<SEC-DOCUMENT>0001999371-24-006703.txt : 20240528
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<ACCEPTANCE-DATETIME>20240528164813
ACCESSION NUMBER:		0001999371-24-006703
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20240523
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20240528
DATE AS OF CHANGE:		20240528

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			abrdn Precious Metals Basket ETF Trust
		CENTRAL INDEX KEY:			0001483386
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		ORGANIZATION NAME:           	09 Crypto Assets
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34917
		FILM NUMBER:		24992691

	BUSINESS ADDRESS:	
		STREET 1:		C/O ABRDN
		STREET 2:		1900 MARKET STREET, SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		215-405-5700

	MAIL ADDRESS:	
		STREET 1:		C/O ABRDN
		STREET 2:		1900 MARKET STREET, SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Aberdeen Standard Precious Metals Basket ETF Trust
		DATE OF NAME CHANGE:	20181001

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ETFS Precious Metals Basket Trust
		DATE OF NAME CHANGE:	20100204
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 14pt"><b>UNITED
STATES</b>&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>Washington,
D.C. 20549</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CURRENT
REPORT</b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529"><span id="xdx_90D_edei--PreCommencementIssuerTenderOffer_c20240523__20240523_zSmsRdq7uKLd"><ix:nonNumeric contextRef="AsOf2024-05-23" format="ixt:booleanfalse" id="Fact000027" name="dei:PreCommencementIssuerTenderOffer">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Pre-commencement
    communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered pursuant to Section 12(b) of the Act:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 38%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title
    of each class</span></td>
    <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Symbol(s)&#160;</span></p></td>
    <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 38%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
    of each exchange on which registered</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_edei--Security12bTitle_c20240523__20240523_zhJKh3RnEWwg"><ix:nonNumeric contextRef="AsOf2024-05-23" id="Fact000028" name="dei:Security12bTitle">abrdn
    Physical Precious Metals Basket Shares ETF</ix:nonNumeric></span></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_edei--TradingSymbol_c20240523__20240523_zW856Zltf33g"><ix:nonNumeric contextRef="AsOf2024-05-23" id="Fact000029" name="dei:TradingSymbol">GLTR</ix:nonNumeric></span></span></td>
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    Arca</ix:nonNumeric></span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;
230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &#167; 240.12b-2).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
growth company <span id="xdx_90B_edei--EntityEmergingGrowthCompany_c20240523__20240523_z1v0EGiScJfc"><ix:nonNumeric contextRef="AsOf2024-05-23" format="ixt:booleanfalse" id="Fact000031" name="dei:EntityEmergingGrowthCompany">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 96px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    1.01</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Entry
    into a Material Definitive Agreement.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Entry
into New Allocated and Unallocated Account Agreements with New Custodian</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 23, 2024, The Bank of New York Mellon (the &#8220;Trustee&#8221;), in its capacity as Trustee of the abrdn Precious Metals Basket
ETF Trust (the &#8220;Trust&#8221;), and at the direction of abrdn ETFs Sponsor LLC (the &#8220;Sponsor&#8221;), the Trust&#8217;s Sponsor,
entered into an Allocated Account Agreement and Unallocated Account Agreement (collectively, the &#8220;New Custody Agreements&#8221;)
with ICBC Standard Bank Plc (the &#8220;New Custodian&#8221;) providing for the custody of the Trust&#8217;s bullion by the New Custodian.
Copies of the New Custody Agreements are filed as Exhibit 10.1 and Exhibit 10.2, respectively, to this report and are incorporated by
reference herein.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Amendment
to Depositary Trust Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 23, 2024, the Sponsor entered into an Amendment (the &#8220;Trust Amendment&#8221;) to the Depositary Trust Agreement (the &#8220;Trust
Agreement&#8221;) with the Trustee. The Trust Amendment reflects the following changes, effective as of June 18, 2024, as approved and
directed by the Sponsor on behalf of the Trust: (1) the amendment of the definition of &#8220;Benchmark Price&#8221; to mean, &#8220;as
of any day, as applicable (i) such day&#8217;s LBMA Price PM or such day&#8217;s LBMA Price AM if such day&#8217;s LBMA Price PM is not
available, for Gold, Platinum or Palladium, or such day&#8217;s LBMA Silver Price for Silver; or (ii) such other publicly available price
which is reasonably available to the Trustee and which the Sponsor may determine fairly represents the commercial value of Gold, Silver,
Platinum or Palladium held by the Trust and instructs the Trustee to use as the Benchmark Price&#8221;; (2) the deletion and replacement
of the defined term for &#8220;London Fix&#8221; with the defined term &#8220;LBMA Silver Price&#8221;, which means &#8220;the price
of a troy ounce of silver as determined by ICE Benchmark Administration, the third party administrator of the London silver price selected
by the LBMA, or any successor administrator of the London silver price, at or about 12:00 p.m. London, England time&#8221;; (3) the deletion
and replacement of the defined term for &#8220;London PM Fix&#8221; with the defined term &#8220;LBMA Price PM&#8221;, which means &#8220;the
price of a troy ounce of (i) Gold as determined by ICE Benchmark Administration, the third party administrator of the London gold price
selected by the LBMA, or any successor administrator of the London gold price, at or about 3:00 p.m. London, England time, (ii) Platinum
as determined by as determined by the LME, the third party administrator of the London platinum price selected by the LBMA, or any successor
administrator of the London platinum price, at or about 2:00 p.m. London, England time, or (iii) Palladium as determined by the LME,
the third party administrator of the London palladium price selected by the LBMA, or any successor administrator of the London palladium
price, at or about 2:00 p.m. London, England time&#8221;; and (4) the addition of the new definition for &#8220;LBMA Price AM&#8221;
which means &#8220;the price of a troy ounce of (i) Gold as determined by ICE Benchmark Administration, the third party administrator
of the London gold price selected by the LBMA, or any successor administrator of the London gold price, at or about 10:30 a.m. London,
England time, (ii) Platinum as determined by as determined by the LME, the third party administrator of the London platinum price selected
by the LBMA, or any successor administrator of the London platinum price, at or about 9:45 a.m. London, England time, or (iii) Palladium
as determined by the LME, the third party administrator of the London palladium price selected by the LBMA, or any successor administrator
of the London palladium price, at or about 9:45 a.m. London, England time</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing description of the Trust Amendment does not purport to be complete and is qualified in its entirety by reference to the full
text of the Trust Amendment, which is filed as Exhibit 4.1 to this report and is incorporated by reference herein.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
1.02 Termination of a Material Definitive Agreement.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Termination
of Allocated and Unallocated Account Agreements with Prior Custodian</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 23, 2024, the Trustee delivered to JPMorgan Chase Bank N.A. (&#8220;JPMorgan&#8221; or the &#8220;Former Custodian&#8221;), custodian
of the Trust&#8217;s bullion, notice of termination of the Allocated Account Agreement and the Unallocated Account Agreement, each dated
as of October 18, 2010 and as amended, between the Trustee and the Former Custodian (collectively, the &#8220;Former Custody Agreements&#8221;).
Pursuant to the terms of the Former Custody Agreements, the notice of termination delivered by the Trustee will become effective on the
date on which all bullion held in the allocated and unallocated accounts governed by the Former Custody Agreements has been transferred
to the allocated and unallocated accounts governed by the New Custody Agreements with the New Custodian (the &#8220;Termination Effective
Date&#8221;). Until the Termination Effective Date, the Trust will have available custodian services under both the Former Custody Agreements
and the New Custody Agreements referred to in Item 1.01 above. Following the Termination Effective Date, the custody of all bullion of
the Trust will be pursuant to the New Custody Agreements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
cost or expense was, or will be, incurred by the Trust or the holders of the abrdn Physical Precious Metals Basket Shares ETF in connection
with the termination of the Former Custody Agreements or their replacement with the New Custody Agreements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 96px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    5.03</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amendments
    to Articles of Incorporation or Bylaws; Change in Fiscal Year.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Depositary
Trust Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information set forth in Item 1.01 relating to the Trust Agreement, is incorporated by reference herein.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
8.01 Other Events.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Reduction
in Basket Size</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
June 18, 2024, the number of abrdn Physical Precious Metals Basket Shares ETF (the &#8220;Shares&#8221;) in a block that constitutes
a basket for the purpose of creations and redemptions in the Trust (a &#8220;Basket&#8221;) will be reduced from 50,000 Shares to 25,000
Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Change
to T+1 Standard Settlement Cycle effective May 28, 2024</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to an SEC rule amendment adopted in February 2023, the standard settlement cycle for most securities transactions by broker-dealers will
be shortened from two business days after the trade date (&#8220;T+2 Settlement&#8221;) to one business day following the trade date
(&#8220;T+1 Settlement&#8221;), effective as of May 28, 2024. Consistent with the rule amendment, beginning on May 28, 2024, the standard
creation and redemption processes for the Trust will change from T+2 Settlement to T+1 Settlement. Creation and redemption orders placed
before May 28, 2024 will not be subject to this change.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 96px; padding-bottom: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    9.01</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
    Statements and Exhibits</b></span></td></tr>
  </table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 96px"><a href="ex4-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit 4.1</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third
    Amendment to the Depositary Trust Agreement dated May 23, 2024&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="ex10-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit 10.1</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allocated
    Account Agreement dated May 23, 2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="ex10-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit 10.2</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unallocated
    Account Agreement dated May 23, 2024&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
    104</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover
    Page Interactive Data File (embedded within the Inline XBRL document)&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNATURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABRDN
    PRECIOUS METALS BASKET ETF TRUST</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:
    abrdn ETFs Sponsor LLC,</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sponsor
    of the abrdn Precious Metals Basket ETF Trust</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    &#160;May 28, 2024</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/Brian
    Kordeck</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brian
    Kordeck</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer and Treasurer*</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Registrant is a trust and Mr. Kordeck is signing in his capacities as officer of abrdn ETFs Sponsor LLC, the Sponsor of the Registrant.</span></td>
</tr></table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>ex4-1.htm
<DESCRIPTION>THIRD AMENDMENT TO THE DEPOSITARY TRUST AGREEMENT
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0pt"><A HREF="gltr-8k_052824.htm">ABRDN PRECIOUS METALS BASKET ETF TRUST 8-K</A></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 4.1</B></P>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Execution Version</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THIRD AMENDMENT TO THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DEPOSITARY TRUST AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ABRDN PRECIOUS METALS BASKET ETF TRUST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Third Amendment
to the Depositary Trust Agreement of the abrdn Precious Metals Basket ETF Trust (formerly, Aberdeen Standard Precious Metals Basket ETF
Trust and ETFS Precious Metals Basket Trust), <FONT STYLE="line-height: 115%">a New York common law trust (the &ldquo;<U>Trust</U>&rdquo;)</FONT>,
dated as of May 23, 2024 (this &ldquo;<U>Amendment</U>&rdquo;), is made by and between abrdn ETFs Sponsor LLC (formerly, Aberdeen Standard
Investments ETFs Sponsor LLC and ETF Securities USA LLC), a Delaware limited liability company, as sponsor of the Trust (the &ldquo;<U>Sponsor</U>&rdquo;),
and The Bank of New York Mellon, a New York banking corporation, as the trustee of the Trust (the &ldquo;<U>Trustee</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WITNESSETH THAT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Sponsor and the
Trustee entered into the Depositary Trust Agreement, dated as of October 18, 2010, which created the Trust and which was amended effective
as of October 1, 2018 and March 31, 2022 (the &ldquo;<U>Agreement</U>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, pursuant to Section
6.1 of the Agreement, the Sponsor and the Trustee desire to amend the Agreement, effective as of June 18, 2024, so as to amend the definition
of Benchmark Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the premises and the agreements hereinafter set forth, the parties hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">(a) &nbsp;<U>Amendment to Section 1.1 of the Agreement</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(i) The defined term
for &ldquo;Benchmark Price&rdquo; in Section 1.1 of the Agreement is hereby deleted in its entirety and replaced with the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;Benchmark Price&rdquo; means, as
of any day, as applicable (i) such day&rsquo;s LBMA Price PM or such day&rsquo;s LBMA Price AM if such day&rsquo;s LBMA Price PM is not
available, for Gold, Platinum or Palladium, or such day&rsquo;s LBMA Silver Price for Silver; or (ii) such other publicly available price
which is reasonably available to the Trustee and which the Sponsor may determine fairly represents the commercial value of Gold, Silver,
Platinum or Palladium held by the Trust and instructs the Trustee to use as the Benchmark Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt; text-align: justify; text-indent: 0in">(ii) The defined
term for &ldquo;London Fix&rdquo; in Section 1.1 of the Agreement is hereby deleted in its entirety and replaced with the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;LBMA Silver Price&rdquo; means
the price of a troy ounce of silver as determined by ICE Benchmark Administration, the third party administrator of the London silver
price selected by the LBMA, or any successor administrator of the London silver price, at or about 12:00 p.m. London, England time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt; text-align: justify; text-indent: 0in">(iii) The defined
term for &ldquo;London PM Fix&rdquo; in Section 1.1 of the Agreement is hereby deleted in its entirety and replaced with the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;LBMA Price PM&rdquo; means the
price of a troy ounce of (i) Gold as determined by ICE Benchmark Administration, the third party administrator of the London gold price
selected by the LBMA, or any successor administrator of the London gold price, at or about 3:00 p.m. London, England time, (ii) Platinum
as determined by as determined by the LME, the third party administrator of the London platinum price selected by the LBMA, or any successor
administrator of the London platinum price, at or about 2:00 p.m. London, England time, or (iii) Palladium as determined by the LME, the
third party administrator of the London palladium price selected by the LBMA, or any successor administrator of the London palladium price,
at or about 2:00 p.m. London, England time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(iv) The following new definition for
&ldquo;LBMA Price AM&rdquo; is hereby added to Section 1.1 of the Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;LBMA Price AM&rdquo; means the
price of a troy ounce of (i) Gold as determined by ICE Benchmark Administration, the third party administrator of the London gold price
selected by the LBMA, or any successor administrator of the London gold price, at or about 10:30 a.m. London, England time, (ii) Platinum
as determined by as determined by the LME, the third party administrator of the London platinum price selected by the LBMA, or any successor
administrator of the London platinum price, at or about 9:45 a.m. London, England time, or (iii) Palladium as determined by the LME, the
third party administrator of the London palladium price selected by the LBMA, or any successor administrator of the London palladium price,
at or about 9:45 a.m. London, England time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with Section 6.1 of the Agreement, the Sponsor hereby certifies to the Trustee that the amendments contemplated by this Amendment
do not impose or increase any fees or charges relating to the Trust and do not otherwise prejudice any substantial existing right of the
Registered Owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amendments contemplated by this Amendment shall, upon execution of this Amendment by the Sponsor and the Trustee, be effective as of June
18, 2024, and no further action shall be required to make such amendments effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as expressly amended by this Amendment, the Agreement shall remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Amendment shall be interpreted under, and all rights and duties under this Amendment shall be governed by, the internal substantive laws
(but not the choice of law rules) of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise specified in this Amendment, or as the context may otherwise require, capitalized terms shall have the meaning ascribed to
them in the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all such counterparts together
shall constitute one and the same instrument. Facsimile and electronic counterpart signatures shall be acceptable and binding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[remainder of page intentionally blank]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the
undersigned have executed this Amendment as of the date first set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">abrdn ETFs Sponsor LLC&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(formerly, Aberdeen Standard Investments ETFs Sponsor LLC),&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">as Sponsor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid; width: 40%">/s/ Lucia Sitar</TD>
  <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name: Lucia Sitar&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title: Vice President</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Bank of New York Mellon,&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">as Trustee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid; width: 40%">/s/ Sarah Fisher</TD>
  <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name: Sarah Fisher&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title: Senior Vice President</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Third Amendment to Depositary
Trust Agreement]&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>ex10-1.htm
<DESCRIPTION>ALLOCATED ACCOUNT AGREEMENT
<TEXT>
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<P STYLE="margin: 0pt"></P>

<P STYLE="margin: 0pt"></P>

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<P STYLE="margin: 0pt"><A HREF="gltr-8k_052824.htm">ABRDN PRECIOUS METALS BASKET ETF TRUST 8-K</A></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0pt; text-align: right">&nbsp;</P>

<P STYLE="margin: 0pt; text-align: left"><I>Executive Version</I>&nbsp;</P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 86.9pt 0pt 83.1pt; text-align: center">DATED May 23<FONT STYLE="letter-spacing: -0.35pt">,
2024</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 86.9pt 0pt 83.1pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 103.75pt 0pt 99.85pt; text-align: center"><B>ICBC STANDARD BANK PLC</B></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 103.75pt 0pt 99.85pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 203.7pt 0pt 199.9pt; text-align: center">AND</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 203.7pt 0pt 199.9pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 98.2pt 0pt 94.35pt; text-align: center"><B>THE BANK OF NEW YORK
MELLON, not</B>&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 98.2pt 0pt 94.35pt; text-align: center"><B>in its individual capacity,
but solely in its</B>&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 98.2pt 0pt 94.35pt; text-align: center"><B>capacity as trustee of
the abrdn</B>&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 98.2pt 0pt 94.35pt; text-align: center"><B>Precious Metals Basket
ETF Trust</B>&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 86.95pt 0pt 83.3pt; text-align: center"></P>

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<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 86.95pt 0pt 83.3pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 86.95pt 0pt 83.3pt; text-align: center"><B>ALLOCATED ACCOUNT AGREEMENT</B>&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 86.95pt 0pt 83.3pt; text-align: center"></P>

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<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 86.95pt 0pt 83.3pt; text-align: center">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 86.95pt 0pt 83.3pt; text-align: center">&nbsp;&nbsp;</P>




<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 2.85pt; margin-bottom: 0pt; text-align: left"><I>Executive Version</I>&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 5.1pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 5.1pt; text-align: center"><B>CONTENTS</B></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 5.1pt; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <TD COLSPAN="2" STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><B>Clause</B></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt"><B>&#9;&#9;Page</B></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="width: 7%; text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">1.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 83%; text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_001">INTERPRETATION</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 6pt; padding-bottom: 6pt">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">2.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_002">ALLOCATED ACCOUNT</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">7</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_003">DEPOSITS</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">4.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_004">WITHDRAWALS</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">5.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_005">INSTRUCTIONS</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">10</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">6.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_006">CONFIDENTIALITY</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">7.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_007">CUSTODY SERVICES</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">12</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">8.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_008">SUB-CUSTODIANS</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">9.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_009">REPRESENTATIONS</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">15</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">10.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_010">SANCTIONS</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">15</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">11.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_011">FEES AND EXPENSES</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">16</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">12.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_012">SCOPE OF RESPONSIBILITY</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">17</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">13.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_013">TERMINATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">18</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">14.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_014">VALUE ADDED TAX</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">20</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">15.&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">&nbsp;<A HREF="#a_015">NOTICES</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">20</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">16.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_016">GENERAL</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">22</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">17.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_017">GOVERNING LAW AND JURISDICTION</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">23</TD></TR>
</TABLE>
<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 5.1pt; text-align: center">&nbsp;</P>




