'#,OP&=!4`)>&9?@,Z!PS+\!G05
M`"7AF7X#.@<,R_`9T%0`EX9E^`SH'#,OP&=!4`)>&9?@,Z!PS+\!G05`"7AF
M7X#.@<,R_`9T%0`EX9E^`SH'#,OP&=!4`)>&9?@,Z!PS+\!G05`"7AF7X#.@
M<,R_`9T%0`EX9E^`SH'#,OP&=!4`)>&9?@,Z!PS+\!G05`"7AF7X#.@<,R_`
M9T%0`EX9E^`SH'#,OP&=!4`)>&9?@,Z!PS+\!G05`"7AF7X#.@<,R_`9T%0`
MEX9E^`SH'#,OP&=!4`)>&9?@,Z!PS+\!G05`"7AF7X#.@<,R_`9T%0`DX908
M#.@WPPQ0,N1-1C.6Q#8`,'"_DGXZIW3A?R3\=4"[)/IL7E\YT#GY']-B\OG.
M@````CS7Z=/^@L(\U^G3_H`J9[*>)#T>6>RGB0]`````````````````````
M````````````````````````````````````````````````````````````
M`````````````````````&`8>MUJNU(JG,R"HGJ::6>5ZO:Z5V[MYDU`=0X7
M\D_'5.Z<+^2?CJ@79']-B\OG+[4(,D^FQ>7SFFOE=!F--(Z6R)$N[ECFH^\]
MUEZXNES>;P`=4'!7,'K%(K*ZV!U2D:5-L:NCCNK>5=%U$OI8EJ&:O,ITI*=>
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MD:J6^0]=JKNYKMM`M!%VJN[FNVT=JKNYKMM`M!%VJN[FNVT=JKNYKMM`M!%V
MJN[FNVT=JKNYKMM`M!%VJN[FNVT=JKNYKMM`M!%VJN[FNVT=JKNYKMM`M!%V
MJN[FNVT=JKNYKMM`M!%VJN[FNVT=JKNYKMM`M!%VJN[FNVT=JKNYKMM`]9I+
MN<OJ)+;%1BV>-33D,6ZRN!.17(KE\JD.?5=4M`L4E.L22N:U'7D7GY#K9>DC
M:2-DD>Z<Q$;=547D3ET`4'"_DGXZIW3A?R3\=4"[(_IL7E\Y4Z")\K)G,1TD
M=MQZII2WEL)<C^FQ>7SG0`U)!"B*U(VV+RI=2Q?&%BC72K&KR+I1.;D-H`\(
MQB.5R-1'+RNLTKXR;-?IT_Z"PCS7Z=/^@"IGLIXD/1Y9[*>)#T``````````
M````````````````````````````````````````````````````````````
M``````T5DNYI)I>HQSNA#><O[BEW>5R-3ED5K$\J@<[[5J%8Z6E?^=$D9X>9
M>D^D/G:J+ALN6U;4L1K6Q2^5-/\`J?0M5%2U.1=*`>@8,@``````````!@R:
MJB9D$+YG^S&U7+Y#1EN81YA3)/&EU;5:YB\J*@%A@$6<5J45"^1%_<=ZD:<]
MY?\`8"R\U>146S4>&5$,CW1LD:Y[/::BVJAPJ?[=E=3QN=5212/1%D:EMFG3
M9H5#S-2-R*L@JX5<ZG?^W/;I73SJ!1GJI+64%)UY+RIXM!VSAY8G$,SGS)Z6
MQ1?MP:O&AW$`'"_DGXZIW3A?R3\=4"[)/IL7E\YT#GY']-B\OG.@````CS7Z
M=/\`H+"/-?IT_P"@"IGLIXD/1Y9[*>)#T```````````````````````````
M````````````````````````````````````````````````&#BY_;-/0T>+
M+>7Q)H_U.TIQ'?W?W(EFEE)':OZE_P#E`+LWI>UT$L2)ZZ)>9^IND\9-5I4Y
M='(Y;'1I<DMT672\^<7)\Q6JJ*6)^YH977W/UHOY4YP/;W5N<UKEHYE@IZ;0
MV1+?6=Y-99D=75S.J:>K>CY:=R-142S074='%1P-@A3U6\JKRJNM3F4/[/W!
M61<B2M1Z(!VP8,@``````P9(,WKW4%,V2-J/E>Y&,:OA`F^XIG=GCHX_^RI>
MC;$ZJ>DFI&<'S5*95LIJIJ757D1Z&VDH\RJLQCK<Q8UC(F_ML14Y5Y-"*I=F
MF7LKZ>XOJRLTQ/3E1WI`M.%.G$L\;!RT]&EY^I7GFF^X$IZ=]/7HYM5"BMY-
M#E3DTE7V]3.92.JI4_=JG*]WBY@.JAHK:6.LIGT\GLO3EU+S*;P!/04;**E9
M3L6U&<KEYUUE`,@8.%_)/QU3NG"_DGXZH%V1_38O+YRE]3#',R![T;++:L;%
M72MWE)LD^FQ>7SFJNCF7,*>6GB<LMEU9ENK$C$6\Y'HOK(NG18!>M3`UF\=*
MQ&6W;RN1$O)S6ZS+IHV(CGR-:UUB-5RHB*JZK3C+0RR4LL,E'(U$JGSQ)&^)
M%]976.]953\W(IZKJ2OJ((HWTZ3/CBDB5;6(E^5C4;(B*OY%\NH#KMEC<]8V
MO:KVZ7,145R6ZTY31FOTZ?\`014-!415V\DB1B,6:V='-59-ZYJM31ZWJHWG
M*,S@5M!.[>R+8WD5='F`O;;=3Q(9TD+<KC5J?OS\F)Z#/"X\>?XGH`MTC21<
M+CQY_B>@<+CQY_B>@"W2-)%PN/'G^)Z!PN/'G^)Z`+=(TD7"X\>?XGH'"X\>
M?XGH`MTC21<+CQY_B>@<+CQY_B>@"W2-)%PN/'G^)Z!PN/'G^)Z`+=(TD7"X
ML>?XGH'"X\>?XGH`MTC21<+CQY_B>@<+CQY_B>@"W2-)%PN/'G^)Z!PN/'G^
M)Z`+=(TD7"X\>?XGH'"X\>?XGH`MTC21<+CQY_B>@<+CQY_B>@"W2-)%PN/'
MG^)Z!PN/'G^)Z`+=(TD7"X\>?XGH'"X\>?XGH`MTC21<+CQY_B>@<+CQY_B>
M@"W2-)%PN/'G^)Z!PN/'G^)Z`+=(TD7"X\>?XGH'"X\>?XGH`MTC21<+CQY_
MB>@<+CQY_B>@"W2-)%PN/'G^)Z!PN/'G^)Z`+=(TD7"X\>?XGH'"X\>?XGH`
MMTC21<+CQY_B>@<+CQY_B>@"W2-)%PN/'G^)Z!PN/'G^)Z`+=(TD7"X\>?XG
MH'"X\>?XGH`MTC21<+CQY_B>@<+CQY_B>@"W2-)%PN/'G^)Z!PN/'G^)Z`+=
M(TD7"X\>?XGH'"X\>?XGH`MTC21<+BQY_B>@<+CQY_B>@"W2-)SIJ.DIVH^:
MJFC:JW45TEFE?(>TRR-?_?/\3T`7:1I(N%QX\_Q/0.%QX\_Q/0!;I&DBX7'C
MS_$]!IGIJ*FNK45<L:.6Q+TEG^@'2>Y&L5RZ$:BKT''^W6K+VJN<FFHD6ZJ]
M5"/,I*>XVFH9Y:FHFT(C9+S;%UV'1HLF;%31L?+*QZ)ZZ,?8V\O*!U/(/(1<
M+CQY_B>@<+CQY_B>@"TXM3^S]QTTF-&K%\F@MX7'CS_$]!RLYHF4T]'*DDBH
MLEQ7.=:J6ZM`'T0TD/"XL>?XGH,\+CQY_B>@"W2-)%PN+'G^)Z!PN/'G^)Z`
M+3GT^:MFS.:@NV;M/5=;RJGM(>ERR)$M6>>Q-*_N>@^8CC<Q6YC>>D?:%C<Z
MU;UW7;T@?::3C9C_`'>=4=)RLA_=?^/(5\.A1E]:B=&HEZW><W+J.7D]&RMJ
M:JK5\J,1UR)Z.L<K?"MGB`^C0$7"XL>?XGH'"X\>?XGH`HGI:>H2R:)KT_Y(
MBFQC&L:C&)8UJ(C43F1"/A<>//\`$]`X5%CS_$]`%ND:2+A<>//\3T#A<>//
M\3T`6@BX7'CS_$]!33PI!'NT<YZ)SO6U0-APOY)^.J=TX7\D_'5`NR3Z;%Y?
M.7V(09']-B\OG.@!BQ!89`&+"3-?IU1^@L(\U^G3_H`J9[+?$ADPSV4\2'H#
M`,@#`,@#`,@#`,@#`,@#`,@#`,@#`,@#`,@#`,@#`,@#`,@#`,@#`,@#`,@#
M`,@#`,@#`,@#`,@#`,@#`,@#`,F`"A"#-,T9E\2:+\\FB*/G5=:^`DR&KJY*
MBIIZURK,U4?=7F1>9`.T##W-8Q7N6QK4557P(:J6KAK(4F@=?C551%Y.3Q@>
M:^L914KZAR7KG(U-"N5>8459'6TS:B/D=RMYVKJ.9G:K55E)EK=*.=O)?TIK
M-$N4YA!4OIZ!ZQT=3I<ZWV$YT`Q6MESNODIX764]*B^MS.?S?U*<MSF".DW5
M?(D=13KNWH[E=9XCHY?E\%!`D,*<JVN<O*JFN3)\NDJ'5,D*/D=RV\ENNP#;
M35U+5M1T$C7^"W3T%"'#S')6P_WN6INIXEO*QO(Y$Y;$-4GW,]\#4I(E=47;
MTMJ:&6<H'>FE;#"^5_LQM5SO$FDX5%2.SJ=U?7)_;Z6P16Z+-9[S3,DJ<HC6
M%?W*M49=3E1?S(=>D@2GIHH$Y(VHFC6!IH\JH:)[GT\=USM%JJJJB:DM++`9
M`P#(`P<K[CA?)EU]C5<Z%[7V)J3E.L>7(BI8J6HNA4\`&B@J8ZNECGC6U'(E
MO@7G0H.%0M=EV=/H6+_;3M61C5_*IW0`/$\T<$3YI5NL8EKE74<"*&NSJ9]:
MV9U+`U;L")SHG/8!V<QFW-#/(OY6+_70<VBR_M'VZVG_`#S(KVJNM5M0Y^92
MYK2T[\OJU69DJINY]=B^R?34T:1T\4::$8UJ?T`^=EFSC<LRB6*QS[&),WD5
MGC/H*.DCHZ=D$?LM32NM>=3?8G1R``#(`P#(`P#(`P#(`P<+^2?CJG=.%_)/
MQU0+LD^FQ>7SG0.?DGTV+R^<OM4#(,&0!'FOTZ?]!81YK].G_0!4SV4\2'H\
ML]E/$AZ`````````````````````````````````````````````````````
M````&N>9D$+YI%L8Q%<Y?$>SE?<<RLR]86^W4.2-$\?*!/E4#\QJW9M4IZMM
ME,Q>9$YSW-_;?<<3^1M3'=\%Y#J4D*04T4*:+C43RV:3E_<:+$VFK6\M/(BJ
MO@4#9]P5+VP,HH?^ZJ<C$1.6[SD--+P"KDIZA56FE;O&._Y(A1E4,M?6.S:I
M2QFEM.SP:SIU>7TM8L:U#+^Z6\WQ@<W)XYZNNFS6=EQCTNP(O+=.W88:U&HB
M-2Q$T(B'H#`,@#%AIBHZ6&^L4;6K*MKU1.6TWF%`^;@RB:+.FLNJM'$Y9HU_
M*EO(GD4^D06`#(`````84R8`XN:?M9U03\SE5CE.T<;[D:J14TZ:%BF:MOC.
MNUUYJ.3D<B+T@<C[BD<^*"A9[=1(B+XD.K!"R&)D3$L:Q$1#CQJE=]PND1;T
M5&RQ/U'<0#R^.-Z(CVHY$6U$<END](EAD``````````````&#A?R3\=4[IPO
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M76\B7K-)C-4__G3_`*`/+<VH4:B7W<G4?[IGB]!UW;#_`'2IK4NIHYD,W4U`
M2<7H.N[8?[HXO0==VP_W2NZFH74U`2<7H.N[8?[HXO0==VP_W2NZFH74U(!)
MQ>@Z[MA_NCB]!UW;#_=*[J:A=34!)Q>@Z[MA_NCB]!UW;#_=*[J:A=34@$G%
MZ#KNV'^Z.+T'7=L/]TKNIJ%U-0$G%Z#KNV'^Z.+T'7=L/]TKNIJ%U-0$G%Z#
MKNV'^Z.+T'7=L/\`=*[J:A=34!)Q>@Z[MA_NCB]!UW;#_=*[J:A=34!)Q>@Z
M[MA_NCB]!UW;#_=*[J:D%U-0$G%Z#KNV'^Z.+T'7=L/]TKNIJ%U-0$G%Z#KN
MV'^Z.+T'7=L/]TKNIJ074U`2<7H.N[8?[HXO0==VP_W2NZFH74U`2<7H.N[8
M?[HXO0==VP_W2NZFH74U`2<7H.N[8?[HXO0==VP_W2NZFH74U`2<7H.N[8?[
MHXO0==VP_P!TKNIJ074U`2<7H.N[8?[HXO0==VP_W2NZFH74U`2<7H.N[8?[
MHXO0==VP_P!TKNIJ%U-2`2<7H.N[8?[HXO0==VP_W2NZFH74U`2<7H.N[8?[
MHXO0==VP_P!TKNIJ%U-0$G%Z#KNV'^Z.+T'7=L/]TKNIJ%U-0$G%Z#KNV'^Z
M.+T'7=L/]TKNIJ06)J`B?G67,2U\JM36K')_]3DUV84E;F=&C'WJ:%;[U1%Y
M?%9:;9FMS?.$@L1:2CTOU.>IT*/)J.BJ'3P(J*Y+J-5;43Q`>^+4/778?[IJ
MJ:W*JJ)89U5\:JBJVY(G)XD.A=34@NIJ0")F:9>QJ-8]4:U+$1&/T(G_`(GK
MB]!UW;#_`'2NZFH74U`2<7H.N[8?[HXO0==VP_W2NZFH74U`2<7H.N[8?[HX
MO0==VP_W2NZFH74U`2<7H.N[8?[HXO0==VP_W2NZFH74U`2<7H.N[8?[HXO0
M==VP_P!TKNIJ%U-0$G%Z#KNV'^Z.+T'7=L/]TKNIJ%U-0$G%Z#KNV'^Z.+T'
M7=L/]TKNIJ%U-0$G%Z#KNV'^Z.+T'7=L/]TKNIJ074U`<3/*VCJLNDBC<JOT
M.:EQR:4\;3359XG8(:>D6]4R,1KE1%]1+++4.U6P;ZDEB1+5>Q41/#8<O[>R
MJ2!JU-4U4F5+K&.Y6M0#WE<N64%/<1[G2OTRR7'VN79+>+4'7=L/]TKNH+J:
M@).+T'7=L/\`='%Z#KNV'^Z5W4U"ZFH"3B]!UW;#_='%Z#KNV'^Z5W4U"ZFH
M"3B]!UW;#_='%Z#KNV'^Z5W4U"ZFH"3B]!UW;#_='%Z#KNV'^Z5W4U"ZFI`)
M.+T'7=L/]T<7H.N[8?[I7=34+J:@).+T'7=L/]TH@J(JAF\B6UMMEJHJ:4\9
M[NH91+`!POY)^.J=TX7\D_'5`NR3Z;%Y?.=`Y^1_38O+YSH````(\U^G3_H+
M"/-?IT_Z`*F>RGB0]'EGLIXD/0``````````````````````````````````
M``#``6FNIJ&4\$D[_9C:KE\AP_MZOGFJYXZASE65-[&CN9/!Y`/H08%H&3`M
M0Y^:YI'01W6>O4OT1QIITKR*H'0M!Q,FKJN.I?0YBJ[YR;R-7:EY6G5JJJ&D
M@=/,ZQC4M\*^!`-QDYE-]P9946)O-V[JO2S26R5=+&V^^5C6Z[4`W&"?B-#9
M;OV6>,]QU5/+$LT<B.B2U5<BZ$LY0-MIQ\US5R/[!0^O52>JKDT[NTT=KS7-
MGO;0JV"E:Z[OOS.3P'1RW*H*"/1Z\[O;E7E7Q`9RO+F4$&[1;TCUO2O7G<7&
M#(````````````````````````&%"&0```````````````````&#A?R3\=4[
MIPOY)^.J!=D?TV+R^<Z!S\D^FQ>7SEX&0>6O8^VZY'6*K5LTV*G*AFT#)'FO
MTZ?]!629LJ)EU1:MGJ_Z@5,]E/$AZ-,51!(C49(URV)H1R*IM`R#``R#``R#
M``R#``R#``R#``R#``R#`M`R#``R#``R#``R#``R#``&'O8QJN>J-:G*JZ$-
M-964]'"Z69Z-1$T)SKX$.+!1U6=N6JJWOBI%7]J%%Y40#.9UJ9H]F74-LC'/
M3?2HGJV)X3WF,;<OS&@J8_5C_P"EUFKD.M2T=/21[JG8C&\Z\Z^-35FM`M?2
M[EKKCT<CFN\*`57V7KMY+W+9;IL(LQS6GH$:CD625_LQ-Y5\9#_C2HU)$JI.