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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 39.8pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 39.8pt 0pt 5.1pt; text-align: justify"><B>This <FONT STYLE="letter-spacing: -0.25pt">ALLOCATED
ACCOUNT </FONT>AGR<FONT STYLE="letter-spacing: 0.05pt">E</FONT>EMENT</B> (this &ldquo;<B>Agreement</B>&rdquo;) is made <FONT STYLE="letter-spacing: -0.25pt">with
effect </FONT>on and from <FONT STYLE="letter-spacing: -0.1pt">May 23, 2024 and is</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 39.8pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 372.65pt 0pt 5.1pt; text-align: justify"><B>BETW<FONT STYLE="letter-spacing: 0.05pt">E</FONT>EN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 372.65pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 36.4pt">(1)</TD><TD STYLE="padding-right: 2.9pt"><B>ICBC Standard Bank Plc,</B> a company incorporated with limited liability, whose registered office
is at 20 Gresham Street, London, EC2V 7JE, United Kingdom <B>(</B><FONT STYLE="letter-spacing: 0.1pt">&ldquo;</FONT><B>we</B>&rdquo; or
&ldquo;<B>us</B>&rdquo; or the &ldquo;<B>Custodian</B>&rdquo;); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 36.4pt">(2)</TD><TD STYLE="text-align: justify; padding-right: 2.9pt"><B>The Bank of New York Mellon, </B>a New York banking corporation, not in its individual
capacity but solely in its capacity as trustee of abrdn Precious Metals Basket ETF Trust (the <FONT STYLE="letter-spacing: 0.1pt">&ldquo;</FONT><B>Trust</B><FONT STYLE="letter-spacing: 0.1pt">&rdquo;</FONT>)
created under the Trust Agreement identified below (&ldquo;<B>you</B>&rdquo; or the &ldquo;<B>Trustee</B>&rdquo;, which expression shall,
wherever the context so admits, include the named Trustee and all other persons or companies for the time being the trustee or trustees
of the Trust Agreement as trustee for the Shareholders).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 7.1pt">Each a &ldquo;<B>Party</B>&rdquo; and together the
&ldquo;<B>Parties</B>&rdquo;.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.55pt 0pt 5.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.45pt"><B>INTRODUCTION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.55pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify; padding-right: 2.85pt">The Trustee has agreed to act as trustee for the Shareholders of the Shares pursuant
to the Trust Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify; padding-right: 2.85pt">Shares may be issued by the Trust against delivery of Bullion made by way of payment
for the issue of such Shares. The Trustee has agreed that Bullion delivered to it on subscription for Shares will be paid into the Metal
Accounts.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 18pt">(3)</TD><TD STYLE="text-align: justify; padding-right: 2.85pt">The Custodian has agreed to transfer Bullion from the Allocated Account into the
Corresponding Unallocated Account pursuant to the terms of this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.1pt"></TD><TD STYLE="width: 18pt">(4)</TD><TD STYLE="text-align: justify; padding-right: 2.85pt">The Trustee has agreed that the Allocated Account will be established by the Trustee
in its name (for each Shareholder pursuant to the Trust Agreement), and that the Trustee will have the sole right to give instructions
for the making of any payments out of the Allocated Account.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.7pt 0pt 5.1pt; text-align: justify"><B>IT IS <FONT STYLE="letter-spacing: 0.05pt">A</FONT>GR<FONT STYLE="letter-spacing: 0.05pt">E</FONT>ED
AS FO<FONT STYLE="letter-spacing: 0.05pt">L</FONT>LOWS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.7pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><B><A NAME="a_001"></A>INTERPRETATION</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.1</TD><TD STYLE="text-align: justify"><B>Definitions</B>: In this Agreement:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.05pt; text-align: justify; text-indent: 0in">&ldquo;<B>Account
Balance</B>&rdquo; <FONT STYLE="letter-spacing: -0.1pt">m</FONT>eans, in relation <FONT STYLE="letter-spacing: -0.05pt">t</FONT>o the
Allocated Account, the Bullion held for you (as trustee) by us as from time to time identified (whether by bar, plate or ingot serial
numbers or otherwise) in, and recorded on, the <FONT STYLE="letter-spacing: -0.15pt">A</FONT>llocated Account.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.05pt; text-align: justify; text-indent: 0in">&ldquo;<B>Affiliate</B>&rdquo;
means an entity that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control
with the Custodian.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.05pt; text-align: justify; text-indent: 0in">&ldquo;<B>Allocated
Account</B>&rdquo; means each of the following allocated Bullion accounts, established in the name of the Trustee with the Custodian pursuant
to this Agreement:</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 36.05pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in; line-height: 120%"><B><U>Metal</U></B></TD>
    <TD STYLE="width: 45%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in; line-height: 120%"><B><U>Account Number</U></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in; line-height: 120%">Gold</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in; line-height: 120%">121020816</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in; line-height: 120%">Silver</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in; line-height: 120%">121020819</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in; line-height: 120%">Platinum</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in; line-height: 120%">121020817</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in; line-height: 120%">Palladium</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in; line-height: 120%">121020818</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;<B>Availability
Date</B>&rdquo; means the London Business Day on which you wish to credit Bullion to the Allocated Account.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Bullion</B>&rdquo; means
(i) any and all gold, silver, platinum and palladium in physical form that complies with the Rules of the Relevant Association held by
the Custodian or any Sub-Custodian under this Agreement, and/or (ii) any credit balance in the Corresponding Unallocated Account, as the
context requires.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;<B>Business
Day</B>&rdquo; means a London Business Day unless the context expressly requires otherwise.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;<B>Conditions</B>&rdquo;
means the terms and conditions on and subject to which Shares are issued in the form or substantially in the form set out in the Trust
Agreement.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Corresponding Unallocated
Account</B>&rdquo; means, in respect of the Allocated Account, the Unallocated Account for the same type of Bullion.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Creation and Redemption
Procedures</B>&rdquo; means the creation and redemption procedures as set out in Schedule 4 (Creation and Redemption Procedures) together
with amendments or modifications to such procedures made in accordance with Clause 5.6 (Creation and Redemption Procedures).</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;<B>London
Business Day</B>&rdquo; means a day (other than a Saturday or a Sunday or a public holiday in England) on which commercial banks generally
and the London bullion markets are open for the transaction of business in London.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;<B>LPMCL</B>&rdquo;
means London Precious Metals Clearing <FONT STYLE="letter-spacing: -0.35pt">Limited </FONT>or its successors.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;<B>Loco
London</B>&rdquo; means, in respect of an account holding Bullion, the custody, trading or clearing of such Bullion in London, United
Kingdom.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;<B>Metal
Accounts</B>&rdquo; means the Allocated Accounts and the Unallocated Accounts.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;<B>Phoenix
Portal</B>&rdquo; means the Custodian&rsquo;s proprietary electronic system which allows input of clearing instructions and viewing of
account balances, as it may be updated from time to time, the terms of use of which are set out in Schedule 3 (Phoenix Portal Terms of
Use).</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;<B>Point
of Delivery</B>&rdquo; means such date and time that the recipient (or its agent) acknowledges in written form its receipt of delivery
of Bullion.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;<B>Pre-2012
Bullion</B>&rdquo; means London &ldquo;Good Delivery&rdquo; gold Bullion bars that were refined before January 1, 2012</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;<B>Post-2012
Bullion</B>&rdquo; means London &ldquo;Good Delivery&rdquo; gold Bullion bars that were refined on or after January 1, 2012.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;<B>Redemption</B>&rdquo;
means the redemption of Shares by the Trust in accordance with the Conditions.&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;<B>Relevant
Association</B>&rdquo; means, in respect of gold and silver, the London Bullion Market Association or its successors and, in respect of
platinum and palladium, the London Platinum and Palladium Market or its successors.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;<B>Rules</B>&rdquo;
<FONT STYLE="letter-spacing: -0.1pt">m</FONT><FONT STYLE="letter-spacing: 0.05pt">ean</FONT>s the rules, regulations, practices a<FONT STYLE="letter-spacing: 0.1pt">n</FONT>d
custo<FONT STYLE="letter-spacing: -0.1pt">m</FONT>s of the <FONT STYLE="letter-spacing: 0.4pt">Relevant Association </FONT>(including
without limitation, the requirements of &ldquo;Good Delivery&rdquo; under the rules of the Relevant Association), LPMCL, the F<FONT STYLE="letter-spacing: -0.05pt">i</FONT>nancial
Conduct Authori<FONT STYLE="letter-spacing: -0.05pt">t</FONT>y, the Pruden<FONT STYLE="letter-spacing: -0.05pt">t</FONT>ial Regulation
Authori<FONT STYLE="letter-spacing: -0.05pt">t</FONT>y, <FONT STYLE="letter-spacing: -0.05pt">t</FONT><FONT STYLE="letter-spacing: 0.05pt">h</FONT>e
<FONT STYLE="letter-spacing: 0.35pt">Governor and Company of the </FONT>Bank of England, any Sanctioning Body and such o<FONT STYLE="letter-spacing: -0.05pt">t</FONT>her
regulato<FONT STYLE="letter-spacing: -0.05pt">r</FONT>y <FONT STYLE="letter-spacing: -0.05pt">a</FONT><FONT STYLE="letter-spacing: 0.05pt">u</FONT>thori<FONT STYLE="letter-spacing: -0.1pt">t</FONT>y
or o<FONT STYLE="letter-spacing: -0.05pt">t</FONT>her body (in the United States, the United Kingdom or Switzerland) applicable to the
Parties and/or to the activities cont<FONT STYLE="letter-spacing: 0.05pt">e</FONT><FONT STYLE="letter-spacing: -0.1pt">m</FONT>plated
by this Agr<FONT STYLE="letter-spacing: -0.05pt">e</FONT><FONT STYLE="letter-spacing: 0.05pt">e</FONT><FONT STYLE="letter-spacing: -0.1pt">m</FONT>ent
or the activities of a Sub-Custodian.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;<B>Sanctioning
Body</B>&rdquo; means any of the following:</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the United Nations Security Council;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the European Union;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(iii)</TD><TD STYLE="text-align: justify">the United Kingdom, His Majesty&rsquo;s Treasury and the Office
of Financial Sanctions Implementation of the United Kingdom;</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">the United States, the Office of Foreign Assets Control of the Department of Treasury of the United States
of America;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(v)</TD><TD STYLE="text-align: justify">the State of Secretariat for Economic Affairs of Switzerland;
and</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(vi)</TD><TD STYLE="text-align: justify">Canada / China / Hong Kong / such other jurisdictional body.</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">For purposes
of this Agreement, &ldquo;<B>Sanctioning Body</B>&rdquo; shall mean, with respect to the Trustee, the following:</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(i)</TD><TD STYLE="text-align: justify">the United Nations Security Council;</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(ii)</TD><TD STYLE="text-align: justify">the European Union;</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(iii)</TD><TD STYLE="text-align: justify">the United Kingdom, His Majesty&rsquo;s Treasury and the Office
of Financial Sanctions Implementation of the United Kingdom; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(iv)</TD><TD STYLE="text-align: justify">the United States, the Office of Foreign Assets Control of the
Department of Treasury of the United States of America.</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;<B>Sanctions</B>&rdquo;
means economic or financial sanctions, boycotts, trade embargoes and restrictions relating to terrorism imposed, administered or enforced
by a Sanctioning Body from time to time.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;<B>Sanctions
List</B>&rdquo; means any list of specifically designated nationals or blocked or sanctioned persons or entities (or similar) imposed,
administered or enforced by a Sanctioning Body in connection with Sanctions from time to time.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt">&ldquo;<B>Shareholder</B>&rdquo;
means the beneficial owner of one or more Shares.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt"><B>&ldquo;Shares</B>&rdquo;
means the units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust, named &ldquo;abrdn
Physical Precious Metals Basket Shares ETF&rdquo; and created pursuant to and constituted by the Trust Agreement.&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt">&ldquo;<B>Sponsor</B>&rdquo;
means abrdn ETFs Sponsor LLC, its successors and assigns and any successor Sponsor appointed pursuant to the Trust Agreement, provided
that the Trustee shall, to the extent legally permissible and practicable, provide the Custodian with sufficient advance notice of the
appointment of any such successor or assignee so as to enable the Custodian to complete its internal due diligence processes in respect
of such successor or assignee.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;<B>Sub-Custodian</B>&rdquo;
means a sub-custodian, agent or depository (including an entity within our corporate group) appointed by us (and approved in writing by
you and the Sponsor) pursuant to Clause 8 (<I>Sub-Custodians</I>) to perform any of the Custodian&rsquo;s duties under this Agreement
including the custody and safekeeping of Bullion.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;<B>Trust</B>&rdquo;
means the abrdn Precious Metals Basket ETF Trust formed pursuant to the Trust Agreement.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;<B>Trust
Agreement</B>&rdquo; means the Depositary Trust Agreement of the abrdn Precious Metals Basket ETF Trust dated on or about October 18,
2010, as amended from time to time, between abrdn ETFs Sponsor LLC, as Sponsor, and The Bank of New York Mellon, as Trustee.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 115%"><B>Unallocated
Account</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 115%">means each of </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">the
following Loco London unallocated Bullion accounts, established in the name of the Trustee and maintained by the Custodian on an Unallocated
Basis pursuant to the Unallocated Account Agreement:</FONT></P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 36.05pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in; line-height: 120%"><B><U>Metal</U></B></TD>
    <TD STYLE="width: 45%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in; line-height: 120%"><B><U>Account Number </U></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in; line-height: 120%">Gold</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in; line-height: 120%">121020812</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in; line-height: 120%">Silver</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in; line-height: 120%">121020815</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in; line-height: 120%">Platinum</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in; line-height: 120%">121020813</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in; line-height: 120%">Palladium</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in; line-height: 120%">121020814</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;<B>Unallocated
Basis</B>&rdquo; means, with respect to an unallocated account maintained with us, that the person in whose name the account is held is
entitled to delivery in accordance with the Rules of an amount of physical Bullion equal to the amount of Bullion standing to the credit
of such unallocated account but such person has no ownership interest in any particular Bullion that the Custodian owns or holds and is
an unsecured creditor of the Custodian to the extent of the positive account balance for such unallocated account.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 115%"><B>Unallocated
Account Agreement</B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 115%">means that certain Unallocated
Account Agreement between you and us dated as of the date of this Agreement, as amended and/or restated from time to time pursuant to
which the Unallocated Account is established and operated.</FONT></P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;<B>VAT</B>&rdquo;
means value added tax as provided for in the Value Added Tax Act <FONT STYLE="letter-spacing: 0.1pt">1</FONT>994 (as a<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ended
or re-enacted fr<FONT STYLE="letter-spacing: 0.1pt">o</FONT>m <FONT STYLE="letter-spacing: 0.35pt">time</FONT> to <FONT STYLE="letter-spacing: 0.35pt">time</FONT>)
and legislation suppl<FONT STYLE="letter-spacing: -0.05pt">e</FONT>mental thereto and a<FONT STYLE="letter-spacing: -0.05pt">n</FONT>y
other tax (w<FONT STYLE="letter-spacing: 0.1pt">h</FONT>ether i<FONT STYLE="letter-spacing: -0.1pt">m</FONT>posed in the United Kingdom
in substitution thereof or in addition thereto or elsewhere) of a s<FONT STYLE="letter-spacing: 0.05pt">i</FONT><FONT STYLE="letter-spacing: -0.1pt">m</FONT>ilar
fi<FONT STYLE="letter-spacing: 0.05pt">s</FONT>cal nature.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;<B>Withdrawal
Date</B>&rdquo; mea<FONT STYLE="letter-spacing: 0.1pt">n</FONT>s the <FONT STYLE="letter-spacing: 0.75pt">London </FONT><FONT STYLE="letter-spacing: 0.35pt">Business
</FONT>Day on <FONT STYLE="letter-spacing: 0.5pt">which</FONT> <FONT STYLE="letter-spacing: 0.1pt">y</FONT><FONT STYLE="letter-spacing: -0.05pt">o</FONT>u
wish to withdraw Bullion fr<FONT STYLE="letter-spacing: 0.1pt">o</FONT>m the Allocated Account.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.2</TD><TD STYLE="text-align: justify"><B>Interpretation</B>: The headings <FONT STYLE="letter-spacing: -0.05pt">i</FONT>n this Agreement do
not <FONT STYLE="letter-spacing: -0.05pt">a</FONT>ffect its interpretation. References to the singular include the plural and vice versa,
unless the context requires a contrary construction. The word &ldquo;including&rdquo; means &ldquo;including without limitation&rdquo;.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify"><B><A NAME="a_002"></A>ALL<FONT STYLE="letter-spacing: -0.05pt">O</FONT>C<FONT STYLE="letter-spacing: -0.05pt">A</FONT>TED
<FONT STYLE="letter-spacing: -0.05pt">AC</FONT>C<FONT STYLE="letter-spacing: -0.05pt">OU</FONT>NT</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.1</TD><TD STYLE="text-align: justify"><B>Opening <FONT STYLE="letter-spacing: 0.05pt">A</FONT>llocated A<FONT STYLE="letter-spacing: 0.05pt">c</FONT>count</B>:
We shall open and <FONT STYLE="letter-spacing: -0.1pt">m</FONT>aintain the Allocated Account in your name, as trustee of the Trust, and
we agree to hold <FONT STYLE="letter-spacing: 0.2pt">Bullion </FONT>f<FONT STYLE="letter-spacing: -0.05pt">o</FONT>r you on an <FONT STYLE="letter-spacing: -0.05pt">a</FONT>llocated
basis <FONT STYLE="letter-spacing: -0.2pt">in the Allocated Account </FONT>on the ter<FONT STYLE="letter-spacing: -0.1pt">m</FONT>s of
this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.2</TD><TD STYLE="text-align: justify"><B>Denomination of Allocated Account</B>: The Bullion recorded in the Allocated Account shall be denominated
in, in the case of gold, fine troy ounces of gold to three decimal places and, in the case of platinum, palladium and silver, troy ounces
of platinum, palladium and silver, respectively, to three decimal places.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.3</TD><TD STYLE="text-align: justify"><B>Reports</B>: <FONT STYLE="letter-spacing: 0.1pt">W</FONT>e will provide reports to <FONT STYLE="letter-spacing: 0.1pt">y</FONT>ou
relat<FONT STYLE="letter-spacing: -0.05pt">i</FONT>ng to deposits into and withdrawals fr<FONT STYLE="letter-spacing: 0.1pt">o</FONT>m
the Allocated Account and the Account Balance in such form and wi<FONT STYLE="letter-spacing: 0.05pt">t</FONT>h such frequency as required,
and containing such information, as <FONT STYLE="letter-spacing: -0.1pt">m</FONT>ay be agreed between us, or as otherwise specified in
Schedule 1 (<I>Reports</I>). Such reports will also be available to you daily by means of the Phoenix Portal, provided that, if the Phoenix
Portal is unavailable for any reason, we will agree with you upon a temporary notification system for making such reports available to
you.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.4</TD><TD STYLE="text-align: justify"><B>Disc<FONT STYLE="letter-spacing: 0.05pt">r</FONT>epanci<FONT STYLE="letter-spacing: 0.05pt">e</FONT>s</B>:
If a mat<FONT STYLE="letter-spacing: 0.05pt">e</FONT>rial error or discrepancy is noted by you on a<FONT STYLE="letter-spacing: 0.1pt">n</FONT>y
report <FONT STYLE="letter-spacing: 0.1pt">provided pursuant to Clause 2.3</FONT> in relation to any activi<FONT STYLE="letter-spacing: -0.05pt">t</FONT>y
or bala<FONT STYLE="letter-spacing: -0.1pt">n</FONT>ces, <FONT STYLE="letter-spacing: 0.1pt">y</FONT>ou w<FONT STYLE="letter-spacing: -0.05pt">i</FONT>ll
noti<FONT STYLE="letter-spacing: -0.05pt">f</FONT>y us in writing as soon as <FONT STYLE="letter-spacing: 0.3pt">reasonably practicable
</FONT>so that we <FONT STYLE="letter-spacing: -0.1pt">m</FONT>ay in<FONT STYLE="letter-spacing: -0.05pt">v</FONT>estigate and resolve
any such material error or discrepancy as soon as <FONT STYLE="letter-spacing: 0.4pt">reasonably </FONT>practicable, provided, however,
that any failure or delay on your part in notifying us shall not limit our obligation to resolve, reverse or correct errors or discrepancies
hereunder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.5</TD><TD STYLE="text-align: justify"><B>Reversal of entries</B>: We shall reverse any <FONT STYLE="letter-spacing: -0.05pt">p</FONT>rovisional
or erroneous entries to the Allocated Account <FONT STYLE="letter-spacing: -0.05pt">which we discover or of which we are notified </FONT>with
ef<FONT STYLE="letter-spacing: -0.05pt">f</FONT>ect back-valued to the date upon which the final or correct e<FONT STYLE="letter-spacing: 0.1pt">n</FONT>try
<FONT STYLE="letter-spacing: -0.05pt">(</FONT><FONT STYLE="letter-spacing: 0.05pt">o</FONT>r no en<FONT STYLE="letter-spacing: -0.05pt">t</FONT>r<FONT STYLE="letter-spacing: 0.1pt">y</FONT>)
sh<FONT STYLE="letter-spacing: -0.05pt">o</FONT><FONT STYLE="letter-spacing: 0.05pt">u</FONT>ld h<FONT STYLE="letter-spacing: -0.05pt">a</FONT>ve
been made. Additionally, if we credit or debit Bullion to or from the Allocated Account that is not of the fine troy ounces or troy ounces
(as the case may be) we have represented to you or, in the case of a credit, otherwise does not meet the requirements for &ldquo;Good
Delivery&rdquo; under the rules of the Relevant Association, recovery by you, to the extent such recovery is otherwise allowed, shall
not be barred by your delay in asserting a claim because of the failure to discover the corresponding loss or damage regardless of whether
such loss or damage could or should have been discovered.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.6</TD><TD STYLE="text-align: justify"><B>Access</B>: We will allow you, the Sponsor and your and their identified representatives and Bullion
auditors and inspectors access to our London vault premises (and, save as provided in the last sentence of this clause, we will procure,
upon your request, that any Sub-Custodian we employ will allow access to its vault premises), upon reasonable notice during normal business
hours, to examine the Bullion and such records as you and they may reasonably require to perform your and their respective audit duties
in respect of the Bullion and with regard to investors in the Shares. All such audits shall be at the Trust&rsquo;s expense. You agree
that any such access may be subject to execution of a confidentiality agreement and agreement to the relevant vault premises&rsquo; security
procedures. You acknowledge and agree that as of the date of this Agreement, it is the policy of the Bank of England to not permit any
audit visits to its vault premises and unless and until this policy changes, you will not request that we procure permission to visit
the Bank of England&rsquo;s vault premises where it is a Sub-Custodian.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.7</TD><TD STYLE="text-align: justify"><B>Regulatory Reporting</B>: To the extent that our activities under this Agreement are relevant to the
preparation of the filings required of the Trust under the securities laws of the United States or any other jurisdiction, we will, to
the extent permitted by applicable law, the Rules or applicable regulatory authority, and upon reasonable request, cooperate with you
and the Sponsor and your and the Sponsor&rsquo;s representatives to provide such information concerning our activities as may be necessary
for such filings to be completed. Additionally, to the extent that our activities or controls in our capacity as custodian of the Trust&rsquo;s
assets are relevant to the information presented in the financial statements of the Trust, we will, upon reasonable request, cooperate
with the Sponsor and you to assist the Sponsor in providing the required written assurances regarding the reliability of the internal
controls used in the preparation of such financial statements, including by providing the Trust&rsquo;s external auditors with information
and reports regarding our internal controls over financial reporting as far as such reporting relates to the scope of our duties.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify"><B><A NAME="a_003"></A>DEPO<FONT STYLE="letter-spacing: -0.05pt">S</FONT>ITS</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.1</TD><TD STYLE="text-align: justify"><B>Procedure</B>: You <FONT STYLE="letter-spacing: -0.1pt">m</FONT>ay at a<FONT STYLE="letter-spacing: -0.05pt">n</FONT>y
ti<FONT STYLE="letter-spacing: -0.1pt">m</FONT>e notify us of <FONT STYLE="letter-spacing: 0.1pt">a </FONT>deposit <FONT STYLE="letter-spacing: 0.45pt">of
</FONT>Bullion to be made to the Allo<FONT STYLE="letter-spacing: -0.05pt">c</FONT>ated Account. <FONT STYLE="line-height: 120%">A deposit
may only be made by: </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(a) &#9;<B>&#9;</B><FONT STYLE="line-height: 120%">a
transfer from the Corresponding Unallocated Account as provided in Clause 4.1(c) of the Unallocated Account Agreement; </FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(b) physical
transfers of Bullion to the Allocated Account from another custodian of the Trust&rsquo;s Bullion; or</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(c) other physical
transfers of Bullion to the Allocated Account otherwise permitted under this Agreement or the Unallocated Account Agreement.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.2</TD><TD STYLE="text-align: justify"><B>Notice requirements: </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(a) The notice
for any deposit of Bullion to be made into the Allocated Account in connection with Clause 4.1(c) of the Unallocated Account Agreement
shall be made in accordance with Clause 4.2(b) of the Unallocated Account Agreement.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(b) The notice
for any deposit of Bullion to be made into the Allocated Account in connection with Clauses 3.1(b) or (c) shall be received by the Custodian
no later than 2:00 p.m. (London time) on a day which is not less than two London Business Days prior to the Availability Date unless otherwise
agreed by the Trustee and the Custodian and shall specify the name of the person or carrier that will deliver the Bullion to the Custodian,
the weight (in fine troy ounces or troy ounces, as the case may be) of the Bullion to be deposited to the Allocated Account and any other
information which the Custodian may reasonably from time to time require.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(c) For the
avoidance of doubt, no notice relating to a deposit of Bullion shall be required for any transfer of Bullion to the Allocated Account
made pursuant to Clause 7.4 (Location of Bullion).&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.3</TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Right</B></FONT><B> to amend procedur<FONT STYLE="letter-spacing: -0.05pt">e</FONT></B>:
The Custodian may amend the procedure in relation to the deposit of Bullion to the Allocated Account only where such amendment is caused
by a change in the Rules or procedures of the Relevant Association. The Custodian will, whenever practicable, notify the Trustee and the
Sponsor within a commercially reasonable time prior to the date on which the Custodian amends its procedures or imposes additional ones
in relation to the transfer of Bullion into and from the Allocated Account, and in doing so the Custodian will consider the Trustee&rsquo;s
and the Sponsor&rsquo;s need to communicate any such change to Authorized Participants and others.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">3.4</TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Allocation</B></FONT>:
The Trustee acknowledges that the process of allocation of Bullion to the Allocated Account from the Unallocated Account may involve
minimal adjustments to the weights of Bullion to be allocated to adjust such weight to the number of whole bars, plates and/or ingots
(as the case may be) available.</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.05pt"><B><A NAME="a_004"></A>WITHDRAWALS</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.1</TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Procedure</B></FONT>: You <FONT STYLE="letter-spacing: -0.1pt">m</FONT>ay
at any time instruct us of a withdrawal of Bullion from the Account Balance of the Allocated Account. A withdrawal may only be made by:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: 0.05pt">(a)
</FONT>transfer to the Corresponding Unallocated Account in connection with the transfers described in Clause 4.1(a) of the Unallocated
Account Agreement;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(b) transfer
to an unallocated account in connection with the transfers described in Clauses 4.1(b), (f) or (g) of the Unallocated Account Agreement;
or</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(c) transfer
in the manner described in clauses 4.1(d), (e) and (h) of the Unallocated Account Agreement.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: 0.05pt">4.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Notice requirements: &nbsp;</B></FONT> The notice for any withdrawal
of Bullion to be made from the Allocated Account (i) in connection with Clauses 4.1(a), (b), (f) or (g) of the Unallocated Account Agreement
shall be made in accordance with Clause 4.2(a) of the Unallocated Account Agreement and (ii) in connection with Clauses 4.1(d), (e) and
(h) of the Unallocated Account Agreement shall be made in accordance with Clause 4.2(c) of the Unallocated Account Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.3</TD><TD STYLE="text-align: justify"><B>Right to amend procedure</B>: The Custodian may amend the procedure for the withdrawal of Bullion only
where such amendment is caused by a change in the Rules or procedures of the Relevant Association. Any such amendment will be subject
to the conditions of Clause 3.3 (<I>Deposits &ndash; Right to amend procedure</I>) and will be promptly notified to the Sponsor and the
Trustee, such notice to be given in advance of implementation whenever practicable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.4</TD><TD STYLE="text-align: justify"><B>Specification of Bullion:</B> The Custodian may specify the serial numbers of the bars, plates and/or
ingots to be withdrawn once it receives instructions from the Trustee to effect a withdrawal of Bullion pursuant to Clause 4.1. The Custodian
is entitled to select the Bullion to be made available to the Trustee; provided, however, that to the extent the Trustee provides specific
serial numbers of bars, plates and/or ingots to be so selected, the Custodian will take reasonable efforts to select such Bullion as specified
by the Trustee. The Custodian may require more than two London Business Days&rsquo; prior notice in the event that the Trustee does specify
the serial numbers of bars, plates and/or ingots to be withdrawn.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">4.5</TD><TD STYLE="text-align: justify"><B>Collection <FONT STYLE="letter-spacing: 0.1pt">o</FONT>f
Bullion</B>: The Trustee agrees that in the normal course (which, for the avoidance of doubt, shall not include withdrawal in connection
with the termination of this Agreement) withdrawal of Bullion from the Allocated Account shall be by way of de-allocation and subsequent
credit of Bullion to the Corresponding Unallocated Account.</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">4.6</TD><TD STYLE="text-align: justify"><B>De-allocation:</B> Following receipt by the Custodian of
notice for the withdrawal of Bullion from the Allocated Account pursuant to Clause 4.1, the Custodian shall de-allocate sufficient Bullion
from the Allocated Account to credit the Corresponding Unallocated Account in the amount required. The Trustee acknowledges that the
process of de-allocation of Bullion for withdrawal and/or credit to the Corresponding Unallocated Account may involve minimal adjustments
to the weight of Bullion to be withdrawn to adjust such weight to the whole bars, plates and/or ingots available.</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.7</TD><TD STYLE="text-align: justify"><B>Substitution</B>: Only upon your prior written approval in consultation with the Sponsor, may we substitute
Bullion comprising the Account Balance (the &ldquo;<B>Transferred Portion</B>&rdquo;) in exchange for the transfer by us to you of the
same number of substitute bars, plates and/or ingots of like quality of Bullion which comply with the Rules (including, without limitation,
the Rules relating to good delivery and fineness) (the &ldquo;<B>Substituted Portion</B>&rdquo;) by removing from the Allocated Account
the records identifying the Transferred Portion and simultaneously recording in the Allocated Account the Bullion identified by the serial
numbers of the relevant bars, plates and/or ingots (or by other appropriate means) comprising the Substituted Portion. <FONT STYLE="line-height: 120%">We
accept liability for all costs and shall bear all risk of loss in relation to any substitution made under this Clause 4.7. The number
of fine troy ounces or troy ounces (as the case may be) held by us for you shall be the same before and after any such substitution.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.8</TD><TD STYLE="text-align: justify"><B>Risk</B>: Where there is a physical shipment from the Custodian of Bullion, all right, title and risk
in and to such Bullion shall pass at the Point of Delivery to the relevant person for whose account the Bullion is being delivered.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify"><B><A NAME="a_005"></A>INS<FONT STYLE="letter-spacing: -0.1pt">T</FONT>R<FONT STYLE="letter-spacing: -0.05pt">U</FONT>CT<FONT STYLE="letter-spacing: -0.05pt">I</FONT>ONS</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD STYLE="text-align: justify"><B>Your representatives:</B> Only the Trustee has the right to give instructions to us with respect to
the Allocated Account. We may assume that instructions have been properly authorized by you if they are given or purport to be given by
a person who is, or purports to be, and is reasonably believed by us to be, a director, employee or other authorized person acting for
you.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.2</TD><TD STYLE="text-align: justify"><B>Instructions</B>: All transfers into and out of the Allocated Account shall be <FONT STYLE="letter-spacing: -0.1pt">m</FONT>a<FONT STYLE="letter-spacing: 0.1pt">d</FONT>e
upon receipt of, and in accordance with, instru<FONT STYLE="letter-spacing: -0.05pt">c</FONT>tions given (or appearing to be given) by
you <FONT STYLE="letter-spacing: -0.05pt">t</FONT>o us. S<FONT STYLE="letter-spacing: -0.05pt">u</FONT>ch instructio<FONT STYLE="letter-spacing: -0.05pt">n</FONT>s
<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ay be g<FONT STYLE="letter-spacing: -0.05pt">iv</FONT>en <FONT STYLE="letter-spacing: -0.05pt">b</FONT>y
the Society for Worldwide Interbank Financial Telecommunications secure messaging system (&ldquo;<B>SWIFT</B>&rdquo;) or, if for any reason
SWIFT is not operational, by authenticated email transmission in accordance with our internal funds transfer policy or by such other means
<FONT STYLE="letter-spacing: 0.05pt">a</FONT>s the Parties may agree <FONT STYLE="letter-spacing: 0.25pt">upon </FONT>fr<FONT STYLE="letter-spacing: 0.1pt">o</FONT>m
time to t<FONT STYLE="letter-spacing: 0.05pt">i</FONT>me. Unless otherwise agreed, any such instruction or communication shall be effective
if <FONT STYLE="letter-spacing: 0.1pt">g</FONT>iven by written <FONT STYLE="letter-spacing: -0.1pt">m</FONT>eans. We <FONT STYLE="letter-spacing: -0.1pt">m</FONT>ay
as<FONT STYLE="letter-spacing: 0.05pt">s</FONT>ume that any electronic instructions meeting the requirements of clause 5.1 have been valid<FONT STYLE="letter-spacing: -0.05pt">l</FONT>y
g<FONT STYLE="letter-spacing: -0.05pt">i</FONT>ven on your behalf. We reserve <FONT STYLE="letter-spacing: 0.05pt">th</FONT>e right to
obtain further validation of a<FONT STYLE="letter-spacing: -0.05pt">n</FONT>y instru<FONT STYLE="letter-spacing: -0.05pt">c</FONT>tions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.3</TD><TD STYLE="text-align: justify"><B>Amen<FONT STYLE="letter-spacing: 0.05pt">d</FONT><FONT STYLE="letter-spacing: -0.05pt">m</FONT>en<FONT STYLE="letter-spacing: 0.05pt">t</FONT>s</B>:
Once given, instructions continue in full force and effect until they are cancelled or amended. Any such instructions (including those
to cancel and amend a prior instruction) shall be valid and binding only after actual receipt by us in accordance with Clause 5.2. Nothing
in the foregoing shall entitle you to cancel or amend an instruction once we have acted upon it (unless we expressly agree otherwise in
writing at our discretion).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.4</TD><TD STYLE="text-align: justify"><B>Unclear or <FONT STYLE="letter-spacing: 0.1pt">a</FONT><FONT STYLE="letter-spacing: -0.05pt">m</FONT>biguous
instructions</B>: If, in our <FONT STYLE="letter-spacing: -0.05pt">o</FONT><FONT STYLE="letter-spacing: 0.05pt">p</FONT>i<FONT STYLE="letter-spacing: -0.05pt">n</FONT>ion,
a<FONT STYLE="letter-spacing: -0.05pt">n</FONT>y <FONT STYLE="letter-spacing: -0.05pt">i</FONT><FONT STYLE="letter-spacing: 0.05pt">n</FONT>structions
are unclear or a<FONT STYLE="letter-spacing: -0.1pt">m</FONT>biguous, we will use reasonable endeavours (taking <FONT STYLE="letter-spacing: -0.05pt">i</FONT><FONT STYLE="letter-spacing: 0.05pt">n</FONT>to
account any relevant t<FONT STYLE="letter-spacing: 0.05pt">i</FONT>me constraints) to obtain clarification of those instructions from
you but, failing that, we may in our absolute discretion and w<FONT STYLE="letter-spacing: -0.05pt">i</FONT>thout any li<FONT STYLE="letter-spacing: -0.05pt">a</FONT>bili<FONT STYLE="letter-spacing: -0.05pt">t</FONT>y
on our part, act upon what we believe in good faith s<FONT STYLE="letter-spacing: -0.05pt">u</FONT>ch instructio<FONT STYLE="letter-spacing: -0.05pt">n</FONT>s
to be or refuse to take any action or execute such instructions until any a<FONT STYLE="letter-spacing: -0.1pt">m</FONT><FONT STYLE="letter-spacing: 0.1pt">b</FONT>igui<FONT STYLE="letter-spacing: -0.05pt">t</FONT>y
or con<FONT STYLE="letter-spacing: -0.05pt">f</FONT>lict has been resolved to our satisfaction.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.5</TD><TD STYLE="text-align: justify"><B>Refusal to execute</B>: We reserve the right to refuse to execute instructions if in our opini<FONT STYLE="letter-spacing: -0.05pt">o</FONT>n
th<FONT STYLE="letter-spacing: -0.05pt">e</FONT>y are or may be, or require action w<FONT STYLE="letter-spacing: -0.15pt">h</FONT>ich
is or <FONT STYLE="letter-spacing: -0.1pt">m</FONT>ay be, c<FONT STYLE="letter-spacing: 0.1pt">o</FONT>ntrary to the Rules or any applicable
law. In the case of being contrary to the Rules or applicable law, we shall promptly provide you with the reasons for not being able to
execute the instructions unless prohibited from doing so by the Rules or applicable law. We shall in no circumstances have any obligation
to act upon any instruction which in our opinion would result in a negative balance in the Allocated Account.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.6</TD><TD STYLE="text-align: justify"><B>Creation and Redemption Procedures: </B>The Custodian undertakes to the Trust that the Custodian will
adhere to the Creation and Redemption Procedures, provided that the Trustee shall use its reasonable efforts to provide the Custodian
with prior notice of any amendment to the Creation and Redemption Procedures and, if the amendment relates to the Custodian&rsquo;s duties,
such amendment will only be made after consultation with the Custodian. If the amendment would have a material adverse effect on the Custodian&rsquo;s
ability to adhere to the Creation and Redemption Procedures (in the Custodian&rsquo;s reasonable opinion), such amendment may not be made
without the Custodian&rsquo;s prior written consent (which consent will not be unreasonably withheld or delayed) unless such amendment
or modification is required by applicable law or the Rules.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify"><B><A NAME="a_006"></A>C<FONT STYLE="letter-spacing: -0.05pt">O</FONT>NF<FONT STYLE="letter-spacing: -0.05pt">I</FONT>DEN<FONT STYLE="letter-spacing: -0.1pt">T</FONT>IALITY</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.1</TD><TD STYLE="text-align: justify"><B>Disclosu<FONT STYLE="letter-spacing: 0.05pt">r</FONT>e to others</B>: Subject to Clauses <FONT STYLE="letter-spacing: 0.5pt">6.2</FONT>
<FONT STYLE="letter-spacing: 0.65pt">and 6.3, </FONT>each Party shall re<FONT STYLE="letter-spacing: -0.05pt">s</FONT><FONT STYLE="letter-spacing: 0.05pt">p</FONT>ect
the confidentiality of infor<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ati<FONT STYLE="letter-spacing: 0.1pt">o</FONT>n acquired under
this Agreement, and neither will, without the written consent of the other, di<FONT STYLE="letter-spacing: -0.05pt">s</FONT>close to any
<FONT STYLE="letter-spacing: -0.05pt">o</FONT>ther person a<FONT STYLE="letter-spacing: -0.05pt">n</FONT>y <FONT STYLE="letter-spacing: -0.05pt">transaction
or other </FONT>in<FONT STYLE="letter-spacing: -0.05pt">f</FONT><FONT STYLE="letter-spacing: 0.05pt">o</FONT>r<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ati<FONT STYLE="letter-spacing: 0.1pt">o</FONT>n
acquired <FONT STYLE="letter-spacing: -0.4pt">about the other party, its business or the Trust </FONT>u<FONT STYLE="letter-spacing: -0.05pt">n</FONT>der
this Agree<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ent, in the event that such other Party has made it clear, at or before the time
such information is provided, that such information is being provided on a confidential basis. <FONT STYLE="line-height: 120%">Notwithstanding
anything to the contrary in this Agreement, to the extent required, a copy of this Agreement may be filed under the securities laws of
the United States or any other jurisdiction in connection with the registration of the public offering of shares issued by the Trust.
</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.2</TD><TD STYLE="text-align: justify"><B>Permitted disclosure<FONT STYLE="letter-spacing: -0.05pt">s</FONT></B>: Each Party accepts that from
time to time the other Party <FONT STYLE="letter-spacing: -0.1pt">m</FONT>ay <FONT STYLE="letter-spacing: 0.1pt">b</FONT>e required <FONT STYLE="letter-spacing: -0.05pt">b</FONT>y
<FONT STYLE="letter-spacing: 0.4pt">the Rules or applicable </FONT><FONT STYLE="letter-spacing: -0.05pt">l</FONT>aw, or a court order
or si<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ilar process, or requested by a government department or agency, fiscal body or regulatory
or listing authority, to disclose information acquired under this Agreement. In addition, the disclosure of such information may be required
by a Party's auditors, by its legal or other advisors or by a company which is in the same group of companies as a Party (e.g., a subsidiary
or holding company of a Party), by a Sub-Custodian or by the Sponsor or (in the case of the Trustee) by any beneficiary of the trusts
constituted by the Trust Agreement. In any such case, the disclosing Party will notify the person to whom the disclosure is made that
the information disclosed is confidential and should not be disclosed to any third party. Each Party irrevocably authorises the other
to make such disclosures without further reference to such Party.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.3</TD><TD STYLE="text-align: justify">You acknowledge that, as a member of the LPMCL and in connection with carrying out our duties and obligations
under this Agreement, it may be necessary from time to time for us to disclose to LPMCL and/or other clearing members, your account details
and certain other information in order to act in accordance with your notices hereunder for the purposes of facilitating settlement. You
acknowledge and accept that such disclosures may be made by us for the purposes set out in this Clause 6.3.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify"><B><A NAME="a_007"></A>CUSTODY SERVICES</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.1</TD><TD STYLE="text-align: justify"><B>Appointment</B>: You hereby appoint the Custodian &#9;to act as custodian and bailee of the Bullion
comprising the Account Balance in accordance with this Agreement and in accordance with any Rules and laws which apply to us. We accept
that appointment. Except as otherwise provided under this Agreement, we do not undertake the responsibility of a trustee or any other
duties in relation to the Bullion not implied by the law of bailment and possession.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.2</TD><TD STYLE="text-align: justify"><B>Segregation of Bullion</B>: We will segregate the Bullion comprising the Account Balance from any Bullion
which we own or which we hold for others by making appropriate entries in our books and records, and we will require each Sub-Custodian
to segregate the Bullion comprising the Account Balance which they hold for the Custodian (for the benefit of the Trust) from any Bullion
which they own or hold for others by making appropriate entries in their books and records. Entries on our books and records will identify
the Bullion held by us or, as applicable, at a Sub-Custodian, for the benefit of the Trust, and will refer to the Bullion by refiner,
assay, serial number and gross and fine weight (as the case may be), and by any other marks required for the identification of the Bullion
under the Rules. We will notify you of the Bullion held by us or, as applicable, a Sub-Custodian for the Custodian (for the benefit of
the Trust), in accordance with Clause 2.3 (<I>Reports</I>) or upon your written request. For the avoidance of doubt, in any circumstance
where we have agreed to hold for you a quantity of Bullion which cannot be allocated in a whole number of physical bars, plates and/or
ingots, your Allocated Account will record the nearest whole number of physical bars, plates and/or ingots not exceeding such quantity
of Bullion, and the difference between the quantity of Bullion comprised by such physical bars, plates and/or ingots and the quantity
of such Bullion which we have agreed to hold for you will be held by us for you in the Corresponding Unallocated Account as an unallocated
amount of Bullion pursuant to the Unallocated Account Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.3</TD><TD STYLE="text-align: justify"><B>Ownership of Bullion</B>: We will identify in our books that the Bullion comprising the Account Balance
belongs solely to you (on trust for the Shareholders). We irrevocably declare that you (on trust for the Shareholders) are the owner of
all right, title, interest and benefit in, to and under any Bullion in the Allocated Account deposited with, or in the possession of,
us. We irrevocably declare that you (on trust for the Shareholders) are the owner of all right, title, interest and benefit in, to and
under (a) any Bullion in the Allocated Account deposited with, or in the possession of, a Sub-Custodian; (b) any Bullion in the Allocated
Account deposited with, or in the possession of, any other person; (c) any agreement between us and a Sub-Custodian or other such person
in respect of such Bullion in the Allocated Account; and (d) any rights of recourse against a Sub-Custodian or other such person in respect
of such Bullion in the Allocated Account, for a period of 80 years from the date of this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.4</TD><TD STYLE="text-align: justify"><B>Location of Bullion</B>: The Bullion comprising the Account Balance must be held by us (i) at our London
vault premises unless otherwise agreed in writing between the Parties and/or (ii) if so otherwise agreed in writing, at the vault premises
of a Sub-Custodian. We shall use commercially reasonable efforts to promptly (i) transport any Bullion held for you by a Sub-Custodian
to our London vault premises or (ii) substitute the Bullion held for you by a Sub-Custodian by a book entry debit from the Allocated Account
of such Sub-Custodian and corresponding credit of Bullion to the Allocated Account at our London vault premises. If we allocate Bullion
to the Allocated Account and such Bullion is held by a Sub-Custodian (but only if such Sub-Custodian is approved by you in writing) and
such Bullion is physically transported from the Sub-Custodian&rsquo;s vault premises to our London vault premises, then: (i) we accept
liability for all costs related to the transportation of such Bullion, including insurance, from the Sub-Custodian&rsquo;s vault premises
to our London vault premises; and (ii) we bear the risk of loss of such Bullion during transportation, whether due to theft, destruction
or otherwise. We agree that all delivery and packing shall be in accordance with the Rules and good market practices of the Relevant Association,
and if there is a change in the delivery or packing due to a change in the Rules, we shall promptly provide you with the reasons for the
change.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.5</TD><TD STYLE="text-align: justify"><B>Replacement of Bullion</B>: If any Bullion credited to the Allocated Account does not comply with the
Rules (inc<FONT STYLE="letter-spacing: 0.05pt">l</FONT>uding, without limitation, <FONT STYLE="letter-spacing: -0.05pt">t</FONT><FONT STYLE="letter-spacing: 0.05pt">h</FONT>e
Rules re<FONT STYLE="letter-spacing: 0.05pt">l</FONT>ating to good delive<FONT STYLE="letter-spacing: -0.05pt">r</FONT>y and fineness),
we shall as soon as practicable replace such Bullion with Bullion which complies with the Rules (inc<FONT STYLE="letter-spacing: 0.05pt">l</FONT>uding,
without limitation, <FONT STYLE="letter-spacing: -0.05pt">t</FONT><FONT STYLE="letter-spacing: 0.05pt">h</FONT>e Rules re<FONT STYLE="letter-spacing: 0.05pt">l</FONT>ating
to good delive<FONT STYLE="letter-spacing: -0.05pt">r</FONT>y and fineness) <FONT STYLE="background-color: white">by (i)&nbsp;debiting
the Allocated Account and crediting the Corresponding Unallocated Account with the requisite amount of Bullion to be replaced, (ii)&nbsp;providing
replacement Bullion which complies with the Rules</FONT>, <FONT STYLE="background-color: white">and which is of an amount that approximates
the amount of Bullion to be replaced as closely as possible and (iii)&nbsp;debiting the Corresponding Unallocated Account and crediting
the Allocated Account with the requisite amount of replacement Bullion. We shall not start the foregoing replacement process on a particular
London Business Day unless we are reasonably sure that such replacement process can be started and completed in the same London Business
Day. We shall notify you by email and/or SWIFT message as soon as practicable on the London Business Day (but no later than the end of
business on such London Business Day) when (i)&nbsp; Bullion credited to the Allocated Account does not comply with the Rules and (ii)&nbsp;
replacement Bullion has been credited to the Allocated Account in accordance with this Clause 7.5. Such notification shall include details
of the Bullion which did not comply with the Rules</FONT>, <FONT STYLE="background-color: white">and the replacement Bullion, including,
without limitation, for each bar, plate and/or ingot of non-compliant or replacement Bullion (i) the name of the refiner and (ii) information
regarding the vault location, gross weight, fineness, serial ID number, size and, if applicable, fine ounces. If there is a change in
compliance due to a change in the Rules, we shall promptly provide you with the reasons for the change.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.6</TD><TD STYLE="text-align: justify"><B>Post-2012 Bullion</B>: When allocating gold Bullion to the gold Bullion Allocated Account, the Custodian
will, on a best efforts basis and subject to the availability of Post-2012 Bullion, seek to allocate Post-2012 Bullion. If, due to a lack
of availability of Post-2012 Bullion, the Custodian is unable to allocate Post-2012 Bullion to the gold Bullion Allocated Account, the
Custodian will allocate Pre-2012 Bullion and substitute such allocated Pre-2012 Bullion for Post-2012 Bullion as soon as Post-2012 Bullion
is available <FONT STYLE="background-color: white">by (i)&nbsp;debiting the gold Bullion Allocated Account and crediting the Corresponding
Unallocated Account with the requisite amount of Pre-2012 Bullion to be replaced, (ii)&nbsp;providing replacement Post-2012 Bullion which
is of an amount that approximates the amount of Pre-2012 Bullion to be replaced as closely as possible and (iii)&nbsp;debiting the Corresponding
Unallocated Account and crediting the gold Bullion Allocated Account with the requisite amount of replacement Post-2012 Bullion. We shall
not start the foregoing replacement process on a particular London Business Day unless we are reasonably sure that such replacement process
can be started and completed in the same London Business Day. We shall notify you by email and/or SWIFT message as soon as practicable
on the London Business Day (but no later than the end of business on such London Business Day) when Pre-2012 Bullion previously credited
to the gold Bullion Allocated Account has been replaced by crediting Post-2012 Bullion to the gold Bullion Allocated Account in accordance
with this Clause 7.6. Such notification shall include details of the Pre-2012 Bullion</FONT>, <FONT STYLE="background-color: white">and
the replacement Post-2012 Bullion, including, without limitation, for each bar of Pre-2012 Bullion or Post-2012 Bullion (i) the name of
the refiner and (ii) information regarding the vault location, gross weight, fineness, serial ID number, size and fine ounces. If there
is a change in compliance due to a change in the Rules, we shall promptly provide you with the reasons for the change.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify"><B><A NAME="a_008"></A>SUB-CUSTODIANS</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.1</TD><TD STYLE="text-align: justify"><B>Sub-Custodians</B>: We may employ Sub-Custodians solely for the temporary custody and safekeeping of
Bullion comprising the Account Balance until such Bullion is transferred to our London vault premises as provided in Clause 7.4 (<I>Location
of Bullion</I>). The Sub-Custodians the Custodian selects may themselves select sub-custodians to provide such temporary custody and safekeeping
of Bullion, but such sub-custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian as such term
is used herein.&nbsp;We will use reasonable care in selecting any Sub-Custodian. As of the date of this Agreement, the Sub-Custodians
that the Custodian uses are specified below in this Clause.&nbsp;We will notify you and the Sponsor of the selection of any additional
Sub-Custodian or if we stop using any Sub-Custodian for such purpose. Your and the Sponsor&rsquo;s receipt of notice that we have selected
a Sub-Custodian (including those named in this Clause below) shall not be deemed to limit our responsibility in selecting such Sub-Custodian.
Any Sub-Custodian shall be a member of the Relevant Association, except for the Governor and Company of the Bank of England. We shall
notify you and the Sponsor as soon as practicable (and in any event no later than 2 Business Days from the date of our becoming aware)
of any difficulties or problems existing with respect to a Sub-Custodian of which we become aware, with our acknowledging that we endeavour
to apply no less than the same standard of care with respect to any Sub-Custodian as we apply to the services provided by us. As per the
definition of &ldquo;Sub-Custodian&rdquo; in Clause 1.1, any appointment of a Sub-Custodian other than the Sub-Custodians specified below
in this Clause 8.1 must be approved in writing by the Trustee and the Sponsor.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white">Schedule
2 (<I>Sub-Custodian&nbsp;Trust Provisions</I>) will apply in relation to any&nbsp;Sub-Custodian&nbsp;or any other person with which the
Custodian has deposited, or which is in possession of, any Bullion in the Allocated Account.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">As at the date
of this Agreement the Sub-Custodians that the Custodian uses are: (i) for gold, Brinks&rsquo; Global Services, Malca-Amit, Loomis and
the Governor and Company of the Bank of England; and (ii) for silver, Brinks&rsquo; Global Services. The Custodian does not, as at the
date of this Agreement, use any Sub-Custodians for platinum or palladium.&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.2</TD><TD STYLE="text-align: justify"><B>Liability</B>: Except for our obligation under Clause 7.4 (<I>Location of Bullion</I>) to promptly
transport any Bullion held for you by a Sub-Custodian to our London vault premises, we shall not be liable in contract, tort or otherwise
for any loss, damages or expenses arising directly or indirectly as a result of any act or omission or insolvency of any Sub-Custodian
or further delegate of such Sub-Custodian, unless the appointment of such Sub-Custodian was made by us fraudulently, negligently or in
bad faith.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify"><B><A NAME="a_009"></A>REPRES<FONT STYLE="letter-spacing: -0.05pt">E</FONT>N<FONT STYLE="letter-spacing: -0.05pt">T</FONT>ATI<FONT STYLE="letter-spacing: -0.05pt">O</FONT>NS</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Each Party represents
a<FONT STYLE="letter-spacing: 0.1pt">n</FONT>d warrants to the other, on a continuing basis, that:</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">it is du<FONT STYLE="letter-spacing: -0.05pt">l</FONT>y constituted and valid<FONT STYLE="letter-spacing: -0.05pt">l</FONT>y
existing under the laws of its jurisdiction of constitution;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">it has all necessary authority, powers, consents, licences and authorisations (which have not been revoked)
and has taken all necessary action to enable it lawfully to enter into and perform its duties and obligations under this Agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">the persons entering into this Agreement on its behalf have been duly authorized to do so; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">this Agreement and the obligations created under it constitute its legal and valid obligations which are
binding upon it and enforceable against it in accordance with the terms of this Agreement (subject to applicable laws of bankruptcy, insolvency
and similar laws and principles of equity) and do not and will not violate any applicable laws, or any order, charge or agreement by which
it is bound.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.</TD><TD STYLE="text-align: justify"><B><A NAME="a_010"></A>SANCTIONS</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.1</TD><TD STYLE="text-align: justify">In addition to (and without limitation of) the representations and warranties given by you in Clause 9
(<I>Representations</I>) above, you represent, warrant, and undertake, on a continuing basis, that:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
you are not, and the Trust is not, a person or entity that is named on any Sanctions List or directly or indirectly targeted under any
Sanctions; and</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
subject to the limitation in the following sentence, you represent, in relation to your own actions taken in connection with this Agreement,
that you are not knowingly acting in violation of any Sanctions applicable to you, and will not knowingly cause us to hold any Bullion
that originates from financial crime or that would cause us to facilitate the violation of any such Sanctions. We acknowledge that you
do not review or monitor the activities of the Authorized Participants or Shareholders with respect to their compliance with Sanctions.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.2</TD><TD STYLE="text-align: justify">Subject to Clause 10.1, you agree that, to the best of your knowledge, neither any Bullion nor the proceeds
of any Bullion will be used by you in any way to fund the activities or business of any person or entity in violation of Sanctions applicable
to you. You further agree that we shall be under no obligation to comply with a notice of withdrawal delivered pursuant to Clause 4.1
(<I>Withdrawals &ndash; Procedure</I>) where we, in consultation with you and the Sponsor (to the extent such consultation is permitted
by law, regulation and internal compliance policies and procedures), have reasonable grounds to suspect that doing so would constitute
a violation of Sanctions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.3</TD><TD STYLE="text-align: justify">In the event that you breach Clause 10.1 or 10.2 above, or if we have reasonable grounds to believe that
you have breached Clause 10.1 or 10.2 above, we shall have the right to terminate this Agreement upon written notice to you and the Sponsor.
Our indemnification provided in Clause 12.5 (<I>Scope of Responsibility &ndash; Indemnity</I>) shall apply to any such termination.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">10.4</TD><TD STYLE="text-align: justify">Nothing in this Agreement shall require a Party to take any
action or to refrain from taking any action which may cause that Party any liability to or imposed by a Sanctioning Body.</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify"><A NAME="a_011"></A><B>FEES AND E<FONT STYLE="letter-spacing: 0.1pt">X</FONT>PENSES</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.1</TD><TD STYLE="text-align: justify"><B>Fees</B>: For the Custodian&rsquo;s services under this Agreement, the Sponsor and the Custodian have
entered into a separate written agreement pursuant to which the Sponsor has agreed to pay the Custodian&rsquo;s fee for services under
this Agreement and the Unallocated Account Agreement. Details of charges (including, if any, transfer clearing charges and storage charges)
will be advised to you and the Sponsor by us in writing from time to time.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.2</TD><TD STYLE="text-align: justify"><B>Expenses</B>: Pursuant to a separate written agreement between the Sponsor and the Custodian, the Sponsor
shall pay to the Custodian on demand all costs, charges and expenses (excluding (i) any relevant taxes and VAT (except where the Sponsor
and the Custodian agree otherwise in writing), duties and other governmental charges, (ii) fees for storage and insurance of the Bullion
and any fees and expenses of Sub-Custodians, which will be recovered under Clause 11.1, and (iii) indemnification obligations of the Trustee
under Clause 12.5 (<I>Scope of Responsibility &ndash; Indemnity</I>) which will be paid pursuant to the following sentence) incurred by
the Custodian in connection with the performance of its duties and obligations under this Agreement or otherwise in connection with the
Bullion. The Trustee will procure payment on demand, solely from and to the extent of the assets of the Trust, of any other costs, charges
and expenses not assumed by the Sponsor under its separate written agreement with the Custodian (including any relevant taxes (other than
VAT, which is addressed in the preceding sentence and Clause 14.1), duties, other governmental charges and indemnification claims of the
Custodian payable by the Trustee pursuant to Clause 12.5 (<I>Scope of Responsibility &ndash; Indemnity</I>), but excluding fees for storage
and insurance of the Bullion and any fees and expenses of Sub-Custodians, which will be recovered under Clause 11.1) incurred by the Custodian
in connection with the Bullion.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.3</TD><TD STYLE="text-align: justify"><B>Credit balances</B>: No interest or other a<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ount will <FONT STYLE="letter-spacing: 0.1pt">b</FONT>e
paid by us on any credit balance on the Allocated Account.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.4</TD><TD STYLE="text-align: justify"><B>Debit balances</B>: You are not entitled to overdraw the Allocated Account, and we shall not c<FONT STYLE="letter-spacing: -0.05pt">a</FONT>rry
<FONT STYLE="letter-spacing: -0.05pt">o</FONT><FONT STYLE="letter-spacing: 0.05pt">u</FONT>t a<FONT STYLE="letter-spacing: -0.05pt">n</FONT>y
<FONT STYLE="letter-spacing: -0.05pt">i</FONT><FONT STYLE="letter-spacing: 0.05pt">n</FONT>struction fr<FONT STYLE="letter-spacing: -0.05pt">o</FONT>m
<FONT STYLE="letter-spacing: 0.1pt">y</FONT>ou where to do so would in our opini<FONT STYLE="letter-spacing: -0.05pt">o</FONT>n cause
the Allocated Account to have a negative balance.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.5</TD><TD STYLE="text-align: justify"><B>Default interest</B>: If <FONT STYLE="letter-spacing: 0.1pt">y</FONT>ou <FONT STYLE="letter-spacing: 0.05pt">or
</FONT>the Sponsor, as applicable, f<FONT STYLE="letter-spacing: -0.05pt">a</FONT>il to <FONT STYLE="letter-spacing: 0.1pt">procure </FONT>p<FONT STYLE="letter-spacing: -0.05pt">a</FONT>yment
to us <FONT STYLE="letter-spacing: 0.1pt">of </FONT>a<FONT STYLE="letter-spacing: -0.05pt">n</FONT>y a<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ount
when due <FONT STYLE="letter-spacing: -0.15pt">under this Agreement</FONT>, we reserve t<FONT STYLE="letter-spacing: 0.1pt">h</FONT>e
right to charge <FONT STYLE="letter-spacing: -0.05pt">i</FONT><FONT STYLE="letter-spacing: 0.05pt">n</FONT>terest (both before and after
any judg<FONT STYLE="letter-spacing: -0.05pt">e</FONT>ment) on any such unpaid a<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ount calculated
at a rate equal <FONT STYLE="letter-spacing: -0.45pt">to 1% above </FONT>the 1 month Secured Overnight Financing Rate (SOFR) for the currency
in which the amount is due, or if such rate is not available, such rate of interest as we and you or the Sponsor, as applicable, shall
mutually agree upon in good faith. Interest will accrue <FONT STYLE="letter-spacing: 0.1pt">o</FONT>n a daily basis, on a co<FONT STYLE="letter-spacing: -0.1pt">m</FONT>pound
basis with <FONT STYLE="letter-spacing: -0.1pt">m</FONT>onth<FONT STYLE="letter-spacing: -0.05pt">l</FONT>y resets, and will be due and
p<FONT STYLE="letter-spacing: -0.05pt">a</FONT><FONT STYLE="letter-spacing: 0.1pt">y</FONT>able <FONT STYLE="letter-spacing: -0.15pt">by
the relevant party </FONT>as a separate debt.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.6</TD><TD STYLE="text-align: justify"><FONT STYLE="line-height: 120%"><B>No Recovery from the Trust</B>: Amounts payable pursuant to this Clause
11 shall not be debited from the Allocated Account, but shall be solely payable, as applicable, by you, on behalf of the Trust, or the
Sponsor, and we hereby acknowledge that we will have no recourse against any Bullion standing to the credit of the Allocated Account or
to the Trustee individually in respect of any such amounts.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.</TD><TD STYLE="text-align: justify"><B><A NAME="a_012"></A>SC<FONT STYLE="letter-spacing: -0.05pt">O</FONT>PE OF RESPONSIBI<FONT STYLE="letter-spacing: -0.1pt">L</FONT>ITY</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.1</TD><TD STYLE="text-align: justify"><B>Exclusion of liability</B>: The Custodian will use reasonable care in the performance of its duties
under this Agreement, and we will be responsible for any loss or damage suffered as a direct result of any negligence, fraud or wilful
default on our part in the performance of our duties, and in which case our liability will not exceed the market value of the Bullion
lost or damaged at the time such negligence, fraud or wilful default is discovered by the Custodian, provided that the Custodian notifies
the Trustee promptly after any discovery of lost or damaged Bullion. We shall not in any event be liable for any consequential loss, or
loss of profit or goodwill, whether or not resulting from any negligence, fraud or wilful default on our part.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.2</TD><TD STYLE="text-align: justify"><B>No duty or obligation</B>: The Custodian is under no du<FONT STYLE="letter-spacing: -0.05pt">t</FONT>y
or <FONT STYLE="letter-spacing: -0.05pt">o</FONT><FONT STYLE="letter-spacing: 0.05pt">b</FONT>l<FONT STYLE="letter-spacing: -0.05pt">i</FONT>gation
to <FONT STYLE="letter-spacing: -0.1pt">m</FONT>a<FONT STYLE="letter-spacing: 0.1pt">k</FONT>e or take, or require any Sub-Custodian to
make or take, any special arrang<FONT STYLE="letter-spacing: 0.05pt">e</FONT><FONT STYLE="letter-spacing: -0.1pt">m</FONT>ents or precautions
be<FONT STYLE="letter-spacing: 0.1pt">y</FONT><FONT STYLE="letter-spacing: -0.05pt">o</FONT>nd tho<FONT STYLE="letter-spacing: -0.05pt">s</FONT>e
required by the Rules or as specifically set forth in this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.3</TD><TD STYLE="text-align: justify"><B>Insurance</B>: The Custodian (or one of its Affiliates) shall make such insurance arrangements from
time to time in connection with the Custodian&rsquo;s custodial obligations under this Agreement as the Custodian considers appropriate
and will be responsible for all costs, fees and expenses (including any relevant taxes) in relation to such insurance policy or policies.
Upon reasonable prior written notice, in connection with the preparation of any registration statement under the United States Securities
Act of 1933, as amended, covering any Shares, the Custodian will allow its insurance certificate to be reviewed by the Trustee and by
the Sponsor. The Custodian also will allow the Trustee and the Sponsor to review such insurance certificate in connection with any amendment
to the registration statement covering any Shares and from time to time, in each case upon reasonable prior written notice from the Trustee.
Any permission to review the Custodian&rsquo;s insurance is limited to the term of this Agreement and is conditioned on the reviewing
party executing a form of confidentiality agreement provided by the Custodian, or if the confidentiality agreement is already in force,
acknowledging that the review is subject thereto. We acknowledge that you may obtain separate insurance at your own expense solely for
your benefit to insure the Bullion comprising the Account Balance and that we will promptly provide you with all information reasonably
necessary for you to obtain such insurance.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.4</TD><TD STYLE="text-align: justify"><B>Force ma<FONT STYLE="letter-spacing: 0.05pt">j</FONT>e<FONT STYLE="letter-spacing: 0.05pt">u</FONT>re</B>:
We shall not be liable <FONT STYLE="letter-spacing: -0.05pt">f</FONT><FONT STYLE="letter-spacing: 0.05pt">o</FONT>r a<FONT STYLE="letter-spacing: -0.05pt">n</FONT>y
del<FONT STYLE="letter-spacing: -0.05pt">a</FONT>y in <FONT STYLE="letter-spacing: -0.05pt">p</FONT>erfor<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ance,
or for the non-perfor<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ance of, any of our obligations und<FONT STYLE="letter-spacing: -0.1pt">e</FONT>r
<FONT STYLE="letter-spacing: -0.05pt">t</FONT><FONT STYLE="letter-spacing: 0.05pt">h</FONT>is Agreement by reason of <FONT STYLE="letter-spacing: -0.05pt">an</FONT>y
cause beyond <FONT STYLE="letter-spacing: 0.55pt">the Custodian&rsquo;s </FONT><FONT STYLE="letter-spacing: -0.05pt">r</FONT>easonable
control. <FONT STYLE="letter-spacing: -0.05pt">T</FONT><FONT STYLE="letter-spacing: 0.05pt">h</FONT>is includes <FONT STYLE="letter-spacing: 0.5pt">but
is not limited to </FONT>any <FONT STYLE="letter-spacing: 0.7pt">act of God, </FONT>b<FONT STYLE="letter-spacing: -0.05pt">r</FONT>eakdown,
<FONT STYLE="letter-spacing: -0.1pt">m</FONT><FONT STYLE="letter-spacing: 0.05pt">a</FONT>lfunction or <FONT STYLE="letter-spacing: -0.05pt">f</FONT>ailure
of, or in co<FONT STYLE="letter-spacing: -0.05pt">n</FONT><FONT STYLE="letter-spacing: 0.05pt">n</FONT>ection with, a<FONT STYLE="letter-spacing: -0.05pt">n</FONT>y
com<FONT STYLE="letter-spacing: -0.1pt">m</FONT>unication, <FONT STYLE="letter-spacing: -0.05pt">c</FONT><FONT STYLE="letter-spacing: 0.05pt">o</FONT><FONT STYLE="letter-spacing: -0.1pt">m</FONT>puter
facilities, trans<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ission, cyber-attack or event, clearing or settlement facilities, industrial
action, <FONT STYLE="letter-spacing: 0.25pt">war, civil war, hostilities (whether war be declared or not), epidemic, pandemic, revolution,
rebellion, insurrection, civil strife </FONT>acts <FONT STYLE="letter-spacing: -0.05pt">a</FONT>nd regulations of any govern<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ental
or supra national bodies or authorities, or the rules of any relevant regulato<FONT STYLE="letter-spacing: -0.05pt">r</FONT>y or self-regulato<FONT STYLE="letter-spacing: -0.05pt">r</FONT>y
organisation or failure of any such body, authority or organisation, for any reason, to perform its obligations. We shall promptly provide
you with the reasons for such delay in performance, or non-performance and shall use our reasonable endeavours to assist you in finding
a replacement custodian should any of the foregoing events prevent us from performing our obligations under this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.5</TD><TD STYLE="text-align: justify"><B>Indemnit<FONT STYLE="letter-spacing: 0.05pt">y</FONT></B>: <FONT STYLE="letter-spacing: 0.05pt">You
shall, solely from and to the extent of the assets of the Trust, indemnify and keep us indemnified (on an after tax basis) on demand against
all costs and expenses, damages, liabilities and losses </FONT>(other than VAT and the expenses assumed by the Sponsor under its agreement
with the Custodian referenced in Clause 11.2 (<I>Fees and Expenses &ndash; Expenses</I>))&nbsp;<FONT STYLE="letter-spacing: 0.05pt">which
we may suffer or incur, directly or indirectly, in connection with this Agreement, except to the extent that such sums are due directly
to our negligence, wilful default or fraud.</FONT> <FONT STYLE="line-height: 120%">The foregoing indemnity shall not apply to our fees,
expenses and other amounts that are paid by the Sponsor pursuant to Clause 11 (Fees and Expenses) or otherwise under this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.6</TD><TD STYLE="text-align: justify"><B>Our interests and Affiliates&rsquo; interests</B>: We have the right, without notifying you, to act
upon your instructions or to take any other action permitted by the terms of this Agreement even where:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 99.85pt"></TD><TD STYLE="width: 40pt; text-align: left">(a)</TD><TD STYLE="text-align: justify">we, directly or indirectly, have an interest in the consequences
of such instruction or action;</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 99.85pt"></TD><TD STYLE="width: 40pt; text-align: left">(b)</TD><TD STYLE="text-align: justify">we process your instructions on an aggregated basis together
with similar instructions from other clients; or</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 99.85pt"></TD><TD STYLE="width: 40pt; text-align: left">(c)</TD><TD STYLE="text-align: justify">we have a relationship with another party which does or may
create a conflict with our duty to you, including (without prejudice) circumstances where we or any of our associates may: (i) act as
financial adviser, banker or otherwise provide services to your contract counterparty; (ii) act in the same arrangement as agent for
more than one client; or (iii) earn profits from any of the activities listed herein.</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">We or any of
our divisions, branches or Affiliates may be in possession of information tending to show that the action required by your instructions
may not be in your best interests, but shall not have any duty to disclose any such information.</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.</TD><TD STYLE="text-align: justify"><B><A NAME="a_013"></A>TERM<FONT STYLE="letter-spacing: -0.05pt">I</FONT>NAT<FONT STYLE="letter-spacing: -0.05pt">I</FONT>ON</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.1</TD><TD STYLE="text-align: justify"><B>Term</B>: This Agreement shall have an initial term of four (4) years commencing on the date of this
Agreement (the &ldquo;<B>Initial Term</B>&rdquo;) and ending on the fourth anniversary of such date. At any time after the Initial Term,
either Party may terminate this Agreement for any reason by giving not less than 90 days&rsquo; written notice to the other Party.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.2</TD><TD STYLE="text-align: justify"><B>Notice:</B> Any notice given by the Trustee under Clause 13.1 or Clause 13.3 must specify:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 99.85pt"></TD><TD STYLE="width: 40pt; text-align: left">(a)</TD><TD STYLE="text-align: justify">the date on which the ter<FONT STYLE="letter-spacing: -0.1pt">m</FONT><FONT STYLE="letter-spacing: 0.05pt">in</FONT>ation