MU)R2<W^Y1EN3+!(ZJK';^J5=#ETHU/!:!,VI^YI&K,R"-K'>S&MEJ)Y50HRW
M*'MD[;7KO:QVE+>1GB.L`.;FN625FZFIW)%4PK:UZ\Z:B1N5YI65+.*2(M/"
MMY$8OMJ=T`25&54%2V[+`W0EB*U+%3H(H_MB@:JK(Y\B?E:JZ$0[``Y?^.95
M;;NE7RDE5]O3L<K,OE5E/,J)-&J\B>`[X`U4M-'2P,@B2QC$L\?A-Q@`9!@`
M9!@`9!@`9!@`9!@`9!@`9!@`9!@`9!@`9!@`9!@`9!@`9!@`9!@`9!@`9!@`
M9!@`9!@`#A?R3\=4[IPOY)^.J!=D?TV+R^<OY"#(_IL7E\YT`/F$IFR4TE.Q
MLJPQ3(])DA>LCY$O(YDC+4O66^T49@VIGIH&/IY5<R-[5;&UUC9G,;NG>KS(
MO0=U$1-"(9`XM!!4-S%SWQR->F^2:1UMQZ*YNYNJNA;$MY"C-8JAV7U"2/:Y
MEW2EWPG3(\U^G3_H`X_^+R:'13)&O-=M-S:/[CI$L@J&5"<R/YMJP[C/93Q(
M>@.#?^ZT155D2^!+O^XW/W/+8]TD<2I^1++%\9W@!PE=]U-3V87(GBM\YK?6
M_<L*7I*=KDY[K;?,I]``/F6_<=2JV2JD2^&-5,R?<-3H;3.2=R\J-C5+.D^B
M?%'(B)(Q'IJ<B+YS$=/#"J[J-K%=RJUJ-MZ`.119I45C?5J8HY.1T;VV.0L7
MB*):M3`B?I])BKR2@JWK))'=D7E<S0J^,E3[5RY.5TB^!53_`&`H;/5O=<95
MTZN3F1-/G-J1YHO)-$O_`(J2O^V<L<VQ$>U=:.M\]IK_`,>J(E_M:^2)G5TK
MYG(@&ZLK*JB:CJFIA9>Y$N*JKY#;"_,)XTDAJ(7L72BHU312Y!&V1TU=(M7*
MNA%?;8B>*TUR?;SHI'29?4NI[=-S39;Y`*)ZFJIWM9-5P1N?H:BM4]/DKHV;
MR2J@:SK*FCSD]/\`;T*HY^8.6IG?RNM6Q/$8C^V*)KU65[Y&(OJ,5;$1/(!-
M)]P2,EW;9F2-3E>UBW3$5=G.9O5M&](XH]*RW;J.75I.[%14L$>[BB8UFJQ/
MZFV.-D:76-1K=34L3^@'STV9Y]1Z*J)%8G_L:VU/Z'J/[@5_M5#(W:G1N/H%
M2U+.9>5#2^AHY-+X(W+K5J`<MF;K)R5U.GZFJGG$^;/A9?6L@?U6L:KE7H+7
MY+EC_:IV^2U/,IB+),LADWC($O)R6JKDZ'*H');G>=2L66"GOQ-Y7W.8W4^>
M.F2QU5%"].5KV*EB^,[R(B)8B6(G(B$T^64%1;O8&*J\JHEB]+;`.4_/D8^[
MVN-?^38W.3I,29\K8ED951/5/98C'(JJ==F6T$;;C:>.SPM1?.>5RK+U<C^S
ML1S5M2Q+-/B0#D0T6>5[.T/JMPDFE(]*6)XD/?`<UM15KU_J=[DL0]`?.I]L
MSJ^_-.DRII1'6JGE.FV'-&HC6RQ(B:$1&+87@"+=YKC1;"C=YKC1;"EH`BW>
M:XT6PHW>:XT6PI:`(MWFN-%L*-WFN-%L*6@"+=YKC1;"C=YKC1;"EH`BW>:X
MT6PHW>:XT6PI:`(MWFN-%L*-WFN-%L*6@"+=YKC1;"C=YKC1;"EH`BW>:XT6
MPHW>:XT6PI:`(MWFN-%L*-WFN-%L*6@"+=YKC1;"C=YKC1;"EH`BW>:XT6PH
MW>:XT6PI:`(MWFN-%L*-WFN-%L*6@"+=YKC1;"C=YKC1;"EH`BW>:XT6PHW>
M:XT6PI:`(MWFN-%L*-WFN-%L*6@"+=YKC1;"C=YKC1;"EH`BW>:XT6PHW>:X
MT6PI:`(MWFN-%L*-WFN-%L*6@"+=YKC1;"C=YKC1;"EH`BW>:XT6PHW>:XT6
MPI:`(MWFN-%L*-WFN-%L*6@"+=YKC1;"C=YKC1;"EH`BW>:XT6PHW>:XT6PI
M:`(MWFN-%L*-WFN-%L*6@"+=YKC1;*E$#9FQHD[FNDYU:EB&T`8.%_)/QU3N
MG"_DGXZH%V2?38O+YSH'/R3Z;%Y?.=````!'FOTZ?]!81YK].G_0!4SV4\2'
MH\L]E/$AZ```````````````````````````````````````````````````
M``````````````````````````````````````````````````````P<+^2?
MCJG=.%_)/QU0+LC^FQ>7SG0.?DGTV+R^<Z``'/9F]*^G6I5'MB1ZL9ZCG+)J
M5B-156TV39E2011S2/6Y*EYBM:YVA-*K8U%L1.<"PCS7Z=/^@S%7TLU0ZGC>
MJR):NEKD:MWVKKE2Q;.>PU9I/#V"H9O&WE8J66I;:!<SV4\2'HG;64EU/WF<
MB?F0SVRDQF;2`;P:.V4F,S:0=LI,9FT@&\&CME)C,VD';*3&9M(!O!H[928S
M-I!VRDQF;2`;P:.V4F,S:0=LI,9FT@&\&CME)C,VD';*3&9M(!O!H[928S-I
M!VRDQF;2`;P:.V4F/'M(.V4F,S:0#>#1VRDQF;2#ME)C,VD`W@T=LI,9FT@[
M928S-I`-X-';*3&9M(.V4F,S:0#>#1VRDQF;2#ME)C,VD`W@T=LI,9FT@[92
M8S-I`-X-';*3&9M(.V4F,S:0#>#1VRDQH]I!VRDQX]I`-X-';*3&9M(.V4F,
MS:0#>#1VRDQF;2#ME)C,VD`W@T=LI,9FT@[928S-I`-X-';*3&9M(.V4F,S:
M0#>#1VRDQF;2#ME)C,VD`W@T=LI,9FT@[928S-I`-X-';*3&9M(.V4F,S:0#
M>#1VRDQV;2#ME)C,VD`W@T=LI,9FT@[928S-I`-X-';*3&9M(.V4F,S:0#>#
M1VRDQF;2#ME)C,VD`W@T=LI,9FT@[928S-I`-X-';*3&9M(.V4F,S:0#>#1V
MRDQF;2#ME)C,VD`W@T=LI,=FT@[928\>T@&\&CME)C,VD';*3&9M(!O!H[92
M8S-I!VRDQF;2`;P:.V4F,S:0=LI,9FT@&\&CME)C,VD';*3&9M(!O!H[928S
M-I!VRDQF;2`;P:.V4F,S:0=LI,9FT@&\&CME)C,VD';*3'9M(!O!H[928[-I
M!VRDQF;2`;P:.V4F,S:0=LI,9FT@&\&E*NE=R3,7_P`D-C'->EYJHY%Y%1;4
M`R<+^2?CJG=.%_)/QU0+LD^FQ>7SE_,09']-B\OG+P.-'E=:BOD:Z*&1LN\B
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MR_NT>RA4`)>&Y?W:/90<-R_NT>RA4`)>&Y?W:/90<-R_NT>RA4`)>&Y?W:/9
M0<-R_NT>RA4`)>&Y?W:/90<-R_NT>RA210YK1S6JU[F-1%<CY&N8UR(MBJU7
M(B+8!B7+Z))(KM/'8KO6L:G)8;>&Y?W:/90]=LI%=&U)F*Z;_J2\EKK-1X?F
M5+'4]E<Y4EY-#55J*K;Z-O<EMFFP#/#<O[M'LH.&Y?W:/90]4M4RICWD5MU'
M.8J.16K:Q;JZ%*`)>&Y?W:/90<-R_NT>RA4`)>&Y?W:/90<-R_NT>RA4`)>&
MY?W:/90<-R_NT>RA4`)>&Y?W:/90<-R_NT>RA4`)>&Y?W:/90<-R_NT>RA4:
MJB>.F@?/*JI'&EKE1%5>A`-7#<O[M'LH:DRZB[2Y.SLNW$L]5++;38S,J1S%
M<Z3=6+=5LJ+&Y%7D]5]BZ3:VHA?*Z)DC7RQZ7L1=+476!KX;E_=H]E!PW+^[
M1[*&KB]'<DD17N;%[5D;U6SKM1$TMT<J:"QCT>UKVK:UR(J+X%T@:.&Y?W:/
M90<-R_NT>RA4`)>&Y?W:/90<-R_NT>RA4`)>&Y?W:/90<-R_NT>RA4`)>&Y?
MW:/90<-R_NT>RA4`)>&Y?W:/90<-R_NT>RA48`FX;E_=H]E!PW+^[Q[*&:JN
MAI-WO;ZK*JM8C&.>JJB*Y=#$7F0,KJ616HR9BK(EYC;4M5OB`TT^742H^]3Q
MZ'K9:U.0V\-R_NT>RAGMM*L+ZADC7PQVWWM]9+4Y4T<YI9FU(^2.)F\626U4
M;NW6ML6ZM_1ZNG6!MX;E_=H]E!PW+^[1[*%"*>@)>&Y?W:/90<-R_NT>RA4`
M)>&Y?W:/90<-R_NT>RA4`)>&Y?W:/90<-R_NT>RA4`)>&Y?W:/90<-R_NT>R
MA4`)>&Y?W:/90<-R_NT>RA2I)-F5-!4=GD5Z/1&N<ZXY6-1ZJUMYZ)=2U4YP
M,3Y=0I"]6T\=ZQ;+&I:>F9=0*QMM/';8EOJH>GU]&QKW/GC:V-;)%5R>JJZ+
M%,5%?3T[6.>KG)(EK4C:KU5J:;WJ(NCP@.&Y?W:/90<-R_NT>RAYBS&GEJ4I
MFW[[FJ]JJQR,<U/S->J6*FDK0";AN7]VCV4'#<O[M'LH5`"7AN7]VCV4'#<O
M[M'LH5`"7AN7]VCV4'#<O[M'LH5`"7AN7]VCV4'#<O[M'LH5`"7AN7]VCV4'
M#<O[M'LH5&%`FX;E_=H]E#5/EU$BQW:>/2]+UC4Y+%/3,TI'O>Q7N9<5[5<]
MKF,58UL?=<Y$1;#8E;2N<QC9F*^6U8TM2UUG+8@&.&Y?W:/90<-R_NT>RAXJ
M,THZ5ZLG>K;J6O>C7*QNBVQSD2Q%-U+5Q53'.BO>HZXYKVJQR.L1=+76+R*!
MXX;E_=H]E!PW+^[1[*%0`EX;E_=X]E#?'''$Q&1M1C$Y&HEB'L`8.%_)/QU3
MNG"_DGXZH%V1_38O+YSH'.R1R<-BTZ_.="\FM`,@Q>36+R:T`YTN7SR5,R[U
MB4T[XY'LNK?MB1J(B.O666LU$\&2RT[6;N5F^A<U8GN:]R76(]J-<U7_`/-?
M9L.Q:W6+6ZT`YE=D[:EB,9(L=JNWCE=(JHUZ(CFL]=$1-'(MJ>`]TN5]GKGU
M2OM:J.;'&V]8F\5'.<J.<Y+?5_+8="UNL6MU@9,F+R:T%Y-:`9!B\FM!>36@
M&08O)K07DUH!D&+R:T%Y-:`9!B\FM!>36@`XJY)/+3I3SSL5L37-@5C%:J7G
M-?:_UM/LIR6':O)K0Q:W6!S8,KDB>UU]ECVJVH1$?:ZUROO,<KU<U;5UJ.%R
M,JDECF3<HYLJ,>CGOOLCW3;7J[2EBVKS^$Z7JZQ:WP`2T%/44T;VSO9(Z25\
MEK&JU$OK>LL<YQ8>;6ZS-Y-:`9!B\FM!>36@&08O)K07DUH!D&+R:T%Y-:`9
M!B\FM!>36@&2>NIW55)+`UR,<]+$<J6HBHMO)H-]Y-:&+4UH!R9\FGJ7[^25
MBU"JM]&M>V-6*Q8[+&O1W(NLWP9;NE>QS[8'.22.XKF2(NC0Y[7:6Z.3I+[6
M^`>KK_J!R.#3[E\6^8J.;NF:'M_:O*]4<L;VK;:O-T'2I(5@IXH7/618VHU7
MNY5L-MK=8M;K0#T#%Y-:"\FM`,@Q>36+R:T`R#%Y-:"\FM`,@Q>36@O)K0#)
MA>07DUH8M36!)6T]1-)3R4\C(WP.<[UVJ]%O,<SD1S=9''D6[F1ZR7F*EKD=
M>MWGK6N;=<C?S<Z'7M;K06MU_P!0.;PISJ+L\LG[B1[ICV7FLNI9=5T=Y45V
MC2IX?E$DEUTCH5D5ZR23)&J2-<JHO[3E<MWV?"=6UNO^HM;K`-/1YM;K,WDU
M@9!B\FM!>36@&08O)K07DUH!D&+R:T%Y-:`9!B\FM!>36@!3G5>7SSU$JME:
MRGJ(V13,NJLEUBN5;KKUB6H[4="U-8M;K`X[,CEBD2:*5F\C>YT*O1[DNN5R
MN:]JOL_-S6%$N6RI(DU-*C)7-=')O+TC+K[+;C5=ZNE#H6MU_P!1:W6!+242
M4\BNO7T;&R*%+/8C8EEGC7G*S%J:S-Y-:`9!B\FM!>36@&08O)K07DUH!D&+
MR:Q>36@&08O)K07DUH!DPHO)K0Q:FL#D39--4,?#-.W=)))-"C6JCD?(JJE]
M;VE$O<UALI<JEII+]]BMD;=J$1'VJJ*YR.C<YZJU?7\)T[6ZQ:W6!RI\F=(R
M6G;*BTDZM?(R1'/>KVHEGKJZV[ZJ>$JRRA=112-?(LCY7[Q[E5RZ;K66)?5S
MN1O.I7:WP"U-8'H&+R:T%Y-:`9!B\FM!>36@`X7\D_'5.Y>36G2<*U/\DY?+
M_P"(',;R?^WG_P"OV#/S``#Y@?,``/F!\P``^8'S``#Y@?,``/F!\P``^8'S
M``#Y@?,``/F!\P``^8'S``#Y@?,``/F!\P``^8'S``#Y@?,``/F!\P``^8'S
M``#Y@?,``/F!\P``^8'S``#Y@?,``/F!\P``^8'S``#Y@?,``/F!\P``^8'S
M``#Y@?,``/F!\P``^8'S``#Y@?,``/F!\P``^8'S``#Y@?,``/F!\P``^8'S
M``#Y@?,``/F!\P``^8'S``#Y@?,``/F!\P``^8'S``#Y@?,``/F!\P``^8'S
3``#F_P#V#S^;\W+_`/EY``/_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>c68736004_v1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c68736004_v1.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````'@``_^X`#D%D
M;V)E`&3``````?_;`(0`$`L+"PP+$`P,$!</#0\7&Q00$!0;'Q<7%Q<7'QX7
M&AH:&A<>'B,E)R4C'B\O,S,O+T!`0$!`0$!`0$!`0$!`0`$1#P\1$Q$5$A(5
M%!$4$10:%!86%!HF&AH<&AHF,",>'AX>(S`K+B<G)RXK-34P,#4U0$`_0$!`
M0$!`0$!`0$!`_\``$0@!/0*\`P$B``(1`0,1`?_$`(```0$!`0$!`0``````
M```````$!0$#!@(!`0`````````````````````0``$#`@$)!`<'`P0!!`,`
M```!`@,$!1$A4=$2$U.35!4QH9(407&1P2*"TF&!L3(U!D9"(S128L(D<O`S
M0Q;Q8R41`0````````````````````#_V@`,`P$``A$#$0`_`/I[?:J&HHXI
MI8]:1Z8N7%>W$IZ';=UWJ?NT?IT/J]Y8!!T.V[KO4=#MNZ[U-``9_0[;NN]1
MT.V[KO4T`!G]#MNZ[U'0[;NN]30`&?T.V[KO4=#MNZ[U-``9_0[;NN]1T.V[
MKO4T`!G]#MNZ[U'0[;NN]30`&?T.V[KO4=#MNZ[U-``9_0[;NN]1T.V[KO4T
M`!G]#MNZ[U'0[;NN]30`&?T.V[KO4=#MNZ[U-``9_0[;NN]1T.V[KO4T`!G]
M#MNZ[U'0[;NN]30`&?T.V[KO4=#MNZ[U-``9_0[;NN]1T.V[KO4T`!G]#MNZ
M[U'0[;NN]30`&?T.V[KO4=#MNZ[U-``9_0[;NN]1T.V[KO4T`!G]#MNZ[U'0
M[;NN]30`&?T.V[KO4=#MNZ[U-``9_0[;NN]1T.V[KO4T`!G]#MNZ[U'0[;NN
M]30`&?T.V[KO4=#MNZ[U-``9_0[;NN]1T.V[KO4T`!G]#MNZ[U'0[;NN]30`
M&?T.V[KO4=#MNZ[U-``9_0[;NN]1T.V[KO4T`!G]#MNZ[U'0[;NN]30`&?T.
MV[KO4=#MNZ[U-``9_0[;NN]1T.V[KO4T`!G]#MNZ[U'0[;NN]30`&?T.V[KO
M4=#MNZ[U-``9_0[;NN]1T.V[KO4T`!G]#MNZ[U'0[;NN]30`&?T.V[KO4=#M
MNZ[U-``9_0[;NN]1T.V[KO4T`!G]#MNZ[U'0[;NN]30`&?T.V[KO4=#MNZ[U
M-``9_0[;NN]1T.V[KO4T`!G]#MNZ[U'0[;NN]30`&?T.V[KO4=#MNZ[U-``9
M_0[;NN]1T.V[KO4T`!G]#MNZ[U'0[;NN]30`&?T2V[KO4S?(4O6/)ZO_`%]7
M'5Q7MP/H3&_D7R>X"VT?IT/J]Y81VC].A]7O+`.@````````````````````
M`````````````````.*8U77W5UV?;J!L")'`D[G3H_XL7:NJFHY,`-H'SM!?