will t<FONT STYLE="letter-spacing: -0.15pt">a</FONT>ke effect (the &ldquo;<B>Ter<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ination
Date</B>&rdquo;);</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 99.85pt"></TD><TD STYLE="width: 40pt; text-align: left">(b)</TD><TD STYLE="text-align: justify">the person to whom the <FONT STYLE="letter-spacing: -0.2pt">Account
</FONT>Balance is to be made available; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 99.85pt"></TD><TD STYLE="width: 40pt; text-align: left">(c)</TD><TD STYLE="text-align: justify">all other ne<FONT STYLE="letter-spacing: 0.05pt">c</FONT>essary
arran<FONT STYLE="letter-spacing: 0.1pt">g</FONT><FONT STYLE="letter-spacing: 0.05pt">e</FONT><FONT STYLE="letter-spacing: -0.1pt">m</FONT>ents
for the <FONT STYLE="letter-spacing: 1.25pt">re</FONT>delivery of the Account <FONT STYLE="letter-spacing: -0.2pt">Balance to your order</FONT>.</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.3</TD><TD STYLE="text-align: justify"><B>Termination For Cause: </B>Notwithstanding Clause 13.1, this Agreement may be terminated at any time
(including during the Initial Term) by written notice as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 99.85pt"></TD><TD STYLE="width: 40pt; text-align: left">(a)</TD><TD STYLE="text-align: justify">by the Trustee, if the Custodian ceases to offer the services
contemplated by this Agreement to its clients or proposes to withdraw from the Bullion business;</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 99.85pt"></TD><TD STYLE="width: 40pt; text-align: left">(b)</TD><TD STYLE="text-align: justify">by the Trustee, if the Custodian commits any material breach
of its obligations under this Agreement and, where such breach is capable of remedy, shall have failed to make good such breach within
seven (7) Business Days of receipt of written notice requiring it to do so. A &ldquo;material breach&rdquo; for this purpose is a breach
or series of breaches by the Custodian under this Agreement which detrimentally affects the ability of the Trustee to perform any of
its obligations as trustee of the Trust;</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 99.85pt"></TD><TD STYLE="width: 40pt; text-align: left">(c)</TD><TD STYLE="text-align: justify">by the Trustee or the Custodian, if it becomes unlawful for
the Custodian to be a party to this Agreement or to offer its services on the terms contemplated by this Agreement or it becomes unlawful
for the Trustee or the Trust to receive such services or for the Trustee to be a party to this Agreement;</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 99.85pt"></TD><TD STYLE="width: 40pt; text-align: left">(d)</TD><TD STYLE="text-align: justify">by the Custodian, if there is any event which, in the Custodian&rsquo;s
reasonable view, indicates the Trust&rsquo;s or the Sponsor&rsquo;s insolvency or impending insolvency;</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 99.85pt"></TD><TD STYLE="width: 40pt; text-align: left">(e)</TD><TD STYLE="text-align: justify">by the Custodian, if it becomes unlawful for the Sponsor to
pay the fees and expenses set out in Clause 11 (<I>Fees and Expenses</I>);</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 99.85pt"></TD><TD STYLE="width: 40pt; text-align: left">(f)</TD><TD STYLE="text-align: justify">by the Trustee, if there is any event which, in the Trustee&rsquo;s
sole view, indicates the Custodian&rsquo;s insolvency or impending insolvency;</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 99.85pt"></TD><TD STYLE="width: 40pt; text-align: left">(g)</TD><TD STYLE="text-align: justify">by the Trustee, if the Trust is to be terminated;</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 99.85pt"></TD><TD STYLE="width: 40pt; text-align: left">(h)</TD><TD STYLE="text-align: justify">by the Trustee or the Custodian, if the Unallocated Account
Agreement ceases to be in full force and effect at any time; or</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 99.85pt"></TD><TD STYLE="width: 40pt; text-align: left">(i)</TD><TD STYLE="text-align: justify">by the Custodian pursuant to Clause 10.3 (<I>Sanctions</I>).</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">13.4</TD><TD STYLE="text-align: justify"><B>Redelivery <FONT STYLE="letter-spacing: 0.1pt">a</FONT>rrangemen<FONT STYLE="letter-spacing: 0.05pt">t</FONT>s</B>:
Following any termination of this Agreement, if you do not make arrangements acceptable to us for the redelivery of the Account Balance
to your order, we may continue to hold the Bullion constituting such Account Balance, in which case we will continue to charge the fees
and expenses payable pursuant to Clause 11 (<I>Fees and Expenses</I>). If you have not made arrangements acceptable to us for the redelivery
of the Account Balance within 6 months of the Termination Date, we will be entitled to close the Allocated Account and sell the Bullion
constituting the Account Balance (at such time and on such markets as we consider appropriate) and account to you for the proceeds.</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.5</TD><TD STYLE="text-align: justify"><FONT STYLE="line-height: 120%"><B>Termination</B>. For the avoidance of any doubt, upon receipt of notice
of any termination of this Agreement pursuant to Clause 13.1 or 13.3, we agree to continue to serve as custodian and bailee pursuant to
the terms of this Agreement for the period of time between the provision of notice and the Termination Date and we will use all reasonable
endeavours to facilitate the liquidation and distribution of the Trust, if applicable, or an orderly transition to a successor custodian.
In the event that the Trust seeks to transition to a successor custodian in accordance with the Trust Agreement, we shall cooperate with
you and the Sponsor in good faith to effect a smooth and orderly redelivery of the Bullion held in the Allocated Account, the custodial
services provided under this Agreement and all applicable records as directed by you or the Sponsor to a successor custodian. Such cooperation
shall include the execution of such documents and the taking of such actions as you or the Sponsor may reasonably require in order to
effect such redelivery however to the extent we properly incur costs for such actions those costs shall be for the account of the Sponsor.
The Sponsor shall provide you with any instructions concerning the redelivery, including collection by and /or physical transport of Bullion
to, a successor custodian and, upon receipt of such instructions, you shall provide such instructions to us pursuant to Clause 5.2 (<I>Instructions)</I>
or as otherwise as we and you may agree.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.6</TD><TD STYLE="text-align: justify"><B>Existing rights</B>: Termination shall not affect rights and obligations then outstanding under this
Agreement which shall continue to be governed by this Agreement until all obligations have been fully performed.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.7</TD><TD STYLE="text-align: justify"><B>Phoenix Portal</B>: Effective the Termination Date (unless the Custodian agrees otherwise in writing),
the use of the Phoenix Portal will automatically be terminated and no further access to the Phoenix Portal will be permitted.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.8</TD><TD STYLE="text-align: justify"><FONT STYLE="line-height: 120%"><B>Change in Trustee</B>: If there is any change in the identity of the
trustee of the Trust in accordance with the Trust Agreement, then we and you and, as applicable, the Trust shall execute such documents
and shall take such actions as the new trustee of the Trust and the outgoing trustee of the Trust may reasonably require for the purpose
of vesting in the new trustee of the Trust the rights and obligations of the outgoing trustee of the Trust, and releasing the outgoing
trustee of the Trust from its future obligations under this Agreement. Our obligations under this Clause 13.8 shall be conditioned on
us having conducted prompt, reasonable and proportionate due diligence to our reasonable satisfaction on any such new Trustee.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14.</TD><TD STYLE="text-align: justify"><B><A NAME="a_014"></A>VAL<FONT STYLE="letter-spacing: 0.05pt">U</FONT>E A<FONT STYLE="letter-spacing: 0.05pt">D</FONT>DED
<FONT STYLE="letter-spacing: 0.05pt">T</FONT>AX</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">14.1</TD><TD STYLE="text-align: justify"><B>VAT <FONT STYLE="letter-spacing: -0.2pt">in</FONT>cl<FONT STYLE="letter-spacing: 0.05pt">u</FONT>s<FONT STYLE="letter-spacing: 0.05pt">iv</FONT>e</B>:
All sums payable under or in respect of this Agreement by the Sponsor or the Trust to the Custodian shall be deemed to be inclusive of
VAT if and to the extent that VAT is properly chargeable on any supplies made by the Custodian to the Trust pursuant to this Agreement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">14.2</TD><TD STYLE="text-align: justify"><B>VAT Invoice:&nbsp;</B>If VAT is properly chargeable on any
supplies made by the Custodian to the Trust pursuant to this Agreement, the Custodian shall provide a valid VAT invoice to the Trust.</TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.</TD><TD STYLE="text-align: justify"><B><A NAME="a_015"></A>NOT<FONT STYLE="letter-spacing: -0.05pt">I</FONT>CES</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.1</TD><TD STYLE="text-align: justify"><B>Form</B>: Except as otherwise provided in this Agreement, a<FONT STYLE="letter-spacing: -0.05pt">n</FONT>y
notice or ot<FONT STYLE="letter-spacing: -0.05pt">h</FONT>er c<FONT STYLE="letter-spacing: 0.1pt">o</FONT>m<FONT STYLE="letter-spacing: -0.1pt">m</FONT>unication
<FONT STYLE="letter-spacing: -0.05pt">u</FONT>nder <FONT STYLE="letter-spacing: -0.05pt">o</FONT>r in c<FONT STYLE="letter-spacing: -0.05pt">o</FONT>nnection
with this Agreement shall be given in writing which inc<FONT STYLE="letter-spacing: 0.05pt">l</FONT>udes an electronic trans<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ission
<FONT STYLE="letter-spacing: -0.05pt">i</FONT>n a form per<FONT STYLE="letter-spacing: -0.1pt">m</FONT>itted by Clause <FONT STYLE="letter-spacing: -0.25pt">15.2</FONT>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.2</TD><TD STYLE="text-align: justify"><B>Method of trans<FONT STYLE="letter-spacing: -0.05pt">m</FONT>ission</B>: Except as otherwise provided
in this Agreement, a<FONT STYLE="letter-spacing: -0.05pt">n</FONT>y not<FONT STYLE="letter-spacing: -0.05pt">i</FONT>ce or other c<FONT STYLE="letter-spacing: 0.1pt">o</FONT>m<FONT STYLE="letter-spacing: -0.1pt">m</FONT>unication
shall be delivered personally or sent by first class post, pr<FONT STYLE="letter-spacing: 0.05pt">e</FONT>-paid record<FONT STYLE="letter-spacing: 0.05pt">e</FONT>d
delivery (or air mail if overse<FONT STYLE="letter-spacing: 0.05pt">a</FONT>s), authenticated electronic trans<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ission
(including email and <FONT STYLE="letter-spacing: -0.05pt">S</FONT>WIFT) or such other electronic tr<FONT STYLE="letter-spacing: 0.05pt">ans</FONT><FONT STYLE="letter-spacing: -0.1pt">m</FONT>ission
as the Parties may from t<FONT STYLE="letter-spacing: 0.05pt">i</FONT>me to time agree, to the Party due to receive the <FONT STYLE="letter-spacing: 0.1pt">n</FONT><FONT STYLE="letter-spacing: 0.05pt">o</FONT>tice
or c<FONT STYLE="letter-spacing: 0.1pt">o</FONT>m<FONT STYLE="letter-spacing: -0.1pt">m</FONT>uni<FONT STYLE="letter-spacing: 0.05pt">c</FONT>ation
or the Sponsor, at its addr<FONT STYLE="letter-spacing: 0.05pt">e</FONT>ss, SWIFT address or email address set out below <FONT STYLE="letter-spacing: 0.1pt">o</FONT>r
another address, SWIFT address or email address specified by that Party <FONT STYLE="letter-spacing: 0.35pt">(which shall be the Trustee
in the case of other details for the Sponsor) </FONT>by written notice to the other Party.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">If to the Custodian,
to:</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt">ICBC Standard Bank Plc&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt">20 Gresham Street, London, EC2V 7JE&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt">England</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt">Attention: Precious Metals Operations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt">Email: London.PreciousMetalsOperations@icbcstandard.com;
Bullion-Physical@icbcstandard.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.05pt">If to the Trustee, to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt">The Bank of New York Mellon&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt">240 Greenwich Street&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt">8th Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt">New York, New York 10286</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt">Attention: ETF Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt">E-Mail: etfcsm@bnymellon.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The contact information of the Sponsor for the purposes
of receiving notices under this&nbsp;Agreement is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.2pt 0pt 67.5pt">abrdn ETFs Sponsor LLC&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.2pt 0pt 67.5pt">c/o abrdn Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.2pt 0pt 67.5pt">1900 Market Street, Suite 200&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.2pt 0pt 67.5pt">Philadelphia, PA 19103&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.2pt 0pt 67.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.2pt 0pt 67.5pt">Attention: Product Governance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.2pt 0pt 67.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.2pt 0pt 67.5pt">Email: ProductGovernanceUS@abrdn.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.2pt 0pt 67.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.2pt 0pt 67.5pt">With a copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.2pt 0pt 67.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.2pt 0pt 67.5pt">abrdn ETFs Sponsor LLC&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.2pt 0pt 67.5pt">c/o abrdn Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.2pt 0pt 67.5pt">712 Fifth Avenue, 49<SUP>th</SUP>&nbsp;Floor&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.2pt 0pt 67.5pt">New York, NY 10019&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.2pt 0pt 67.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.2pt 0pt 67.5pt">Attention: Adam Rezak&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.2pt 0pt 67.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt">Email: adam.rezak@abrdn.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.3</TD><TD STYLE="text-align: justify"><B>De<FONT STYLE="letter-spacing: 0.05pt">e</FONT><FONT STYLE="letter-spacing: -0.05pt">m</FONT>ed r<FONT STYLE="letter-spacing: 0.05pt">ec</FONT>e<FONT STYLE="letter-spacing: 0.05pt">ip</FONT>t
<FONT STYLE="letter-spacing: 0.05pt">o</FONT>f <FONT STYLE="letter-spacing: 0.05pt">notic</FONT><FONT STYLE="letter-spacing: -0.05pt">e</FONT></B>:
A notice or other c<FONT STYLE="letter-spacing: 0.1pt">o</FONT>m<FONT STYLE="letter-spacing: -0.1pt">m</FONT>unication under or in connection
with this Agreement will be deemed received <FONT STYLE="letter-spacing: -0.35pt">or delivered </FONT>only if actually received or delivered.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.4</TD><TD STYLE="text-align: justify"><B>Recording of call<FONT STYLE="letter-spacing: -0.05pt">s</FONT></B>: Each of the Custodian and the
Trustee may record telephone conversations without use of a warning tone. Such records will be the recording party&rsquo;s sole property
and accepted by the other party hereto as evidence of the orders or instructions given.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.</TD><TD STYLE="text-align: justify"><B><A NAME="a_016"></A>GENERAL</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.1</TD><TD STYLE="text-align: justify"><B>No advice</B>: The Custodian&rsquo;s duties a<FONT STYLE="letter-spacing: 0.1pt">n</FONT>d obligati<FONT STYLE="letter-spacing: -0.05pt">o</FONT>ns
under this Agree<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ent do not include <FONT STYLE="letter-spacing: -0.05pt">p</FONT>rovidi<FONT STYLE="letter-spacing: -0.05pt">n</FONT>g
i<FONT STYLE="letter-spacing: -0.05pt">n</FONT>vest<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ent a<FONT STYLE="letter-spacing: 0.1pt">d</FONT>vice.
In <FONT STYLE="letter-spacing: 0.4pt">asking</FONT> us to open and maintain the Allocated Account, y<FONT STYLE="letter-spacing: -0.05pt">o</FONT>u
do so <FONT STYLE="letter-spacing: -0.05pt">i</FONT>n re<FONT STYLE="letter-spacing: -0.05pt">l</FONT>iance upon your o<FONT STYLE="letter-spacing: -0.05pt">w</FONT>n
<FONT STYLE="letter-spacing: -0.05pt">j</FONT>ud<FONT STYLE="letter-spacing: -0.05pt">g</FONT>e<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ent,
and we shall not <FONT STYLE="letter-spacing: -0.05pt">o</FONT>we to you or the Trust any du<FONT STYLE="letter-spacing: -0.05pt">t</FONT>y
to exercise any judge<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ent on your b<FONT STYLE="letter-spacing: -0.1pt">e</FONT>half as to
the merits or suitability of any deposits into, or withdrawals fro<FONT STYLE="letter-spacing: -0.1pt">m</FONT>, the Allocated Account.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.2</TD><TD STYLE="text-align: justify"><B>Rights and remedies</B>: The Custodian hereby waives any right it has or may hereafter acquire to combine,
consolidate or merge the Metal Accounts with any other account of the Trust or the Trustee or to set off any liabilities of the Trust
or of the Trustee to the Custodian and agrees that it may not set off, transfer or combine or withhold payment of any sum standing to
the credit of, or to be credited to, the Metal Accounts in or towards or conditionally upon satisfaction of any liabilities to it of the
Trust or the Trustee. Subject thereto,&nbsp;the Custodian&rsquo;s rights under this Agree<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ent
are in addit<FONT STYLE="letter-spacing: -0.05pt">i</FONT>on to, and independent of, a<FONT STYLE="letter-spacing: -0.05pt">n</FONT>y
other rights whi<FONT STYLE="letter-spacing: -0.05pt">c</FONT>h we <FONT STYLE="letter-spacing: -0.1pt">m</FONT>ay <FONT STYLE="letter-spacing: -0.05pt">h</FONT>ave
at a<FONT STYLE="letter-spacing: -0.05pt">n</FONT>y t<FONT STYLE="letter-spacing: -0.05pt">i</FONT>me in relation to the Account Balance.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.3</TD><TD STYLE="text-align: justify"><B>Business D<FONT STYLE="letter-spacing: 0.1pt">a</FONT><FONT STYLE="letter-spacing: 0.05pt">y</FONT></B>:
If an obligation of a Party <FONT STYLE="letter-spacing: 0.35pt">falls </FONT><FONT STYLE="letter-spacing: 0.1pt">d</FONT><FONT STYLE="letter-spacing: 0.05pt">u</FONT>e
to be performed on a day which is not a Business Day, such obligation shall be perfo<FONT STYLE="letter-spacing: 0.05pt">r</FONT><FONT STYLE="letter-spacing: -0.1pt">m</FONT>ed
on the next succeeding <FONT STYLE="letter-spacing: 0.05pt">Bu</FONT>siness <FONT STYLE="letter-spacing: 0.05pt">D</FONT>ay.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.4</TD><TD STYLE="text-align: justify"><B>Assignment</B>: This Agreement is for the benefit of and bi<FONT STYLE="letter-spacing: -0.05pt">n</FONT><FONT STYLE="letter-spacing: 0.05pt">d</FONT>ing
up<FONT STYLE="letter-spacing: -0.05pt">o</FONT>n us <FONT STYLE="letter-spacing: -0.05pt">b</FONT><FONT STYLE="letter-spacing: 0.05pt">o</FONT><FONT STYLE="letter-spacing: -0.05pt">t</FONT>h
and <FONT STYLE="letter-spacing: -0.05pt">o</FONT><FONT STYLE="letter-spacing: 0.05pt">u</FONT>r respective s<FONT STYLE="letter-spacing: 0.1pt">u</FONT>cce<FONT STYLE="letter-spacing: 0.05pt">s</FONT>sors
and permitted assigns, and, except as provided in Clause 13.8 (<I>Change in Trustee</I>) with respect to you, <FONT STYLE="letter-spacing: 0.1pt">neither
Party shall </FONT>assign, transfer or encu<FONT STYLE="letter-spacing: -0.1pt">m</FONT><FONT STYLE="letter-spacing: 0.05pt">b</FONT>er,
or purport to assign, tr<FONT STYLE="letter-spacing: -0.05pt">a</FONT><FONT STYLE="letter-spacing: 0.05pt">n</FONT>sfer or encu<FONT STYLE="letter-spacing: -0.1pt">m</FONT><FONT STYLE="letter-spacing: 0.1pt">b</FONT>er
<FONT STYLE="letter-spacing: -0.05pt">an</FONT>y <FONT STYLE="letter-spacing: 0.4pt">of its </FONT>r<FONT STYLE="letter-spacing: -0.05pt">i</FONT>ghts
or obligations under this Agreement without the other Party&rsquo;s prior agreement in writing (such agreement not to be unreasonably
withheld), provided that such consent is not required where the Custodian assigns, transfers or encumbers any right or obligation under
this Agreement to its Affiliate. This Clause 16.4 shall not restrict the Custodian&rsquo;s power to merge or consolidate with any party
or to dispose of all or substantially all of its custody business to another party, and further provided that this clause shall not restrict
the Trustee from assigning its rights hereunder to a Shareholder to the extent required for the Trustee to fulfil its obligations under
the Trust Agreement<FONT STYLE="letter-spacing: 0.1pt">.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.5</TD><TD STYLE="text-align: justify"><B>Amen<FONT STYLE="letter-spacing: 0.05pt">d</FONT><FONT STYLE="letter-spacing: -0.05pt">m</FONT>en<FONT STYLE="letter-spacing: 0.05pt">t</FONT>s</B>:
Unless otherwise spec<FONT STYLE="letter-spacing: 0.05pt">i</FONT>fied in this A<FONT STYLE="letter-spacing: 0.05pt">gr</FONT>e<FONT STYLE="letter-spacing: 0.05pt">e</FONT>me<FONT STYLE="letter-spacing: 0.05pt">nt</FONT>,
<FONT STYLE="letter-spacing: 0.05pt">a</FONT><FONT STYLE="letter-spacing: -0.05pt">n</FONT>y <FONT STYLE="letter-spacing: 0.05pt">a</FONT><FONT STYLE="letter-spacing: -0.1pt">m</FONT>e<FONT STYLE="letter-spacing: 0.05pt">nd</FONT><FONT STYLE="letter-spacing: -0.1pt">m</FONT><FONT STYLE="letter-spacing: 0.05pt">en</FONT>t
<FONT STYLE="letter-spacing: 0.05pt">t</FONT>o <FONT STYLE="letter-spacing: 0.05pt">this </FONT>Agreement <FONT STYLE="letter-spacing: -0.1pt">m</FONT><FONT STYLE="letter-spacing: 0.1pt">u</FONT>st
be agreed in writing and be signed by both parties. Unless otherwise agreed, an <FONT STYLE="letter-spacing: 0.05pt">a</FONT>men<FONT STYLE="letter-spacing: 0.1pt">d</FONT><FONT STYLE="letter-spacing: -0.1pt">m</FONT>ent
w<FONT STYLE="letter-spacing: 0.05pt">i</FONT>ll not affect <FONT STYLE="letter-spacing: 0.05pt">a</FONT><FONT STYLE="letter-spacing: -0.05pt">n</FONT>y
l<FONT STYLE="letter-spacing: -0.05pt">e</FONT>gal righ<FONT STYLE="letter-spacing: -0.05pt">t</FONT>s or obligati<FONT STYLE="letter-spacing: -0.05pt">o</FONT>ns
which may alrea<FONT STYLE="letter-spacing: -0.05pt">d</FONT>y have arisen.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.6</TD><TD STYLE="text-align: justify"><B>Partial inva<FONT STYLE="letter-spacing: -0.05pt">l</FONT>idity</B>: If any of the clauses (or part
of a clause) of this Agre<FONT STYLE="letter-spacing: 0.05pt">e</FONT>ment bec<FONT STYLE="letter-spacing: 0.1pt">o</FONT><FONT STYLE="letter-spacing: -0.1pt">m</FONT><FONT STYLE="letter-spacing: 0.05pt">e</FONT>s
invalid or unenforceable <FONT STYLE="letter-spacing: 0.05pt">i</FONT>n any way under the Rules or any law, the validity of the re<FONT STYLE="letter-spacing: -0.1pt">m</FONT>aining
clauses (or part of a clause) will not in any way be affected or i<FONT STYLE="letter-spacing: -0.1pt">m</FONT>paired.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.7</TD><TD STYLE="text-align: justify"><B>Liabilit<FONT STYLE="letter-spacing: 0.05pt">y</FONT></B>: Nothing in this Agreement shall exclude
or li<FONT STYLE="letter-spacing: -0.1pt">m</FONT>it any liabili<FONT STYLE="letter-spacing: -0.05pt">t</FONT>y which cannot lawfully
be excluded or li<FONT STYLE="letter-spacing: -0.1pt">m</FONT>i<FONT STYLE="letter-spacing: 0.05pt">t</FONT>ed (e.g., lia<FONT STYLE="letter-spacing: -0.05pt">b</FONT>ili<FONT STYLE="letter-spacing: -0.05pt">t</FONT>y
for personal injury or death caused by negligence).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.8</TD><TD STYLE="text-align: justify"><B>Entire Agre<FONT STYLE="letter-spacing: 0.05pt">e</FONT>ment</B>: This Agreement and the Unallocated
Account Agreement <FONT STYLE="letter-spacing: 0.05pt">r</FONT>epresent the entire agre<FONT STYLE="letter-spacing: 0.05pt">e</FONT>me<FONT STYLE="letter-spacing: 0.1pt">n</FONT>t
between us, and supers<FONT STYLE="letter-spacing: 0.05pt">ed</FONT>e any previous agree<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ents
between us, relating to the subject matter of this Agreement and the Unallocated Account Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.9</TD><TD STYLE="text-align: justify"><B>Counterpart<FONT STYLE="letter-spacing: -0.05pt">s; Signatures</FONT></B>: This Agree<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ent
may be executed in any nu<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ber of counterpa<FONT STYLE="letter-spacing: -0.05pt">r</FONT>ts
each <FONT STYLE="letter-spacing: 0.1pt">o</FONT>f which when executed and delivered is an o<FONT STYLE="letter-spacing: -0.1pt">r</FONT>ig<FONT STYLE="letter-spacing: -0.05pt">i</FONT><FONT STYLE="letter-spacing: 0.05pt">n</FONT>al,
but all the counterparts together constitute the same agreement. PDF copies and electronic signatures shall be acceptable and binding.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.10</TD><TD STYLE="text-align: justify"><B>Third Party Right<FONT STYLE="letter-spacing: -0.05pt">s</FONT></B>: Except with respect to the Trust,
which shall be considered a beneficiary of this entire Agreement, and the Sponsor, which shall be a beneficiary (as applicable) of Clauses
2.6 (<I>Access)</I>, 2.7 (<I>Regulatory Reporting</I>), 3.3 (<I>Deposits - Right to amend procedure</I>), 4.3 (<I>Withdrawals &ndash;
Right to amend procedure</I>), 8.1 (<I>Sub-Custodians</I>), 10 (Sanctions), 11.1 (<I>Fees and Expenses - Fees</I>), 12.3 (<I>Insurance</I>),
13.5 (<I>Termination</I>) and this Clause 16.10, we do not owe any duty or obligation or have any liability towards any person who is
not a party to this Agreement, and, other than the Trust and the Sponsor, this Agreement does not confer a benefit on any person who is
not a party to it. The Parties do not intend that any term of this Agreement shall be enforceable by any person who is not a party to
it, except for the Trust and the Sponsor, and do intend that the Contracts (Rights of Third Parties) 1999 Act shall not apply to this
Agreement. Nothing in this paragraph is intended to limit the obligations hereunder of any successor trustee of the Trust or to limit
the right of any successor trustee of the Trust to enforce the Custodian&rsquo;s obligations hereunder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.11</TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white"><B>No Liens</B>:<B><I>&nbsp;</I></B>We will not create any right,
charge, security interest, lien or claim against the Account Balance, including with respect to the payment or&nbsp;non-payment&nbsp;by
the Sponsor of our fees</FONT>, expenses and other amounts that are paid by the Sponsor pursuant to Clause 11 (<I>Fees and Expenses</I>)
or otherwise under this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.12</TD><TD STYLE="text-align: justify"><B>Role of Trustee</B>: You are a party to this Agreement in your capacity as trustee of the Trust and,
accordingly, you shall only be liable to satisfy any obligations under this Agreement, including, without limitation, any obligations
or liabilities arising in connection with any default by you under this Agreement, to the extent of the assets held from time to time
by you as trustee of the Trust (the &ldquo;<B>Trust Assets</B>&rdquo;) to the extent authorized by the Trust Agreement; and no recourse
shall be had to: (i) any assets other than the Trust Assets, including, without limitation, any of the assets held by you as trustee,
co-trustee or nominee of a trust other than the Trust, as owner in your individual capacity or in any way other than as trustee of the
Trust; or (ii) you for any assets that have been distributed by you to the beneficiaries of the Trust.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">17.</TD><TD STYLE="text-align: justify"><B><A NAME="a_017"></A>GOV<FONT STYLE="letter-spacing: -0.1pt">E</FONT><FONT STYLE="letter-spacing: -0.05pt">R</FONT>NI<FONT STYLE="letter-spacing: -0.05pt">N</FONT>G
L<FONT STYLE="letter-spacing: -0.05pt">A</FONT>W A<FONT STYLE="letter-spacing: -0.05pt">N</FONT>D J<FONT STYLE="letter-spacing: -0.05pt">U</FONT>RI<FONT STYLE="letter-spacing: -0.05pt">S</FONT>D<FONT STYLE="letter-spacing: -0.05pt">I</FONT>CT<FONT STYLE="letter-spacing: -0.05pt">I</FONT>ON</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">17.1</TD><TD STYLE="text-align: justify"><B>Governing la<FONT STYLE="letter-spacing: -0.05pt">w</FONT></B>: This Agreement <FONT STYLE="letter-spacing: 0.3pt">and
any non-contractual obligations arising out of or in connection with it shall be </FONT>governed b<FONT STYLE="letter-spacing: 0.1pt">y</FONT>
and construed in accordance with English law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">17.2</TD><TD STYLE="text-align: justify"><B>Jurisdiction</B>: The Parties agree that the courts <FONT STYLE="letter-spacing: 0.15pt">of the State
of New York, in the United States of America, and the Unites States federal court located in the Borough of Manhattan in such state </FONT>shall
have jurisd<FONT STYLE="letter-spacing: -0.05pt">i</FONT>ction to settle any disputes or cla<FONT STYLE="letter-spacing: 0.15pt">i</FONT>ms
which <FONT STYLE="letter-spacing: -0.1pt">m</FONT>ay arise out of or in connection with this Agreement, including any question regarding
its existe<FONT STYLE="letter-spacing: -0.05pt">n</FONT>ce, validity or ter<FONT STYLE="letter-spacing: -0.1pt">m</FONT>in<FONT STYLE="letter-spacing: 0.05pt">a</FONT>tion.
E<FONT STYLE="letter-spacing: -0.05pt">a</FONT>ch of the Parties hereto irrevocably sub<FONT STYLE="letter-spacing: -0.1pt">m</FONT>its
to t<FONT STYLE="letter-spacing: 0.1pt">h</FONT>e non-exclusive jurisdiction of such c<FONT STYLE="letter-spacing: 0.1pt">o</FONT>urts,
waive any claim of forum non conveniens and any objections to the laying of venue, and further waive any personal service.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">17.3</TD><TD STYLE="text-align: justify"><B>Waiver of immunit<FONT STYLE="letter-spacing: 0.05pt">y</FONT></B>: To the extent that <FONT STYLE="letter-spacing: 0.1pt">y</FONT><FONT STYLE="letter-spacing: -0.05pt">o</FONT>u
<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ay in any <FONT STYLE="letter-spacing: -0.05pt">j</FONT><FONT STYLE="letter-spacing: 0.05pt">u</FONT>risd<FONT STYLE="letter-spacing: -0.05pt">i</FONT>ction
claim for yourself, as Trustee, the Trust or <FONT STYLE="letter-spacing: 0.2pt">its </FONT>assets any im<FONT STYLE="letter-spacing: -0.1pt">m</FONT>uni<FONT STYLE="letter-spacing: 0.05pt">t</FONT>y
from suit, judge<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ent, e<FONT STYLE="letter-spacing: 0.1pt">n</FONT>force<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ent
or otherwise howsoeve<FONT STYLE="letter-spacing: 0.05pt">r</FONT>, you agree n<FONT STYLE="letter-spacing: -0.05pt">o</FONT>t to claim
and irrevocab<FONT STYLE="letter-spacing: -0.05pt">l</FONT>y waive any <FONT STYLE="letter-spacing: -0.05pt">s</FONT><FONT STYLE="letter-spacing: 0.05pt">u</FONT>ch
im<FONT STYLE="letter-spacing: -0.1pt">m</FONT>unity to which <FONT STYLE="letter-spacing: -0.05pt">y</FONT>ou wou<FONT STYLE="letter-spacing: -0.05pt">l</FONT>d
otherwise be entitled (whether on grounds of sovereign<FONT STYLE="letter-spacing: -0.05pt">t</FONT>y or othe<FONT STYLE="letter-spacing: -0.05pt">r</FONT>wise)
to the full extent per<FONT STYLE="letter-spacing: -0.1pt">m</FONT>itted by the laws of such jurisdiction.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">17.4</TD><TD STYLE="text-align: justify"><B>Service of process</B>: Process by which any proceedings are begun may be served by being delivered
to the addresses specified below. This does not affect the right of either of us to serve process in another manner permitted by law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Custodian&rsquo;s
address for service of process:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">ICBC Standard Bank
Plc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">25 Gresham Street&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">London EC2V 7JE&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">England, United Kingdom&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">Attention: The Legal
Department &ndash; Commodities Legal</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt">Trustee&rsquo;s
address for service of process:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">The Bank of New York Mellon&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">240 Greenwich Street&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">New York, New York 10286&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention: Legal Department &ndash; Asset Servicing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">With a copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">The Bank of New York Mellon&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">240 Greenwich Street&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">8th Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">New York, New York 10286</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Attention: ETF Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Email: etfcsm@bnymellon.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">With a copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">abrdn ETFs Sponsor LLC&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">c/o abrdn Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">1900 Market Street, Suite 200&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Philadelphia, PA 19103</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention: Product Governance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Email: ProductGovernanceUS@abrdn.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature Page Follows]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>EXECUT<FONT STYLE="letter-spacing: 0.05pt">E</FONT>D</B> by the
Parties&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signed <FONT STYLE="letter-spacing: -0.05pt">o</FONT>n b<FONT STYLE="letter-spacing: -0.05pt">e</FONT>half
of&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ICBC Standard Bank Plc</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="letter-spacing: -0.05pt">by:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Signature</FONT></TD>
    <TD STYLE="width: 76%; font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Paul McKerrell</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Paul McKerrell</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Authorized Signatory</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Signature</FONT></TD>
    <TD STYLE="width: 76%; font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Dominique Spurr</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dominique Spurr</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">Legal Department&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">ICBC Standard Bank Plc&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signed <FONT STYLE="letter-spacing: -0.05pt">o</FONT>n b<FONT STYLE="letter-spacing: -0.05pt">e</FONT>half
of&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Bank of New York Mellon,</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">not in its individual capacity, but solely in its capacity as trustee
of the abrdn Precious Metals Basket ETF Trust&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="letter-spacing: -0.05pt">by:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Signature</FONT></TD>
    <TD STYLE="width: 76%; font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Sarah Fisher</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sarah Fisher</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Senior Vice President</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Reports</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 5.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">We
agree to provide the following reports to you</FONT> <FONT STYLE="letter-spacing: -0.4pt">for each London Business Day, by no later than
9:00 a.m. New York time on the following London Business Day</FONT><FONT STYLE="letter-spacing: -0.1pt">:</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.1pt"></TD><TD STYLE="width: 18pt">a)</TD><TD STYLE="text-align: justify">by email, a report (i) showing the increases and decreases to the Bullion standing to the Trust&rsquo;s
credit in the Allocated Account and identifying separately each transaction and the London Business Day on which it occurred and (ii)
providing sufficient information to identify each individual bar, plate and ingot of Bullion held in the Allocated Account; we will also
provide by email a report on the ICBCS/BNYM daily ounce reconciliation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.1pt"></TD><TD STYLE="width: 18pt">b)</TD><TD STYLE="text-align: justify">a notification by email (noting that this information is also available in the Phoenix Portal) of (i)
each separate transaction, if any, transferring Bullion to the Allocated Account from the Corresponding Unallocated Account, (ii) the
amount of Bullion, if any, transferred from the Allocated Account to the Corresponding Unallocated Account, and (iii) the closing balance
of Bullion held in the Allocated Account for such London Business Day;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.1pt"></TD><TD STYLE="width: 18pt">c)</TD><TD STYLE="text-align: justify">by email attaching a PDF document and an Excel spreadsheet (noting that the PDF bar, plate and ingot list
is also available for download in the Phoenix Portal), a list of all bars, plates and ingots of Bullion held by the Custodian or, as applicable,
at a Sub-Custodian in the Allocated Account, which list shall be updated at least every London Business Day and include the following
information for each bar, plate and ingot of Bullion: (i) relevant vault location, (ii) gross weight, (iii) fineness, (iv) serial identification
number, (v) size, (vi) if applicable, fine ounces, (vii) producer name, (viii) assay, (ix) year of production and (x) any other marks
required for the identification of a bar, plate or ingot of Bullion under the Rules; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.1pt"></TD><TD STYLE="width: 18pt">d)</TD><TD STYLE="text-align: justify">such other information about the increases and decreases to the Bullion in the Allocated Account on a
same London Business Day basis at such other times and in such other form as the Parties shall agree.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">For each
calendar month, the Custodian will provide the Trustee within a reasonable time after the end of the month a statement of account for
the Allocated Account. Such reports will be made available to the Trustee by means of the Phoenix Portal. In the event the Phoenix Portal
is unavailable for any reason, the Trustee and the Custodian will agree upon a temporary notification system for making such reports available
to the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/12.15pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: center; text-indent: -1in"><B>SUB-CUSTODIAN
TRUST PROVISIONS</B></P>

<P STYLE="font: 10pt/12.15pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: center; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">CUSTODIAN DECLARATION OF tRUST</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">1.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">We irrevocably declare that we shall hold all right, title, interest
and benefit in, to and under the Trust Property as trustee upon bare trust for your absolute benefit in accordance with the terms of this
Schedule. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">1.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">In this Schedule:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&ldquo;Sub-Custodian
Trust&rdquo; <FONT STYLE="font-weight: normal">means the trust declared by us in paragraph 1.1 above; and</FONT></P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&ldquo;Trust
Property<FONT STYLE="font-weight: normal">&rdquo; means our right, title and interest in and to:</FONT></P>

<P STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-weight: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">any Bullion in your Allocated Account deposited with, or in the possession
of, a Sub Custodian;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-weight: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">any Bullion in your Allocated Account deposited with, or in the possession
of, any other person;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-weight: normal">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">any agreement with a Sub-Custodian or other such person in respect of
such Bullion; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-weight: normal">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">any rights of recourse against a Sub-Custodian or other such person
in respect of such Bullion.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Application of Trust Property</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">You are only
entitled to instruct us to take any action in relation to the Trust Property that you would otherwise be entitled to instruct us to take
pursuant to the terms of this Agreement (disregarding this Schedule 2) and we will only be required to take any such action to the same
extent that we would be required to take pursuant to the terms of this Agreement (disregarding this Schedule 2).</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">DisaPplication of Trustee Acts</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Section 1 of
the Trustee Act 2000 shall not apply to our duties as trustee in respect of the Trust Property. Where there are any inconsistencies between
the Trustee Act 1925, the Trustee Act 2000 and the provisions of this Agreement, the provisions of this Agreement shall, to the extent
allowed by law, prevail and, in the case of any such inconsistency with the Trustee Act 2000, the provisions of this Agreement shall constitute
a restriction or exclusion for the purposes of that Act.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">liability</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.1</TD><TD STYLE="text-align: justify">In acting as trustee in respect of the Trust Property, we shall have all of the obligations, liabilities,
rights, powers, indemnities and protections applicable to us under this Agreement including, without limitation, those under Clause 7.4
(<I>Location of Bullion</I>), Clause 8 (<I>Sub-Custodians</I>), Clause 11 (<I>Fees and Expenses</I>), Clause 12 (<I>Scope of Responsibility</I>)
and Clause 16 (<I>General</I>).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.2</TD><TD STYLE="text-align: justify">The indemnity in Clause 12.5 shall apply to the Sub-Custodian Trust.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.3</TD><TD STYLE="text-align: justify">No provision of this Agreement shall require us to do anything which is illegal in the place of its performance,
or contrary to any applicable law or regulation or the applicable requirements of any regulatory authority.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">Termination</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD STYLE="text-align: justify">The Sub-Custodian Trust shall be terminated:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">by notice in writing from you to us, in which case the terms of this Agreement (disregarding this Schedule
2) shall apply; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">subject to Clauses 13.3 and 13.4, upon termination of this Agreement in accordance with Clause 13 (<I>Termination</I>).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">Perpetuity period</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The perpetuity period for the purposes
of the Sub-Custodian Trust shall be the period of 80 years from the date of this Agreement.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/13pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">contracting with the Trustee and Others</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">Neither we
nor any of our directors or officers or holding companies, subsidiaries or associated companies shall by reason of our duties in relation
to the Sub-Custodian Trust be in any way precluded from entering into or being interested in any other trust arrangement, contract or
financial or other transaction or arrangement with the Trustee or Trust or any person or body corporate associated with the Trustee or
the Trust.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 3</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PHOENIX PORTAL TERMS OF USE</B></P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">References in this Schedule 3 to &ldquo;we&rdquo;, &ldquo;us&rdquo;
and &ldquo;our&rdquo; shall be deemed references to the Custodian and to &ldquo;you&rdquo; and &ldquo;your&rdquo; shall be deemed references
to The Bank of New York Mellon, not in its individual capacity but solely in its capacity as trustee of the abrdn Precious Metals Basket
ETF Trust.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Introduction</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">1.1.</TD><TD STYLE="text-align: justify">The Phoenix Portal and Phoenix Services (defined in Paragraph 2 below) are facilities that we provide
without additional charge to customers who maintain with us allocated or unallocated Bullion accounts.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">1.2.</TD><TD STYLE="text-align: justify">The terms and conditions set out in this Schedule (&ldquo;<B>Phoenix Terms</B>&rdquo;) along with the
Clauses of this Agreement apply to and govern your use of the Phoenix Portal and Phoenix Services.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">1.3.</TD><TD STYLE="text-align: justify">The Phoenix Terms are an integral part of the Agreement. The Phoenix Terms and the Clauses and other Schedules
of the Agreement should therefore be read as one.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">1.4.</TD><TD STYLE="text-align: justify">To the extent that there is any conflict or inconsistency between the Phoenix Terms and the Clauses of
the Agreement:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">1.4.1.</TD><TD STYLE="text-align: justify">in relation to the Phoenix Portal and Phoenix Services, the Phoenix Terms shall take priority; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">1.4.2.</TD><TD STYLE="text-align: justify">in all other cases the Clauses and other Schedules of the Agreement shall take priority.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Definitions</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">2.1.</TD><TD STYLE="text-align: justify">In this Schedule (including any appendixes hereto):</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">2.1.1.</TD><TD STYLE="text-align: justify">&ldquo;<B>Accounts</B>&rdquo; means the Allocated Account and/or its Corresponding Unallocated Account,
as the case may be;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">2.1.2.</TD><TD STYLE="text-align: justify">&ldquo;<B>Authorized User</B>&rdquo; means a person listed in the Authorized User List;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">2.1.3.</TD><TD STYLE="text-align: justify">&ldquo;<B>Authorized User List</B>&rdquo; means the list of your Authorized Users (and their relevant
access rights) that is agreed in writing between us from time to time;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">2.1.4.</TD><TD STYLE="text-align: justify">&ldquo;<B>Data Protection Laws</B>&rdquo; means Regulation 2016/679 of the European Parliament and of
the Council on the protection of natural persons with regard to the processing of personal data and on the free movement of such data,
and repealing Directive 95/46/EC (General Data Protection Regulation);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">2.1.5.</TD><TD STYLE="text-align: justify">&ldquo;<B>End User Terms</B>&rdquo; has the meaning given in Paragraph 7.3;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">2.1.6.</TD><TD STYLE="text-align: justify">&ldquo;<B>Intellectual Property Rights</B>&rdquo; means all intellectual property rights, including patents,
supplementary protection certificates, petty patents, utility models, trademarks, database rights, rights in designs, copyrights and topography
rights (whether or not any of these rights are registered, and including applications and the right to apply for registration of any such
rights) and all rights and forms of protection of a similar nature or having equivalent or similar effect to any of these which may subsist
anywhere in the world, in each case for their full term, and together with any renewals or extensions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">2.1.7.</TD><TD STYLE="text-align: justify">&ldquo;<B>Permitted Purpose</B>&rdquo; has the meaning given in Paragraph 3.2 of this Schedule;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">2.1.8.</TD><TD STYLE="text-align: justify">&ldquo;<B>Phoenix Portal</B>&rdquo; means the web-based application hosted by us or on our behalf that
allows our customers to view online their allocated and unallocated Bullion accounts, and to instruct transfers to and from those accounts;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">2.1.9.</TD><TD STYLE="text-align: justify">&ldquo;<B>Phoenix Services</B>&rdquo; means the services and functions that we make available to our customers
through the Phoenix Portal;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">2.1.10.</TD><TD STYLE="text-align: justify">&ldquo;<B>Privacy Policy</B>&rdquo; means our privacy policy governing our use of personal data in the
provision of the Phoenix Portal and the Phoenix Services, as made available via the Phoenix Portal and amended from time to time; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">2.1.11.</TD><TD STYLE="text-align: justify">&ldquo;<B>Portal Data</B>&rdquo; means information relating to you or the Accounts that is accessible
by means of the Phoenix Portal.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Our provision of the Phoenix Portal and Phoenix Services</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">3.1.</TD><TD STYLE="text-align: justify">From time to time, we may make available to you the Phoenix Portal and Phoenix Services in accordance
with these Phoenix Terms.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">3.2.</TD><TD STYLE="text-align: justify">Subject to your compliance with these Phoenix Terms, we grant you a non-exclusive, non-transferable right
to access and use the Phoenix Portal and Phoenix Services for the purpose of:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">3.2.1.</TD><TD STYLE="text-align: justify">viewing the Account Balance of the Accounts;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">3.2.2.</TD><TD STYLE="text-align: justify">viewing recent activity on the Accounts, including deposits and withdrawals;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">3.2.3.</TD><TD STYLE="text-align: justify">downloading and printing Account Balances and transaction history for the Accounts; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">3.2.4.</TD><TD STYLE="text-align: justify">instructing us to make transfers into and out of the Accounts,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">(the &ldquo;<B>Permitted Purpose</B>&rdquo;).
You shall not use the Phoenix Portal or Phoenix Services for any purpose other than the Permitted Purpose.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Authorized Users</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">4.1.</TD><TD STYLE="text-align: justify">Subject to your compliance with these Phoenix Terms, we also grant you the right to allow Authorized Users
to access and use the Phoenix Portal and Phoenix Services solely for the Permitted Purpose.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">4.2.</TD><TD STYLE="text-align: justify">You shall ensure that your Authorized User List and all other information concerning Authorized Users
is accurate, up to date and complete at all times. You shall notify us promptly:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">4.2.1.</TD><TD STYLE="text-align: justify">if any person listed as an Authorized User in the Authorized User List is no longer authorized by you
to access the Accounts through the Phoenix Portal; and/or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">4.2.2.</TD><TD STYLE="text-align: justify">of any other changes necessary to ensure that Authorized User List is accurate, up-to-date and complete,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-align: justify">and at our request you shall promptly
provide us with an updated version of the Authorized User List to reflect such changes.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">4.3.</TD><TD STYLE="text-align: justify">Each Authorized User will be allocated (or invited to create) one or more unique usernames, passwords,
tokens, computer programs or applications, or other identifiers (&ldquo;<B>Authenticators</B>&rdquo;) which will grant that Authorized
User secure access to the Phoenix Portal and Phoenix Services. Authorized Users will need to enter their Authenticators each time they
wish to access the Phoenix Portal or use any of the Phoenix Services.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">4.4.</TD><TD STYLE="text-align: justify">Access rights may differ from one Authorized User to another. The access rights to be granted to each
Authorized User are indicated in the Authorized User List. You shall ensure that the Authenticators are used exclusively by the relevant
Authorized User.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">4.5.</TD><TD STYLE="text-align: justify">You shall keep and procure that each Authorized User keeps the Authenticators allocated to or created
by him or her confidential. Other than with our prior written consent:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">4.5.1.</TD><TD STYLE="text-align: justify">you shall not disclose Authenticators to any person; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">4.5.2.</TD><TD STYLE="text-align: justify">you shall procure that each Authorized Users does not disclose Authenticators allocated to or created
by him or her to any other person.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">4.6.</TD><TD STYLE="text-align: justify">You shall use adequate security procedures to ensure the security of the Authenticators and to prevent
unauthorized access to and use of the Phoenix Portal and/or Phoenix Services. You shall promptly notify us if you become aware of, or
have reasonable grounds to suspect, the loss, theft or disclosure to any third party of any Authenticators or of any unauthorized use
of such Authenticators.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">4.7.</TD><TD STYLE="text-align: justify">You shall assume full responsibility for any and all use, unauthorized use or misuse of the Phoenix Portal
and/or Phoenix Services by Authorized Users, or by any other person using the Authenticators.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">4.8.</TD><TD STYLE="text-align: justify">You shall procure that all Authorized Users fully observe and comply with this Agreement and any applicable
End User Terms in relation to their use of the Phoenix Portal and Phoenix Services. You acknowledge and agree that any breach of this
Agreement by an Authorized User shall constitute a breach of this Agreement by you.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">4.9.</TD><TD STYLE="text-align: justify">If we have reasonable grounds to believe that unauthorized persons are using any Authenticators allocated
to or created by you or to any Authorized User with or without your knowledge, we may, with or without prior notice, suspend your rights
and the rights of your Authorized Users to access and use the Phoenix Portal and Phoenix Services.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Instructions via the Phoenix Portal</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">5.1.</TD><TD STYLE="text-align: justify">Subject to Paragraph 5.4 of this Schedule, we are entitled to assume that where an instruction is submitted
through the Phoenix Portal using Authenticators allocated to or created by you or any Authorized User (&ldquo;<B>Authorized Instructions</B>&rdquo;),
such instruction has been properly authorized by you. You authorize us to act on all Authorized Instructions; and you accept that you
will be irrevocably bound by all transfers that we execute in accordance with any Authorized Instruction.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">5.2.</TD><TD STYLE="text-align: justify">We shall not be liable for any losses that you or any other person suffers as a result of:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">5.2.1.</TD><TD STYLE="text-align: justify">an Authorized Instruction being incomplete or inaccurate or containing any errors;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">5.2.2.</TD><TD STYLE="text-align: justify">an Authorized Instruction being corrupted in the course of transmission;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">5.2.3.</TD><TD STYLE="text-align: justify">any delay in the transmission or receipt by us of an Authorized Instruction; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">5.2.4.</TD><TD STYLE="text-align: justify">any delay or failure on our part, for any reason whatsoever, in carrying out any Authorized Instruction.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">5.3.</TD><TD STYLE="text-align: justify">You acknowledge that it is your responsibility to verify with us that we have received and acted on any
Authorized Instruction.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">5.4.</TD><TD STYLE="text-align: justify">In the absence of wilful default or fraud on our part, the risk of fraudulent or unauthorized use of the
Phoenix Portal and/or Phoenix Services shall be borne by you.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Equipment</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">You agree that it is your responsibility
to provide, at your own expense, all equipment, software and services necessary for you and Authorized Users to access and use the Phoenix
Portal and Phoenix Services, including computers, terminal equipment, software (including operating systems and applications and any
updates of those items), internet access and communications services. You are solely responsible for any errors made by, or the failure
of, such equipment, software and services that you or Authorized Users use to access the Phoenix Portal or the Phoenix Services.&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>7.</B></TD><TD STYLE="text-align: justify"><B>Conditions governing use</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">7.1.</TD><TD STYLE="text-align: justify">You shall not use the Phoenix Portal or Phoenix Services for any activity which breaches applicable laws
or regulations.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">7.2.</TD><TD STYLE="text-align: justify">You shall not upload, post, otherwise transmit or provide access to content through the Phoenix Portal
which is unlawful, harmful, threatening, abusive, harassing, tortious, defamatory, vulgar, obscene, invasive of another&rsquo;s privacy,
hateful, or racially, ethnically or otherwise objectionable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">7.3.</TD><TD STYLE="text-align: justify">You shall comply with any additional requirements, including any policies relating to privacy or cookies,
any additional terms and conditions governing and instructions, regarding your access to and use of the Phoenix Portal and Phoenix Services
that we notify you from time to time (&ldquo;<B>End User Terms</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">7.4.</TD><TD STYLE="text-align: justify">You shall not access the Phoenix Portal except through the interfaces expressly made available by us.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">7.5.</TD><TD STYLE="text-align: justify">You shall not override any security feature of the Phoenix Portal.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">7.6.</TD><TD STYLE="text-align: justify">You shall not access or attempt to access any other person's account (including but not limited to any
other person's allocated or unallocated Bullion account) through the Phoenix Portal.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">7.7.</TD><TD STYLE="text-align: justify">You shall not reproduce, copy, disassemble, decompile, or reverse translate or in any other manner decode
the Phoenix Portal, except as permitted by law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">7.8.</TD><TD STYLE="text-align: justify">You shall not use the Phoenix Portal or Phoenix Services:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">7.8.1.</TD><TD STYLE="text-align: justify">to send unsolicited email or instant messages or any unreasonably large files;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">7.8.2.</TD><TD STYLE="text-align: justify">to create a false identity, or to impersonate any person or organisation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">7.8.3.</TD><TD STYLE="text-align: justify">to upload post, email or transmit viruses, trojan horses, worms, time bombs, cancelbots, corrupted files,
or any other software, files or programs that may interrupt, damage, destroy, disable, impair or limit the operation or functionality
of the Phoenix Portal or Phoenix Services;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">7.8.4.</TD><TD STYLE="text-align: justify">to interfere with any other person&rsquo;s lawful use of the Phoenix Portal or Phoenix Services.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>8.</B></TD><TD STYLE="text-align: justify"><B>Intellectual property rights</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">8.1.</TD><TD STYLE="text-align: justify">All Intellectual Property Rights in or to the Phoenix Portal and all information, content, material and
data displayed on the Phoenix Portal belong to us or our third party licensors and all such rights are reserved.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">8.2.</TD><TD STYLE="text-align: justify">Save as expressly provided in this Agreement, you may not and may not permit any third party to use, copy,
modify, publish, extract, display, disclose, license, transfer, reproduce, or create derivative works from any information, content, material
or data displayed on the Phoenix Portal without our prior written consent.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">8.3.</TD><TD STYLE="text-align: justify">You may not use any automated software, process, program or system, robot, web crawler, spider, data mining,
trawling or other 'screen-scraping' software process, program or system in relation to the Phoenix Portal.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">8.4.</TD><TD STYLE="text-align: justify">You must retain and may not remove any notices concerning copyright, trade mark or any other intellectual
property ownership in relation to the Phoenix Portal.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">8.5.</TD><TD STYLE="text-align: justify">You must not print or download any business names, logos, trademarks or service marks displayed on the
Phoenix Portal except as part of the text of which they form part.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>9.</B></TD><TD STYLE="text-align: justify"><B>Disclaimers</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">9.1.</TD><TD STYLE="text-align: justify">The Phoenix Service is provided on an &ldquo;as is&rdquo; and &ldquo;as available&rdquo; basis.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">9.2.</TD><TD STYLE="text-align: justify">We make no warranties or representations and give no assurances or guarantees whatsoever as to the quality,
fitness for any particular purpose, availability, performance, functionality, reliability, accuracy, or completeness of the Phoenix Portal,
Phoenix Services or any Portal Data, nor do we warrant or represent or give any assurance or guarantee that that Phoenix Portal, Phoenix
Services or Portal Data are free from viruses. You acknowledge that any reliance that you place on Portal Data and/or any use that you
make of Portal Data are entirely at your risk.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">9.3.</TD><TD STYLE="text-align: justify">Except as expressly set out in this Agreement, all warranties, terms, conditions and undertakings, whether
express or implied by common law, statute, course of dealing or otherwise in relation to the Phoenix Portal, the Phoenix Services and
Portal Data are excluded to the fullest extent permitted by law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">9.4.</TD><TD STYLE="text-align: justify">Without limiting the foregoing, we give no guarantee that the Phoenix Portal or the Phoenix Services will
operate error-free and you acknowledge that your use of the Phoenix Portal or the Phoenix Services may be subject to errors, malfunctions,
disruptions or other failures. In no event will we be liable for any loss, damage, cost or expense which you or any Authorized User might
incur as a result of any errors, malfunctions disruptions, or failures in the Phoenix Portal, the Phoenix Services or any Portal Data.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">9.5.</TD><TD STYLE="text-align: justify">Nothing in these Phoenix Terms is intended to exclude or limit our or your liability for:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">9.5.1.</TD><TD STYLE="text-align: justify">death or personal injury caused negligence;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">9.5.2.</TD><TD STYLE="text-align: justify">fraud or fraudulent misrepresentation; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">9.5.3.</TD><TD STYLE="text-align: justify">any liability that by law cannot be excluded or limited.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>10.</B></TD><TD STYLE="text-align: justify"><B>Indemnity</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">You indemnify us and will hold
us harmless from and against all losses, costs expenses, (including legal costs and expenses on a full indemnity basis) liabilities, actions,
claims, damages, demands, fines, penalties and sanctions (including amounts paid in settlement, out-of-pocket expenses and interest) that
we suffer or incur as a result of your breach of the Phoenix Terms or the use of the Phoenix Portal or Phoenix Services.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>11.</B></TD><TD STYLE="text-align: justify"><B>Personal data</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">11.1.</TD><TD STYLE="text-align: justify">You will comply with and be responsible for fulfilling your obligations under Data Protection Laws as
data controller/controller in respect of personal data of Authorized Users.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">11.2.</TD><TD STYLE="text-align: justify">We will comply with and be responsible for fulfilling our obligations under Data Protection Laws as data
controller/controller in respect of personal data of Authorized Users.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">11.3.</TD><TD STYLE="text-align: justify">Our Privacy Policy will be made available via the Phoenix Portal and will govern our use of personal data
of Authorized Users.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>12.</B></TD><TD STYLE="text-align: justify"><B>Termination or suspension</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">12.1.</TD><TD STYLE="text-align: justify">We may withdraw provision of the Phoenix Portal and Phoenix Services at any time and for any reason and
without any liability to you or any Authorized User. Where reasonably practicable, we will use reasonable efforts to give you prior notice
of withdrawal of the Phoenix Portal and Phoenix Services.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">12.2.</TD><TD STYLE="text-align: justify">We may terminate or suspend:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">12.2.1.</TD><TD STYLE="text-align: justify">your access to and use of the Phoenix Portal and Phoenix Services; and/or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">12.2.2.</TD><TD STYLE="text-align: justify">any Authorized Users' access to and use of the Phoenix Portal and Phoenix Services,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">12.2.3.</TD><TD STYLE="text-align: justify">at any time by giving you written notice and for any reason without any liability to you or any Authorized
User.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">12.3.</TD><TD STYLE="text-align: justify">On termination of this Agreement or if we terminate or suspend your or any Authorized User's access to
and use of the Phoenix Portal and Phoenix Services pursuant to Paragraph 12.2 of this Schedule:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">12.3.1.</TD><TD STYLE="text-align: justify">we may revoke relevant Authenticators allocated to or created by you or the relevant Authorized User;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">12.3.2.</TD><TD STYLE="text-align: justify">the rights granted to you under Paragraphs 3.2 and 4.1 of this Schedule shall immediately terminate; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 32.85pt">12.3.3.</TD><TD STYLE="text-align: justify">you shall immediately cease to access and use, and shall procure that the relevant Authorized User ceases
to access and use, the Phoenix Portal and Phoenix Services.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">12.4.</TD><TD STYLE="text-align: justify">Our rights under this Paragraph 12 apply only with respect to the Phoenix Portal and Phoenix Services.
No action taken by us under this Paragraph 12 will impact on your rights and obligations under the Clauses of and Schedules to this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CREATION AND REDEMPTION PROCEDURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>ex10-2.htm
<DESCRIPTION>UNALLOCATED ACCOUNT AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin: 0pt"></P>