MIZVNI=;"&GDIII)H\-;"2*39JK7=JID+TOUL>V79S*Y\3%D5BL>URM;Z6HYJ
M*OW`:8/G:?\`<M+7TE(YM0M'4SO9K-=$]S5Q5<8T<K-7XL^)H/OUHBG6!]2U
M)4DV3FX.^%^.&JY43!/O`T@1ON='&^I:Z3!U&Q)*A,%^%KDUD7V'E47NV4VI
MMYT8LD:2L;@YSG,=V.1&HJ@:(,V"_6BIFC@@J6R23?\`MX([5<N&.KK888_8
M=NU=+1)1K&B+YBIC@?CZ&O1RKA]N0#1!)6W&CH&M=52I&DBJC$P5SG*G;JM:
MBJIY+>K6VE95K4M2GD=LV2+C^=$5=7##%%R=@&@"".\6R6EDK&5")!"NK*]R
M*U6.S*UR(N.4BH+W'672L;'.BT-/#')BK=34<Y7:ZNUD1>Q/2!N`SZ.\VVME
MV--.CY-761JHYNLU.U6ZR)K)ZC\PWZTS3,IXJEKY9%5K41'8*Y/Z=94PQ^P#
M2!EWFOK*1U'%1I&LM9.D.M*CE:U-5SL<&JU?Z3-K+_=*>CK6;*'J%'+#&BMU
MEB>DZY.U<44#Z8&-)>U2Q-N4;$6H>U&,A7L\PJZFIXBBQ5L]PM5/5U"-2:1'
M:Z,R-Q:]S,F/J`T08-MN=UK]>97TL=.V66-68/675C56ZWY\,<F8IH+M3.@I
MFS56VEG8][)E9LVR)&JZV"=B89@-4$27&G?;W7"-=:!K'2(Y45-9&XY<OJ,:
M:YW#R-!3.E9!/=&/5U7-BC(L4UFM:B*WXL%R`?3`SX9IZ.VNEN#F.=3L55?&
MJZKV,3([XO2XEHKI'16^G?=:A4J:E%F2/!SWHURZR(C6(JX-0#:!GS7FVPTT
M54^95@FQ6.1C'/1<,J_D:N'WGA'=$DN=)LI-I0W"!SX5PP37C5'8IBF.5J@:
MX.(=```````````````````````````````````#AC?R+Y/<;)C?R+Y/<!;:
M/TZ'U>\L([1^G0^KWE@'0``````````````````````````````````!PS)_
MW#:H)I:>25R/@<C9EV;U8Q53'XGHW5].<#37L,*ILWG;])45#7I2>6;&U[)%
MCUGZV*M74<BKDSFU&]DC&OC<CF.3%KD7%%3T+B?L#!J;9517")]LB;'%#12P
MPNR(QLBNQ:F':245LN+[G2U,L,[$93RQSR5$J2?W'HB?`U'.1&XYO8?4@#Y:
M*WW-;/06]](YDM#4PJYVLQ6O8QSE<]N#NS+Z3]U%IK7VZ]1-@QFJZE9*=,6_
M&S68J+CCD[#Z926GKHJBJJ:5B.22E5J2*O8NNFLF&4##KZ&ZMGN24U-MVW&G
MCC8_7:UK'QLU'(_6R^K`KI;=41W:EJ)(O[45`V!SU5%PD1V*M-L`?+T]GKH[
M/;*;8:L]/6MFF;BWX68R*KL<?]R&E^X(*J:*C?2PNJ'4]5',^-JM1=1J.1<-
M=43TEU964U#`ZHJGI'$WM5<N*YD1,JJ?A+G1>09<72ZM+(UKVR.3#%'?ER=N
M*@9=0EQDKZ6[-H)';%DD#Z5[H]HB/5KDE9\2M]&':3I:*]S(97P(UTUS2ME@
M1R*D4>JYF5<B*OI7`V8+Q;:B*::.9&LI\L^T1T:L3MQ<UZ-5#E->;;5+(V*;
M!T3=H]'HZ/X/]?QHW%OV@9%=:*^6>Y311(Y'5-+401JJ(DR0(W7;]F.'I.36
MRY7&2Z2/ITH_.4S(X4<YJJKF*[(_5[,38H[S;JV;84\NM+JZZ-<US-9O9K,U
MVIK)ZBIU1"R>.![T265'+&Q>UR,PUE^[$#%@@N%9<:&>:B\E'01R(Y5<UVT=
M(S9HQFHJ_#Z<I/!:*YEIMT*P83P5R3S(BMQ1FU>_6QQ_TJ?3GG4U$%+`^>H>
MD<3$Q<]>Q`,R_6Z6X26]C&N6**I229S':CFLU'MQ1R*B]J^@\KE96LMGE;;"
MJO=40ROQ=BYVK(USG.<]<N1#2HKC25VLM.YRZF&LCV/C7+V?G:TJ`^>CM%:V
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MJ!\NRCJ8Z6&T2M6%M?4ND2FUM=8*5GQN9K(:-7!6TEY2XTU*M9%)3I`L;'-:
MZ)6NUDU==4357TFSJ,5Z/5J:Z)@CL,J(OVB61D4;I)%U6,3%RYD0#YAU!=J:
MT0T+:9TK:F:26M9`YB+'&]VOLF*]S4R]A6]%J+Q:(TA6G\M%-,Z%<,6-5&Q-
M:NJJH:-)=[?6ND9!+\<*:TC'M=&Y&K_5A(C<GVGA2W>S558B4\C5J94U&O5C
MF[5&9=5KW(B.P^Q0-0$5+=:"LJ9J6FE266G1%DP1<$UE5$P=V+E0\Y+]:F5"
MTSYT1Z.1CEU7*QKUR:CI$351?O`T@?E#]```````````````````````````
M``````<,;^1?)_Q-DQOY%\GN`MM'Z=#ZO>6$=H_3H?5[RP#H````````````
M``````````````````````X?/VZJHZ>LOBU<K(XTJ45VNJ)BW9-QR*?0+V$C
M[7;9)EJ'TD+IW+BLKHVJ]5_\E3$#Y6FEKHZ:V42+LJ6HV\K$?*ZFQ;KJL4:R
M-:KD^%<<"K7KFNH;?75B-I9Y9L9X)55<&-QCA=-@U<<?2?33TM/4Q[*HB9-'
MVZCVHYOL4\UH*%8/+.IHEIT7%(58W4Q_\<,`,"OFE\[1T%-4;6C6*1R225+H
MMI(UVKJ[:-KG*K4]!^7)<?\`^323UB_WYYF/DIY%=K1(W%K5?@F*IG/HI*"B
MEA;3RTT4D+/R1N8U6M]353`ZVDI6)&C(8VI#CL41J(C%7)\.3(!\E(E7#176
MI2MJ'.ME3LZ5'2*J:J.9D?\`Z\=;^H]7MIY;K=Y)ZV2D>R.*1C8Y-GEV>.O_
M`+O4?4+24KF2,6%BMF76E:K4P>[.[.?F6WT$SM::FBD=BBXO8URXM3!%RIZ`
M/EXJVYUTM-#4N1F-''*C7SNI-=[\=9^,;5UE3,4I'7U%=;:"KK78/II7SNII
M%1)58Y$;\28+Z>U#Z&HHJ.J:UM3!',UGY4D8UR)ZL4R'6TU.QS'LB8UT;59&
MY&HBM:O:UN9`/&O;"R@E2141K(W:CGKC\6JJ(N+O28E/3^=_:]L2":)DU*D,
MS=JOP*YB?E?AGQ/H:BEIJJ/95,3)HT7'4D:CFXIZ<''DRUVQD3H64D+8I,KX
MTC:C7*F=,,`/FI*>HN]=<6RR0QIY6&.26)5="DK9-HUKG+AK=F7UG*V"JNUQ
M91S20,=%2S)/+3N5S6-?JHS7<N'I3\I]6VCHV0+3,@C;3KD6)&HC%^7L.0T5
M'3QNA@IXXHGY',8QK6NQ[<40#YV.2MFO=JBF6G<^E;*Z3RKE=A&L>IB_(FJB
MNPR'M>J6"3]Q6MTTLD:21S-Q;*Z-,6ZBIA@J88XY<YN4U%24B*E+!'`CLKDC
M8C,?7JHAVHI*6J1J5$+)D:N+=HU':JYTQ`^9EFV\-UJZFOEIJNDDD93Q-D5C
M6-C3^U_;['Z_;E->IBCN%BB;<W^6=,R)SWXHW4F^%R=N3\WH+9*"AFF;/)3Q
M/F;^65S&J]$3[53$]988IHUCF8V2-W:QR(J+ZT`^6K;S<X:6LI$ECGDIUAQK
MHO@:D<K]5VTPUM5R)F]9V5UQI*"Y3,J6-A;2.?&QE0^ID9*G9(CI&HJ)@?21
M45)!$L$,$<<3OS1L8C6KCG1"6JLU');ZFCI(HZ7S+%C<^-B-[?2J-PQ`Q&N1
MU13005LM4RNI)7U:;57:JM9K->W5_)\63(3TDCZ/]LVY:.9?^T^*.I>^9R-B
M3+BW6^+9(O9D0^JI+?24C?[,,;)%:C9)&,1KGX)VNP/TR@H8V21LIHF1S+C*
MQ&-1K_M<F&4#YJL?<J2V5KV5361ZT.Q2*=U1)$KG:K_[DC47!<QZNH9NLU%O
M\]5>792I4:NU7667'5QUNU$]."9#?9;K?'$Z".FB9"]45T:,:C55.S)A@>NQ
MBVBS:C=JYNHZ14365O\`I5>W`#XVFE2OJ[.^NJWPK+1RHZ1K]FZ16R8(FNGJ
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M1%]:(>AQ#H````````````````````````````````'#&_D7R>XV3&_D7R>X
M"VT?IT/J]Y7K)BB8Y53%$)+1^G0^KWDM9BR[P2,:^616:NSU7:K6([XWM>WX
M<<J8HO;D`UCIB4TC?)SPJE3!YISTA8YDBOC34]"N^+^G'M[5P)9(JU8&L;'/
M@B2I`YJ2-=M?@V;Y&N<JM3\WYL@'T@,FWLJ4KI'/;*W)*DRR:VS<Y9/[.IC\
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M'P+]0%IPCV=UWT/@7ZAL[KOH?`OU`6`CV=UWT/@7ZAL[KOH?`OU`6`CV=UWT
M/@7ZAL[KOH?`OU`6`CV=UWT/@7ZAL[KOH?`OU`6`CV=UWT/@7ZAL[KOH?`OU
M`6`CV=UWT/@7ZAL[KOH?`OU`6`CV=UWT/@7ZAL[KOH?`OU`6`CV=UWT/@7ZA
ML[KOH?`OU`6`CV=UWT/@7ZAL[KOH?`OU`6`CV=UWT/@7ZAL[KOH?`OU`6G"/
M9W7?0^!?J&SNN^A\"_4!:<(]G==]#X%^H;.Z[Z'P+]0%@(]G==]#X%^H;.Z[
MZ'P+]0%@(]G==]#X%^H;.Z[Z'P+]0%IPCV=UWT/@7ZAL[KOH?`OU`6'2+9W7
M?0^!?J&SNN^A\"_4!:"+9W7?0^!?J&SNN^A\"_4!:"+9W7?0^!?J&SNN^A\"
M_4!:"+9W7?0^!?J&SNN^A\"_4!:"+9W7?0^!?J&SNN^A\"_4!:"+9W7?0^!?
MJ&SNN^A\"_4!:"+9W7?0^!?J&SNN^A\"_4!:"+9W7?0^!?J&SNN^A\"_4!:"
M+9W7?0^!?J&SNN^A\"_4!:"+9W7?0^!?J&SNN^A\"_4!:"+9W7?0^!?J&SNN
M^A\"_4!:"+9W7?0^!?J&SNN^A\"_4!8"/9W7?0^!?J*($G1F$[FN?G:F"`>A
MC?R+Y/<;)C?R+Y/<!;:/TZ'U>\L([1^G0^KWE@`Z`!PCN_\`@2_+^*%A'=_\
M"7Y?Q0"T````````````````````````````````````````````````````
M``````````````````````````````````````````````````````<,;^1?
M)[C9,;^1?)_Q`MM'Z=#ZO>6$=H_3H?5[RP#H.``1W?\`P)?E_%"PCN_Z?)\O
MXH!:````````````````````````````````````````````````````````
M`````````````````````'#IYSO2.%[U_I:J^Q`/TU[7IBU4<G9BBXG3Y?\`
M;M6^FG2&;)%68NB5?2]%P/J``/*2H@CD9'(]&OD7!C57*JGJ@'0`````````
M```````````'#&_D7R>XV3&_D7R>X"VT?IT/J]Y/55$D%SAUI4;3JU&)&U6Z
MVN]V5SV+E5O9E3LRE%H_3H?5[SW6GA=*V=T;5E:BM:]4361%PQR_<!FQ7)R6
M^JJ$J(ZA8U?Y=Z:OQHUNME:Q<Z+]Q+)=:MB/:VJC<D:2.CFU6X3JQL3DC3T8
MJKU3X<N0V_*4^LUR1,168JW!J)@JIAC[#]I#%@C=FU$:N+4P3!%SH!F6^NJ)
MZUT;Y6O:J3*L341'1+%)LVHN&7XDRY3TNDSUH946%R)DRKAG0T$8QKE<UJ(Y
MWYG(F5?62W?_``)?E_%`'G*KDY/$T><JN3D\32T`1><JN3D\31YRJY.3Q-+0
M!%YRJY.3Q-'G*KDY/$TM`$7G*KDY/$T><JN3D\32T`1><JN3D\31YRJY.3Q-
M+0!%YRJY.3Q-'G*KDY/$TM`$7G*KDY/$T><JN3D\32T`1><JN3D\31YRJY.3
MQ-+0!%YRJY.3Q-'G*KDY/$TM`$7G*KDY/$T><JN3D\32T`1><JN3D\31YRJY
M.3Q-+0!%YRJY.3Q-'G*KDY/$TM`$7G*KDY/$T><JN3D\32T`1><JN3D\31YR
MJY.3Q-+0!%YRJY.3Q-'G*KDY/$TM`$7G*KDY/$T><JN3D\32T`1><JN3D\31
MYRJY.3Q-+0!%YRJY.3Q-'G*KDY/$TM`$7G*KDY/$T><JN3D\32T`1><JN3D\
M31YRJY.3Q-+0!%YRJY.3Q-'G*KDY/$TM`$7G*KDY/$T><JN3D\32T`1><JN3
MD\31YRJY.3Q-+0!%YRJY.3Q-'G*KDY/$TM`$7G*KDY/$T><JN3D\32T`1><J
MN3D\31YRJY.3Q-+0!%YRJY.3Q-'G*KDY/$TM`$7G*KDY/$T><JN3D\32T`1>
M<JN3D\31YRJY.3Q-+0!%YRJY.3Q-);G75"4$^M3/C16*W756X)CD]!K&3^Y9
M-6VJS>O:WUY<?<!G/IIY;-3LCIGI)`FUCEQ3+BNLOVE:?N+"A2=8%5WY,<4P
M61/L[38@9LX(X_\`2QK?8F!E16!C+FZI<J+3XZ\<69R]N(&14LKV/BN=6Q^T
M65JICA@C?0B)Z#Z1*VI5$5*-^"IC^9IY7Z':VJ=/2Q$>GRKB46V;;T%/)G8F
M/K3(OX`?CSE5R<GB:/.57)R>)I:`(O.57)R>)H\Y5<G)XFEH`B\Y5<G)XFCS
ME5R<GB:6@"+SE5R<GB:/.57)R>)I:`(O.57)R>)H\Y5<G)XFEH`B\Y5<G)XF
MCSE5R<GB:6@"+SE5R<GB:/.57)R>)I:`(O.57)R>)I1!(^1FL^-8E_TN5%7N
M/4`<,;^1?)[C9,;^1?)[@+;1^G0^KWEA':/TZ'U>\L`Z``.$=W_P)?E_%"PC
MN_\`@2_+^*`6@```````````````````````````````````````````````
M`````````````````````````````.&+?_[DU!3=NTEQP]6">\VE,2IQJ/W%
M3Q-RMIV*]WV*O_I`-M#IPZ!YU$:2P21KV/:J>U#,_;4BNMVR=^:%[F*F8UE,
M6S?]>Z5](N3%VT:GKRY/:!M@X=````````````<!/7U<=%2OJ)%R-R-3_4Y>
MQ`*#ICV"Y3UC9F5*_P!UCL43#!=5QK@=!P`#&_D7R>XV3&_D7R>X"VT?IT/J
M]Y81VC].A]7O/S-5RQ7&*G5$9`]N.T=BFN]RX(QJHF&*8=BKEQ`N!%%6S24$
ME5L<98UE1(&JKE<L3G,P1</3JYB5]ZD;%KI`USV-DDF9KN:K&1:NM^>-JZWQ
M)D5$]8&N1W?_``)?E_%#\4MP?45"Q.B1D;DD6.1'8JJ0OV3M9,$PR]F53\W6
MIIW4,J-E:JY,B*BKVH!I`CZM;M^WOT#JUNW[>_0!8"/JUNW[>_0.K6[?M[]`
M%@(^K6[?M[]`ZM;M^WOT`6`CZK;M^WOT#JUNW[>_0!8"/JUNW[>_0.K6[?M[
M]`%@(^K6[?M[]`ZM;M^WOT`6`CZM;M^WOT#JUNW[>_0!8"/JUNW[>_0.K6[?
MM[]`%@(^K6[?M[]`ZM;M^WOT`6`CZM;M^WOT#JUNW[>_0!8"/JMNW[>_0.K6
M[?M[]`%@(^K6[?M[]`ZM;M^WOT`6`CZM;M^WOT#JUNW[>_0!8"/JUNW[>_0.
MK6[?M[]`%@(^K6[?M[]`ZM;M^WOT`6`CZM;M^WOT#JUNW[>_0!8"+JUNW[>_
M0=ZM;M^WOT`6`CZM;M^WOT#JUNW[>_0!8"/JUNW[>_0.K6[?M[]`%@(^K6[?
MM[]!SJUNW[>_0!:"/JUNW[>_0.K6[?M[]`%@(^K6[?M[]`ZM;M^WOT`6`CZM
M;M^WOT#JUNW[>_0!8"+JUNW[>_0=ZM;M^WOT`6`CZM;M^WOT#JUNW[>_0!8"
M/JUNW[>_0.K6[?M[]`%@(^K6[?M[]`ZM;M^WOT`6`CZM;M^WOT#JUNW[>_0!
M8<).K6[?M[]!SJUNW[>_0!8JX)BO8ABV)/,U597NRZ[]1G_BG_I#]W2\TC**
M5()4?*]-1J)C_5DQ.6FKH*.@BA?,U)$3%Z9?S+E`V#I'U:W;]O?H'5K=OV]^
M@"LQ:C_K?N."3L;4LU%]?87=5MV_;WZ#*O=;2O=2U%/*CGP2(JX8Y$4#Z%#I
M$EVMW;MVY?6=ZM;M^WOT`6`CZM;M^WOT#JUNW[>_0!8"/JUNW[>_0.K6[?M[
M]`%@(^JV[?M[]`ZM;M^WOT`6'"/JUNW[>_0.K6[F&]X%BF%-C=KND"+C1T>6
M3,YV8_-;^Y&N1T-#&KW*BHDKEU6I]J'K9Y[?0TB-?,W;O^.9<OYE]'W`<GPH
M;_%+V15;=1<VLF1#;0Q;M+05\+$95-CEB=K,>J*N7,1=2NK_`/KNJ88VID6I
M3M5/N3'N`^BJIV4]/)._\L;54@_;[9W4CJF=RJZH>KT1?0AB5-=621-MT\K9
M(U>F-2BJOP_:?4T;J=U.Q*9R.B8B-:J=F0#V,;^1?)_Q-DQOY%\G_$"VT?IT
M/J]Y^I:&*:I942*]=FF2/679JY%16N5F.&+3\VC].A]7O+`(H[53Q8-B=*QF
MLY[FI(]=9ST5%RJ['^K')Z<IQ;10N:U',<N"JJJKWZSM;#61[M;%R+JID4O`
M$L-#302OFB8J2/QQQ<Y43676=JHJX-Q7*N!YW9$2@E^[\4+2.[_X$OR_B@%F
M"9D&"9D.@#F"9D&"9D.@#F"9D&"9D.@#F"9D&"9D.@#F"9D&"9D.@#F"9D&"
M9D.@#F"9D&"9D.@#F"9D&"9D.@#F"9D&"9D.@#F"9D&"9D.@#F"9D&"9D.@#
MF"9D&"9D.@#F"9D&"9D.@#F"9D&"9D.@#F"9D&"9D.@#F"9D&"9D.@#F"9D&
M"9D.@#F"9D&"9D.@#F"9D&"9D.@#F"9D&"9D.@#F"9D&"9D.@#F"9D&"9D.@
M#F"9D&"9D.@#F"9D&"9D`Q0!@F9!@F9``&"9D&"9D.G`&"9D&"9D`Q`8)F08
M)F0XCFKV*BG))(XVZTCD8U/2JX`?K!,R&1676=:M**VQMFF;CM7.3X6_?BA[
M7FN\K1JD2XS3_!$B9W>E#]VBWLH:5K53&9_Q2N7*N*^C'[`(Z:WUU57I5W-C
M6I"B;*-G9C[39P3,=.@<P3,@P3,AT`<P3,AF_N")'VJ;)E:B.Q]2FF37&/:4
M,\?^ICD[@.6YR24,#\.V-O<F!3@F9#._;\FO:H/]J*U?N4T@.8)F08)F0Z`.