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<P STYLE="margin: 0pt"><A HREF="gltr-8k_052824.htm">ABRDN PRECIOUS METALS BASKET ETF TRUST 8-K</A></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 10.2</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Execution Copy</I>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 86.9pt 0pt 83.1pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 86.9pt 0pt 83.1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DATED
<FONT STYLE="letter-spacing: -0.35pt">&#9;May 23, 2024</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 86.9pt 0pt 83.1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 103.75pt 0pt 99.85pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ICBC
STANDARD BANK PLC </B></FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 103.75pt 0pt 99.85pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 203.7pt 0pt 199.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AND</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 203.7pt 0pt 199.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 98.2pt 0pt 94.35pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE
BANK OF NEW YORK MELLON, not <BR>
in its individual capacity, but solely in its <BR>
capacity as trustee of the abrdn Precious <BR>
Metals Basket ETF
Trust</B></FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 98.2pt 0pt 94.35pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 103.75pt 0pt 99.85pt; text-align: center"></P>
<HR COLOR="Black" ALIGN="CENTER" NOSHADE SIZE="1" STYLE="width: 40%; margin-top: 3pt; margin-bottom: 3pt">

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 103.75pt 0pt 99.85pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 103.75pt 0pt 99.85pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNALLOCATED
ACCOUNT AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 103.75pt 0pt 99.85pt; text-align: center"></P>

 <HR COLOR="Black" ALIGN="CENTER" NOSHADE SIZE="1" STYLE="width: 40%; margin-top: 3pt; margin-bottom: 3pt">

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 103.75pt 0pt 99.85pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 103.75pt 0pt 99.85pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 5.1pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 5.1pt; text-align: left"><I>Execution Copy</I>&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 5.1pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 5.1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONTENTS</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 5.1pt; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <TD COLSPAN="2" STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><B>Clause</B></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt"><B>&#9;&#9;Page</B></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="width: 7%; text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">1.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 83%; text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_018">INTERPRETATION</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 6pt; padding-bottom: 6pt">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">2.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_019">unALLOCATED ACCOUNT</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">3.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_020">DEPOSITS</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">10</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">4.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_021">WITHDRAWALS</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">5.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_022">INSTRUCTIONS</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">13</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">6.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_023">CONFIDENTIALITY</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">7.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_024">REPRESENTATIONS</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">15</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">8.</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_025">sanctions</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">15</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">9.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_026">FEES AND EXPENSES</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">16</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">10.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_027">SCOPE OF RESPONSIBILITY</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">17</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">11.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_028">TERMINATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">18</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">12.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_029">VALUE ADDED TAX</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">20</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">13.&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">&nbsp;<A HREF="#a_030">NOTICES</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">20</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">14.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_031">GENERAL</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">22</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">15.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_032">GOVERNING LAW AND JURISDICTION</A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">23</TD></TR>
</TABLE>
<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 5.1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 39.8pt 0pt 5.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 39.8pt 0pt 5.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>This
<FONT STYLE="letter-spacing: -0.25pt">UNALLOCATED ACCOUNT </FONT>AGR<FONT STYLE="letter-spacing: 0.05pt">E</FONT>EMENT</B> (this &ldquo;<B>Agreement</B>&rdquo;)
is made <FONT STYLE="letter-spacing: -0.25pt">with effect on and from May 23</FONT><FONT STYLE="letter-spacing: -0.1pt">, 2024 and is</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 39.8pt 0pt 5.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 39.8pt 0pt 5.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"><B>BETWEEN</B></FONT></P>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7.1pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 2.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ICBC
                                            Standard Bank Plc,</B> a company incorporated with limited liability, whose registered office
                                            is at 20 Gresham Street, London, EC2V 7JE, United Kingdom <B>(</B><FONT STYLE="letter-spacing: 0.1pt">&ldquo;</FONT><B>we</B>&rdquo;
                                            or &ldquo;<B>us</B>&rdquo; or the &ldquo;<B>Custodian</B>&rdquo;); and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 36.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
Bank of New York Mellon, </B>a New York banking corporation, not in its individual capacity but solely in its capacity as trustee of
the abrdn Precious Metals Basket ETF Trust (the <FONT STYLE="letter-spacing: 0.1pt">&ldquo;</FONT><B>Trust</B><FONT STYLE="letter-spacing: 0.1pt">&rdquo;</FONT>)
created under the Trust Agreement identified below (<FONT STYLE="letter-spacing: 0.1pt">&ldquo;</FONT><FONT STYLE="letter-spacing: 0.05pt"><B>yo</B></FONT><B>u</B>&rdquo;
or the &ldquo;<B>Trustee</B>&rdquo;, which expression shall, wherever the context so admits, include the named Trustee and all other
persons or companies for the time being the trustee or trustees of the Trust Agreement as trustee for the Shareholders ).</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 43.5pt; text-align: justify; text-indent: -36.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 7.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
a &ldquo;<B>Party</B>&rdquo; and together the &ldquo;<B>Parties</B>&rdquo;.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.55pt 0pt 5.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.45pt"><B>INTRODUCTION</B></FONT></P>

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<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 23.1pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;&nbsp;
The Trustee has agreed to act as trustee for the Shareholders of the Shares pursuant to the Trust Agreement.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 23.1pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 23.1pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;&nbsp;
An Authorized Participant may apply to become a Shareholder by (i) applying for Shares in accordance with an Authorized Participant Agreement;
and (ii) depositing the relevant amount of Bullion into the Unallocated Account.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 23.1pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 23.1pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&nbsp;&nbsp;
The Custodian has agreed to transfer Bullion deposited into the Unallocated Account to the Corresponding Allocated Account and where
applicable, other accounts, pursuant to the terms of this Agreement.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 23.1pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 23.1pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)&nbsp;&nbsp;
In order to effect redemptions of Shares, Bullion must be transferred from the Corresponding Allocated Account to the Unallocated Account
by way of de-allocation, and must then be delivered to the Shareholder Account.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 23.1pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 23.1pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)&nbsp;&nbsp;
The Trustee has agreed that the Unallocated Account will be established by the Trustee for the account of the Trust, and that the Trustee
will have the sole right to give instructions for the making of any payments into or out of the Unallocated Account.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 23.1pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IT
IS AGREED AS FOLLOWS</B></FONT></P>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_018"></A>INTERPRETATION</B></FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Definitions</B>:
                                            In this Agreement:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Account
Balance</B>&rdquo; <FONT STYLE="letter-spacing: -0.1pt">m</FONT>eans, in relation <FONT STYLE="letter-spacing: -0.05pt">t</FONT>o <FONT STYLE="letter-spacing: 0.5pt">the
</FONT>Unallocated Account, <FONT STYLE="letter-spacing: 0.2pt">a positive balance in </FONT>the amount of Bullion owed to you by us.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Affiliate</B>&rdquo;
means an entity that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control
with the Custodian.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">&ldquo;<B>Allocated
Account</B>&rdquo; means each of the following allocated Bullion accounts, established in the name of the Trustee and maintained by the
Custodian pursuant to the Allocated Account Agreement:</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; width: 45%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"><B><U>Account
    Number</U></B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Gold</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">121020816</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Silver</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">121020819</FONT></TD></TR>
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    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Platinum</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">121020817</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Palladium</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">121020818</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Allocated
Account Agreement</B>&rdquo; means that certain Allocated Account Agreement between you and us dated as of the date of this Agreement,
as amended and/or restated from time to time, pursuant to which the Allocated Account is established and operated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;AP
Account&rdquo; </B>means, for each of gold, silver, platinum and palladium, a Loco London account maintained on an Unallocated Basis
by the Custodian or a Bullion clearing bank for the Authorized Participant, as specified in the applicable Transfer Notice.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Application&rdquo;
</B>means an offer by an Authorized Participant to the Trust (in the form prescribed by the Trust) to subscribe for Shares, being an
offer on terms referred to in the prospectus of the Trust and in accordance with the provisions of the relevant Authorized Participant
Agreement.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Application
Date&rdquo; </B>means the New York Business Day on which a valid Application Form is received (or deemed to be received) by the Trustee
in accordance with the relevant Authorized Participant Agreement.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Application
Form</B>&rdquo; means a Purchase Order as defined in the Authorized Participant Agreement.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Authorized
Participant&rdquo; </B>means a person which has entered into an Authorized Participant Agreement with the Sponsor and the Trustee in
relation to Shares and which: (a) is a person who (i) is a registered broker-dealer or other securities market participant such as a
bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions and (ii)
is a participant in The Depository Trust Company or its respective successors; (b) is approved by the Sponsor (in its absolute discretion);
and (c) has established an AP Account.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Authorized
Participant Agreement</B>&rdquo; means a written agreement between the Trustee, the Sponsor and another person under which such person
is appointed to act as an &ldquo;Authorized Participant,&rdquo; in relation to Shares and if such agreement is subject to conditions
precedent, provided that such conditions have been satisfied.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>AURUM</B>&rdquo;
means the e<FONT STYLE="letter-spacing: 0.05pt">l</FONT>ectronic matc<FONT STYLE="letter-spacing: 0.1pt">h</FONT>ing and settlement s<FONT STYLE="letter-spacing: 0.1pt">y</FONT>stem
operated by <FONT STYLE="letter-spacing: -0.05pt">L</FONT>PMCL.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Availability
Date</B>&rdquo; means the London Business Day on which you wish the Custodian to credit Bullion to the Unallocated Account.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Benchmark
Price</B>&rdquo; means, as of any day:</FONT></P>

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<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
in respect of gold, (i) such day&rsquo;s LBMA Gold Price PM or such day&rsquo;s LBMA Gold Price AM if such day&rsquo;s LBMA Gold Price
PM is not available; or (ii) such other publicly available price which is reasonably available to the Trustee and which the Sponsor may
determine fairly represents the commercial value of gold held by the Trust and instructs the Trustee to use as the Benchmark Price for
gold;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
in respect of silver, such day&rsquo;s LBMA Silver Price; or (ii) such other publicly available price which is reasonably available to
the Trustee and which the Sponsor may determine fairly represents the commercial value of silver held by the Trust and instructs the
Trustee to use as the Benchmark Price for silver;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
in respect of platinum, (i) such day&rsquo;s LBMA Platinum Price PM or such day&rsquo;s LBMA Platinum Price AM if such day&rsquo;s LBMA
Platinum Price PM is not available; or (ii) such other publicly available price which is reasonably available to the Trustee and which
the Sponsor may determine fairly represents the commercial value of platinum held by the Trust and instructs the Trustee to use as the
Benchmark Price for platinum; and</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
in respect of palladium, (i) such day&rsquo;s LBMA Palladium Price PM or such day&rsquo;s LBMA Palladium Price AM if such day&rsquo;s
LBMA Palladium Price PM is not available; or (ii) such other publicly available price which is reasonably available to the Trustee and
which the Sponsor may determine fairly represents the commercial value of palladium held by the Trust and instructs the Trustee to use
as the Benchmark Price for palladium.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Bullion</B>&rdquo;
means (i) any and all gold, silver, platinum and palladium in physical form that complies with the Rules of the Relevant Association
held by the Custodian or any Sub-Custodian under the Allocated Account Agreement, and/or (ii) any credit balance in the Unallocated Account,
as the context requires.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Business
Day</B>&rdquo; means a London Business Day unless the context expressly requires otherwise.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Conditions</B>&rdquo;
means the terms and conditions on and subject to which Shares are issued in the form or substantially in the form set out in the Trust
Agreement.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Creation
and Redemption Procedures</B>&rdquo; has the meaning given to that term in the Allocated Account Agreement.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Corresponding
Allocated Account</B>&rdquo; means, in respect of the Unallocated Account, the Allocated Account for the same type of Bullion.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>LBMA
Gold Price AM</B>&rdquo; means the price in United States Dollars of a troy ounce of gold as determined pursuant to an electronic auction
process independently administered by ICE Benchmark Administration, the third-party administrator of the London gold price selected by
the LBMA, or any successor administrator of the London gold price, at or about 10:30 a.m. London, England time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>LBMA
Gold Price PM</B>&rdquo; means the price of a troy ounce of gold as determined by ICE Benchmark Administration, the third-party administrator
of the London gold price selected by the LBMA, or any successor administrator of the London gold price, at or about 3:00 p.m. London,
England time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>LBMA
Palladium Price AM</B>&rdquo; means the price of a troy ounce of palladium as determined by the London Metal Exchange, the third party
administrator of the London palladium price selected by the LBMA, or any successor administrator of the London palladium price, at or
about 9:45 a.m. London, England time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>LBMA
Palladium Price PM</B>&rdquo; means the price of a troy ounce of palladium as determined by the London Metal Exchange , the third party
administrator of the London palladium price selected by the LBMA, or any successor administrator of the London palladium price, at or
about 2:00 p.m. London, England time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>LBMA
Platinum Price AM</B>&rdquo; means the price of a troy ounce of platinum as determined by the London Metal Exchange, the third party
administrator of the London platinum price selected by the LBMA, or any successor administrator of the London platinum price, at or about
9:45 a.m. London, England time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>LBMA
Platinum Price PM</B>&rdquo; means the price of a troy ounce of platinum as determined by the London Metal Exchange , the third party
administrator of the London platinum price selected by the LBMA, or any successor administrator of the London platinum price, at or about
2:00 p.m. London, England time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>LBMA
Silver Price</B>&rdquo; means the price of a troy ounce of silver as determined by ICE Benchmark Administration, the third-party administrator
of the London silver price selected by the LBMA, or any successor administrator of the London silver price at or about noon London, England
time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Loco
London</B>&rdquo; means, in respect of an account holding Bullion, the custody, trading or clearing of such Bullion in London, United
Kingdom.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>London
Business Day</B>&rdquo; means a day (other than a Saturday or a Sunday or a public holiday in England) on which commercial banks generally
and the London bullion markets are open for the transaction of business in London.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>LPMCL</B>&rdquo;
means London Precious Metals Clearing <FONT STYLE="letter-spacing: -0.35pt">Limited </FONT>or its successors.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Management
Fee</B>&rdquo; means the amount of Bullion which may be debited from the Metal Accounts at the end of each month and paid to the Sponsor
Account in accordance with the terms of a separate written agreement between the Sponsor and the Custodian.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Metal
Accounts&rdquo; </B>means the Allocated Accounts and the Unallocated Accounts.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;New
York Business Day</B>&rdquo; means a &ldquo;Business Day&rdquo; as defined in the Trust Agreement.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Phoenix
Portal&rdquo; </B>means the Custodian&rsquo;s proprietary electronic system which allows input of clearing instructions and viewing of
account balances, as it may be updated from time to time, the terms of use of which are set out in Schedule 3 (<I>Phoenix Portal Terms
of Use</I>) of the Allocated Account Agreement.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Point
of Delivery</B>&rdquo; means such date and time that the recipient (or its agent) acknowledges in written form its receipt of delivery
of Bullion.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Redemption</B>&rdquo;
means the redemption of Shares by the Trust in accordance with the Conditions.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Redemption
Form</B>&rdquo; means a notice in the form prescribed from time to time by the Trust requesting Redemption of Shares.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Relevant
Association</B>&rdquo; means, in respect of gold and silver, the London Bullion Market Association or its successors and in respect of
platinum and palladium, the London Platinum and Palladium Market or its successors.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Rules</B>&rdquo;
<FONT STYLE="letter-spacing: -0.1pt">m</FONT><FONT STYLE="letter-spacing: 0.05pt">ean</FONT>s the rules, regulations, practices a<FONT STYLE="letter-spacing: 0.1pt">n</FONT>d
custo<FONT STYLE="letter-spacing: -0.1pt">m</FONT>s of the <FONT STYLE="letter-spacing: 0.4pt">Relevant Association (including, without
limitation the requirements of &ldquo;Good Delivery&rdquo; under the rules of the Relevant Association), </FONT>LPMCL, the F<FONT STYLE="letter-spacing: -0.05pt">i</FONT>nancial
Conduct Authori<FONT STYLE="letter-spacing: -0.05pt">t</FONT>y, the Pruden<FONT STYLE="letter-spacing: -0.05pt">t</FONT>ial Regulation
Authori<FONT STYLE="letter-spacing: -0.05pt">t</FONT>y, <FONT STYLE="letter-spacing: -0.05pt">t</FONT><FONT STYLE="letter-spacing: 0.05pt">h</FONT>e
<FONT STYLE="letter-spacing: 0.35pt">Governor and Company of the </FONT>Bank of England, any Sanctioning Body and such o<FONT STYLE="letter-spacing: -0.05pt">t</FONT>her
regulato<FONT STYLE="letter-spacing: -0.05pt">r</FONT>y <FONT STYLE="letter-spacing: -0.05pt">a</FONT><FONT STYLE="letter-spacing: 0.05pt">u</FONT>thori<FONT STYLE="letter-spacing: -0.1pt">t</FONT>y
or o<FONT STYLE="letter-spacing: -0.05pt">t</FONT>her body (in the United States, the United Kingdom or Switzerland) applicable to the
Parties and/or the activities cont<FONT STYLE="letter-spacing: 0.05pt">e</FONT><FONT STYLE="letter-spacing: -0.1pt">m</FONT>plated by
this Agr<FONT STYLE="letter-spacing: -0.05pt">e</FONT><FONT STYLE="letter-spacing: 0.05pt">e</FONT><FONT STYLE="letter-spacing: -0.1pt">m</FONT>ent.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Sanctioning
Body</B>&rdquo; means any of the following:</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            United Nations Security Council;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            European Union;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            United Kingdom, His Majesty&rsquo;s Treasury and the Office of Financial Sanctions Implementation
                                            of the United Kingdom;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
United States, the Office of Foreign Assets Control of the Department of Treasury of the United States of America;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            State of Secretariat for Economic Affairs of Switzerland; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Canada
                                            / China / Hong Kong / such other jurisdictional body.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this Agreement, &ldquo;<B>Sanctioning Body</B>&rdquo; shall mean, with respect to the Trustee, the following:</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            United Nations Security Council;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            European Union;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            United Kingdom, His Majesty&rsquo;s Treasury and the Office of Financial Sanctions Implementation
                                            of the United Kingdom; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            United States, the Office of Foreign Assets Control of the Department of Treasury of the
                                            United States of America.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Sanctions</B>&rdquo;
means economic or financial sanctions, boycotts, trade embargoes and restrictions relating to terrorism imposed, administered or enforced
by a Sanctioning Body from time to time.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Sanctions
List</B>&rdquo; means any list of specifically designated nationals or blocked or sanctioned persons or entities (or similar) imposed,
administered or enforced by a Sanctioning Body in connection with Sanctions from time to time.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Shareholder</B>&rdquo;
means the beneficial owner of one or more Shares.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Shareholder
Account</B>&rdquo; means, for each of gold, silver, platinum and palladium, a Loco London account maintained on an unallocated basis
by the Custodian or a Bullion clearing bank, as applicable, for an Authorized Participant or a Shareholder, as specified in the applicable
Redemption Notice.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Shares</B>&rdquo;
means the units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust, named &ldquo;abrdn
Physical Precious Metals Basket Shares ETF&rdquo; and created pursuant to and constituted by the Trust Agreement.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Sponsor</B>&rdquo;
means abrdn ETFs Sponsor LLC, its successors and assigns and any successor Sponsor appointed pursuant to the Trust Agreement, provided
that the Trustee shall, to the extent legally permissible and practicable, provide the Custodian with sufficient advance notice of the
appointment of any such successor or assignee so as to enable the Custodian to complete its internal due diligence processes in respect
of such successor or assignee.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 120%">&ldquo;<B>Sponsor
Account</B>&rdquo; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">means, for each of gold, silver,
platinum and palladium, a Loco London account maintained on an unallocated basis by the Custodian or a Bullion clearing bank, as applicable,
for the Sponsor.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Transfer
Notice</B>&rdquo; means any notice of deposit or withdrawal made pursuant to Clause 3 (<I>Deposits</I>) or Clause 4 (<I>Withdrawals</I>)
of this Agreement.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Trust</B>&rdquo;
means the abrdn Precious Metals Basket ETF Trust formed pursuant to the Trust Agreement.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Trust
Agreement</B>&rdquo; means the Depositary Trust Agreement of the abrdn Precious Metals Basket ETF Trust dated on or about October 18,
2010, as amended from time to time, between abrdn ETFs Sponsor LLC, as Sponsor, and The Bank of New York Mellon, as Trustee.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Unallocated
Account</B>&rdquo; means each of the following Loco London unallocated Bullion accounts, established in the name of the Trustee and maintained
by the Custodian on an Unallocated Basis pursuant to this Agreement:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.5in">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; width: 45%; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"><B><U>Metal</U></B></FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; width: 45%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"><B><U>Account
    Number</U></B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Gold</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">121020812</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Silver</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">121020815</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Platinum</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">121020813</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Palladium</FONT></TD>
    <TD STYLE="font: 10pt/120% Times New Roman, Times, Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 11pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">121020814</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Unallocated
Basis</B>&rdquo; means, with respect to an unallocated account maintained with us, that the person in whose name the account is held
is entitled to delivery in accordance with the Rules of an amount of physical Bullion equal to the amount of Bullion standing to the
credit of such unallocated account but such person has no ownership interest in any particular Bullion that the Custodian owns or holds
and is an unsecured creditor of the Custodian to the extent of the positive account balance for such unallocated account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>VAT</B>&rdquo;
means value added tax as provided for in the Value Added Tax Act 1994 (as amended or re-enacted from time to time) and legislation supplemental
thereto and any other tax (whether imposed in the United Kingdom in substitution thereof or in addition thereto or elsewhere) of a similar
fiscal nature.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Withdrawal
Date</B>&rdquo; means the London Business Day on which you wish to withdraw Bullion from the Unallocated Account or the Allocated Account,
as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interpretation</B>:
The headings <FONT STYLE="letter-spacing: -0.05pt">i</FONT>n this Agreement do not <FONT STYLE="letter-spacing: -0.05pt">a</FONT>ffect
its interpretation. References to the singular include the plural and vice versa, unless the context requires a contrary construction.
The word &ldquo;including&rdquo; means &ldquo;including without limitation&rdquo;.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_019"></A>UNALL<FONT STYLE="letter-spacing: -0.05pt">O</FONT>C<FONT STYLE="letter-spacing: -0.05pt">A</FONT>TED
<FONT STYLE="letter-spacing: -0.05pt">AC</FONT>C<FONT STYLE="letter-spacing: -0.05pt">OU</FONT>NT</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Custody
Services</B>. The Trust hereby appoints the Custodian to act as custodian of the Bullion in accordance with this Agreement and any Rules
which apply to the Custodian. The Custodian will be responsible for the safekeeping of the Bullion in accordance with the terms of this
Agreement.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Opening
<FONT STYLE="letter-spacing: 0.05pt">Una</FONT>llocated A<FONT STYLE="letter-spacing: 0.05pt">c</FONT>count</B>: You hereby appoint us
to act as custodian of the Bullion comprising the Account Balance in accordance with this Agreement and in accordance with any Rules
and laws which apply to us, and we accept such appointment. We shall open and maintain the Unallocated Account in your name, as trustee
of the Trust, and we agree to hold <FONT STYLE="letter-spacing: 0.2pt">Bullion </FONT>f<FONT STYLE="letter-spacing: -0.05pt">o</FONT>r
you <FONT STYLE="letter-spacing: -0.2pt">in the Unallocated Account </FONT>on an <FONT STYLE="letter-spacing: -0.1pt">Un</FONT><FONT STYLE="letter-spacing: -0.05pt">a</FONT>llocated
<FONT STYLE="letter-spacing: -0.5pt">B</FONT>asis on the ter<FONT STYLE="letter-spacing: -0.1pt">m</FONT>s of this Agreement. We will
identify in our books and records that the rights to the Bullion comprising the Account Balance belong solely to you, as trustee of the
Trust.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Denomination
of <FONT STYLE="letter-spacing: 0.5pt">Una</FONT>llocated Account</B>: The Bullion recorded in the Unallocated Account shall be denominated
in, in the case of gold, fine troy ounces of gold to three decimal places and in the case of platinum, palladium and silver, troy ounces
of platinum, palladium and silver, respectively, to three decimal places.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Reports</B>:
                                            <FONT STYLE="letter-spacing: 0.1pt">W</FONT>e will provide reports to <FONT STYLE="letter-spacing: 0.1pt">y</FONT>ou
                                            relat<FONT STYLE="letter-spacing: -0.05pt">i</FONT>ng to deposits into and withdrawals fr<FONT STYLE="letter-spacing: 0.1pt">o</FONT>m
                                            the Unallocated Account and the Account Balance in such form and wi<FONT STYLE="letter-spacing: 0.05pt">t</FONT>h
                                            such frequency as required, and containing such information, as <FONT STYLE="letter-spacing: -0.1pt">m</FONT>ay
                                            be agreed between us, or as otherwise specified in Schedule 1 (<I>Reports</I>). Such reports
                                            will also be available to you daily by means of the Phoenix Portal, provided that, if the
                                            Phoenix Portal is unavailable for any reason, we will agree with you upon a temporary notification
                                            system for making such reports available to you.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Disc<FONT STYLE="letter-spacing: 0.05pt">r</FONT>epanci<FONT STYLE="letter-spacing: 0.05pt">e</FONT>s</B>:
                                            If a mat<FONT STYLE="letter-spacing: 0.05pt">e</FONT>rial error or discrepancy is noted by
                                            you on a<FONT STYLE="letter-spacing: 0.1pt">n</FONT>y report <FONT STYLE="letter-spacing: 0.1pt">provided
                                            pursuant to Clause 2.4 </FONT>in relation to any activi<FONT STYLE="letter-spacing: -0.05pt">t</FONT>y
                                            or bala<FONT STYLE="letter-spacing: -0.1pt">n</FONT>ces, <FONT STYLE="letter-spacing: 0.1pt">y</FONT>ou
                                            w<FONT STYLE="letter-spacing: -0.05pt">i</FONT>ll noti<FONT STYLE="letter-spacing: -0.05pt">f</FONT>y
                                            us in writing as soon as <FONT STYLE="letter-spacing: 0.3pt">reasonably practicable </FONT>so
                                            that we <FONT STYLE="letter-spacing: -0.1pt">m</FONT>ay in<FONT STYLE="letter-spacing: -0.05pt">v</FONT>estigate
                                            and resolve any such material error or discrepancy as soon as <FONT STYLE="letter-spacing: 0.4pt">reasonably
                                            </FONT>practicable, provided, however, that any failure or delay on your part in notifying
                                            us shall not limit our obligation to resolve, reverse or correct errors or discrepancies
                                            hereunder.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Reversal
of entries</B>: We shall reverse any <FONT STYLE="letter-spacing: -0.05pt">p</FONT>rovisional or erroneous entries to <FONT STYLE="letter-spacing: 0.25pt">the
</FONT>Unallocated Account <FONT STYLE="letter-spacing: -0.05pt">which we discover or of which we are notified </FONT>with ef<FONT STYLE="letter-spacing: -0.05pt">f</FONT>ect
back-valued to the date upon which the final or correct e<FONT STYLE="letter-spacing: 0.1pt">n</FONT>try <FONT STYLE="letter-spacing: -0.05pt">(</FONT><FONT STYLE="letter-spacing: 0.05pt">o</FONT>r
no en<FONT STYLE="letter-spacing: -0.05pt">t</FONT>r<FONT STYLE="letter-spacing: 0.1pt">y</FONT>) sh<FONT STYLE="letter-spacing: -0.05pt">o</FONT><FONT STYLE="letter-spacing: 0.05pt">u</FONT>ld
h<FONT STYLE="letter-spacing: -0.05pt">a</FONT>ve been made. Additionally, if we credit or debit Bullion to or from the Unallocated Account
that is not the number of fine troy ounces or troy ounces (as the case may be) we have represented to you, recovery by you, to the extent
such recovery is otherwise allowed, shall not be barred by your delay in asserting a claim because of the failure to discover the corresponding
loss or damage regardless of whether such loss or damage could or should have been discovered.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.7</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Regulatory
                                            Reporting</B>: To the extent that our activities under this Agreement are relevant to the
                                            preparation of the filings required of the Trust under the securities laws of the United
                                            States or any other jurisdiction, we will, to the extent permitted by applicable law, the
                                            Rules or applicable regulatory authority, and upon reasonable request, cooperate with you
                                            and the Sponsor and your and the Sponsor&rsquo;s representatives to provide such information
                                            concerning our activities as may be necessary for such filings to be completed. Additionally,
                                            to the extent that our activities or controls in our capacity as custodian of the Trust&rsquo;s
                                            assets are relevant to the information presented in the financial statements of the Trust,
                                            we will, upon reasonable request, cooperate with the Sponsor and you to assist the Sponsor
                                            in providing the required written assurances regarding the reliability of the internal controls
                                            used in the preparation of such financial statements, including by providing the Trust&rsquo;s
                                            external auditors with information and reports regarding our internal controls over financial
                                            reporting as far as such reporting relates to the scope of our duties.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.8</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Access</B>:
                                            We will allow you, the Sponsor and your and their identified representatives and bullion
                                            auditors and inspectors access to our premises upon reasonable notice during normal business
                                            hours, to examine the Bullion and such records as you and they may reasonably require to
                                            perform your and their respective audit duties in respect of the Bullion and with regard
                                            to investors in the Shares. All such audits shall be at the Trust&rsquo;s expense. You agree
                                            that any such access may be subject to execution of a confidentiality agreement and agreement
                                            to our security procedures.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_020"></A>DEPO<FONT STYLE="letter-spacing: -0.05pt">S</FONT>ITS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Procedure</B>:
                                            You may at any time notify us of a deposit of Bullion to be made to the Unallocated Account.
                                            A deposit may only be made (in the manner and accompanied by such documentation as we may
                                            require) by:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
de-allocation of Bullion held in the Corresponding Allocated Account on a redemption of Shares by a Shareholder or an Authorized Participant
or for any other purpose authorized by the Trust Agreement;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
de-allocation of Bullion held in the Corresponding Allocated Account for payment of the Management Fee;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
transfer of Bullion from an AP Account relating to the same kind of Bullion and having the same denomination as that to which the Unallocated
Account relates on Application by an Authorized Participant for Shares; or</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
transfer of Bullion from an unallocated account with another custodian of the Trust&rsquo;s Bullion.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice
                                            requ<FONT STYLE="letter-spacing: 0.05pt">i</FONT>rements</B>: A<FONT STYLE="letter-spacing: 0.1pt">n</FONT>y
                                            notice relating to an intended depos<FONT STYLE="letter-spacing: -0.05pt">i</FONT>t of <FONT STYLE="letter-spacing: -0.1pt">Bullion
                                            m</FONT><FONT STYLE="letter-spacing: 0.05pt">u</FONT>st:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">be
in writing and be received by us from the Trustee no later than 10:00 a.m. (London time) on the Availability Date of such deposit; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">specify
the details of the account from which the Bullion will be transferred, the amount (in the appropriate denomination) of the Bullion to
be credited to the Unallocated Account, the Availability Date and any other information which we may from time to time require. When,
by reference to the Trustee&rsquo;s notifications and instructions to the Custodian, the Custodian reasonably believes an amount of Bullion
has been credited to the Unallocated Account in error, the Custodian will notify the Trustee promptly and, pending a joint resolution
of the error, will treat such amount as not being subject to the standing instruction in Clause 5.3 (<I>Instructions</I>) below.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt"><B>Timing</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">:
A deposit of Bullion will be credited to the Unallocated Account when such deposit has been received into the Unallocated Account.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt"><B>Right
                                            </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                            amend procedur<FONT STYLE="letter-spacing: -0.05pt">e</FONT></FONT></B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">:
                                            The Custodian may amend the procedure in relation to the deposit of Bullion to the Unallocated
                                            Account only where such amendment is caused by a change in the Rules or procedures of the
                                            Relevant Association. The Custodian will, whenever practicable, notify the Trustee and the
                                            Sponsor within a commercially reasonable time prior to the date on which the Custodian amends
                                            its procedures or imposes additional ones in relation to the transfer of Bullion into and
                                            from the Unallocated Account, and in doing so the Custodian will consider the Trustee&rsquo;s
                                            and the Sponsor&rsquo;s need to communicate any such change to Authorized Participants and
                                            others.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt"><B><A NAME="a_021"></A>WITHDRAWALS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Procedure:
                                            </B>You may at any time notify us in writing of a withdrawal of Bullion standing to the credit
                                            of the Unallocated Account from the Unallocated Account. A withdrawal may only be made (in
                                            the manner and accompanied by such documentation as we may require) by:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
transfer to a Shareholder Account relating to Bullion and having the same denomination as that to which the Unallocated Account relates
when Shares are to be redeemed;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.1pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.1pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            &#9;transfer to the Sponsor Account for payment of the Management Fee;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.1pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            transfer of Bullion to the Corresponding Allocated Account;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.1pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">collection
                                            of Bullion from the Custodian at its vault premises, or such other location as the Custodian
                                            may direct by notice to the party taking delivery received not later than one London Business
                                            Day prior to the proposed delivery date, at the Trust&rsquo;s expense and risk;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.1pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            delivery of Bullion to such location as the Trustee directs, at the Trust&rsquo;s expense
                                            and risk;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.1pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            &#9;transfer to an account maintained by the Custodian or by a third party on an unallocated
                                            basis in connection with the sale of Bullion or other transfers permitted under the Trust
                                            Agreement;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.1pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 35.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            transfer of Bullion to an unallocated account with another custodian of the Trust&rsquo;s
                                            Bullion, at the Trust&rsquo;s expense and risk; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.1pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 35.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            delivery of Bullion to another custodian of the Trust&rsquo;s Bullion, at the Trust&rsquo;s
                                            expense and risk.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee agrees to exercise its rights under Clauses 4.1(d), (e) and (h) on an exceptional basis only. Any Bullion made available to the
relevant person (as instructed by the Trustee) pursuant to Clauses 4.1(d), (e) and (h) will be in a form which complies with the Rules
or in such other form as may be agreed between the Trustee and the Custodian the combined weight of which will not exceed the number
of fine troy ounces or troy ounces (as the case may be) of Bullion the Trustee has instructed the Custodian to debit. The Custodian is
entitled to select the Bullion to be made available to the relevant person (as instructed by the Trustee) provided it is in the same
form as that deposited. To the extent that the Trustee is authorized to sell Bullion under the Trust Agreement, the Custodian may, but
is not required to, purchase such Bullion; provided that the Custodian&rsquo;s purchase price for such Bullion must be the Benchmark
Price.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt"><B>Notice
                                            </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">requirements</FONT></B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">:
                                            Any notice relating to a withdrawal of Bullion must be in writing and:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
it relates to a withdrawal pursuant to Clauses 4.1(a), (b), (f) or (g) be in such form as may be agreed by the parties from time to time
and be received by the Custodian no later than 3:00 p.m. (London time) on the Withdrawal Date and specify the details of the relevant
account to which the Bullion is to be transferred<FONT STYLE="letter-spacing: 0.05pt">, provided that a written notice from the Trustee
to the Custodian confirming that a valid Redemption Form has been lodged for Shares shall be deemed a notice of withdrawal for Clause
4.1(a) unless otherwise notified in writing by the Trustee;</FONT></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
it relates to a transfer pursuant to clause 4.1(c), be in the form of an Application (which shall be sufficient instruction for the purposes
of this Agreement) and be received by the Custodian no later than 10:00 a.m. (London time) on the Withdrawal Date; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
it relates to a withdrawal pursuant to clause 4.1(d), (e) or (h), be received by the Custodian no later than 11:30 a.m. (London time)
not less than two London Business Days (in the case of gold, platinum and palladium) and five London Business Days (in the case of silver)
prior to the Withdrawal Date unless otherwise agreed and specify the name of the person or carrier that will collect the Bullion from
the Custodian or the identity of the person to whom delivery is to be made, as the case may be,</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.85pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
in all cases specify the weight (in fine troy ounces or troy ounces (as the case may be)) of the Bullion to be debited from the Unallocated
Account, the Withdrawal Date and any other information which the Custodian may from time to time require.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.85pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Right
                                            to amend procedure</B>: The Custodian may amend the procedure for the withdrawal of Bullion
                                            from the Unallocated Account only where such amendment is caused by a change in the Rules
                                            or procedures of the Relevant Association. Any such amendment will be subject to the conditions
                                            of the preceding Clause 3.4 (<I>Deposits &ndash; Right to amend procedure</I>) and will be
                                            promptly notified to the Sponsor and the Trustee, such notice to be given in advance of implementation
                                            whenever practicable.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delivery
                                            Obligations:</B>&nbsp;Unless otherwise instructed by the Trustee on behalf of the Trust or
                                            the relevant person, the Custodian shall make any transportation and insurance arrangements
                                            in respect of delivery of Bullion in accordance with its usual practice. Where instructions
                                            are given, the Custodian shall use all reasonable efforts to comply with the same. The Custodian
                                            shall not be obliged to effect any requested delivery if, in its reasonable opinion, this
                                            would cause the Custodian or its agents to be in breach of the Rules or other applicable
                                            law, court order or regulation, the costs incurred would be excessive or delivery is impracticable
                                            for any reason. All insurance and transportation costs shall be for the account of the Trust.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risk:</B>&nbsp;Where
                                            there is a shipment from the Custodian of Bullion, all right, title and risk in and to such
                                            Bullion shall pass at the Point of Delivery to the relevant person for whose account the
                                            Bullion is being delivered.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Allocation:</B>&nbsp;Subject
                                            to Clause 5.3 (<I>Continuous Allocation of Bullion</I>), in the case of a transfer under
                                            Clause 4.1(c), the Custodian will use its commercially reasonable endeavours to complete
                                            the allocation of such deposits of Bullion by not later than 2:00 p.m. (London time) on the
                                            London Business Day after receipt of notice given in the form prescribed in Clause 4.2(b).
                                            Following the Custodian&rsquo;s receipt of such notice, the Custodian shall identify bars
                                            for gold and silver and plates and ingots for platinum and palladium of a weight most closely
                                            approximating, but not exceeding, the balance in the relevant Unallocated Account and shall
                                            transfer such weight from that Unallocated Account to the Corresponding Allocated Account.
                                            The Trustee acknowledges that the process of allocation of Bullion to the Corresponding Allocated
                                            Account from the Unallocated Account may involve minimal adjustments to the weights of Bullion
                                            to be allocated to adjust such weight to the number of whole bars, plates or ingots (as the
                                            case may be) available.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_022"></A>INS<FONT STYLE="letter-spacing: -0.1pt">T</FONT>R<FONT STYLE="letter-spacing: -0.05pt">U</FONT>CT<FONT STYLE="letter-spacing: -0.05pt">I</FONT>ONS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Your
                                            repr<FONT STYLE="letter-spacing: 0.05pt">es</FONT>entatives</B>: Only the Trustee shall have
                                            the right to give instructions to us with respect to the <FONT STYLE="line-height: 120%">Unallocated
                                            </FONT>Account. We may assume that instructions have been properly authorized by you if they
                                            are given or purport to be given by a person who is, or purports to be, and is reasonably
                                            believed by us to be, a director, employee or other authorized person acting for you.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Instructions</B>:
                                            All transfers into and out of the Unallocated Account shall be <FONT STYLE="letter-spacing: -0.1pt">m</FONT>a<FONT STYLE="letter-spacing: 0.1pt">d</FONT>e
                                            upon <FONT STYLE="letter-spacing: 0.2pt">our </FONT>receipt of, and in accordance with, instru<FONT STYLE="letter-spacing: -0.05pt">c</FONT>tions
                                            given (or appearing to be given) by you <FONT STYLE="letter-spacing: -0.05pt">t</FONT>o us.
                                            S<FONT STYLE="letter-spacing: -0.05pt">u</FONT>ch instructio<FONT STYLE="letter-spacing: -0.05pt">n</FONT>s
                                            <FONT STYLE="letter-spacing: -0.1pt">m</FONT>ay be g<FONT STYLE="letter-spacing: -0.05pt">iv</FONT>en
                                            <FONT STYLE="letter-spacing: -0.05pt">b</FONT>y the Society for Worldwide Interbank Financial
                                            Telecommunications secure messaging system (&ldquo;<B>SWIFT</B>&rdquo;) or, if for any reason
                                            SWIFT is not operational, by authenticated email transmission in accordance with our internal
                                            funds transfer policy or by such other means <FONT STYLE="letter-spacing: 0.05pt">a</FONT>s
                                            the Parties may agree <FONT STYLE="letter-spacing: 0.25pt">upon </FONT>fr<FONT STYLE="letter-spacing: 0.1pt">o</FONT>m
                                            time to t<FONT STYLE="letter-spacing: 0.05pt">i</FONT>me. Unless otherwise agreed, any such
                                            instruction or communication shall be effective if <FONT STYLE="letter-spacing: 0.1pt">g</FONT>iven
                                            by written <FONT STYLE="letter-spacing: -0.1pt">m</FONT>eans. We <FONT STYLE="letter-spacing: -0.1pt">m</FONT>ay
                                            as<FONT STYLE="letter-spacing: 0.05pt">s</FONT>ume that any electronic instructions meeting
                                            the requirements of clause 5.1 have been valid<FONT STYLE="letter-spacing: -0.05pt">l</FONT>y
                                            g<FONT STYLE="letter-spacing: -0.05pt">i</FONT>ven on your behalf. We reserve <FONT STYLE="letter-spacing: 0.05pt">th</FONT>e
                                            right to obtain further validation of a<FONT STYLE="letter-spacing: -0.05pt">n</FONT>y instru<FONT STYLE="letter-spacing: -0.05pt">c</FONT>tions.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Continuous
                                            Allocation of Bullion</B>: Without prejudice to Clauses 5.1 or 5.2, unless otherwise notified
                                            by the Trustee in writing, the Trustee hereby instructs the Custodian that, whenever Bullion
                                            is to be transferred from an AP Account to the Metal Accounts, it will combine such Bullion
                                            with any Bullion then standing to the credit of the Unallocated Account (excluding Bullion
                                            which has been de-allocated in order to effect delivery of Bullion to a redeeming Authorized
                                            Participant or Shareholder or pursuant to other withdrawals occurring on such day) and to
                                            the fullest extent possible, transfer such Bullion to the Allocated Account such that the
                                            amount of Bullion that remains standing to your credit in the Unallocated Account does not
                                            exceed 430 fine troy ounces of gold, 1,100 troy ounces of silver, 192 troy ounces of platinum
                                            and 192 troy ounces of palladium, respectively, at the close of each London Business Day.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AU<FONT STYLE="letter-spacing: 0.05pt">R</FONT>UM</B>:
You acknowl<FONT STYLE="letter-spacing: -0.05pt">e</FONT>dge that, if applicable, inst<FONT STYLE="letter-spacing: -0.05pt">r</FONT><FONT STYLE="letter-spacing: 0.05pt">u</FONT>ctions
rel<FONT STYLE="letter-spacing: -0.05pt">a</FONT>ting to a <FONT STYLE="letter-spacing: 0.35pt">person </FONT><FONT STYLE="letter-spacing: -0.05pt">f</FONT><FONT STYLE="letter-spacing: 0.05pt">o</FONT>r
whom we do not already provide settlement services <FONT STYLE="letter-spacing: -0.05pt">w</FONT>ill be forwarded by us to AURUM on your
behalf. You acknowledge that AURUM is operated <FONT STYLE="letter-spacing: -0.05pt">b</FONT>y a third party a<FONT STYLE="letter-spacing: -0.05pt">n</FONT>d
that we cannot be responsible for any errors, <FONT STYLE="letter-spacing: 0.1pt">o</FONT><FONT STYLE="letter-spacing: -0.1pt">m</FONT>issions
or malfunctions in the s<FONT STYLE="letter-spacing: 0.1pt">y</FONT>stems operated by AURUM. To the extent that AU<FONT STYLE="letter-spacing: 0.05pt">R</FONT>UM
<FONT STYLE="letter-spacing: 0.05pt">i</FONT>s not available or suffering a <FONT STYLE="letter-spacing: -0.1pt">m</FONT>alfunction,
<FONT STYLE="letter-spacing: 0.1pt">y</FONT><FONT STYLE="letter-spacing: -0.05pt">o</FONT>u agree that our obl<FONT STYLE="letter-spacing: -0.05pt">i</FONT><FONT STYLE="letter-spacing: 0.05pt">g</FONT>atio<FONT STYLE="letter-spacing: -0.05pt">n</FONT>s
under this Agreement shall be <FONT STYLE="letter-spacing: -0.05pt">p</FONT><FONT STYLE="letter-spacing: 0.05pt">o</FONT>stponed du<FONT STYLE="letter-spacing: -0.05pt">r</FONT>ing
such unavailability or such <FONT STYLE="letter-spacing: -0.1pt">m</FONT>al<FONT STYLE="letter-spacing: 0.05pt">f</FONT>unction and until
a reasonable period th<FONT STYLE="letter-spacing: -0.05pt">e</FONT>reafter. <FONT STYLE="line-height: 120%">We will notify you as soon
as is reasonably practical of any such unavailability or malfunction.</FONT></FONT></TD>
</TR></TABLE>