M8)F08)F0Z`.8)F08)F0''.:U-9RHC4RJJY$`\*VICI*62H?A@Q,B9U]"&/%1
M72[Q,EK)DAII,')"Q,N`KJEEWK8:"F=K4[':\[T[%P]!OL:UK4:U,&M1$1/L
M`\Z:E@I8DAA8C6)W_:IZX)F0Z`.8)F08)F0Z`.8)F">PZ`.&-_(OD]QLF-_(
MOD]P%MH_3H?5[RPCM'Z=#ZO>68@=!PZ!PCN_^!+\OXH6$=W_`,"7Y?Q0"T``
M```````````````````````````````````````````````````````X!TX`
M!XU=0RFII)W]D:*OWGSM)472AC;<7HLU-4N5TD>55;BN14*[O,ZOJHK53_$F
MLCJAR=C43T*;;&-C8UC4P:U$1$^Q`,9?W"Z7X:6BE?(O8CDP3NQ*[1<EKHGI
M,U(ZB%RMD9FS&@85S8^V7!ESB:JP2_!4M3L]8&Z,ADW6Z*VGBCH7:U15X;)6
MY<&K_42I>ZVE8M'4P*^O3X8E]#\?ZEP`ON5V2C>R"&/;U,B_#$B^C[L2*1E[
MN;MC*SR5,O\`[BI^94S8E5JMDD+W5E:NTK)<JJN753,:B`8O_P!9IVX;*>:/
M#_=C^&!U/VW$]<:NIEJ$3\J.7##\3:`&-3_MZ."K9,LSI88L5CB?EU57[380
MZ```````?F1-9CFYT5.X_1P#'_;*ZM'+#Z8I7(;)BV-=G6W&#-)KI]^)L@=.
M`X][6-5[EP:U,55<R`=&)GQWRVRQR/;+ALD57(N1<$S&=34E;>725<T\E/3O
M7"*-BKE:@&U55E/2PNFF>B-;]N5?L0QF0UU]=M*A5I[>B_#&G:_[5*8_VU0L
M>U[W22ZJXZKUQ153/D-9K4:F")@B9$0#RIJ2GI8TC@C1C4R9.U?6I[(=````
M`````'#&_D7R?\39,;^1?)[@+;1^G0^KWGJ^L@95-I%=_>>U7(B>A/1CFQRX
M>H\K1^G0^KWGG4TE3)<(9H4;&QJ?W)D<NNK6KCLU;^54=C]P%<=53RPK/'(U
MT*:V,F/P_`JH[V*AY=5MVHR3S#-1[E:U<>U4[4)$HK@E')0N2+5G=-C(U78,
M;*KWID=V_$J)ZCSDM%;(LLCGQ))4M?',B([51LB1MQ9Z57"/T@:<592S3/@B
ME:^6/\[$7*AXW?\`P)?E_%#RH[=-!4K)(YCHF)*V+51=94FDVJZWHR+F%UIH
M6T,JHU47)_4N=/M`T@1=)I<\G$=I'2:7/)Q':0+01=)I<\G$=I'2:7/)Q':0
M+01=)I<\G$=I'2:7/)Q':0+01=)I<\G$=I'2:7/)Q':0+01=)I<\G$=I'2:7
M/)Q':0+01=)I<\G$=I'2:7/)Q':0+01=)I<\G$=I'2:7/)Q':0+01=)I<\G$
M=I'2:7/)Q':0+01=)I<\G$=I'2:7/)Q':0+01=)I<\G$=I'2:7/)Q':0+01=
M)I<\G$=I'2:7/)Q':0+01=)I<\G$=I'2:7/)Q':0+01=)I<\G$=I'2:7/)Q'
M:0+01=)I<\G$=I'2:7/)Q':0+01=)I<\G$=I'2J7/)Q':0+00]*I<\G$=I"6
MND7'!TBX=O\`<=I`N!#TJESR<1VD=*I<\G$=I`N!#TJESR<1VD=*I<\G$=I`
MN!#TJESR<1VD=*I<\G$=I`N!#TJESR<1VD=*I<\G$=I`N.$?2:7/)Q':3BVJ
MD1%572(GI7:.T@6A3YZ>LLD3G1M?-*]N3!CWJF/KQ/&*@NE=C40JZFA_^.-[
MW*KD]H&A=ZVJ2HAH*!V%2]=9RX8X-^T\=?\`<LN-.L;(E1/BJ/1A_MRG;98I
M&K)-<%59W+@W5>N1/6AH=)I<\G$=I`_-JMC;?$J*NTG>N,DF==!>1=)I<\G$
M=I'2:7/)Q':0+3\2QLEC='(U',>F#FKZ4)>DTN>3B.TCI-+GDXCM($ENL3**
MK?.KMHQ,D#5[6HN?$U%B8KT>K45S>QRHF*?>3=)I<\G$=I'2:7/)Q':0+#I%
MTFESR<1VD=)I<\G$=I`M!%TFESR<1VD=)I<\G$=I`M!%TFESR<1VD=)I<\G$
M=I`M!%TFESR<1VD=)I<\G$=I`M!%TFESR<1VD=)I<\G$=I`M.*1])I<\G$=I
M.+:J7/)Q':0(J7^U^XZIG9MHT<G=H-H^=N5%#1W&EFQ?L95V<BZRZV/_`)&K
MTJESR<1VD"TP:R:>\5BT%*N%'&O_`&)4]*IZ$4_%VBBB='14:R+5S*F']QRZ
MK<ZY2ZDL=+!"C%5^O_6YKU;BOW*!V:P6Z:-C%C5BQHB(YJX*O_EG-"-C8V-8
MQ-5K4P:F9$)>DTN>3B.TCI-+GDXCM(%H(NDTN>3B.TCI-+GDXCM(%H(NDTN>
M3B.TCI-+GDXCM(%H(NDTN>3B.TCI-+GDXCM(%H(NDTN>3B.TCI-+GDXCM(%I
MPBZ32YY.([24P0,@9LV8ZO;\2JY?:H'H8W\B^3W&R8W\B^3_`(@6VC].A]7O
M+".T?IT/J]Y8!T``<([O_@2_+^*%A'=_T^7Y?Q0"T```````````````````
M````````#@'0<`'0<Q`'3@/&IJZ>EB62=Z,:F?M^Y`/8GJ[A1T;<:B5K/]O]
M2_<9;KW75;%2WT;UQR-D=V)]I[4-BB8OF*W_`+%4_*YSLK47[`)_,W2[NPHL
M:6C[-L[\SC\TK9+-<TIYI%DIZI$U97?Z_M-]&HU$1$1$3L1,A+<;=%<($BD5
M6*BZS7M[4`)<Z'S/E=LW:YL<F.;'.>E764]'$LD[T8B=B>E?4A"O[<MRT^Q1
MBI)V[;'X\<Y^:;]NT['))5R.JI&]FLOPY/L`\6WJYR(L\5`KZ9?R.RZV!^O_
M`++#J:OEY$J5R-A5.U?6;2(B)@B8(G8B'%C8KD>K45R=CL,OM`Q6W#]P-;K.
MH4?K+D3'!40[YG]R+B_RT:-]#<<IMG0,3SG[A7#_`*;$Q^W\3GG?W$Q%5]&R
M3'L1%PP-P`8:4%[K%UZJI\NQ>R*/M0X[]N2X:C:Z58U7XVN]*>TW0!+2V^DI
M8TCBB:B(GYE1%5?6I2AT`````````````````````````#AT`9E_IUGMLBM_
M/%A(U?\`Q,]ETK[DD5+;O[;FM3S$Z^A>S(?0O:CVJQR8M<BHJ?8IXT=%3T46
MRIV:K<<5]*KC]H$MNM#:25U1+(L]0],%>[T>HT40'0````````````````.&
M-_(OD_XFR8W\B^3W`6VC].A]7O+".T?IT/J]Y8!T'Y5[4<C%5-94543TJB?_
M`).@".[_`.!+\OXH6$=W_P`"7Y?Q0"TX``!+5W*BHT7;RHCD_H3*[V&>[]R1
MR*C**GEG>[\N353W@;0,1'_N>1NNUD47I1KL,?5Z1U&_*JPI0HDJ=K\?A]?:
M!MG&O8['5<BX=N"XX&)TJ[5N#J^K6-N[BR8>S(?I?VU&Q,::IEBD]*XXHOK`
MVL08,MIN-%A54E2^>5GYXW]CDS(AUL]]N6"0M2AA3(Y[D765?L1<H&[B#Y^2
M&ZVA_FUE6L@7_P!]J]J?:AM4E5%5P,GB7%CTQ]7V*![@X`.@X,4``_,DD<;5
M=(Y&-3M55P();_:HUPVVLN."ZJ*N`&B""&]VN9=5LZ-7,[X?Q)I_W%"DJQTL
M$E7J_F=&BX)W*!L`Q5NUUJ,E'0.;G=+D_'`YY7]R3XK)4QPHO]+$[/9@!ZUU
MWE95)1T$25,Z99,S?6>+;O<**3"ZPX12+\,D:8HW[%+K9;&4$:XKM)Y%QEE]
M+E*Y(HY6*R1J/8[(K5RH!^/-TRT_F4D;L<,=?'(9;[_).[9VRG=4.QP5[D5&
MG5_;5+M]9'N2F5=9:?')CZS6BABA8D<3$8QO8C<@&/Y&]UW^9.E/$O\`\<7:
M>D7[;I&2MDDDDF1N75>N*8_::X`XUJ-1&M3!J=B)V(?HX`.@X`.@X`.@X`.@
MX`.@X`.@X`.@X`.@X`.@X`.@X`.@X`.@X`.@X`.@X`.@X`.@X`.@X`.@X`.@
MX`.@X`.@X`.@X`.@X`.@X`.@X`!C?R+Y/<;)C?R+Y/\`B!;:/TZ'U>\L([1^
MG0^KWE@&-54SI*^H:V*1S98E29^#<B.;@FQ=CVKAV+D)9+?5N@;&E,Y6HV5L
M"?`QT<CM39R/:UVJF&#NP^BP4_0&/;J6ICKY)'Q.9DE265514E5TFM$J95_*
MS(>EW26.WRNDFQ:F&353.AID5X:CK?*CDQ3X<GWH!ET]3^X:U%EIG,9#C@Q9
M&HW63.F13]O=^Z?R8,76R*]J-^''TFZUJ-1&M1&M3(B)V'Z`PJ?]NR1/V\DS
M99URJY[-?+]Y>E+7IV5#$]4:%P`CV%QYEO#0;"X\RWAH6`"/87'F6\-!L+CS
M+>&A8`(]A<>9;PT&PN/,MX:%@`B6GN"I@M0Q47(J+&F"F*^.X625VS<KZ25=
M9SFMQ1B^H^F.*U%3!4Q1>U%`RJ>N=4IC%<(\5_I<Q&K[%4]I754+->6MC8S.
MK$TG*BPVVH766+9N[=:-=7\#R9^VJ!K]9ZOD:G8QSL@$+[U<7R.2CQJ8H_S2
M-C_`1W6[5DB0T/Q._P#D>YB-1BGT$,$4#$CA8D;$[&M3!#]M:C<<$1,<P&$[
M]N5,[MI5U:R/7M3!</5VE,-E="B)&Z),/2L2*OM4U@!CS6';I@]T7K;&C5]J
M'M3V^JI8TB@F9&Q/0D:=ZFD`(]A<>9;PT&PN/,MX:%@`CV%QYEO#0;"X\RWA
MH6`"/87'F6\-!L+CS+>&A8`(]A<>9;PT&PN/,MX:%@`CV%QYEO#0;"X\RWAH
M6`"/87'F6\-!L+CS+>&A8`(]A<>9;PT&PN/,MX:%@`CV%QYEO#0;"X\RWAH6
M`"/87'F6\-!L+CS+>&A8`(]A<>9;PT&PN/,MX:%@`CV%QYEO#0;"X\RWAH6`
M"/87'F6\-!L+CS+>&A8`(]A<>9;PT&PN/,MX:%@`CV%QYEO#0;"X\RWAH6`"
M/87'F6\-!L+CS+>&A8`(]A<>9;PT&PN/,MX:%@`CV%QYEO#0;"X\RWAH6`"/
M87'F6\-!L+CS+>&A8`(]A<>9;PT&PN/,MX:%@`CV%QYEO#0;"X\RWAH6`"/8
M7'F6\-!L+CS+>&A8`(]A<>9;PT&PN/,MX:%@`CV%QYEO#0;"X\RWAH6`"/87
M'F6\-!L+CS+>&A8`(]A<>9;PT&PN/,MX:%@`CV%QYEO#0;"X\RWAH6`"/87'
MF6\-!L+CS+>&A8`(]A<>9;PT&PN/,MX:%@`CV%QYEO#0;"X\RWAH6`"/87'F
M6\--)[P-F:S"9Z2/Q_,B:N3U'J`.&-_(OD]QLF-_(OD]P%MH_3H?5[RPCM'Z
M=#ZO>6`=``'".[_X$OR_BA81W?\`P)?E_%`+0```````````````````````
M````````````````````````````````````````````````````````````
M``````````````````````!PQOY%\GN-DQOY%\G_`!`MM'Z=#ZO>6$=H_3H?
M5[RP#IS%#IEW:=87P*LNJS6Q6%JHV2145JIJ8HN.&8#3Q0CN_P"GR_+^*$EN
MJYYJY\;Y5DP299(E1$V2LD1D:)@B+\3,N4][DM1)12M2'#)CCK)Z%Q`T00>:
MN?))Q6CS5SY).*T"\$'FKGR2<5H\U<^23BM`O!!YJY\DG%:/-7/DDXK0+P0>
M:N?))Q&CS5SY).*T"\$'FKGR2<5H\U<^23BM`O!!YJY\DG%:/-7/DDXC0+SA
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M8N"_W&]J'Z\U<^23BM`O!!YJY\DG%:/-7/DDXC0+P0>:N?))Q6CS5SY).(T"
M\$'FKGR2<5H\U<^23BM`O!!YJY\DG%:/-7/DDXK0+P0>:N?))Q6CS5SY).*T
M"\$'FKGR2<1H\U<^23BM`N!`ZLN3&JYU$F#4Q7^XT)5W-4Q2B3!?_P!C0-`$
M'FKGR2<5H\U<^23B-`O!!YJY\DG%:/-7/DDXC0+P0>:N?))Q6CS5SY).*T"\
M$'FKGR2<5H\U<^23BM`O!!YJY\DG%:/-7/DDXK0+P0>:N?))Q6CS5SY).*T"
M\X0^:N?))Q6GY?6W%F&M1?F5&I_<;VJ!H'2#S5SY).*T>:N?))Q&@7@@\U<^
M23BM'FKGR2<5H%P(DJ;EZ:+V2-*H72/C1TK-F_TLQ1V'WH!^S&_D7R>XV3&_
MD7R>X"VT?IT/J]Y81VC].A]7O+`!^71M<K7*B*K%Q:N9>S)]Q^S@'Y_]*?F9
MFUB?&BX:Z88F3)53MKIFQSO=,R=K64N":BQ*QBN=^7')BJXXGG#=JV6&-TKX
MX4>]K7S*W6V:JUSG-5J+_J1&HJ@;V*#%#$NE7<&+$L:/B<NLUD;',5TCT5NJ
MJIEQ;ACD[3]VRIK)+A-%*]TD;$?K+BU6-=KX,1FJB*GP]J*!L@``````````
M``.#%`?.0W*K92LFBF=52;-'5*2(F$+]9C<F#6X9%=D7,!OOCUI(WXX:BJJI
MGQ3`],4,>"XU<DL37JQ-9BO8Q$15G^)R(C78X-^%J*?E:NI6Y:CY7PKKHCJ?
M!%:V'8:ZOQ1/1)DQQ`VL4.F?:)TGI%=M5FU99&H]W:J(]=7T)Z#0````````
M````<.D=VEDBM\TD3EC>U$P>W*K45R(JIV^@"O%#S:S"99,>U$3#U&))<ZN!
M=6GDV].KU2.HEPRJC$=JZWPI^;(6TM;523RM<U'JQ^JL+<&NC;O%<Y?B1?L`
MTL4&*'SB5M6^GF7S:QOU6JKWKJI'-K.QBR,7)JX+AWF[2R++!%(J*U7M151R
M8+CAEQ`]P``````````.'3B]@#$8F;=9MD^E1U0^FC>]R2/9ACD8Y6HN+7>D
MAZO<V?"L;7.2/61')JN>W%W]SMS(BX`;D+%C1R*N.+E7VGIBADOK:KI\DL3D
MJ51BJE3&B,;BF'PZBJJXDL574K5TR-J730.D=&UF*(^5BJFK*[!F5$RHO8!]
M!B=/RG:?H```````````.#$*8UPJ98ZZ1C*A[)&PQNIZ=J(K99%<]%1<6Y<<
M$3M`UY6Z\;F8X:R*AUB:K4:OH3#$P>KURO<U^S@8CU8^14UMC@KD36;CBNM@
MA[U=7/C$V:1]+"K7*E1'JKM7HB:N"8.P1<JX*!L8IV`RZ'S<M8U\DLB-9"U:
MB%V&HDTB(NJWX47X<%QR^DU$`Z``````````!PZ<4!BAYS,VB-RX:KD=[##D
MKZJ)\[H)7U$S)I6NIG(BL9$WL=D:G9Z\I[4ESJIYHV2/C:U[5<S!,=NN+OA1
M<<&JB(!M(J#$P*ZMKM:;9O=3534;Y6F75<UZ*GQ.>J(N.&7L7T%ECGJ)XYW2
MJ]S&O1(G2*URJFHW6P<Q$14UL0-0````!PQOY%\GN-DQOY%\GN`MM'Z=#ZO>
M6&-;^J^4BV"0K%A\&NJZV&/V(4XWS-3^UV@#0!GXWS-3^UV@8WS-3^UV@"_!
M0B*08WS-3^UV@8WS-3^UV@"_!1@08WS-3^UV@8WS-3^UV@#0!GXWS-3^UV@8
MWS-3^UV@#0!GXWS-3^UV@8WS-3^UV@#0!GXWS-3^UV@8WS-3^UV@#0!GXWS-
M3^UV@8WS-3^UV@#0!GXWS-3^UV@8WS-3^UV@#0.8$&-\S4_M=H&-\S4_M=H`
MOP48*08WS-3^UV@8WS-3^UV@"_`Z9^-\S4_M=H&-\S4_M=H`T`9^-\S4_M=H
M&-\S4_M=H`T`9^-\S4_M=H&-\S4_M=H`T`9^-\S4_M=H&-\S4_M=H`T`9^-\
MS4_M=H&-\S4_M=H`T`O89^-\S4_M=H&-\S4_M=H`O1%&"D&-\S4_M=H&-\S4
M_M=H`OP4(A!C?,U/[7:!C?,U/[7:`-`&?C?,U/[7:!C?,U/[7:`-`&?C?,U/
M[7:!C?,U/[7:`-`&?C?,U/[7:!C?,U/[7:`-`&?C?,U/[7:!C?,U/[7:`-`*
M9^-\S4_M=H&-\S4_M=H`OP48$&-\S4_M=H&-\S4_M=H`O5%Q4(F!!C?,U/[7
M:!C?,U/[7:`-`&?C?,U/[7:!C?,U/[7:`-`&?C?,U/[7:!C?,U/[7:`-`&?C
M?,U/[7:!C?,U/[7:`-`&?C?,U/[7:!C?,U/[7:`-`&?C?,U/[7:!C?,U/[7:
M`-!3F!!C?,U/[7:!C?,U/[7:`+\HP4@QOF:G]KM`QOF:G]KM`&@@,_&^9J?V
MNT#&^9J?VNT`:`,_&^9J?VNT#&^9J?VNT`:`,_&^9J?VNT#&^9J?VNT`:`,_
M&^9J?VNT#&^9J?VNT`:`,_&^9J?VNT#&^9J?VNT`:`4S\;YFI_:[0,;YFI_:
M[0!?@HP(,;YFI_:[0,;YFI_:[0!?@IU$,_&^9J?VNT#&^9J?VNT`:`,_&^9J
M?VNT#&^9J?VNT`:`,_&^9J?VNT#&^9J?VNT`:!C?R+Y/<48WS-3^UV@SO^_U
/C_X_-ZO9EV>KAG[0/__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>c68736005_v1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c68736005_v1.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````/```_^X`#D%D
M;V)E`&3``````?_;`(0`!@0$!`4$!@4%!@D&!08)"P@&!@@+#`H*"PH*#!`,
M#`P,#`P0#`X/$`\.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-#`T8$!`8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\``$0@!/`*\`P$1``(1`0,1`?_$`)```0`#``,!````````
M```````$!08!`P<"`0$`````````````````````$```!0$"!PL'"@4"!`4%
M`````0(#!`41!B$2$Y15%@<Q09'14I+2DQ14%5%A(E/39"=Q@;$RPB-SA#9&
MH4)RLR1B,\&"-!?AHD.#=/!CHT0E$0$`````````````````````_]H`#`,!