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<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amen<FONT STYLE="letter-spacing: 0.05pt">d</FONT><FONT STYLE="letter-spacing: -0.05pt">m</FONT>en<FONT STYLE="letter-spacing: 0.05pt">t</FONT>s</B>:
Once given, instructions continue in full force and effect until they are cancelled or <FONT STYLE="letter-spacing: 0.05pt">a</FONT><FONT STYLE="letter-spacing: -0.1pt">m</FONT>ended.
<FONT STYLE="letter-spacing: 0.05pt">A</FONT><FONT STYLE="letter-spacing: -0.05pt">n</FONT>y such instructions <FONT STYLE="letter-spacing: 0.25pt">(including
those to cancel and amend a prior instruction) </FONT>shall be valid and binding only after actual <FONT STYLE="letter-spacing: 0.05pt">r</FONT>eceipt
by us in accordance with Clause <FONT STYLE="letter-spacing: -0.3pt">5.2</FONT>. Nothing in the foregoing shall entitle you to cancel
or amend an instruction once we have acted upon it (unless we expressly agree otherwise in writing at our discretion).</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Unclear
or <FONT STYLE="letter-spacing: 0.1pt">a</FONT><FONT STYLE="letter-spacing: -0.05pt">m</FONT>biguous instructions</B>: If, in our <FONT STYLE="letter-spacing: -0.05pt">o</FONT><FONT STYLE="letter-spacing: 0.05pt">p</FONT>i<FONT STYLE="letter-spacing: -0.05pt">n</FONT>ion,
a<FONT STYLE="letter-spacing: -0.05pt">n</FONT>y <FONT STYLE="letter-spacing: -0.05pt">i</FONT><FONT STYLE="letter-spacing: 0.05pt">n</FONT>structions
are unclear or a<FONT STYLE="letter-spacing: -0.1pt">m</FONT>biguous, we will use reasonable endeavours (taking <FONT STYLE="letter-spacing: -0.05pt">i</FONT><FONT STYLE="letter-spacing: 0.05pt">n</FONT>to
account any relevant t<FONT STYLE="letter-spacing: 0.05pt">i</FONT>me constraints) to obtain clarification of those instructions from
you but, failing that, we may in our absolute discretion and w<FONT STYLE="letter-spacing: -0.05pt">i</FONT>thout any li<FONT STYLE="letter-spacing: -0.05pt">a</FONT>bili<FONT STYLE="letter-spacing: -0.05pt">t</FONT>y
on our part, act upon what we believe in good faith s<FONT STYLE="letter-spacing: -0.05pt">u</FONT>ch instructio<FONT STYLE="letter-spacing: -0.05pt">n</FONT>s
to be or refuse to take any action or execute such instructions until any a<FONT STYLE="letter-spacing: -0.1pt">m</FONT><FONT STYLE="letter-spacing: 0.1pt">b</FONT>igui<FONT STYLE="letter-spacing: -0.05pt">t</FONT>y
or con<FONT STYLE="letter-spacing: -0.05pt">f</FONT>lict has been resolved to our satisfaction.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Refusal
to execute</B>: We reserve the right to refuse to execute instructions if in our opini<FONT STYLE="letter-spacing: -0.05pt">o</FONT>n
th<FONT STYLE="letter-spacing: -0.05pt">e</FONT>y are or may be, or require action w<FONT STYLE="letter-spacing: -0.15pt">h</FONT>ich
is or <FONT STYLE="letter-spacing: -0.1pt">m</FONT>ay be, c<FONT STYLE="letter-spacing: 0.1pt">o</FONT>ntrary to the Rules or any applicable
law. In the case of being contrary to the Rules or applicable law, we shall promptly provide you with the reasons for not being able
to execute the instructions unless prohibited from doing so by the Rules or applicable law. We shall in no circumstances have any obligation
to act upon any instruction which in our opinion would result in a negative balance in the Unallocated Account.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_023"></A>C<FONT STYLE="letter-spacing: -0.05pt">O</FONT>NF<FONT STYLE="letter-spacing: -0.05pt">I</FONT>DEN<FONT STYLE="letter-spacing: -0.1pt">T</FONT>IALITY</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Disclosu<FONT STYLE="letter-spacing: 0.05pt">r</FONT>e
to others</B>: Subject to Clauses <FONT STYLE="letter-spacing: 0.5pt">6.2</FONT> <FONT STYLE="letter-spacing: 0.65pt">and 6.3, </FONT>each
Party shall re<FONT STYLE="letter-spacing: -0.05pt">s</FONT><FONT STYLE="letter-spacing: 0.05pt">p</FONT>ect the confidentiality of infor<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ati<FONT STYLE="letter-spacing: 0.1pt">o</FONT>n
acquired under this Agreement, and neither will, without the written consent of the other Party, di<FONT STYLE="letter-spacing: -0.05pt">s</FONT>close
to any <FONT STYLE="letter-spacing: -0.05pt">o</FONT>ther person a<FONT STYLE="letter-spacing: -0.05pt">n</FONT>y <FONT STYLE="letter-spacing: -0.05pt">transaction
or other </FONT>in<FONT STYLE="letter-spacing: -0.05pt">f</FONT><FONT STYLE="letter-spacing: 0.05pt">o</FONT>r<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ati<FONT STYLE="letter-spacing: 0.1pt">o</FONT>n
acquired <FONT STYLE="letter-spacing: -0.4pt">about the other party, its business or the Trust </FONT>u<FONT STYLE="letter-spacing: -0.05pt">n</FONT>der
this Agree<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ent, in the event that such other Party has made it clear, at or before the time
such information is provided, that such information is being provided on a confidential basis. <FONT STYLE="line-height: 120%">Notwithstanding
anything to the contrary in this Agreement, to the extent required, a copy of this Agreement may be filed under the securities laws of
the United States or any other jurisdiction in connection with the registration of the public offering of shares issued by the Trust.</FONT></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Permitted
                                            disclosure<FONT STYLE="letter-spacing: -0.05pt">s</FONT></B>: Each Party accepts that from
                                            time to time the other Party <FONT STYLE="letter-spacing: -0.1pt">m</FONT>ay <FONT STYLE="letter-spacing: 0.1pt">b</FONT>e
                                            required <FONT STYLE="letter-spacing: -0.05pt">b</FONT>y <FONT STYLE="letter-spacing: 0.4pt">the
                                            Rules or applicable </FONT><FONT STYLE="letter-spacing: -0.05pt">l</FONT>aw, or a court order
                                            or si<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ilar process, or requested by a government
                                            department or agency, fiscal body or regulatory or listing authority, to disclose information
                                            acquired under this Agreement. In addition, the disclosure of such information may be required
                                            by a Party's auditors, by its legal or other advisors, by a company which is in the same
                                            group of companies as a Party (e.g., a subsidiary or holding company of a Party), by the
                                            Sponsor or (in the case of the Trustee) by any beneficiary of the trusts constituted by the
                                            Trust Agreement. In any such case, the disclosing Party will notify the person to whom the
                                            disclosure is made that the information disclosed is confidential and should not be disclosed
                                            to any third party. Each Party irrevocably authorises the other to make such disclosures
                                            without further reference to such Party.</FONT></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
                                            acknowledge that, as a member of the LPMCL and, in connection with carrying out our duties
                                            and obligations under this Agreement, it may be necessary from time to time for us to disclose
                                            to LPMCL and/or other clearing members, your account details and certain other information
                                            in order to act in accordance with your notices hereunder for the purposes of facilitating
                                            settlement. You acknowledge and accept that such disclosures may be made by us for the purposes
                                            set out in this Clause 6.3.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_024"></A>REPRES<FONT STYLE="letter-spacing: -0.05pt">E</FONT>N<FONT STYLE="letter-spacing: -0.05pt">T</FONT>ATI<FONT STYLE="letter-spacing: -0.05pt">O</FONT>NS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Party represents a<FONT STYLE="letter-spacing: 0.1pt">n</FONT>d warrants to the other, on a continuing basis, that:</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
is du<FONT STYLE="letter-spacing: -0.05pt">l</FONT>y constituted and valid<FONT STYLE="letter-spacing: -0.05pt">l</FONT>y existing under
the laws of its jurisdiction of constitution;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
has all ne<FONT STYLE="letter-spacing: -0.05pt">c</FONT>essary authority, powers, <FONT STYLE="letter-spacing: -0.05pt">c</FONT>onsents,
licences and authorisations (which have not been revoked) and has taken all neces<FONT STYLE="letter-spacing: 0.05pt">s</FONT>ary action
to enable it lawfully to enter into and perform its duties and obligations under this Agreement;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
persons entering into <FONT STYLE="letter-spacing: -0.05pt">t</FONT><FONT STYLE="letter-spacing: 0.05pt">h</FONT>is Agree<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ent
on its beh<FONT STYLE="letter-spacing: -0.05pt">a</FONT>lf have been du<FONT STYLE="letter-spacing: -0.05pt">l</FONT>y authorized to
do so; <FONT STYLE="letter-spacing: -0.15pt">and</FONT></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">this
Agreement and the ob<FONT STYLE="letter-spacing: -0.05pt">l</FONT>igations crea<FONT STYLE="letter-spacing: 0.05pt">t</FONT>ed under
it constitute its legal and valid obligations which are binding upon it <FONT STYLE="letter-spacing: -0.15pt">a</FONT>nd enforceable
against it <FONT STYLE="letter-spacing: 0.05pt">i</FONT>n accordance with the terms of this Agree<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ent
(subject to applica<FONT STYLE="letter-spacing: 0.1pt">b</FONT>le <FONT STYLE="letter-spacing: -0.3pt">laws of bankruptcy, insolvency
and similar laws and </FONT>principles of equit<FONT STYLE="letter-spacing: 0.1pt">y</FONT>) and do not and will not violate any applicable
laws, or any order, charge or agree<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ent <FONT STYLE="letter-spacing: -0.05pt">b</FONT>y which
it is bo<FONT STYLE="letter-spacing: -0.05pt">u</FONT>nd.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_025"></A>SANCTIONS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            addition to (and without limitation of) the representations and warranties given by you in
                                            Clause 7 (<I>Representations</I>) above, you represent, warrant, and undertake, on a continuing
                                            basis, that:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">you
are not, and the Trust is not, a person or entity that is named on any Sanctions List or directly or indirectly targeted under any Sanctions;
and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">subject
to the limitation in the following sentence, you represent, in relation to your own actions taken in connection with this Agreement,
that you are not knowingly acting in violation of any Sanctions applicable to you, and will not knowingly cause us to hold any Bullion
that originates from financial crime or that would cause us to facilitate the violation of any such Sanctions. We acknowledge that you
do not review or monitor the activities of the Authorized Participants or Shareholders with respect to their compliance with Sanctions.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
                                            to Clause 8.1, you agree that, to the best of your knowledge, neither any Bullion nor the
                                            proceeds of any Bullion will be used by you in any way to fund the activities or business
                                            of any person or entity in violation of Sanctions applicable to you. You further agree that
                                            we shall be under no obligation to comply with a notice of withdrawal delivered pursuant
                                            to Clause 4.1 (<I>Withdrawals - Procedure</I>) where we, in consultation with you and the
                                            Sponsor (to the extent such consultation is permitted by law, regulation and internal compliance
                                            policies and procedures), have reasonable grounds to suspect that doing so would constitute
                                            a violation of Sanctions.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            the event that you breach Clause 8.1 or 8.2 above, or if we have reasonable grounds to believe
                                            that you have breached Clause 8.1 or 8.2 above, we shall have the right to terminate this
                                            Agreement upon written notice to you and the Sponsor. Our indemnification provided in Clause
                                            10.5 (<I>Scope of Responsibility &ndash; Indemnity</I>) shall apply to any such termination.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
                                            in this Agreement shall require a Party to take any action or to refrain from taking any
                                            action which may cause that Party any liability to or imposed by a Sanctioning Body.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_026"></A>FEES
                                            AND E<FONT STYLE="letter-spacing: 0.1pt">X</FONT>PENSES</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fees</B>:
                                            There will be no fees charged by the Custodian for the services provided by it under this
                                            Agreement. Payment of such fees will be made by the Sponsor as provided in the Allocated
                                            Account Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Expenses</B>:
                                            Pursuant to a separate written agreement between the Sponsor and the Custodian, the Sponsor
                                            shall pay to the Custodian on demand all costs, charges and expenses (excluding (i) any relevant
                                            taxes and VAT (except as agreed otherwise in writing by the Sponsor and the Custodian), duties
                                            and other governmental charges, (ii) fees for storage and insurance of the Bullion, which
                                            will be recovered under the Allocated Account Agreement, and (iii) indemnification obligations
                                            of the Trustee under Clause 10.5 (<I>Indemnity</I>), which will be paid under the following
                                            sentence) incurred by the Custodian in connection with the performance of its duties and
                                            obligations under this Agreement or otherwise in connection with the Bullion. The Trustee
                                            will procure payment on demand, solely from and to the extent of the assets of the Trust,
                                            any other costs, charges and expenses not assumed by the Sponsor under its separate written
                                            agreement with the Custodian (including any relevant taxes (other than VAT, which is addressed
                                            in the preceding sentence and Clause 12.1), duties, other governmental charges and indemnification
                                            claims of the Custodian payable by the Trustee pursuant to Clause 10.5 (<I>Scope of Responsibility
                                            - Indemnity</I>), but excluding fees for storage and insurance of the Bullion, which will
                                            be recovered under the Allocated Account Agreement) incurred by the Custodian in connection
                                            with the Bullion.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Credit
balances</B>: No interest or other a<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ount will <FONT STYLE="letter-spacing: 0.1pt">b</FONT>e
paid by us on any credit balance on the <FONT STYLE="letter-spacing: -0.1pt">Una</FONT>llocated Account.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Debit
                                            balances</B>: You are not entitled to overdraw the Unallocated Account, and we shall not
                                            <FONT STYLE="letter-spacing: 0.35pt">be obliged to </FONT>c<FONT STYLE="letter-spacing: -0.05pt">a</FONT>rry
                                            <FONT STYLE="letter-spacing: -0.05pt">o</FONT><FONT STYLE="letter-spacing: 0.05pt">u</FONT>t
                                            a<FONT STYLE="letter-spacing: -0.05pt">n</FONT>y <FONT STYLE="letter-spacing: -0.05pt">i</FONT><FONT STYLE="letter-spacing: 0.05pt">n</FONT>struction
                                            fr<FONT STYLE="letter-spacing: -0.05pt">o</FONT>m <FONT STYLE="letter-spacing: 0.1pt">y</FONT>ou
                                            where to do so would in our opini<FONT STYLE="letter-spacing: -0.05pt">o</FONT>n cause the
                                            Unall<FONT STYLE="letter-spacing: -0.05pt">o</FONT>cated Accou<FONT STYLE="letter-spacing: -0.05pt">n</FONT>t
                                            to have a negative balance. This Clause 9.4 does not apply in relation to any rounded quantity
                                            of Bullion that may be debited to your Unallocated Account in connection with rounding up
                                            your Allocated Account balance to record the nearest whole number of bars, plates or ingots
                                            (as the case may be) under the Allocated Account Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.5</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Default
                                            interest</B>: If <FONT STYLE="letter-spacing: 0.1pt">y</FONT>ou <FONT STYLE="letter-spacing: 0.05pt">or
                                            the Sponsor, as applicable, </FONT>f<FONT STYLE="letter-spacing: -0.05pt">a</FONT>il to <FONT STYLE="letter-spacing: 0.1pt">procure
                                            </FONT>p<FONT STYLE="letter-spacing: -0.05pt">a</FONT>yment to us <FONT STYLE="letter-spacing: 0.1pt">of
                                            </FONT>a<FONT STYLE="letter-spacing: -0.05pt">n</FONT>y a<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ount
                                            <FONT STYLE="letter-spacing: -0.15pt">when due under this Agreement</FONT>, we reserve t<FONT STYLE="letter-spacing: 0.1pt">h</FONT>e
                                            right to charge <FONT STYLE="letter-spacing: -0.05pt">i</FONT><FONT STYLE="letter-spacing: 0.05pt">n</FONT>terest
                                            (both before and after any judg<FONT STYLE="letter-spacing: -0.05pt">e</FONT>ment) on any
                                            such unpaid a<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ount calculated at a rate equal
                                            <FONT STYLE="letter-spacing: -0.45pt">to 1% above </FONT>the 1 month Secured Overnight Financing
                                            Rate (SOFR) for the currency in which the amount is due, or if such rate is not available,
                                            such rate of interest as we and you or the Sponsor, as applicable, shall mutually agree upon
                                            in good faith. Interest will accrue <FONT STYLE="letter-spacing: 0.1pt">o</FONT>n a daily
                                            basis, on a co<FONT STYLE="letter-spacing: -0.1pt">m</FONT>pound basis with <FONT STYLE="letter-spacing: -0.1pt">m</FONT>onth<FONT STYLE="letter-spacing: -0.05pt">l</FONT>y
                                            resets, and will be due and p<FONT STYLE="letter-spacing: -0.05pt">a</FONT><FONT STYLE="letter-spacing: 0.1pt">y</FONT>able
                                            <FONT STYLE="letter-spacing: -0.15pt">by the relevant party </FONT>as a separate debt.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 120%"><B>No
Recovery from the Trust</B>: Amounts payable pursuant to this Clause 9 shall not be debited from the Unallocated Account, but shall be
payable, as applicable, by you, on behalf of the Trust, or the Sponsor, and we hereby acknowledge that we will have no recourse against
any Bullion standing to the credit of the Unallocated Account or to the Trustee individually in respect of any such amounts.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_027"></A>SC<FONT STYLE="letter-spacing: -0.05pt">O</FONT>PE
OF RESPONSIBI<FONT STYLE="letter-spacing: -0.1pt">L</FONT>ITY</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exclusion
of liability</B>: The Custodian will use reasonable care in the performance of its duties under this Agreement, and we will be responsible
for any loss or damage suffered as a direct result of any negligence, fraud or wilful default on our part in the performance of our duties,
and in which case our liability will not exceed the market value of the Bullion lost or damaged at the time such negligence, fraud or
wilful default is discovered by the Custodian, provided that the Custodian notifies the Trustee promptly after any discovery of lost
or damaged Bullion. We shall not in any event be liable for any consequential loss, or loss of profit or goodwill, whether or not resulting
from any negligence, fraud or wilful default on our part.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No
duty or obligation</B>: The Custodian is under no du<FONT STYLE="letter-spacing: -0.05pt">t</FONT>y or <FONT STYLE="letter-spacing: -0.05pt">o</FONT><FONT STYLE="letter-spacing: 0.05pt">b</FONT>l<FONT STYLE="letter-spacing: -0.05pt">i</FONT>gation
to <FONT STYLE="letter-spacing: -0.1pt">m</FONT>a<FONT STYLE="letter-spacing: 0.1pt">k</FONT>e or take any special arrang<FONT STYLE="letter-spacing: 0.05pt">e</FONT><FONT STYLE="letter-spacing: -0.1pt">m</FONT>ents
or precautions be<FONT STYLE="letter-spacing: 0.1pt">y</FONT><FONT STYLE="letter-spacing: -0.05pt">o</FONT>nd tho<FONT STYLE="letter-spacing: -0.05pt">s</FONT>e
required by the Rules or as specifically set forth in this Agreement.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Insurance:&nbsp;</B>The
Custodian (or one of its Affiliates) shall make such insurance arrangements from time to time in connection with the Custodian&rsquo;s
custodial obligations under this Agreement as the Custodian considers appropriate and will be responsible for all costs, fees and expenses
(including any relevant taxes) in relation to such insurance policy or policies. Upon reasonable prior written notice, in connection
with the preparation of any registration statement under the United States Securities Act of 1933, as amended, covering any Shares, the
Custodian will allow its insurance certificate to be reviewed by the Trustee and by the Sponsor. The Custodian also will allow the Trustee
and the Sponsor to review such insurance certificate in connection with any amendment to the registration statement covering any Shares
and from time to time, in each case upon reasonable prior written notice from the Trustee. Any permission to review the Custodian&rsquo;s
insurance is limited to the term of this Agreement and is conditioned on the reviewing party executing a form of confidentiality agreement
provided by the Custodian, or if the confidentiality agreement is already in force, acknowledging that the review is subject thereto.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Force
ma<FONT STYLE="letter-spacing: 0.05pt">j</FONT>e<FONT STYLE="letter-spacing: 0.05pt">u</FONT>re</B>: We shall not be liable <FONT STYLE="letter-spacing: -0.05pt">f</FONT><FONT STYLE="letter-spacing: 0.05pt">o</FONT>r
a<FONT STYLE="letter-spacing: -0.05pt">n</FONT>y del<FONT STYLE="letter-spacing: -0.05pt">a</FONT>y in <FONT STYLE="letter-spacing: -0.05pt">p</FONT>erfor<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ance,
or for the non-perfor<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ance of, any of our obligations und<FONT STYLE="letter-spacing: -0.1pt">e</FONT>r
<FONT STYLE="letter-spacing: -0.05pt">t</FONT><FONT STYLE="letter-spacing: 0.05pt">h</FONT>is Agreement by reason of <FONT STYLE="letter-spacing: -0.05pt">an</FONT>y
cause beyond <FONT STYLE="letter-spacing: 0.55pt">the Custodian&rsquo;s </FONT><FONT STYLE="letter-spacing: -0.05pt">r</FONT>easonable
control. <FONT STYLE="letter-spacing: -0.05pt">T</FONT><FONT STYLE="letter-spacing: 0.05pt">h</FONT>is includes <FONT STYLE="letter-spacing: 0.5pt">but
is not limited to </FONT>any <FONT STYLE="letter-spacing: 0.7pt">act of God, </FONT>b<FONT STYLE="letter-spacing: -0.05pt">r</FONT>eakdown,
<FONT STYLE="letter-spacing: -0.1pt">m</FONT><FONT STYLE="letter-spacing: 0.05pt">a</FONT>lfunction or <FONT STYLE="letter-spacing: -0.05pt">f</FONT>ailure
of, or in co<FONT STYLE="letter-spacing: -0.05pt">n</FONT><FONT STYLE="letter-spacing: 0.05pt">n</FONT>ection with, a<FONT STYLE="letter-spacing: -0.05pt">n</FONT>y
com<FONT STYLE="letter-spacing: -0.1pt">m</FONT>unication, <FONT STYLE="letter-spacing: -0.05pt">c</FONT><FONT STYLE="letter-spacing: 0.05pt">o</FONT><FONT STYLE="letter-spacing: -0.1pt">m</FONT>puter
facilities, trans<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ission, cyber-attack or event, clearing or settlement facilities, industrial
action, <FONT STYLE="letter-spacing: 0.25pt">war, civil war, hostilities (whether war be declared or not), epidemic, pandemic, revolution,
rebellion, insurrection, civil strife, </FONT>acts <FONT STYLE="letter-spacing: -0.05pt">a</FONT>nd regulations of any govern<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ental
or supra national bodies or authorities, or the rules of any relevant regulato<FONT STYLE="letter-spacing: -0.05pt">r</FONT>y or self-regulato<FONT STYLE="letter-spacing: -0.05pt">r</FONT>y
organisation or failure of any such body, authority or organisation, for any reason, to perform its obligations. We shall promptly provide
you with the reasons for such delay in performance, or non-performance, and shall use our reasonable endeavours to assist you in finding
a replacement custodian should any of the foregoing events prevent us from performing our obligations under this Agreement.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indemnit<FONT STYLE="letter-spacing: 0.05pt">y</FONT></B>:
                                            <FONT STYLE="letter-spacing: 0.05pt">You shall, solely from and to the extent of the assets
                                            of the Trust, indemnify and keep us indemnified (on an after tax basis) on demand against
                                            all costs and expenses, damages, liabilities and losses </FONT>(other than VAT and the expenses
                                            assumed by the Sponsor under its agreement with the Custodian referenced in Clause 9.2 (<I>Fees
                                            and Expenses - Expenses</I>))&nbsp;<FONT STYLE="letter-spacing: 0.05pt">which we may suffer
                                            or incur, directly or indirectly, in connection with this Agreement, except to the extent
                                            that such sums are due directly to our negligence, wilful default or fraud.</FONT> <FONT STYLE="line-height: 120%">The
                                            foregoing indemnity shall not apply to our fees, expenses and other amounts that are paid
                                            by the Sponsor pursuant to Clause 9 (<I>Fees and Expenses</I>) or otherwise under this Agreement.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Our
                                            interests and Affiliates&rsquo; interests</B>: We have the right, without notifying you,
                                            to act upon your instructions or to take any other action permitted by the terms of this
                                            Agreement even where:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we,
directly or indirectly, have an interest in the consequences of such instruction or action;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
process your instructions on an aggregated basis together with similar instructions from other clients; or</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
have a relationship with another party which does or may create a conflict with our duty to you, including (without prejudice) circumstances
where we or any of our associates may: (i) act as financial adviser, banker or otherwise provide services to your contract counterparty;
(ii) act in the same arrangement as agent for more than one client; or (iii) earn profits from any of the activities listed herein.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
or any of our divisions, branches or Affiliates may be in possession of information tending to show that the action required by your
instructions may not be in your best interests, but shall not have any duty to disclose any such information.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_028"></A>TERM<FONT STYLE="letter-spacing: -0.05pt">I</FONT>NAT<FONT STYLE="letter-spacing: -0.05pt">I</FONT>ON</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Term</B>:
                                            This Agreement shall have an initial term of four (4) years commencing on the date of this
                                            Agreement (the &ldquo;<B>Initial Term</B>&rdquo;) and ending on the fourth anniversary of
                                            such date. At any time after the Initial Term, either Party may terminate this Agreement
                                            for any reason by giving not less than 90 days&rsquo; written notice to the other Party.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice:
                                            </B>Any notice given by the Trustee under Clause 11.1 or Clause 11.2 must specify:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
date on which the ter<FONT STYLE="letter-spacing: -0.1pt">m</FONT><FONT STYLE="letter-spacing: 0.05pt">in</FONT>ation will t<FONT STYLE="letter-spacing: -0.15pt">a</FONT>ke
effect (the &ldquo;<B>Ter<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ination Date</B>&rdquo;);</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
person to whom the <FONT STYLE="letter-spacing: -0.2pt">Account</FONT> Balance is to be made available; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
other ne<FONT STYLE="letter-spacing: 0.05pt">c</FONT>essary arran<FONT STYLE="letter-spacing: 0.1pt">g</FONT><FONT STYLE="letter-spacing: 0.05pt">e</FONT><FONT STYLE="letter-spacing: -0.1pt">m</FONT>ents
for the redelivery of the Account <FONT STYLE="letter-spacing: -0.2pt">Balance to your order</FONT>.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Termination
                                            For Cause:</B> Notwithstanding Clause 11.1, this Agreement may be terminated at any time
                                            (including during the Initial Term) by written notice as follows:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
the Trustee, if the Custodian ceases to offer the services contemplated by this Agreement to its clients or proposes to withdraw from
the Bullion business;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
the Trustee, if the Custodian commits any material breach of its obligations under this Agreement and, where such breach is capable of
remedy, shall have failed to make good such breach within seven (7) Business Days of receipt of written notice requiring it to do so.
A &ldquo;material breach&rdquo; for this purpose is a breach or series of breaches by the Custodian under this Agreement which detrimentally
affects the ability of the Trustee to perform any of its obligations as trustee of the Trust;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
the Trustee or the Custodian, if it becomes unlawful for the Custodian to be a party to this Agreement or to offer its services on the
terms contemplated by this Agreement or it becomes unlawful for the Trustee or the Trust to receive such services or for the Trustee
to be a party to this Agreement;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
the Custodian, if there is any event which, in the Custodian&rsquo;s reasonable view, indicates the Trust&rsquo;s or the Sponsor&rsquo;s
insolvency or impending insolvency;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
the Custodian if it becomes unlawful for the Sponsor to pay the fees and expenses set out in Clause 9 (<I>Fees and Expenses</I>);</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
the Trustee, if there is any event which, in the Trustee&rsquo;s sole view, indicates the Custodian&rsquo;s insolvency or impending insolvency;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
the Trustee, if the Trust is to be terminated;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
the Trustee or the Custodian, if the Allocated Account Agreement ceases to be in full force and effect at any time; or</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
the Custodian pursuant to Clause 8.3 (<I>Sanctions</I>).</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.85pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redelivery
                                            <FONT STYLE="letter-spacing: 0.1pt">a</FONT>rrangemen<FONT STYLE="letter-spacing: 0.05pt">t</FONT>s</B>:
                                            Following any termination of this Agreement, if you do not make arrangements acceptable to
                                            us for the redelivery of the Account Balance to your order, we may continue to maintain the
                                            Unallocated Account, in which case we will continue to charge the fees and expenses payable
                                            pursuant to Clause 9 (<I>Fees and Expenses</I>). If you have not made arrangements acceptable
                                            to us for the redelivery of the Account Balance within 6 months of the Termination Date,
                                            we will be entitled to close the Unallocated Account and sell the Bullion constituting the
                                            Account Balance (at such time and on such markets and terms as we consider appropriate) and
                                            account to you for the proceeds.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 120%"><B>Termination</B>.
For the avoidance of any doubt, upon receipt of notice of any termination of this Agreement pursuant to Clause 11.1 or 11.3, we agree
to continue to provide and maintain the Unallocated Account for you pursuant to the terms of this Agreement for the period of time between
the provision of notice and the Termination Date and we will use all reasonable endeavours to facilitate the liquidation and distribution
of the Trust, if applicable, or an orderly transition to a successor custodian. In the event that the Trust seeks to transition to a
successor custodian in accordance with the Trust Agreement, we shall cooperate with you and the Sponsor in good faith to effect a smooth
and orderly redelivery of the Account Balance, the services provided under this Agreement and all applicable records as directed by you
or the Sponsor to a successor custodian. Such cooperation shall include the execution of such documents and the taking of such actions
as you or the Sponsor may reasonably require in order to effect such transfer; however, to the extent we properly incur costs for such
actions those costs shall be for the account of the Sponsor. The Sponsor shall provide you with any instructions concerning the redelivery,
including the redelivery of Bullion in the Unallocated Account to a successor custodian and, upon receipt of such instructions, you shall
provide such instructions to us pursuant to Clause 5.2 (<I>Instructions</I>) or as otherwise as we and you may agree.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Existing
rights</B>: Termination shall not affect rights and obligations then outstanding under this Agreement which shall continue to be governed
by this Agreement until all obligations have been fully performed.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Phoenix
Portal</B>: Effective the Termination Date (unless the Custodian agrees otherwise in writing), the use of the Phoenix Portal will automatically
be terminated and no further access to the Phoenix Portal will be permitted.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.8</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 120%"><B>Change
                                            in Trustee</B>: If there is any change in the identity of the trustee of the Trust in accordance
                                            with the Trust Agreement, then we and you and, as applicable, the Trust shall execute such
                                            documents and shall take such actions as the new trustee of the Trust and the outgoing trustee
                                            of the Trust may reasonably require for the purpose of vesting in the new trustee of the
                                            Trust the rights and obligations of the outgoing trustee of the Trust, and releasing the
                                            outgoing trustee of the Trust from its future obligations under this Agreement. Our obligations
                                            under this Clause 11.8 shall be conditioned on us having conducted prompt, reasonable and
                                            proportionate due diligence to our reasonable satisfaction on any such new Trustee.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_029"></A>VAL<FONT STYLE="letter-spacing: 0.05pt">U</FONT>E
A<FONT STYLE="letter-spacing: 0.05pt">D</FONT>DED <FONT STYLE="letter-spacing: 0.05pt">T</FONT>AX</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VAT
<FONT STYLE="letter-spacing: -0.2pt">inclusive</FONT></B>: All sums payable under or in respect of this Agreement by the Sponsor or the
Trust to the Custodian shall be deemed to be inclusive of VAT if and to the extent that VAT is properly chargeable on any supplies made
by the Custodian to the Trust pursuant to this Agreement.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VAT
                                            Invoice:&nbsp;</B>If VAT is properly chargeable on any supplies made by the Custodian to
                                            the Trust pursuant to this Agreement, the Custodian shall provide a valid VAT invoice to
                                            the Trust.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_030"></A>NOT<FONT STYLE="letter-spacing: -0.05pt">I</FONT>CES</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Form</B>:
                                            Except as otherwise provided in this Agreement, a<FONT STYLE="letter-spacing: -0.05pt">n</FONT>y
                                            notice or ot<FONT STYLE="letter-spacing: -0.05pt">h</FONT>er c<FONT STYLE="letter-spacing: 0.1pt">o</FONT>m<FONT STYLE="letter-spacing: -0.1pt">m</FONT>unication
                                            <FONT STYLE="letter-spacing: -0.05pt">u</FONT>nder <FONT STYLE="letter-spacing: -0.05pt">o</FONT>r
                                            in c<FONT STYLE="letter-spacing: -0.05pt">o</FONT>nnection with this Agreement shall be given
                                            in writing which inc<FONT STYLE="letter-spacing: 0.05pt">l</FONT>udes an electronic trans<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ission
                                            <FONT STYLE="letter-spacing: -0.05pt">i</FONT>n a form per<FONT STYLE="letter-spacing: -0.1pt">m</FONT>itted
                                            by Clause <FONT STYLE="letter-spacing: -0.25pt">13.2</FONT>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Method
                                            of trans<FONT STYLE="letter-spacing: -0.05pt">m</FONT>ission</B>: Except as otherwise provided
                                            in this Agreement, a<FONT STYLE="letter-spacing: -0.05pt">n</FONT>y not<FONT STYLE="letter-spacing: -0.05pt">i</FONT>ce
                                            or other c<FONT STYLE="letter-spacing: 0.1pt">o</FONT>m<FONT STYLE="letter-spacing: -0.1pt">m</FONT>unication
                                            shall be delivered personally or sent by first class post, pr<FONT STYLE="letter-spacing: 0.05pt">e</FONT>-paid
                                            record<FONT STYLE="letter-spacing: 0.05pt">e</FONT>d delivery (or air mail if overse<FONT STYLE="letter-spacing: 0.05pt">a</FONT>s),
                                            authenticated electronic trans<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ission (including
                                            email and <FONT STYLE="letter-spacing: -0.05pt">S</FONT>WIFT) or such other electronic tr<FONT STYLE="letter-spacing: 0.05pt">ans</FONT><FONT STYLE="letter-spacing: -0.1pt">m</FONT>ission
                                            as the Parties may from t<FONT STYLE="letter-spacing: 0.05pt">i</FONT>me to time agree, to
                                            the Party due to receive the <FONT STYLE="letter-spacing: 0.1pt">n</FONT><FONT STYLE="letter-spacing: 0.05pt">o</FONT>tice
                                            or c<FONT STYLE="letter-spacing: 0.1pt">o</FONT>m<FONT STYLE="letter-spacing: -0.1pt">m</FONT>uni<FONT STYLE="letter-spacing: 0.05pt">c</FONT>ation
                                            or to the Sponsor, at its addr<FONT STYLE="letter-spacing: 0.05pt">e</FONT>ss, SWIFT address
                                            or email address set out below <FONT STYLE="letter-spacing: 0.1pt">o</FONT>r another address,
                                            SWIFT address or email address specified by that Party <FONT STYLE="letter-spacing: 0.35pt">(which
                                            shall be the Trustee in the case of other details for the Sponsor) </FONT>by written notice
                                            to the other Party.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
to the Custodian, to:</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ICBC
Standard Bank Plc&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20
Gresham Street, London, EC2V 7JE&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">England</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
Precious Metals Operations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
London.PreciousMetalsOperations@icbcstandard.com; Bullion-Physical@icbcstandard.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
to the Trustee, to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bank of New York Mellon&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">240
Greenwich Street&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8th
Floor&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York 10286&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
ETF Services&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E-Mail:
etfcsm@bnymellon.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
contact information of the Sponsor for the purposes of receiving notices under this Agreement is:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">abrdn
ETFs Sponsor LLC&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
abrdn Inc.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1900
Market Street, Suite 200&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Philadelphia,
PA 19103&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
Product Governance&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
ProductGovernanceUS@abrdn.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
a copy to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">abrdn
ETFs Sponsor LLC&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
abrdn Inc.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">712
Fifth Avenue, 49th Floor&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, NY 10019&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
Adam Rezak&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
adam.rezak@abrdn.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>De<FONT STYLE="letter-spacing: 0.05pt">e</FONT><FONT STYLE="letter-spacing: -0.05pt">m</FONT>ed
r<FONT STYLE="letter-spacing: 0.05pt">ec</FONT>e<FONT STYLE="letter-spacing: 0.05pt">ip</FONT>t <FONT STYLE="letter-spacing: 0.05pt">o</FONT>f
<FONT STYLE="letter-spacing: 0.05pt">notic</FONT><FONT STYLE="letter-spacing: -0.05pt">e</FONT></B>: A notice or other c<FONT STYLE="letter-spacing: 0.1pt">o</FONT>m<FONT STYLE="letter-spacing: -0.1pt">m</FONT>unication
under or in connection with this Agreement will be deemed received <FONT STYLE="letter-spacing: -0.35pt">or delivered </FONT>only if
actually received or delivered.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Recording
of call<FONT STYLE="letter-spacing: -0.05pt">s</FONT></B>: Each of the Custodian and the Trustee may record telephone conversations without
use of a warning tone. Such records will be the recording party&rsquo;s sole property and accepted by the other party hereto as evidence
of the orders or instructions given.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_031"></A>GENERAL</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No
                                            advice: </B>The Custodian&rsquo;s duties and obligations under this Agreement do not include
                                            providing investment advice. In asking us to open and maintain the Unallocated Account, you
                                            do so in reliance upon your own judgement, and we shall not owe to you or the Trust any duty
                                            to exercise any judgement on your behalf as to the merits or suitability of any deposits
                                            into, or withdrawals from, the Unallocated Account.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Rights
and remedies</B>: The Custodian hereby waives any right it has or may hereafter acquire to combine, consolidate or merge the Metal Accounts
with any other account of the Trust or the Trustee or to set off any liabilities of the Trust or of the Trustee to the Custodian and
agrees that it may not set off, transfer or combine or withhold payment of any sum standing to the credit of, or to be credited to, the
Metal Accounts in or towards or conditionally upon satisfaction of any liabilities to it of the Trust or the Trustee. Subject thereto,&nbsp;the
Custodian&rsquo;s rights under this Agree<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ent are in addit<FONT STYLE="letter-spacing: -0.05pt">i</FONT>on
to, and independent of, a<FONT STYLE="letter-spacing: -0.05pt">n</FONT>y other rights whi<FONT STYLE="letter-spacing: -0.05pt">c</FONT>h
we <FONT STYLE="letter-spacing: -0.1pt">m</FONT>ay <FONT STYLE="letter-spacing: -0.05pt">h</FONT>ave at a<FONT STYLE="letter-spacing: -0.05pt">n</FONT>y
t<FONT STYLE="letter-spacing: -0.05pt">i</FONT>me in relation to the Account Balance.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Business
D<FONT STYLE="letter-spacing: 0.1pt">a</FONT><FONT STYLE="letter-spacing: 0.05pt">y</FONT></B>: If an obligation of a Party <FONT STYLE="letter-spacing: 0.35pt">falls
</FONT><FONT STYLE="letter-spacing: 0.1pt">d</FONT><FONT STYLE="letter-spacing: 0.05pt">u</FONT>e to be performed on a day which is not
a Business Day, such obligation shall be perfo<FONT STYLE="letter-spacing: 0.05pt">r</FONT><FONT STYLE="letter-spacing: -0.1pt">m</FONT>ed
on the next succeeding <FONT STYLE="letter-spacing: 0.05pt">Bu</FONT>siness <FONT STYLE="letter-spacing: 0.05pt">D</FONT>ay.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Assignment</B>:
                                            This Agreement is for the benefit of and bi<FONT STYLE="letter-spacing: -0.05pt">n</FONT><FONT STYLE="letter-spacing: 0.05pt">d</FONT>ing
                                            up<FONT STYLE="letter-spacing: -0.05pt">o</FONT>n us <FONT STYLE="letter-spacing: -0.05pt">b</FONT><FONT STYLE="letter-spacing: 0.05pt">o</FONT><FONT STYLE="letter-spacing: -0.05pt">t</FONT>h
                                            and <FONT STYLE="letter-spacing: -0.05pt">o</FONT><FONT STYLE="letter-spacing: 0.05pt">u</FONT>r
                                            respective s<FONT STYLE="letter-spacing: 0.1pt">u</FONT>cce<FONT STYLE="letter-spacing: 0.05pt">s</FONT>sors
                                            and permitted assigns, and, except as provided in Clause 11.8 (<I>Change in Trustee</I>)
                                            with respect to you, <FONT STYLE="letter-spacing: 0.1pt">neither Party shall </FONT>assign,
                                            transfer or encu<FONT STYLE="letter-spacing: -0.1pt">m</FONT><FONT STYLE="letter-spacing: 0.05pt">b</FONT>er,
                                            or purport to assign, tr<FONT STYLE="letter-spacing: -0.05pt">a</FONT><FONT STYLE="letter-spacing: 0.05pt">n</FONT>sfer
                                            or encu<FONT STYLE="letter-spacing: -0.1pt">m</FONT><FONT STYLE="letter-spacing: 0.1pt">b</FONT>er
                                            <FONT STYLE="letter-spacing: -0.05pt">an</FONT>y <FONT STYLE="letter-spacing: 0.4pt">of its
                                            </FONT>r<FONT STYLE="letter-spacing: -0.05pt">i</FONT>ghts or obligations under this Agreement
                                            without the other Party&rsquo;s prior agreement in writing (such agreement not to be unreasonably
                                            withheld), provided that such consent is not required where the Custodian assigns, transfers
                                            or encumbers any right or obligation under this Agreement to its Affiliate. This Clause 14.4
                                            shall not restrict the Custodian&rsquo;s power to merge or consolidate with any party or
                                            to dispose of all or substantially all of its custody business to another party, and further
                                            provided that this clause shall not restrict the Trustee from assigning its rights hereunder
                                            to a Shareholder to the extent required for the Trustee to fulfil its obligations under the
                                            Trust Agreement<FONT STYLE="letter-spacing: 0.1pt">.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amen<FONT STYLE="letter-spacing: 0.05pt">d</FONT><FONT STYLE="letter-spacing: -0.05pt">m</FONT>en<FONT STYLE="letter-spacing: 0.05pt">t</FONT>s</B>:
Unless otherwise spec<FONT STYLE="letter-spacing: 0.05pt">i</FONT>fied in this A<FONT STYLE="letter-spacing: 0.05pt">gr</FONT>e<FONT STYLE="letter-spacing: 0.05pt">e</FONT>me<FONT STYLE="letter-spacing: 0.05pt">nt</FONT>,
<FONT STYLE="letter-spacing: 0.05pt">a</FONT><FONT STYLE="letter-spacing: -0.05pt">n</FONT>y <FONT STYLE="letter-spacing: 0.05pt">a</FONT><FONT STYLE="letter-spacing: -0.1pt">m</FONT>e<FONT STYLE="letter-spacing: 0.05pt">nd</FONT><FONT STYLE="letter-spacing: -0.1pt">m</FONT><FONT STYLE="letter-spacing: 0.05pt">en</FONT>t
<FONT STYLE="letter-spacing: 0.05pt">t</FONT>o <FONT STYLE="letter-spacing: 0.05pt">this </FONT>Agreement <FONT STYLE="letter-spacing: -0.1pt">m</FONT><FONT STYLE="letter-spacing: 0.1pt">u</FONT>st
be agreed in writing and be signed by both parties. Unless otherwise agreed, an <FONT STYLE="letter-spacing: 0.05pt">a</FONT>men<FONT STYLE="letter-spacing: 0.1pt">d</FONT><FONT STYLE="letter-spacing: -0.1pt">m</FONT>ent
w<FONT STYLE="letter-spacing: 0.05pt">i</FONT>ll not affect <FONT STYLE="letter-spacing: 0.05pt">a</FONT><FONT STYLE="letter-spacing: -0.05pt">n</FONT>y
l<FONT STYLE="letter-spacing: -0.05pt">e</FONT>gal righ<FONT STYLE="letter-spacing: -0.05pt">t</FONT>s or obligati<FONT STYLE="letter-spacing: -0.05pt">o</FONT>ns
which may alrea<FONT STYLE="letter-spacing: -0.05pt">d</FONT>y have arisen.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Partial
inva<FONT STYLE="letter-spacing: -0.05pt">l</FONT>idity</B>: If any of the clauses (or part of a clause) of this Agre<FONT STYLE="letter-spacing: 0.05pt">e</FONT>ment
bec<FONT STYLE="letter-spacing: 0.1pt">o</FONT><FONT STYLE="letter-spacing: -0.1pt">m</FONT><FONT STYLE="letter-spacing: 0.05pt">e</FONT>s
invalid or unenforceable <FONT STYLE="letter-spacing: 0.05pt">i</FONT>n any way under the Rules or any law, the validity of the re<FONT STYLE="letter-spacing: -0.1pt">m</FONT>aining
clauses (or part of a clause) will not in any way be affected or i<FONT STYLE="letter-spacing: -0.1pt">m</FONT>paired.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Liabilit<FONT STYLE="letter-spacing: 0.05pt">y</FONT></B>:
Nothing in this Agreement shall exclude or li<FONT STYLE="letter-spacing: -0.1pt">m</FONT>it any liabili<FONT STYLE="letter-spacing: -0.05pt">t</FONT>y
which cannot lawfully be excluded or li<FONT STYLE="letter-spacing: -0.1pt">m</FONT>i<FONT STYLE="letter-spacing: 0.05pt">t</FONT>ed
(e.g., lia<FONT STYLE="letter-spacing: -0.05pt">b</FONT>ili<FONT STYLE="letter-spacing: -0.05pt">t</FONT>y for personal injury or death
caused by negligence).</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Entire
Agre<FONT STYLE="letter-spacing: 0.05pt">e</FONT>ment</B>: This Agreement and the <FONT STYLE="line-height: 120%">Allocated Account Agreement
</FONT><FONT STYLE="letter-spacing: 0.05pt">r</FONT>epresent the entire agre<FONT STYLE="letter-spacing: 0.05pt">e</FONT>me<FONT STYLE="letter-spacing: 0.1pt">n</FONT>t
between us, and supers<FONT STYLE="letter-spacing: 0.05pt">ed</FONT>e any previous agree<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ents
between us, relating to the subject matter of this Agreement and the <FONT STYLE="line-height: 120%">Allocated Account Agreement</FONT>.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Counterpart<FONT STYLE="letter-spacing: -0.05pt">s;
Signatures</FONT></B>: This Agree<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ent may be executed in any nu<FONT STYLE="letter-spacing: -0.1pt">m</FONT>ber
of counterpa<FONT STYLE="letter-spacing: -0.05pt">r</FONT>ts each <FONT STYLE="letter-spacing: 0.1pt">o</FONT>f which when executed and
delivered is an o<FONT STYLE="letter-spacing: -0.1pt">r</FONT>ig<FONT STYLE="letter-spacing: -0.05pt">i</FONT><FONT STYLE="letter-spacing: 0.05pt">n</FONT>al,
but all the counterparts together constitute the same agreement. PDF copies and electronic signatures shall be acceptable and binding.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Third
Party Right<FONT STYLE="letter-spacing: -0.05pt">s</FONT></B>: Except with respect to the Trust, which shall be considered a beneficiary
of this entire Agreement, and the Sponsor, which shall be a beneficiary (as applicable) of Clauses 2.7 (<I>Regulatory Reporting</I>),
2.8 (<I>Access</I>), 3.4 (<I>Deposits - Right to amend procedure</I>), 4.3 (<I>Withdrawals &ndash; Right to amend procedure</I>), 8 (<I>Sanctions</I>),
10.3 (<I>Insurance</I>), 11.5 (<I>Termination</I>) and this Clause 14.10, the Custodian does not owe any duty or obligation or have any
liability towards any person who is not a party to this Agreement, and, other than the Trust and the Sponsor, this Agreement does not
confer a benefit on any person who is not a party to it. The Parties do not intend that any term of this Agreement shall be enforceable
by any person who is not a party to it, except for the Trust and the Sponsor, and do intend that the Contracts (Rights of Third Parties)
1999 Act shall not apply to this Agreement. Nothing in this paragraph is intended to limit the obligations hereunder of any successor
trustee of the Trust or to limit the right of any successor trustee of the Trust to enforce our obligations hereunder.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.11</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>No
                                            Liens</B>:<B><I>&nbsp;</I></B>We will not create any right, charge, security interest, lien
                                            or claim against the Account Balance</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                            including with respect to the payment or non-payment by the Sponsor of our fees, expenses
                                            and other amounts that are paid by the Sponsor pursuant to Clause 9 (<I>Fees and Expenses</I>)
                                            or otherwise under his Agreement</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.12</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Role
of Trustee</B>: You are a party to this Agreement in your capacity as trustee of the Trust and, accordingly, you shall only be liable
to satisfy any obligations under this Agreement, including, without limitation, any obligations or liabilities arising in connection
with any default by you under this Agreement, to the extent of the assets held from time to time by you as trustee of the Trust (the
&ldquo;<B>Trust Assets</B>&rdquo;) to the extent authorized by the Trust Agreement; and no recourse shall be had to: (i) any assets other
than the Trust Assets, including, without limitation, any of the assets held by you as trustee, co-trustee or nominee of a trust other
than the Trust as owner in your individual capacity or in any way other than as trustee of the Trust; or (ii) you for any assets that
have been distributed by you to the beneficiaries of the Trust.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_032"></A>GOV<FONT STYLE="letter-spacing: -0.1pt">E</FONT><FONT STYLE="letter-spacing: -0.05pt">R</FONT>NI<FONT STYLE="letter-spacing: -0.05pt">N</FONT>G
                                            L<FONT STYLE="letter-spacing: -0.05pt">A</FONT>W A<FONT STYLE="letter-spacing: -0.05pt">N</FONT>D
                                            J<FONT STYLE="letter-spacing: -0.05pt">U</FONT>RI<FONT STYLE="letter-spacing: -0.05pt">S</FONT>D<FONT STYLE="letter-spacing: -0.05pt">I</FONT>CT<FONT STYLE="letter-spacing: -0.05pt">I</FONT>ON</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Governing
law</B>: This Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by and construed
in accordance with English law.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Jurisdiction</B>:
The Parties agree that the courts of the State of New York, in the United States of America, and the Unites States federal court located
in the Borough of Manhattan in such state shall have jurisdiction to settle any disputes or claims which may arise out of or in connection
with this Agreement, including any question regarding its existence, validity or termination. Each of the Parties hereto irrevocably
submits to the non-exclusive jurisdiction of such courts, waive any claim of forum non conveniens and any objections to the laying of
venue, and further waive any personal service.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Waiver
of immunity</B>: To the extent that you may in any jurisdiction claim for yourself, as Trustee, the Trust or its assets any immunity
from suit, judgement, enforcement or otherwise howsoever, you agree not to claim and irrevocably waive any such immunity to which you
would otherwise be entitled (whether on grounds of sovereignty or otherwise) to the full extent permitted by the laws of such jurisdiction.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Service
of process</B>: Process by which any proceedings are begun may be served by being delivered to the addresses specified below. This does
not affect the right of either of us to serve process in another manner permitted by law.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Custodian&rsquo;s
address for service of process:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ICBC
Standard Bank Plc&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25
Gresham Street&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">London
EC2V 7JE&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">England,
United Kingdom&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
The Legal Department &ndash; Commodities Legal</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee&rsquo;s
address for service of process:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bank of New York Mellon&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">240
Greenwich Street&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York 10286&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
Legal Department &ndash; Asset Servicing</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
a copy to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bank of New York Mellon&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">240
Greenwich Street&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8th
Floor&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York 10286&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
ETF Services&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
etfcsm@bnymellon.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
a copy to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">abrdn
ETFs Sponsor LLC&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
abrdn Inc.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1900
Market Street, Suite 200&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Philadelphia,
PA 19103&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
Product Governance&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
ProductGovernanceUS@abrdn.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>[Signature
Page Follows]</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXECUT<FONT STYLE="letter-spacing: 0.05pt">E</FONT>D
</B>by the Parties</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signed
<FONT STYLE="letter-spacing: -0.05pt">o</FONT>n b<FONT STYLE="letter-spacing: -0.05pt">e</FONT>half of&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ICBC
Standard Bank Plc</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">by:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 76%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Paul McKerrell</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paul
    McKerrell</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
    Signatory</FONT></TD></TR>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 76%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Dominique Spurr</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dominique
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
Department&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ICBC
Standard Bank Plc&nbsp;</FONT></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signed
<FONT STYLE="letter-spacing: -0.05pt">o</FONT>n b<FONT STYLE="letter-spacing: -0.05pt">e</FONT>half of&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
Bank of New York Mellon,</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">not
in its individual capacity, but solely in its capacity&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
trustee of the abrdn Precious Metals Basket ETF Trust&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">by:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 76%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Sarah Fisher</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sarah
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior
    Vice President</FONT></TD></TR>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHEDULE
1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 5.1pt; text-align: center; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Reports</B></FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 5.1pt; text-align: center; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For each London Business Day, using all commercially reasonable efforts to do so by no later than 9:00 a.m. (New York time) the following London Business Day, we will provide the Trustee access to information showing the increases and decreases to the Bullion standing to the Trustee&rsquo;s credit in the Unallocated Account, and identifying separately each transaction and the London Business Day on which it occurred.</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On each London Business Day on which Bullion is deposited or that is a Withdrawal Date, the Custodian will send the Trustee a notification of:</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i) each separate transaction transferring Bullion to the Unallocated Account, including the amount of Bullion transferred to the Unallocated Account and the AP Account or Shareholder Account from which such Bullion is transferred;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii) the amount of Bullion transferred from the Unallocated Account to the Allocated Account or to any AP Account or Shareholder Account; and</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii) the amount of any remaining Bullion in the Unallocated Account.</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Custodian will provide the Trustee such information about the increases and decreases to the Bullion standing to the Trustee&rsquo;s credit in the Unallocated Account on a same-day basis at such other times and in such other form as the Trustee and the Custodian shall agree.</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
each calendar month, the Custodian will provide the Trustee within a reasonable time after the end of the month a statement of
account for the Unallocated Account. Such reports will be made available to the Trustee by means of the Phoenix Portal. In the event
the Phoenix Portal is unavailable for any reason, the Trustee and the Custodian will agree upon a temporary notification system for
making such reports available to the Trustee. &nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<TYPE>EX-101.LAB
<SEQUENCE>6
<FILENAME>gltr-20240523_lab.xml
<DESCRIPTION>XBRL LABEL FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.22b -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>gltr-20240523_pre.xml
<DESCRIPTION>XBRL PRESENTATION FILE
<TEXT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
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<span style="display: none;">v3.24.1.1.u2</span><table class="report" border="0" cellspacing="2" id="idm140246680282896">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>May 23, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">May 23,  2024<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-34917<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">ABRDN
PRECIOUS METALS BASKET ETF TRUST<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001483386<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">27-2780046<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">NY<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">c/o
                                            abrdn ETFs Sponsor LLC&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">1900
    Market Street<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine3', window );">Entity Address, Address Line Three</a></td>
<td class="text">Suite
    200&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Philadelphia<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">PA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">19103<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(844)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">383-7289<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">abrdn
    Physical Precious Metals Basket Shares ETF<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">GLTR<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSEArca<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine3">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 3 such as an Office Park</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine3</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14a<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<td>dei_</td>
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<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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