M``(1`Q$`/P#W*Y]S[M3;M0)4JGM.R'6B4XZLK5*,]TS`7.H=T=%L\T`U#NCH
MMGF@&H=T=%L\T`U#NCHMGF@&H=T=%L\T`U#NCHMGF@&H=T=%L\T`U#NCHMGF
M@&H=T=%L\T`U#NCHMGF@&H=T=%L\T`U#NCHMGF@&H=T=%L\T`U#NCHMGF@&H
M=T=%L\T`U#NCHMGF@&H=T=%L\T`U#NCHMGF@&H=T=%L\T`U#NCHMGF@&H=T=
M%L\T`U#NCHMGF@&H=T=%L\T`U#NCHMGF@&H=T=%L\T`U#NCHMGF@&H=T=%L\
MT`U#NCHMGF@&H=T=%L\T`U#NCHMGF@&H=T=%L\T`U#NCHMGF@&H=T=%L\T`U
M#NCHMGF@&H=T=%L\T`U#NCHMGF@&H=T=%L\T`U#NCHMGF@&H=T=%L\T`U#NC
MHMGF@&H=T=%L\T`U#NCHMGF@&H=T=%L\T`U#NCHMGF@&H=T=%L\T`U#NCHMG
MF@&H=T=%L\T`U#NCHMGF@&H=T=%L\T`U#NCHMGF@&H=T=%L\T`U#NCHMGF@&
MH=T=%L\T`U#NCHMGF@&H=T=%L\T`U#NCHMGF@&H=T=%L\T`U#NCHMGF@&H=T
M=%L\T`U#NCHMGF@&H=T=%L\T`U#NCHMGF@&H=T=%L\T`U#NCHMGF@&H=T=%L
M\T`U#NCHMGF@&H=T=%L\T`U#NCHMGF@&H=T=%L\T`U#NCHMGF@&H=T=%L\T`
MU#NCHMGF@&H=T=%L\T`U#NCHMGF@&H=T=%L\T`U#NCHMGF@&H=T=%L\T`U#N
MCHMGF@&H=T=%L\T`U#NCHMGF@&H=T=%L\T`U#NCHMGF@&H=T=%L\T`U#NCHM
MGF@&H=T=%L\T`U#NCHQGF@(.I%U/&,CX:UD\AC8N+Z-N-N_*`E[/_P!(4W\(
MOI`:$```````````````````````````````````````````````````````
M```````````````````````````````````````````````````````````5
MG[C_`"OVP$'9_P#I"F_A%](#0@``````````````````````````````````
M`````6D``````````````````````````````%I6V;X`````````````````
M``````````````````````````*S]Q_E?M@(.S_](4W\(OI`:$``````````
M`````````````````````````````'BEUMI%^E4BY]X:N_3Y4&]$UB"=/9:4
MS(:[0O)I<;5C&2R;^LJTMP!O?^YUVT5]FCR&Y<1<M_L<2=(C+;B/2;<4FFWS
MP*69X"+?`81B^][-94155)79E7R=I>3-#?\`T1-$I#-N+;9;AQOK><!ND;3K
MN%>!FD/MS(BY;YQ(<R1&6W$?DI,TY)M\\"EF96$0#(WXVQ0%S(-(N],D-SCK
M<>`_+3',XKA)6:)4=#RR-!J296*_@`T$F_=$H5?O`FHU23(9BO0(YT_LZ,G%
M5,3BMDVM)$I9+45JK3]$!;U3:#=JE2*TQ.><:\!C-3:BLT&:4,OF:4J29;N%
M)V@*).W*X.,J,VY,=D+23E/8;BNFY.;5AQXB;/O4IWSP`-?=J\5+O'18U7I;
MIO091*-M9D:%$I"S0M*DGA2I*DF1D`SFRN]LZOW.?K-8=;0ZS-GLN.D1-H2U
M&D+0E2M[`A&$P'-$VLW,K558ID1U]*Y:EHIDUUA;,:8;>%?973P.66?.`Z*;
MMHN-/J$6%'E/*.6\<-$U3"TQDRDJ479W'3]%+IXIV)`5VU3:Y1KOTBOTR%)D
M)K\""MU,QF.;S,60XVHXY/+(C0A2U%@(R`6<S:A0J!`I+%67(FUB5`;F/Q83
M!R'TMDV1N/N);^HBT]W@`2:GM;N1`BTN2<M<INMM*>I"8K2GE223NH:2DK37
MY@%S=:\])O-1V*O1G3=@/8Q&:R-+B%H/%6VXE6%*TJP*(P'F!;1]H#-"J=[W
M9%/<I%.JLJ`='-I2)#C,62;'W;N/A=5BVD6*`L+E;2[Q3=IE8N_6LCX.Y+EQ
M+ON-H-+B7H1FIUEX[<)Y$L<C`?5.VF7AJ.V5F@L$T5TW4S8\=9H/*NR8"2)]
M9+MLQ$NXR/FM`6NTN]=?I%>NM2J7.ATQ-;>EHE39R"6A"8[).))-JD%:HS\H
M#YD7BDP9EUDU*\!RY<LY[F3I<=M<>>AALEXAF9K-.32>#%/"8"YHVTBZM:J5
M-@4MU<J35(:J@C$0>*TPA6)_D'_Z:S61I))X;2/R`*VJURLO[2VJ53E*.%0J
M0Y4JI':L(Y+TE:FX;.$C/T>SN'N[Y`,[LQK-Y+QUL[S'7X;STM*8E8NR:%(7
M!:C./&A*$&K&)[&<]-2B]+YB`:&I5634]JD6FL2EQZ1=B`NH5I2',1M;\L\G
M&;=WC2AMIU9D?F`=]#VO7+K-78I<)Y]"YQN%3)3[*VXTQ3/^XF*ZK`X:2(]P
M!&<VB0[QG6;LTAJI4N\;=-DRHIRHRF+,0R:;=2:K;;7%%B^4K0%YL_O"5X;G
MT>KF=KLJ.67/_P"X@S;<M\^.@!HP````````````````````````````````
M````%9^X_P`K]L!!V?\`Z0IOX1?2`T(`````````````````````````````
M``````````/--DFR>EW8N_2'JG3D:T1&5-NR#>=DH:6HSQC9)Q2FVL8O5I(!
MG%[.MH,RM4QZJM*FR:=>)FI.UARI/&RY!:D&M"&X%I,(6AJQ/U;?.`GL;.KW
M%>-,Y<=GLQ7N=K-IO%C=B6T24KLQ?KV_R?Q`0/\`MYM#EUFD/5=I4V53:^FH
M2:PY4GE,NP4NK-M+-/MR#:T-*2GZMN#=`&MGNT1BBT^Z;4"(JDTF\!U1JJJD
MVN/Q%RG9-F1Q?0<3EK#M,[0%A>_9Q>RJ52^$V$VQ_G/4J524K=LRRJ>7WC;F
M#[NVW`>$!'J]Q-H-=;OU-EP(L25>.F1(M-A)DY3$6PM9J0ZYBD5N'&QB+?LL
MP`-0W=:NE?.Z%5R:$P:/29$*H*RA6I==2R1$A-GI)M:/"5@"3LGNY4[N78?I
MU3;0B2Y49\Q.342R-J3)6ZTHS*S":3W`&2NG=*_D2Z%5N/4:,VW3JJ[4R.M-
MS4*-MN<MQ3:NSY.T[,<K2Q@$JF78VAU%VZ%,K=-ATZGW3?:DN5!B1ECE'&94
MPT3;.*DVL9*K58RC`0(.S*]K.S6+05LL%46KP%4W4&\1M]F*;E\;'Q=W$+ZM
MFZ`^[P7%V@L)O[2J+"B3X%\\I(CU%Z03*X[CT<VELN-XJC6FTBQ3(\%NX`GM
M78OU=J]*Z[0J9%K)U"C0Z=,CO22BKCR(*#2A25FE>4;7C'C%@,!TW0V87DH-
M9N.X[D7H]&C5$ZN\A=A)D3B-1)90HC,T$H[-T!K-FEW:I0*34XM10E#\NKU"
M<@D+Q_NI3ZG&S,["PFD\)`*&X6R2ET]R54[PTY$FM*JTV?&6IYQYI"'9"G([
MA,*5D4N$BS"2,:W?`5%0V:7U\,O+)IR8[%X-8G:Y=E]3I*2:5&16.6E8C'1:
ME23M`6M&V<U>EWLN1+82ARG4.FS6*E(4X1N')E$2C42;/2QEVF9@+._MQUWE
MO7=&2_"C5&BTM^:NI1YB4.HQ7F4H;L;<2I*S)9?,`Z;RW*F,WENA.NS2XC-/
MN]XBXN"SB16R5)92ELDI2G%]):3ML(!4[,]GEY+H7HE5)]N,\Q>=HY5X#;-*
M5Q*@EQ2R0SBI3E&%)<LP[BB-7\P"R<)ZC;9I;J4D:;S41I-/4X=B%2J8ZZI;
M=N]:B4@^$!G%1Z]>6^$:LR[MQ[LRKI3C=K=?;=2M^2RW'QE1FL1M"G6G$K09
MXYJ(K+-T!H+C4%ZN7)O#.E6QIM]5S'34X5JFV'6SC1RL/#8EM)*L\X"KIET=
MH,]BZ%$K--B0*9="0B6N?'DY1R8N)'<CQT-MXI9(G"=QEXQGN`)%UW+Y7?UF
MKE[:*TP](:D39=8;FI?+)1D*.-&0SB)-*4IM_FW3\X#2;(*2[2MG%#BO%BNJ
M9-]23P6=H6IXMWS+`;$````````````````````````````````````!6?N/
M\K]L!!V?_I"F_A%](#0@````````````````````````````````````,)6]
MKEW:76JA25PJG*72LF=3F1(AOQXZ72QBQU)5;]4MY)@-;1JM3:Q3(]1IDA$N
MGR4DY&D-':E2#PD=N[\I&`G`````**!>B-*O;4KNI86F13H[,AV29EB+)XS)
M)$7E+%`7H!Y@%97Z]2Z#2W:G4W39BLE8HT)4XLS/ZJ4I22E*,P%33=H]UIER
M&KYJD+AT-Q*EDY)1B.%BNJ9Q3;+&/&-:;"26$!U43:A=>J^(H=.12)%*9[7,
MCU)HXSJ8MF,4@B,U$ILRWR^<!T47:M=.KU!4$UR("U,*F0W)S*HS4J,@K5/Q
MUF?I(26$[;#\P#B[^U>Z=9JT>EL=J85-)9TN9+84U'G$U];LSAGZ=F[A(L&X
M`TM2KM+I\^G0ID@FI-4=4Q`;L/[QQ+:G%)YB#,!8@(E6JU.I%-D5.I/IC08B
M#=D/K^JE"2M,S`4MUK\TZ\LAUF/`J$,VD$\TY.CFPAYLSL);2K3M+Y;#`:4`
M,R(C,]PL)@*ZA5ZDUV`BI4M\I$-U2T)<(C(C4THT+W2WC38`L0`[;,&$P&=K
M=[(M,O10*$[&6X]7NU):>(R)*"BH0M6,5AXV-E,`"[>BQ'G&5.L-N.1U8S"U
MI29H599C(,R/%.P[,`#N4E*DFE1$:3*PR/"1D`ZW5-L,FL_0990:CL+<));Q
M%Y@&6H&TV[E:KIT)+4R#4S:5(BLSF#C]I90>*IU@S,R6DC/Y?,`KU;7+A5&H
M%2'VWWJ?*D^'M5)^-;37Y1'@82ZJU*E8Q6%Z-EN^`MJ;M#NQ/OC(N?!-URI0
M8ZY#ZB:-+"$LK0TM"5G9C*2;J<"2L\X"#>#:U=.C5*33Y':WO#R2NKS(C"WH
MT))F5G:7$V8N#">*1V%N@-A&>8?:;?C+)QAY).(<2=J5)45J33\H#N``````
M````````````````````````````%9^X_P`K]L!!V?\`Z0IOX1?2`T(`````
M```````````````````````````````#R:[][;M7?VB;1':W5(T!!.P7"0\X
ME*U)3'4:C0W]=?\`RD8#"M+JL>B7?:<__BW5O%6*I.2W-4_#:0T\:EPF7EQU
M-N,I7;C)(U)P[I@+-XW84*ATFJWE;DW(J-8>;G2Z<^^345"&34S#5-4MQW)+
M>L],W/-C`)-[IE+1,NU1:)5VV[FN+EH<F3I4LXJY3=I)85,0XV[Z.ZBUVP_*
M8#HDP*FBF71I:KRG,A3KQN,-/TN0Z240E)]*'VA:EK=).YC&9GY]\!5WAN^W
M`I^T_L]2J2&;H&R]=YLY\E797'(S<E9VFO&<(UK/`X:BLP`+&J:GU+:%4Y5[
M:H[3\M=V`^T;<EV$AQU39K4LG&3;M6DS]%!G\Q@*^)5KR5*'<Z#>F>F'3WZ2
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M;N1=QNNTZ\!4B<B22J4THS;B1F%MD[*<):VT*L42,4L)F>X`O]MU$NU+O-<:
M975J8AG4'HLF2<I^*TEI<5U:<9;2VR09N)21*M(]ZW"`HISUVYE>OHF^]7E4
MM^DDE%VF4S'XZ4T\F?N9,9+3A=J6M7UL8EG;9@`;BDFS5=BT/_N"M3:95.05
M8<=)25EC8"6HDE:2MP]P!B*C?2],"F7EN[0:X5Z8\*D=OAUUA!+?B6K)&0>6
MU]V\X:#-2<0B45F$@'-WHCL?MU1I%YX+T1=%E*F4V%)ERG7G,F:FY!JD/.G'
M6A6Z2<4!672ETN2NX*J-69E5K]:;4S>EA4M]Q1P^S_?*?:-1$QDU?46E*3,_
MYC`0KMIBT+8S4I=V9*V:_P!L5$KA]HDO.1(B9BTK<5&-Q9M8J?YT)(U%AM`7
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MQW%J4ZI1EOG86`@'FE.K]%V@7C>O'$JD-'8X,ZFW0@&^UVIU^2FQ^4IO&QTV
MY%*6RW;,8P%$NOT:=L1H=T8+Z3O4_+A0V:6A)]I:E1JBV\\M;=F.V2$-K7CF
M5E@#62;R7=C[>(#3U7AH-B[\J,Z2GVTXLA<R,9-G:96.+Q;22>$!2Q+TT*A7
M:VF4FMR4,5-4VHN-P'#M>DHFLXL?(-F6,Z3A^B6*1^<!Z7LWI\VF7#H%/GI-
M,UB$RA])[J5$FVP_DW`&E``````````````````````````````````%9^X_
MROVP$'9_^D*;^$7T@-"````````````````````````````````````=MF#=
M`5<B[5W)<U-0ETB&_/*PRE.QVEND:=S[Q235@WL("=,@PIL9<6;';E17"L<8
M>0EQM1>125$9&`C-T&AHIRJ8FFQ44U5I*@I9;)@R\[>+B?P`<OT2C.TTJ:Y3
MHSM.21$F"IELV"(MS[LRQ,'R`#-$I3+;+3$)AEF*=L5I#2$I:5RFTD5B3\Y`
M/M5-@NMR4NQ63.61%+M;29.V$2?O",O2P%86-O`.J50Z+-;)J;38\E'HJQ7F
M6W$D;?U,"B/ZO\OD`=E0I5+J,0HE1A,S8V!60D-(=;(T[AXJR4FTOD`&J;36
MD,9.(RUV1.+%Q6T$39*+"3=A>B1[]A$`YFTRFU",<.H1&I<96%4:0A+K:CW;
M32LC([`$:/=>[##<AJ/1X3+4HB1*0W':2ETBW$N$22)1%YP$F+2*3$@^'Q83
M$>!89=D::0AFQ6Z6321)P_(`XIU%H],87'IL"/"CN&:G&8[2&D*,]TS2@DD9
M@.*91*-2R=*F4^/`)Y6,\49EMG'5RE8A)M/#O@/J?3Z?4H_9I\-F9'4=JF)+
M:7$'8>[BJ)20'5(HE"FN1GI5.C/O12_Q%O,-K6T1>K-1'B?,`FK9;<:4TZA+
MC:RQ5I41*)2?(9&5@"/3:12:6RIBFPF(+*E&M349I#*34>ZHTH))6@($FZ%!
M.GU&-`@QJ>[4FG&I$B,PVVM6429&I1H21JW=\!\74NC1[NTZ+&B1VE2V([<1
MZHDTA#[R&2Q4Y59%C*W-\P$]FCTB/*D26(,=E^61%)>;90E;I;A$XHBM7\X#
MXB7<N[!8?9ATN)&8D?\`4M,L-H2Y_6E*2)7S@)*84++-O=F;)Z.DVV'30G&0
MA5EJ4*W4I.S<(!T'1J2MM3*Z>QDC)Q)MFTV:#)X[72L-/\]GIX,(#N:IE-9@
M%3V8C+<!*3041#:4LD@]U.3(L6SS6`(\:[MWHD-R'&I<1B&Z9*=C-,-H;49&
M1D:D)223PE;N`)RT-NMJ:6@E-*+%4E1$:5),L)6';@`546Y]THDM$N)1(#$Q
MH\9J0W%9;<09E9:E:4$HL`"4BBT=%074FX#"*BZ6*[,2TVE]166>DZ18Y\("
M*Y="Z;LE4EZAP')*UDZM]49E2S<+<6I1HQC47EW0$MZB4:1-9J$BGQW9\<K(
M\IQEM3S9>1#AD:D_,8":```````````````````````````````````"L_<?
MY7[8"#L__2%-_"+Z0%Z<F.EY+!NH)Y9&I#1J+&,BW3).Z=@#L(R/<,``````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````+2``%9^X_P`K]L!!
MN!^D*;^$7T@*BM1)*=H5.F1*>^_*<9)MU]Q)'$;C$HS<-+I.$I#WFQ#QOX@(
MMV7I-)NU(I4R[]34;\NI+BPS-E:W&7)#CS194I"DHQD.$DL=9`*"7=6O/TN(
M4>B3F#>6XIJ$<ALNP2%J0:'3,I*\9M*2,E&2E&:K3Q"M`:"YU"KT6],V5+AR
M(YJ>GG+G.NI<:E)=EK<AY)).*,B:84E.%";-S"`O;SOURF4>3-CS4FMLT$@E
M-D9>FHDGO^<!]>#WMWJXBSSQBZ8!X/>[3B,V+I`'@][M.(S8ND`>#WNTXC-B
MZ0!X/>[3B,V+I`'@][M.(S8ND`>#WNTXC-BZ0!X/>[3B,V+I`'@][M.(S8ND
M`>#WNTXC-BZ0!X/>[3B,V+I`'@][M.(S8ND`>#WNTXC-BZ0!X/>[3B,V+I`'
M@][M.(S8ND`>#WNTXC-BZ0!X/>[3B,V+I`'@][M.(S8ND`>#WNTXC-BZ0!X/
M>[3B,V+I`'@][M.(S8ND`>#WNTXC-BZ0!X/>[3B,V+I`'@][M.(S8ND`>#WN
MTXC-BZ0!X/>[3B,V+I`'@][M.(S8ND`>#WNTXC-BZ0!X/>[3B,V+I`'@][M.
M(S8ND`>#WNTXC-BZ0!X/>[3B,V+I`'@][M.(S8ND`>#WNTXC-BZ0!X/>[3B,
MV+I`'@][M.(S8ND`>#WNTXC-BZ0!X/>[3B,V+I`'@][M.(S8ND`>#WNTXC-B
MZ0!X/>[3B,V+I`'@][M.(S8ND`>#WNTXC-BZ0!X/>[3B,V+I`'@][M.(S8ND
M`>#WNTXC-BZ0!X/>[3B,V+I`'@][M.(S8ND`>#WNTXC-BZ0!X/>[3B,V+I`'
M@][M.(S8ND`>#WNTXC-BZ0!X/>[3B,V+I`'@][M.(S8ND`>#WNTXC-BZ0!X/
M>[3B,V+I`'@][M.(S8ND`>#WNTXC-BZ0!X/>[3B,V+I`'@][M.(S8ND`>#WN
MTXC-BZ0!X/>[3B,V+I`'@][M.(S8ND`>#WNTXC-BZ0!X/>[3B,V+I`'@][M.
M(S8ND`>#WNTXC-BZ0!X/>[3B,V+I`'@][M.(S8ND`>#WNTXC-BZ0!X/>[3B,
MV+I`'@][M.(S8ND`>#WNTXC-BZ0!X/>[3B,V+I`'@][M.(S8ND`>#WNTXC-B
MZ0!X/>[3B,V+I`'@][M.(S8ND`>#WNTXC-RZ0"=28-:C.N'4*@4Q"B+)I2T3
M>*9;MIXQVV@+0!6?N/\`*_;`0=G_`.D*;^$7T@-"`````SU_OTO*_J:_NI`:
M$MP@````````````````````````````````````````````````````````
M```````````````````````````````````````````````````5G[C_`"OV
MP$'9_P#I"F_A%](#0@````,]?[]+ROZFO[J0&A+<(```````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````%9^X_P`K]L!!V?\`Z0IOX1?2`T(```&,
M7EW?^`#/7^_2\K^IK^ZD!H2W"`````````4%]+SE=JB+J.3[0YCI;:8,[#4I
M9V;OF`6M+GHJ%.C34%BID-I<Q;;;+2W+0$H`````````````````````````
M````````````````````````````````````````````````````````````
M``````````%9^X_ROVP$&X'Z0IOX1?2`BU>KU>!>Z"3SBFJ!(0F.TI""<)<U
MY9DAMVP\HW@^JJS%\I@(S%[:HQ<2J5N<3+\^G.SF3)NU+2NR2G&$GAP[B",P
M%-/OM>F&Y,AY6*]*I*U+D2$HL*0V3;*R2E-OH'8]9:7D`6UV;V56HUU34HF5
M0GW*@F,VW_N,E3ICD3TE?S93)XWF/``DWWJJ'+N3&NS2",E-^DII:4X'$G@4
M96;P"9K<Z6#P6H]08!K>[H2H]08!K>[H2H]08!K>[H2H]08!K>[H2H]08!K>
M[H2H]08!K>[H2H]08#SS:C7I-<EPJ/'AR&51DN2I+#B+%V$DR(\6TSQ<6T[0
M&GN->UQ-T:8WX;-E+:9)M;S31J0HTX+4J+`8"\UO=T)4>H,`UO=T)4>H,`UO
M=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO
M=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO
M=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO
M=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO
M=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO
M=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO
M=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO
M=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO
M=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO
M=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO
M=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO=T)4>H,`UO
M=T)4>H,`UO<M(CHM1*W?R!@)])K:ZBZX@X$J(39$>/);-LE6[R;=T!9@*S]Q
M_E?M@(-P/TA3?PB^D!-7=RBOUIJN/0VU55ALV6I:D^F3:MT@$9BY=V(RVU1*
M8RRE*W7<1M!)1E'R^\6I.^:M\!VMW3NT4:*PFE1DLPG,K%:-M-C:]TU)\]H"
M3$HM+ASY$Z+"99ES#QI<AM))6X?E4>^`K;_?I>5_4U_=2`T);A````````6E
M;9O^0!YE=5HZ]>R]59<(S)MM5/C6X<5!D=EEGF(!8[&I&-=9Z&9VJA2WV[/(
MDU&I*?F`;P``````````````````````````````````````````````````
M`````````````````````````````````````````````%9^X_ROVP$'9_\`
MI"F_A%](#0@````,]?[]+ROZFO[J0&A+<(```````$2KRTPZ7+E*.PF65KM^
M1)F`Q^QN&MJZ:I;J<5Z?)>?.S"6(:K$%;\@"+LM2F'7KV4S"1MS2=2D_(:;%
M?Q`>B@``````````````````````````````````````````````````````
M`````````````````````````````````````````K/W'^5^V`@[/_TA3?PB
M^D!H0````&>O]^EY7]37]U(#0EN$```````#)[4JEV"Y-0<(C-;J4LI(MTS<
M416$`M;H4_PZ[%,AG]9J.@E?*96G](#)7?24':W78VX4V.AY)?ZC,E&?``]$
M````````````````````````````````````````````````````````````
M```````````````````````````````````!6?N/\K]L!!V?_I"F_A%](#0@
M*A^]-"8J3U.7*;3(BMF_,PEBLHLQK7#W$VD=I6@.A5_;F)C1Y2JS$*/*=R$=
MTW$XJW<'H%Y\)`)D&\E`G5*53(<]B14(1V2XK:R4XV9'89*(MP!`OZ9:KROZ
MFO[J0%\3S5A>FGA(!SEF>6GA(`RS/+3PD`^7)++;:UFLC)"349$9;A%:`S-Q
MK[(O*Q-6Y'*(Y$>R9IQB42DJMQ56^4\7"`U&6:Y:>$@'G>UJ6S*?H-#2LC7,
MEI<<*TC+)H.S#\Y@/06E,-M(;):;$)))82WBL`>=WC4BE;4J)6<>V-46CBNG
MO)7]1/\``P'HV79MLRB;=VRTMP!SEF>6GA(`RS/+3PD`99GEIX2`,LSRT\)`
M&69Y:>$@#+,\M/"0!EF>6GA(`RS/+3PD`99GEIX2`,LSRT\)`&69Y:>$@#+,
M\M/"0!EF>6GA(`RS/+3PD`99GEIX2`,LSRT\)`&69Y:>$@#+,\M/"0!EF>6G
MA(`RS/+3PD`99GEIX2`,LSRT\)`&69Y:>$@#+,\M/"0!EF>6GA(`RS/+3PD`
M99GEIX2`,LSRT\)`&69Y:>$@#+,\M/"0!EF>6GA(`RS/+3PD`99GEIX2`,LS
MRT\)`&69Y:>$@#+,\M/"0!EF>6GA(`RS/+3PD`99GEIX2`,LSRT\)`&69Y:>
M$@#+,\M/"0!EF>6GA(`RS/+3PD`99GEIX2`,LSRT\)`&69Y:>$@#+,\M/"0!
MEF>6GA(`RS/+3PD`99GEIX2`,LSRT\)`&69Y:>$@#+,\M/"0!EF>6GA(`RS/
M+3PD`99GEIX2`,LSRT\)`&69Y:>$@#+,\M/"0!EF>6GA(`RS/+3PD`99GEIX
M2`,LSRT\)`&69Y:>$@#+,\M/"0!EF>6GA(`RS/+3PD`XRS/+3PD`^DN(7]51
M*^0[0'("L_<?Y7[8"#L__2%-_"+Z0&A`8NLW6KU1JM5[.J/"@S8JF\IZ;AON
MJ02"R[*E9/[O%P*(K;+`%2G9M>7L9L'/BF<@UM2C<2^ZHHZ\3ZKCJU.+61MX
M#<,\&#>`75W+F5*EUE<F3)9=ALN3EP4MH4EVRHRERED\9GB^@IS%+%+Y0'U?
M:DPFKMRW4I7CFIO=<<,K3=(CP&JRS"`GZB75/#V$L/\`K7Q@&H=U>Y%SU\8!
MJ'=7N1<]?&`K[Q74NQ`H4Z840DJ886:%8Z\!F1D6_P"4P'G.S>F0%5Z-$JK9
M/LU:$4J)A4DDXRCL(K#+<R9\(#U-ZY=T([2WW8J6VFB-:W#6LB22<)G]8!B+
MB7:IMY:S4KP/Q<2C(5V>E,XRL)-GZ2[;;<!\(#=:AW5[D7/7T@&5VGW,I4>[
M#U0I\;$DQ'$/*,E&JU"<"R/&,["Q0%Y1;KW3J=)B3BAI5VEI+MN.L\)EAPV@
M)VH=U>Y%SU\8!J'=7N1<]?&`:AW5[D7/7Q@&H=U>Y%SU\8!J'=7N1<]?&`:A
MW5[D7/7Q@&H=U>Y%SU\8!J'=7N1<]?&`:AW5[D7/7Q@&H=U>Y%SU\8!J'=7N
M1<]?&`:AW5[D7/7Q@&H=U>Y%SU\8!J'=7N1<]?&`:AW5[D7/7Q@&H=U>Y%SU
M\8!J'=7N1<]?&`:AW5[D7/7Q@&H=U>Y%SU\8!J'=7N1<]?&`:AW5[D7/7Q@&
MH=U>Y%SU\8!J'=7N1<]?&`:AW5[D7/7Q@&H=U>Y%SU\8!J'=7N1<]?&`:AW5
M[D7/7Q@&H=U>Y%SU\8!J'=7N1<]?&`:AW5[D7/7Q@&H=U>Y%SU\8!J'=7N1<
M]?&`:AW5[D7/7Q@&H=U>Y%SU\8!J'=7N1<]?&`:AW5[D7/7Q@&H=U>Y%SU\8
M!J'=7N1<]?&`:AW5[D7/7Q@&H=U>Y%SU\8!J'=7N1<]?&`:AW5[D7/7Q@&H=
MU>Y%SU\8!J'=7N1<]?&`:AW5[D7/7Q@&H=U>Y%SU\8!J'=7N1<]?&`:AW5[D
M7/7Q@&H=U>Y%SU\8!J'=7N1<]?&`:AW5[D7/7Q@&H=U>Y%SU\8!J'=7N1<]?
M&`:AW5[D7/7Q@&H=U>Y%SU\8!J'=7N1<]?&`:AW5[D7/7Q@&H=U>Y%SU\8!J
M'=7N1<]?&`:AW5[D7/7Q@&H=U>Y%SU\8!J'=7N1<]?&`:AW5[D7/7Q@&H=U>
MY%SU\8!J'=7N1<]?&`:AW5[D7/7Q@&H=U>Y%SU\8!J'=7N1<]?&`:AW5[B7/
M7Q@)M+N_2J8ZXN$QD5.$1*/&4JTB\QF8"R`5G[C_`"OVP$'9_P#I"F_A%](#
M0@````,]?[]+ROZFO[J0%Z^^W'C./N'8VT@UK/S)*TP%;=B\M/O%3"J,$EI9
MQU-&EPL51*39NE\AD8"V`8[:S.3&N-4;%>D\26DI+=,U*+`0#,7GAG=^+<NL
M)L2BGI1&DJL/_;=)*SM^3%,!*OI>YB]'8[L77E(DKJ1XTR2T9FEME)EC$9E9
M8>^`]`H=)B4BDQJ=$1B,1T$A);YF6Z9_*8"<`BU:"B?39,)9$92&U-X=RU16
M$`Q&R2HO,09=UYA9.H49PR-!VX6E*M(R\Q;@#T$`````````````````````
M````````````````````````````````````````````````````````````
M`````````````5G[C_*_;`0=G_Z0IOX1?2`T(````#/7^_2\K^IK^ZD!(OA*
M.+=6IODK%-$=6'Y2L_X@,3L.FJ.G5"G+P9!Q#R2/?RJ<)ES2`>G@//MKSBG8
MU%IK9_>3)[6,18?NTGZ1_P`0&WE4R!,B)BRV$/L$1%B+*TL!6`(E.NM=^F2U
M2X$%J/(6G%6ZDO2-/DW0%J```#S:_<63=R],"^,)M3D95D>K(3;9B[RS(L&$
ML'R@/08$Z-/BM2XJR<CO));3B3M)23*T!(``````````````````````````
M````````````````````````````````````````````````````````````
M```````5G[C_`"OVP$'9_P#I"F_A%](#0@.#4DC(C,K3W"WP'-H``SU_OTO*
M_J:_NI`5^UJ4J/<*H&FVUU*6RLW?2/>`9RYC*:-M!*`:CLJ%+8?2G"7I$VA)
M^7?08#U0E$>X8#S>]3QU/:C0*:PDW2IB%R)1).TDY7ZIJ^3$`>D``````#HF
M0HTR.]&DMDXR\G$6D\)&1@/.;K2I%S+UJNM/791Y]KM)?</<6I7^WC'OGN6>
M4!Z8:B(R(SW=P!R`````````````````````````````````````````````
M````````````````````````````````````````````6E;9O@`"L_<?Y7[8
M"#L__2%-_"+Z0&A`>97FJ-19O+6T4A]R?6&J>M46*EMS&@F;:3+`>*TZ3F$\
M"L:W``IGJQ6?"V$-2YCC).J32)\=I])39!DVI.,AS'<0E-JD6+L*TCP@-%<R
MH5B1>N8V\]+6XAVH)J3#Z5$RT29:TP<G:DDV+C8I^B9X-W"`M[[HK!7<F&Z\
MQDU&V1$EM=I?>%9A-=F[Y@&9VHZR%1X4:HO1G6Y4ME#:(S:T*QK2Y2U6EA`0
MK[JKEW+P42MRW65*:;7'0MEM1))""(R2XDUEC;OE`?47:1?%B2S)J[;=/IU2
M)2H;[K*E-EB%:1>B:5>E_J`2=G]/O1/D5&],=V.EZH.J;)4AM:C4A%F%%AIL
M3N6;H#:9&_?>8'5.=,`R-^^\P.J<Z8!D;]]Y@=4YTP#(W[[S`ZISI@&1OWWF
M!U3G3`,C?OO,#JG.F`SU^[MWGJE$<<F.PW5P/\F,III:'4K06'%4:U%A^0!(
MNA4;Z5F[D&>S+AJ;=38>5:6I?HG9Z1DHB,P%SD;]]Y@=4YTP#(W[[S`ZISI@
M&1OWWF!U3G3`,C?OO,#JG.F`9&_?>8'5.=,`R-^^\P.J<Z8!D;]]Y@=4YTP#
M(W[[S`ZISI@&1OWWF!U3G3`,C?OO,#JG.F`9&_?>8'5.=,`R-^^\P.J<Z8!D
M;]]Y@=4YTP#(W[[S`ZISI@&1OWWF!U3G3`,C?OO,#JG.F`9&_?>8'5.=,`R-
M^^\P.J<Z8!D;]]Y@=4YTP#(W[[S`ZISI@&1OWWF!U3G3`,C?OO,#JG.F`9&_
M?>8'5.=,`R-^^\P.J<Z8!D;]]Y@=4YTP#(W[[S`ZISI@&1OWWF!U3G3`,C?O
MO,#JG.F`9&_?>8'5.=,`R-^^\P.J<Z8!D;]]Y@=4YTP#(W[[S`ZISI@&1OWW
MF!U3G3`,C?OO,#JG.F`9&_?>8'5.=,`R-^^\P.J<Z8!D;]]Y@=4YTP#(W[[S
M`ZISI@&1OWWF!U3G3`,C?OO,#JG.F`9&_?>8'5.=,`R-^^\P.J<Z8!D;]]Y@
M=4YTP#(W[[S`ZISI@&1OWWF!U3G3`,C?OO,#JG.F`9&_?>8'5.=,`R-^^\P.
MJ<Z8#@DWX49I3*IYJ3]8B;<M+Y?3`<Y&_?>8'5.=,`R-^^\P.J<Z8!D;]]Y@
M=4YTP#(W[[S`ZISI@&1OWWF!U3G3`,C?OO,#JG.F`9&_?>8'5.=,`R-^^\P.
MJ<Z8!D;]]Y@=4YTP#(W[[S`ZISI@&1OWWF!U3G3`,C?OO,#JG.F`9&_?>8'5
M.=,`R-^^\P.J<Z8!D;]]Y@=4YTP'&3OU;9VF!;NV9)SI@.<C?OO,#JG.F`9&
M_?>8!?\`M.=,!*H[M:[6^Q4Y<-U:"(TL1TFEQ)'OJ(U*P?,`MP%9^X_ROVP$
M'9_^D*;^$7T@-"`ZC;QE)7BECE@49X+2+_ZP`.Q)G9A`<X</\`&>O]^EY7]3
M7]U(#.[2+)-YKHTXR-1.2ENX-PLFDL)@-E5Z!2*N3"*C&*0EA>5;)5MA*+S6
M@/FNW>IM;ICE,FM%V91$2#3@4@RW#3Y+`';1Z9&I%*BTZ*E79XR2;;)6%5GE
M,!.```````!UR64O1W65?5<0:3^<K`&$V//&U3*K2%8%4R<XV2?]+GIE87DP
MV`-^````````````````````````````````````````````````````````
M``````.%*)*34>XDK3^8!Y/LMKJI%\ZZTITU-3UKDQT*,SL(EG8G":MQ%FX`
M]9``````````````````'"E$E)J/<+"9^0@&$N;M!>K=[*I2W,3LB"-=-<26
M%:4+-*R5_`P&\M*VS?`?#[S;#+CSAV-MI-2C\Q%:`\_V81GJC5*W>N0FPZ@[
MV>*9X3-IDS]+_P`Q%\P#T,!6?N/\K]L!!V?_`*0IOX1?2`T(````#/7^_2\K
M^IK^ZD!G:_BR]K5"C8Q'V2(IXR+#8:E*+#S2`>A@````````````/.KK$FF;
M4KP4XSL3-:1):3O6VXQ_P4`]%M*TB\H`````````````````````````````
M`````````````````````````````````@5Z<F#19TQ6!+##BS^9)@/%[HQC
MH<ZZ-:,L1JIN.QGS/>QE&DMRWR`/=P"TK+=X`M(```````````````&5VE5_
MPBZ<I;1_Y<JR-%21V&:W#Q;2^0!B*A057-*Z-80C"RK(552,!&;QX]I_\RS(
M!Z]EF\3*8WW>+CX_\N+NVV@/-;\[3*--HTRCW?=<F5*5_CI<:0K$1C*Q5&9F
M1&?S$`V]TZ0W1[NP:>A.*;#226G_`%F5JMWSF`M@%9^X_P`K]L!!V?\`Z0IO
MX1?2`T(#A2DIW=\`QTD=AGA(!S:5MEN$!F=I$I$:Z$UY=IXN(:$D1G:HEDI)
M8/.0"JV=7=FFIV]=;+'K54]))&5F29/ZJ;#W,'\`&[`````````````>>WPI
MEXX-]8=XZ)33GI1'4W*(EI3Z1^B16&>-]7S`+RY5\SO&W-0_$.#,@.DT]'4K
M&/"DCQMPM\S(!I@$&HURDTZ1$C3I*&'IZS;B(5;Z:R*TRM(K"W=\!.``````
M````````````````````````````````````````````````````&3VIS^Q7
M(J"L/WQ)8+%*T_O#LP`,K?.C*B[*Z,ZT1JD4THT@CL]+'41*6>#SF`]'HU6C
M5>D1JA%6EQN0VE9XAE@,R])/RD8#SG:+M`J2);D"[JUDFE+0]5);1$I)$1VF
MUC;V"VT!Z93)[%0IT:>Q_M2FD/(W["6DCL.S?(!)`````````````+2*W#N;
MH#S!Q1WYV@(0GTZ!=U5IG9Z+CY^?<.WZ,(#<7KN^U7J'*ICCF2RR2R3MEN(M
M)VI4`\SEU*_2(;=Q'V,6=(63#%1*TTJBENX?-RK=S>`>E7>NS2Z)`CPHS",9
ME!920:2-2E;YXQE;N@+@D$1VE@MPGYS,!R`K/W'^5^V`@[/_`-(4W\(OI`:$
M!E)M[GH-XI<:H$S!I4)@WB>?-Q*Y!8I*QF3-&2,D&>*HL?&MWK`%(UM-J[U"
MBU%%(90^M4MRH1')!VLL19*HQI0I+:B6]Z-II.Q-MOI'N@+F[U\I=2K+D-^$
MVS"<7+;I\A#IN.*\/D*C/&\C%)*#-:#-.*I6#=L/``7ZJ]/<NU+;2I2E$IO`
M;;A%Z+B3/":;-X!.*_5V2(BR[Q>;LDKV0!KU=GU[V:2O9`&O5V?7O9I*]D`:
M]79]>]FDKV0!KU=GU[V:2O9`&O5V?7O9I*]D`:]79]>]FDKV0!KU=GU[V:2O
M9`&O5V?7O9I*]D`:]79]>]FDKV0!KU=GU[V:2O9`&O5V?7O9I*]D`PU.KU)I
M.TV9+:<<*F5=@C4:F7B5E4GC>BV:"6?IFK"20&Z*_-VCW'WO)_TLKV0#RK:-
M7$W@O&;E-6M;5(BFY'L;<(U/8Q&I)I-.,@_.HB+``]'HNT2[\JE1'W7G<NM"
M2>),>0LB<L]+TDMFD\);P";KW=?&Q.TNXYX21V:3C<&3M`<Z\W:]>]FLKV0#
MC7J[/KWLTE>R`->KL^O>S25[(`UZNSZ][-)7L@#7J[/KWLTE>R`->KL^O>S2
M5[(`UZNSZ][-)7L@#7J[/KWLTE>R`->KL^O>S25[(`UZNSZ][-)7L@#7J[/K
MWLTE>R`->KL^O>S25[(`UZNSZ][-)7L@#7J[/KWLTE>R`->KL^O>S25[(`UZ
MNSZ][-)7L@#7J[/KWLTE>R`->KL^O>S25[(`UZNSZ][-)7L@#7J[/KWLTE>R
M`->KL^O>S25[(`UZNSZ][-)7L@#7J[/KWLTE>R`->KL^O>S25[(`UZNSZ][-
M)7L@#7J[/KWLTE>R`->KL^O>S25[(`UZNSZ][-)7L@#7J[/KWLTE>R`<Z\W;
M]>]FLKV0#C7J[/KWLUE>R`->KL^O>S25[(`UZNSZ][-)7L@#7J[/KWLTE>R`
M->KL^O>S25[(`UZNUZ][-)7L@'.O5VO7O9I*]D`:]7:]>]AW/\65[(`*_5VC
M_P#7>S65[(`UYNU;9EWK?_BRO9`&O-VK;,N]N6_])*]D`:\W:P_?O8-W_%E8
M/_Q`,5M4O13*G2(=/@..../2D&XA3+S7H(.T[,HA.-\A`-<Y>ZZ:HG9%..*8
MQ2;-M<2498I%9899+R`//GZ%1F*B\BAUZ52Z'*].1$1%F&HE<E!9*S$/Y0%_
M2X]P*9=^=1XK\EWMZ5$^^[&E*<6I1;ZLEN8P#JV97SIT*[OA=3=6B1`=6VA*
M&7G/N\8[#]!"C+#;N@-<=^KM%NOO9K*]D`XUZNSZ][-)7L@#7J[/KWLTE>R`
M->KL^O>S25[(`UZNSZ][-)7L@#7J[/KWLTE>R`->KL^O>S25[(`UZNSZ][-)
M7L@#7J[/KWLTE>R`=,S:+=.''4^])=2DL!$J/(1:KDD:VTE;\X#`2;Q5B]DY
MU<JHOT"[_P!5AIF.\ZZ\CE8S:%)P_+@`:Z[%4N1=RF]@@OR#;QC6IQR+*4XM
M1[ZE9(K0%OKU=GU[V:2O9`/@[[W7-Q*S==,TD9$KLDJTK?\`V@'85^KM'N/O
M9I*]D`FTN\-*JCCC<)QQ:FB(UX[+S1$1[F%Q""/Y@%B`K/W'^5^V`@[/_P!(
M4W\(OI`:$!1R;G4:757ZA.;.6;Z,3L[RL=E&#%,T-G@2:DD1*/?`1/\`MQ=!
M++4=JGI999>=D)2A2B(UOKRKF,5OI)4L[3(P$ZFW5H],J+T^'')$B2:U.JM/
M%(W5FXZ:$G]7'6HU'9NF`CW]L*Z\K`6%37]U(#0$E-A8"X`#$1R2X`#$1R2X
M`#$1R2X`#$1R2X`#$1R2X`#$1R2X`#$1R2X`#$1R2X`#$1R2X`#$1R2X`#$1
MR2X`'G^UF'(CL4J\<1!Y:DR"-W%*T\FY@M.S>2>$!L&:U3'J,57:<2<0VC>)
MS!81$5MAGY=X!C-E4(JA&K-?E$2U5B0M""/"601:1)W.4I5H"!`V>7]A]IIL
M"JLT^BJ>6MHD&I3F*X>`T^B>+BE@`=T_9958##=7H]8D2+Q1%95*WS^[=(B(
ME-XF$BML`3J%M4I;KC<*OL.4FIF9(6EUL\DI>Y@,B,T[O\V#S@-ZDFU))22(
MTF5I&5AD9&`Y)*#*W%+@`,1')+@`,1')+@`,1')+@`,1')+@`,1')+@`,1')
M+@`,1')+@`,1')+@`,1')+@`,1')+@`,1')+@`,1')+@`,1')+@`,1')+@`,
M1')+@`,1')+@`,1')+@`,1')+@`,1')+@`,1')+@`,1')+@`,1')+@`,1')+
M@`,1')+@`,1')+@`#2@BMQ2X`&/O=M`8HM18I<"&=4J:[%/QFK<9ML_YO12J
MT_,`[KJ7_I=X9KU/1$>@SV$XZX\E*4FI)8%&BPU6V8-T!J;&[2+%W;=[R`/E
MI<=TC4TI#B2,TF:3(R(RW2P`/O$1R2X``TH+=(@$:H5&F4V.<F>^U%83NN.J
M2@OX@,96-JM&]&'=QM57J;QXC26D*R:3Y2C,BM^:T!$;?VSL(2I4.)+QCQL0
MS;)22/\`EM-:2`=FL.U1*'%+NXR9(29X'$F>`L)V$H[?D+=`:"Y5[8=Y*6IX
MT%'GQSR<Z*>!3:R^7>/>`4=Z;^SEU(Z%=!A,ZK-D:Y+MA*:;).$T6G81F8".
MG;!"3"4P[3'BO"E61.G$D[#<\N-9;B_-:`[+OW2K-=JC5X[V*4A;*L>GTTO1
M2W8>`U%]`#T/$3Y"X`#$1R2X`#%3Y"X`'G"4:N[5E),K(-XF[6R+<)Y.`RLW
MMRWYP'H^(CDEP`&(CDEP`&(CDEP`&(CDEP`&(CDEP`&(CDEP`&(CDEP`!I07
M\I<`#JDR(D:.Y(?4AMEI)K<6=EA)+=,!YG3H\S:+7CJ,U"V+JTUQ2(D;<*0X
M1V&I7E^8!Z<U'::0AMM*4--E8E"2(B(MXOF`?>(CDEP`&(CDEP`&(CDEP`&(
MGR%P`.2(BW"L``%9^X_ROVP$'9_^D*;^$7T@-"`````SU_OTO*_J:_NI`:$M
MP@```````````````=,J(U+8=CR$DMAU)H6@]PTF5AD8#RLMFMZ#J*[O]J--
MS\MVK*$HL8[;/NK+<;!\E@#T^FTN#3(34*"REF.R5B$%O6[OSF`E@`"IO!=>
MCUZ&Y&GLI5CIL0\DB)Q!^5*@&&AQ-KU";73(+#-4@L+LB3'W&B7D[,!6*6D\
M'G`=RZ/MF?LGG4HC#J/333BML5_I581H_P#,`Y1M,O)2&R3>:[S[9(]%R7'L
MR9JWOKXI8?,8#T&#-8FPV)<<\=A]!+0KS&5H#O````````````(R,K2W````
M``````````````!F[^WI1=^A+>;,CG23R$%&^IU6`N`!#V?7..BP^WSK9%:G
M_>RY#AVJ3CX<0K?)_-YP$':/=^6RN/>NC-V52F*)3J$%A=9WR/RF5I_+\P"K
MJ.U*IUB,W2*%2I,:KS5):-V0DB0V1EZ:DFDU82WK;`'2B[E\KA/-5"DJ568<
MFPJE"(E&K*JW5)LM/Y#^6W>`6+E[MI-47V.FW?.GN*W94FW%21[_`*9(*T@`
MZ=MI:Q8Y3H3Z5F1*E%_*1X3,\8B5@\Q`.V%LMD397;+VU-=6<(_0BI-1,IX;
M#/Y+`&RI]`HU.-)P8;,=22Q24A!$=GDM`6``96D9>4!A+P[,?$:\JH4^>JFL
M3$XM4::M(W;,)8I%@+&WS`:.[ETZ+=Z,;%,8R6/8;CIGC.+,M]2C`3_#(!2S
MFE&;[6>`W\4L>SY0$DK;,.$_*`````PFUVFO*H+-:BI-4RCO)D(,CL/$(RQB
MM\@#74.J,5:D0ZDP9*;E-)<(RW+3+TB^8\`":```````#A;C:"M6HDD6$S,[
M`'E]=J=1OW6RN]158MWXBTG5:@6XX98<5NS>^D!Z-3:=&I\5J)%:2U&902&F
MR_E+R`)8````````"L_<?Y7[8"#L_P#TA3?PB^D!H0````&>O]^EY7]37]U(
M#0EN$`````````````````````````'N>7S`(U1@1JA!?ARTX\:0VIMU!^11
M6'AWK`'G]P:N[0*M)N55GL53*S73'U8$K;,[225NY@W"`;BIWAHE+>88J$UJ
M,[(.QE#BB2:N'>`3FWF7&TN-K2MM7U5I,C([?(9`/L`````,["M``$>?/C08
M3\Q]9)9CH4XX?F2`\INY?Z\42:FMUIMU5VZP^IMAQ5A]GL.Q)V%_)987GW0'
MK$>9$DH)<=Y#R%%C)4VHE$9>4K`'<1D?R[M@````````````"GKM[[NT)YAF
MJS41W9%IMH,C4>*6#&,DD>*FW?/``P];O%-OQ5T7>NN\IJFM&3M3JJ2,B.P[
M,FG</!_$!9TS98<>N1*A4:P_58\(C5'C2$I,B69X#MPX"`;PBPF9_,?F`<F1
M'@,!\Y-!&1I0DC\MF$!]``````````````````"+58;<ZFR8;A$:9#:F[#WS
M,L`#&['9[JKNO4F1_OTJ0XP:;++$8QV%SB4`W@`````9D16GN$`SUY;\W?H4
M-YY^4V[(;*U$1M1*<4>\5A?2`QU&N+5;VM.5B],V3'1./*,4UAPT$EK<*W?3
M:6\`]`N_0:=0J<W3Z>T;;"+3M,\92C/?4K?,!9``````````"L_<?Y7[8"#L
M_P#TA3?PB^D!H0%6]>6C,U%VGN2")]AHWI![J6DD5OWBMQ)F6$B,!T'?:Z11
MV)!U:*3,EPV65Y1-BG$X#27GP@)D.OT6;/D4^)-9?FQ#LDQT+(UH,CL,E$7D
M/``K;^X;L2B_U,_W4@-"6X0```````````````````````````,W>VYL.\L$
MVWR)BH,D:H4Y'UD++"FVS"96[I`*.B[*(BFW9%Z9!U>IO)Q#=QE8C9)^J;>-
MAQO.`@W=:<N;?M=WEOK51JJV2J8;AXQ-N(_DP^7ZOG,!Z<``.%*2E)J49$DL
M)F>X`JY-ZKM19"8\BIQFGUX$MJ=22C/Y+0%A'E1I",=AU#J.4A1*+^`"GOC>
MN%=NDJF/GCR%_=Q(Y?6<</<+Y/*`PD^-M3O12VJ?-AM1*?,4@WWD*2E1-GA.
MU)GC;@#T)=V*.Y0VJ&['2Y36FTM):5NEBE9C6E_,`Q5:V9/49**O<YYQFH0U
M9541Q:EI>(MU)6^4@'?!VT4`XR#J$67&E_5>9)I3A$HL"L*;=\@$MS;+<DD*
M-#DIQPO_`$BBO$?":2(!V1-L%RGB23K[T5P]U#K#A$7_`#$DT_Q`:2C7BHM:
M;<73):))-&1.DD\*;<)6D>$K0%B``%I6V````HKX7LA7;I*I;WWDA9Y.)'+Z
MSCA[A%9O%OF`S=S[F2:@\Y>.]K:9%1FE:S#<+&0RV>X6*>_]!><!MH%*IM/)
M28,=N,E=AK)M))ML*PK;/(`E@````````````````````````/.*(14/:K4Z
M<=C<:KM%+826#TMQ7SFHC`>C@`#A:T(0:UJ)*$E:I1G81%YS,!B*AM@NG&<<
M:BY>>XV9IM8:5DS,CLP.*L1\]H"J:BW]ONKM+[Z[O4%>!IA/^^XCRF1^7SX/
M(`OJ1LKN;32)79.U/D9*-^0HW%&HM_"`UJ4I(BL+%LWBX`'T`````````6E;
M9OF``*S]Q_E?M@(.S_\`2%-_"+Z0&A`9";0[TE>:;4:64**TM@S869O'VE_)
MDA"9C9>CBMF6!2<-F`!2R-G][Y<)KM$FG)GR36U6'$%(4AQIQ25*=:QS-1.%
MB8J4GZ))L+>`6UV+F5BF5MZ3,DQW(#+LYRGY%*TOJ*H2ERED_;Z'W:G,5.+O
M;H#MOO2T-7;EN=H?49J;P*<4987$E_Q`3]3:>>'M4W.7.,`U,I_>IN<.<8!J
M93^]3<X<XP#4RG]ZFYPYQ@&IE/[U-SASC`-3*?WJ;G#G&`:F4_O4W.'.,`U,
MI_>IN<.<8!J93^]3<X<XP#4RG]ZFYPYQ@&IE/[U-SASC`-3*?WJ;G#G&`:F4
M_O4W.'.,`U,I_>IN<.<8!J93^]3<X<XP#4RG]ZFYPYQ@&IE/[U-SASC`-3*?
MWJ;G#G&`:F4_O4W.'.,`U,I_>IN<.<8!J93^]3<X<XP#4RG]ZFYPYQ@&ID#>
MES;=[_)<XP&9O]<)9TA-0I"Y#U5@K)QG'<6XK%MM/%WRL^L`@1[SW+5=Q56?
MGS$S&2Q'Z?VES*Y8BL-!%;]6W?W`%;$EWW[,W(<N_,DM/&2D*;DR$K)NW`=A
M'NV`.QNCWQO+-;IZ(LNA4U2+9S\EU;JE(/\`E22SL,S`:AG8S<EMDFS9><,[
M"4HW56^?Y+0%=5ME,^"9OW2J+L52C+*177%8JO.2RPV_*`[:9LIFO3&Y5YJL
MNHFT7W3+9J2E*O*2E>E@`:?4V!N=JFV?_)<WOG`-3*?WJ;G#G&`:FP"PE+FV
M_P#R7.,!'5L]H"[<?M!D9XQD;RC*T]T!\)V:772HUI;=2L_YB<41@/EW9C=5
MU6,ZTZM6Y:IQ1@,_7MELJ"::A<]YQB7@2]$<=L2M/E)9[EGDW#`5NJ>UA*2?
M5(2XHOK1LO9@+_41@)%'N#?.LXTBMU.126+;&8;2\=TK-\U':5A^?"`[:ELV
MOI!^^HE?=FG@QFI:S0HS\RD^CP@()W=VJ.&A@FL@X?UI':<9)%Y=T!]3+H[4
M:?8:)GBR%E_(ZI"FS/\`J.U0"QH>R^K2IR*A>J>N0IM/^/%:6JUM1X?27OXN
M\20&MU-I]MG:IMG_`,ESC`-3*?WJ;G#G&`:F4_O4W.'.,`U,I_>IN<.<8!J9
M3^]3<X<XP#4RG]ZFYPYQ@&IE/[U-SASC`-3*?WJ;G#G&`:F4_O4W.'.,`U,I
M_>IN<.<8!J93^]3<X<XP#4RG]ZFYPYQ@&IE/[U-SASC`-3*?WJ;G#G&`:F4_
MO4W.'.,`U,I_>IN<.<8!J93^]3<X<XP#4RG]ZFYPYQ@&IE/[U-SASC`-3*?W
MJ;G#G&`:F4_O<W.'.,!3UK952ZE(9DHJ$R.^R1EE,H;BC(_)C[@"EJ.S2^,%
M./0Z\]*21V]GDJ-"OD)2;$\("&S=#:K+=1'D2DPFS38])RYKP>8D';:`LBV1
M5-YM#4R\DIU@S(I#&ZE:?)A`:")LTNS$:2TPEY!)*RU+JB,_E`3-3*?WN;99
M9_U#F]\X!J93^]3<X<XP#4RG]ZFYPYQ@&IE/[U-SASC`-3*?WJ;G#G&`:F4_
MO4W.'.,`U,I_>IN<.<8!J93^]3<X<XP#4RG]ZFYPYQ@&IE/[W-SESC`3:70H
MU-<6MEY]TW")*LLZIPBL\A'N`+(!6?N/\K]L!!V?_I"F_A%](#0@````,]?[
M]+ROZFO[J0&A+<(``````````````````````````````#MLP;N\`RLK9O=N
M5>)NO.,?Y"3QG8^#(K7;:2E(W+2/"`U)8$D1)LW"L\@#D```````````````
M##;NX/(`````8;3P?(``````````````````````````````````````````
M`````````"L_<?Y7[8"#L_\`TA3?PB^D!H0````&>O\`?I>5_4U_=2`T);A`
M````````````````````````````````````````````````````````````
M```````````````````````````````````````````````K/W'^5^V`@[/_
M`-(4W\(OI`:$``+=WS`.,=.]A`9^_P!^EY7]37]U(#0EN$``````````````
M````````````````````````````````````````````````````````````
M`````````````````````````````````"L_<?Y7[8"#L_\`TA3?PB^D!H0`
M!D;[527`E4QY$E3=.)XE3&HZT%)4=I$C$0M*S<1A])*+#\X"%=2\U8GW@D1Y
M4HGT+<GI=@FVE)12B2UL,DE24DJQUM!+/'-6$\%A`+"]:J]-HDF,=/;:2HT&
MEPY*3*U*R,L&)OV`/OM^T/>I4"S>_P`A?1`<]OVB:*@9PKH@';]HFBH&<*Z(
M!V_:)HJ!G"NB`=OVB:*@9PKH@';]HFBH&<*Z(!V_:)HJ!G"NB`=OVB:*@9PK
MH@';]HFBH&<*Z(!V_:)HJ!G"NB`=OVB:*@9PKH@';]HFBH&<*Z(!V_:)HJ!G
M"NB`=OVB:*@9PKH@.EZLW^96TAREP24\K$;_`,A6[N^0!W=OVB:*@9PKH@';
M]HFBH&<*Z(!V_:)HJ!G"NB`=OVB:*@9PKH@';]HFBH&<*Z(!V_:)HJ!G"NB`
M=OVB:*@9PKH@';]HFBH&<*Z(!V_:)HJ!G"NB`=OVB:*@9PKH@';]HFBH&<*Z
M(!V_:)HJ!G"NB`=OVB:*@9PKH@..W[1-%0,X5T0'658O\<A4<J9`RJ4DLR[0
MKZIF9%O>8!V]OVB:*@9PKH@';]HFBH&<*Z(!V_:)HJ!G"NB`=OVB:*@9PKH@
M';]HFBH&<*Z(!V_:)HJ!G"NB`=OVB:*@9PKH@';]HFBH&<*Z(!V_:)HJ!G"N
MB`=OVB:*@9PKH@';]HFBH&<*Z(!V_:)HJ!G"NB`=OVB:*@9PKH@';]HFBH&<
M*Z(#J9J]_P!['R=+@GDU&A7^0KZQ;N\`[>W[1-%0,X5T0#M^T314#.%=$`[?
MM$T5`SA71`.W[1-%0,X5T0#M^T314#.%=$`[?M$T5`SA71`.W[1-%0,X5T0#
MM^T314#.%=$`[?M$T5`SA71`.W[1-%0,X5T0#M^T314#.%=$`[?M$T5`SA71
M`.W[1-%0,X5T0'!U#:&16^%0<'O"NB`^(]6O_(80\U2X)MN))23[0JVP_+@`
M=G;]HFBH&<*Z(!V_:)HJ!G"NB`=OVB:*@9PKH@';]HFBH&<*Z(!V_:)HJ!G"
MNB`=OVB:*@9PKH@';]HFBH&<*Z(!V_:)HJ!G"NB`=OVB:*@9PKH@';]HFBH&
M<*Z(!V_:)HJ!G"NB`=OVB:*@9PKH@';]HFBH&<*Z(#JD5>_T=HW7:7`2@K+3
M[0K?^8!V=OVB:*@9PKH@.>W[1-%0,X5T0#M^T314#.%=$`[?M$T5`SA71`"J
M&T*W#28)EYI*B^R`L:/*O,\^M-5@L1623:VMEXW#-7D,C20"V`5G[C_*_;`0
M=G_Z0IOX1?2`T(``BOTV%)=8D28S+LB*HU17%H)1MJ/`:DF>X9^8!RW':;<=
M=;;;0ZZK[U:4$E2S(M\R+#\]H#BH1VY<53"EXA*-/I?(9&`DD9;A;V^`&HK2
M+?,!R``````````````.,8L'^K<,!&EQ"D/QU&HT]F<)RPBW<%@"4`6E;9OF
M```````````````#@C(\'E*WYC`1DP4HGJEDJRULF\3>L2=MH"3C%9;ND`Y2
M9&5I`````````````!G85N[Y@"W"9>0`([0$6+'.*IXS4:R><-RVSZN-O`)*
M5DHS(K<%EOSX0'(```````````````.#PD9?-:`Z($7LD-J/::\F1)M`=Z56
M[A&`Y```````````````CM`1I\9,MA48U8N-8HS\Q&`D&HBW=RRVW>`<VX3\
MP```````*S]Q_E?M@(.S_P#2%-_"+Z0&A```!YM*>J2+W58H3LM=6;FH[$PK
M*G&.&<%M2_0P-8N7M_U6@(U.O)>Z12HBZG,7"9=>81.EQVR>D,OFDLJWBJ8)
M"&LIZ)>@LRP^F`D7TD7Q<?IKB(I(D$^IIB'$FK(W"2ZT:9!FEDDG]WCVM+.S
MSF`D7#<O*N\M1*<I3\5&62_.)U:F7EF\9L$AE:4Y%3;1XBR3:1V$>^`]"```
M``````````?+N-DEXOUL4\6SRV`/(XE4O+&A.R*"J5*J3428JM-S<K8F0E9=
MFR>4M2G=7]0CP68`%W"KUZ7)L(G)!K:4PIRGMMD1-37C>=+(R)!L6MFEE+:K
M4MHPF>[N`.F5)O"Y>I)OE(C2U+1EHS:UKC(IO9;9"D+(DH6XE\[$GBDKR$`T
MFSVH*F75A&IQYYYHE-O+DI4EWT5JL-6,1&9XM@#2@````````````,[M%7.1
M<6N+@FZF8F(Z;*H]N5)5G\F+AQOD`8^56*Y!<7X"](U?==2EN7*-9K2\9%:E
M*G6WEY(SW;4;NX9`+>@5B]CS\LY'^96$NDW*HKBBC0X[1*Q4O1W\BXMS';L7
M8I1[N\`S;TBMFS62=F28TM:YJ)*GVY"T)=3)=3`R*&5MV8\<D'Z"K-PU;Y`/
M2[L]L.[],.;E.U]D8[23YEEB=R*,<G,7T37C6XUF"T!:`````````````,GM
M"=Q*3`4ZX^RP=1BE+7%-PEY`W/3QLEZ9)LW;`&6@UV_K4UJ''2KLY)4NE)F*
M]*3&)9FDW;&E*-W)V$18Z/*=H"Q16+T+NW(53WG:HHTJ5,ER,6/(BN6$:V6F
M$,HRI)PV'C6^<P%)(54C>@2*5+EN4Z-.<53:=(*4IR>R^RTE5KJ5M*;-E]+A
MI-W&*S>`>N^EC^8K<)[N'R`/H````````````\)>3S@,'?DVDW@AE,?GM151
M'^S]@-TC.3C6H^IZ)KL^J2RQ0%(S>3:,3#K=44462WV9JJ=G22UQVUKQ7I,=
M!M*)6*CTO24O^D!:WEFU<X]-1,RZKNJ3:[5HSJTR7UFR1LFZRTVA31*<W<4_
MF(@'W=>G5EZMT>5/7,:FQ:4PNM)<=7DG)CK*$*0;?^W:DTF9XA%A`;\`````
M````````49D1F16F6X0#RY,VMMSJFNG*E/7A:J<PTQG<J;!PB6>2+%4>3LQ/
MJFG"`^X%>O6]$@.SISD:(_,R:I;"$NOE8QC9%ZUA*4I5)]%.*W;B_P`UN$!]
M7EFWG>K44Y,=^!)5%MIC4)Y;[!RTRC2>.LD-)5;'L4:5IL+<PF`E;/EWC.\U
M31+-;M.1'0EZ5EUNLNSB>62U-H=0A35K6)Z"3-)?+A`>A``````"L_<?Y7[8
M"%<`C*Z%-M]40#0````^4)4DSPVIPGAW<(`2#*STCP6_.`$DRM+<MPVE_P"-
MH#DB5Y;<.'Y`'(``````````````XL/&PE:6\?\`X`.#;M49F>`\%A8,'G`<
MV&5A$>`O,`&2L8L.#S`.0`````````````!\FE6"P[?+;_X`&*JPK%68"(P'
M-AF1E:98<!D`X0@T[^`S,S(\(#Z`````````````?!H5@,CL5O\`DXP'T9*,
MK#*PM\!\Y.UPU'YK#^0!R9**RS#\I\0#ZPV^;R@````````````.%6V8-T!P
M25%OVV;B=[Y]T`7CV%B6><CWP'.*K%,C.T]XP'!).TCMM^7Y/,`^@```````
M``````RM(RMLMWR`<&1XIENGO;P#@DF5IVXQ[Q6G9_Q`"(\![A66&G>`$DLC
MPG:1_P``'T``````*W%/6+&LP=FLM_YP&!N[_P!RO`XOA?9O#\G_`(V4_P!S
M$WK0%G\7/<@#XN>Y`'Q<]R`/BY[D`?%SW(`^+GN0!\7/<@#XN>Y`'Q<]R`/B
MY[D`?%SW(`^+GN0!\7/<@#XN>Y`'Q<]R`/BY[D`?%SW(`^+GN0!\7/<@#XN>
MY`'Q<]R`/BY[D`?%SW(`^+GN0!\7/<@#XN>Y`'Q<]R`/BY[D`?%SW(`^+GN0
M!\7/<@#XN>Y`'Q<]R`/BY[D`?%SW(`^+GN0!\7/<@#XN>Y`'Q<]R`/BY[D`?
M%SW(`^+GN0!\7/<@#XN>Y`'Q<]R`/BY[D`?%SW(`^+GN0!\7/<@#XN>Y`'Q<
M]R`/BY[D`?%SW(`^+GN0!\7/<@#XN>Y`'Q<]R`/BY[D`?%SW(`^+GN0!\7/<
M@#XN>Y`'Q<]R`/BY[D`?%SW(`^+GN0!\7/<@#XN>Y`'Q<]R`/BY[D`?%SW(`
M^+GN0!\7/<@#XN>Y`'Q<]R`/BY[D`?%SW(`^+GN0!\7/<@#XN>Y`'Q<]R`/B
LY[D`?%SW(`^+GN0!\7/<@'!_]W,'_1[N\`B_%;Q+_P#4[1DO^3%QOI`?_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>7
<FILENAME>c68736_ex23-1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt; text-align: right"><FONT STYLE="line-height: 115%">EXHIBIT
23.1</FONT></P>

<P STYLE="font: 10pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="line-height: 115%">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="line-height: 115%">CONSENT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM</FONT></P>

<P STYLE="font: 10pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="line-height: 115%">We consent to the
incorporation by reference in this Post-Effective Amendment No. 1 on Form S-3 to Registration Statement No.333-164769 on Form
S-1 of our reports dated February 29, 2012, relating to the financial statements of ETFS Precious Metals Basket Trust and the
effectiveness of the Trust&rsquo;s internal control over financial reporting, appearing in the Annual Report on Form 10-K of
the Trust for the year ended December 31, 2011, and to the reference to us under the heading &quot;Experts&quot; in the
Prospectus, which is part of this Registration Statement.</FONT></P>

<P STYLE="font: 10pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="line-height: 115%"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="line-height: 115%"><I>/S/ DELOITTE &amp; TOUCHE
LLP</I></FONT></P>

<P STYLE="font: 10pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="line-height: 115%"><I>New York, New York</I></FONT></P>

<P STYLE="font: 10pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="line-height: 115%"><I>March 1, 2012</I></FONT></P>

<P STYLE="font: 10pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="line-height: 115%"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<hr noshade size=4>
<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>image002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image002.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"``L`(0#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#F?V>W5/B#
M=.[!473I223@`;DK8\7Z[J/QA\:P^%?#C[=%MGWR3_PMC@RM[#HH[Y]^/)]!
M&L>3JW]D&3_CQ?[7Y?WO(W+N_#IGVS7T%^S]<:"_A6YM[&/R]75\WV\Y9Q_"
M1_LXXQV.?6@#T31=(T;P/X9BLH'BM+"V7+S3,%R>[,3W-90^+'@5KG[./$EI
MOSC)#!?^^L8_6K7C[PUI/BKPM-9ZS=FSM8G$WVG>%\HCN<\="1SZUX1XOA^$
M-KX;NK/P_-<2ZQ&H\FY0RL';/()/RX(ST%`'T;J&OZ3I.F+J6H:A;V]DY`6=
MW^1L],'WKP_X7_%"9O%&KCQ5XF_T`1G[-]I<!<[^W'I6[\)=(LO&GP@32]>B
M:[M(+Z01QF1EP!@CD'/5C7`?"+P=H7BCQ;K=CK%D;BVM8BT2>:R[3YF.JD=J
M`/5?BSX\MM+\%-_8VN1P:K<)#<6ODO\`.\+-]X>Q`--^$_Q`L=4\+Z?::SK\
M4^O3S2)Y4TG[UOF.T8^E97QK\&:%:>`_[4ALPMY81065M)YC_)"&P%QG!ZGD
MU'\%?`WAV[\*:5XEFL"VKQSRLL_G.,%7('RYQT]J`/6M7US2]`LC=ZM?06<&
M<;YFVY/H/4_2LG1?B#X3\078M-+UVVGN#]V(Y1F^@8#/X5\[>-_$ECXC^+L_
M_"2370T*PN'MQ%;C<0D>1@#/5F')]_:J'CK4?`DIL;KP1;7UA>0O^\#`A2!R
M&!+$A@:`/JS6?$.D^'K>.?5[^"RAD?RU>9L`G&<5D:G\1?".CK`U]K]HGVB-
M9(@I+DJ1D'"@D`^]>5?&34WUKX0^$M3E_P!;=/%+)_O&$Y_6K7A3X/>&M1^'
M46K:A]HN+^\LOM"R^:5$/RY``'7''7-`'M&F:K8:S8)?:;=Q75M)]V2-L@__
M`%ZO5X'^S7<2FV\06N\F%6AD5>P8A@3^@_*O?*`"BBB@`HHHH`^6?V?$63XA
M74;J&5M.E!4C((WQU;\9Z#J/P@\>VWB30$/]E3R$HG.T9^]`WMCI_B*]UL+?
MPSI=PUQI^BI9SE=I>#3&1L>F0E6;ZZTC4[8VU]82W4!()BGT^1UR.G!6@#QW
MXR^(_P#A*?AMH>K:/)(VE7%R?M2@_<D"_*K_`$.[]/:N<OO$OP[A^&`TG2-'
M\W7IK54EF:U!>.3"EV,A[<'I^E>^PP>&K>PN+&'1UCM)_P#6P+ICB-_J-F#5
M2PT;P=I:S+9>'XH!<(8Y=FF/\ZGJ#\G3VH`Y7]GJ16^',R9R4U"4$>GRH:\S
M^'?BRP^'?CWQ"=?CN(MX>#$<>XAA)G&*^A].ET/2(6AT[36LXF.YDM].D0$^
MN`E9^J:/X/UN[%WJ?A]+JX''F2Z;(6/U.WG\:`.7^)>HP^+O@=<:MI*-)!,L
M4^"/F4"0;LX[C!S]*YGX1_$_P_H?A?2O#5XUP+Z2[:,$(/+'F/P2<]/FKV."
M\TFULUM(+.:*V5=HB2PE"`>F-N*Q;;P]X)LK[[;;>&H8[D'>)%TM_E/J/DX_
M"@#Q3Q1:-\./C0VMZAIJW>CW<\DZ[D#*ZR9W`9XW*2>/8>M=Q>_%[X9V]NCV
MNE)=RL1^[73U39ZY)'\LUZ7J%UH^J6CVNH6,MU`W6.?3Y74_@4K'L?#W@C2[
MD7-EX;BBF!R'&ER$K],IQ0!PG[09MSX#T,VH18#>`QA5P-OE-C`[5WG@K_DD
M&D_]@D?^@5J:C+H>KPK%J.FM>(C;D2XTYW`/J`5J:"_TNVM$M8;6>.W1=BQ+
M8RA0OH!MZ4`>+?LT??\`$?T@_P#9Z^@JYW3AX?T?S/[-TK['YF-_V?373=CI
MG"<UH?VW:?W+S_P#F_\`B:`-*BLW^V[3^Y>?^`<W_P`31_;=I_<O/_`.;_XF
M@#2HK-_MNT_N7G_@'-_\310!S'A_XCV/B&".XM;21;:.U^TZA-NRMIQE4R!\
M['G@=,?A5M_B'H(O--MXKB:87\TL*NL#_NGC&2&!&0>G&.^>E>716@\.>"M'
MNM'GGLI-7T>5+SR9,!VC3<KCT?J,CL33-%U":P\-Z)K]L$2Y;Q*$,>W,>VXA
M57&#STZ<_G0!ZC8?$CP[>:&FIS7,EM"\TL*I-"VXE"<G`!R,#)/0=\5H)XS\
M/2:Q'I,>J1->.R(J`,02R[U&[&.5Y'/->'>(;PZ?HM]<-!!=?V!KMU86L5RF
MY'BG8L^\#&XYZ$8_&NVL[6%=0C,:")?^$@L2L<8`5<60P`/2@#H+GXFZ=;:5
MXDO6MI=VAW7V8PA^9SG"E>.`2&'_``$UT$7BG2)$C+7D:.SP1F,YR'F`,2].
MX->8V6AVEWJ&AR3&0_:[?4Y)UR-LC++(5)&.WF-CZUSUO=SCQ+X;TKS";:]@
MTBZFR!N+KA!@]AC]:`/5M5^(VCVD=M+9SK<PM?QVEQ*J/M0-N^93MP_*X^7-
M63X[T99!.;NV&E?8A=_;/,.1^]\O'EXSC/&?7C%>:^'-3NKC6D\+2.#I_A_7
M;>*S.T>85'FXWGO^`%(UG'_9;\M_QX'T_P"@I0!Z)JOQ`L8-.LKS2$34!=7I
MLAYDWV81N$+'>7''"]QW%2V'Q"T*YT[3KF[NOL4E\F]()@24&\IEB,@*7&`Q
MP#VKD[O2++4]46RO81/;7'BRX\R-QD-_HIKE[F6=KC1=+>XD>#6V;1;UF"[V
M@MY6\L@XX?#$$]^N,\T`>PMXRT`)=S?VBGEVDOE2MY;D;]VW:IQ\YR",+GFJ
M\OC[PM;BV:36(0+E!)&=KGY=VS)X^7Y@0<XP>M>0WQ6]@\=WCQK&NBWJ2P6L
M>5@E='?YY(^A8C@D8SUZ\U=MA%J'ABYN!;PVOVCP\K-';)L0$W;$X!S0!Z?=
M?$+PK975Q:W.KQI/`[+*HC<X*?>'`Y(ZG';GI5QO%V@B\2T.HH)GB\Y/W;;6
M7R]_#8P3MYP#G%>>26R?;Y?F;_C\UL]N\0KF`\C^.].TV6626&#3(IHF=R6C
M#6#@H.P7OTSDGF@#VK3/&&@:O;W=Q8ZE'-%9Q":=MK#;&02&Y'(P#R/2KT6L
M6$MU:6T=PK2WD!N8%P?GC&,M_P"/+^=><Z-;I_9^J\M_R*%DG7MY4M<?IOC7
M5Q_PB.H[H/M`:73?]7QY.;?MZ^]`'KR_$#PLPS_;EK%STE;RB?<!P"1[]#16
C;X>\$>&;GPYIMQ=Z-;7<\MK$[RW(,K9*#@%B<#V'`HH`_]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
